Latino owned business has taken off in the past few years and shows no signs of slowing down according to new data. When compared to the national average, Latino businesses are doing more than just well. 

According to the Massachusetts Mutual Life Insurance Company (MassMutual) refreshed Business Owner Perspectives Study, the Latino business community has made significant strides over the past three years in their business and financial planning compared to a national sample. 

Findings of the study indicate that Latino business owners are notably more likely than in the past, and more likely than the national sample, to have a succession plan in place. It was also noted that Latino business owners are more 48 percent more likely than the national sample to report funding their buy sell agreements with cash flow from their business. These findings show a tendency towards significant progress for the next generation of Latino business owners.  

The study also notes some of the biggest business issues that concern Latino business owners. Employee loyalty and valuation remain the top issues for Latino business owners and are in line with the national sample. One interesting revelation is that Latino business owners today are much more likely to be thinking about key business issues than they were in 2015 – and much more frequently than the national sample. 

Latino business owners are found to be very responsible with nearly all survey respondents reporting having gone through the financial planning process and the majority of respondents do it every year. Additionally, Latino business owners are also more likely to have had their business valued (73 percent) in the past three years than the national sample. 

Latino business owners have come a long way and have learned the ins and outs of the business world in America. This new data show that good business sense among Latino business owners is common.