Family is the greatest motivator for Hispanic business owners, with nine in ten starting their own company to provide for their family, according to new research.
This compares with just 77% among the general US business-owing population, the study by Massachusetts Mutual Life Insurance Company found.
Also, 70% of Hispanic business owners were more likely to say they hope to pass their business on to family member, whereas 54% of the general population questioned in the US hope to do this. Almost half of the Hispanic respondents said they wanted their child to succeed them, while a fifth listed their spouse.
However, despite knowing whom they want to take over the family business, just one in four Hispanic respondents had a succession plan in place.
A number of large American businesses, including Ruiz Foods and Diez Group, have strong Hispanic family business roots and figures from the US census show that Hispanic-owned businesses are growing at double the national rate.
The MassMutual study also found Hispanic business owners were concerned about meeting long-term financial goals, with 18% saying they did not know where to go for financial assistance.
“As businesses owners, they put incredible pressure on their shoulders to succeed, not just for themselves, but for the good of their families,” said Chris Mendoza, assistant vice president of multicultural markets at MassMutual.