MassMutual: Study Reveals Strong Values Lead to Start-up but Lack of Action among Hispanic Business Owners Results in Poor Future Fiscal Fitness

HOUSTON, Nov. 20, 2013 /PRNewswire/ -- The number of Hispanic-owned businesses in Houston increased close to 40 percent between 2002 and 2007, according to the U.S. Census Bureau's Survey of Business Owners, and brought in $16.5 billion in receipts in 2007. Yet a state-wide study showed that Texas Hispanics create fewer companies than non-Hispanic whites, generate less revenue, hire fewer workers and frequently do not grow.* Could Houston-area Hispanic business owners be lacking knowledge of and access to tools to help them create a more solid future for themselves, their families and the growing Houston economy? A study sponsored by Massachusetts Mutual Life Insurance Company (MassMutual) indicates that this may be the case.

A presentation and panel discussion of the MassMutual study gathers area experts to take a look at the recent study findings and their implications on the fiscal health of Houston-area Hispanic businesses. The panel, moderated by Dr. Laura Murillo, president and CEO of the Houston Hispanic Chamber of Commerce, is taking place Thursday at 6:00 p.m., CT at the Houstonian Hotel, Club & Spa, 111 N. Post Oak Lane in Houston. Panelists include:

• Karen Becerra is cofounder and chief operations officer of the Principle Partnering Group, LLC, a management consulting and contract compliance firm. In addition to her leadership role at PPG, Ms. Becerra leads the team of Program Advisors on the METRORail Expansion Project and is Chief of Mayor Annise Parker's Transition Small Business Planning for Transportation Committee.
• Jorge Herrera is owner of Colombian Cargo, a field representative at the US Census Bureau and founder of Colombian Fest International, a celebration of Colombia's Independence Day with a variety of typical foods, drinks, arts and crafts and great sounds of Salsa, Merengue, Raggaeton, Vallenato and more.
• Pablo Valle is founder of Latino Professional Business Network, an exclusive (by invitation only) professional business network comprised of local professional business networking groups, and program manager at Metropolitan Transit Authority of Harris County.

To be discussed are significant findings of MassMutual's research study—Business Owner Perspectives: 2011 Insights in an Uncertain Economy:

• Eighty-nine percent started their businesses to provide financially for their families (vs. 77 percent of general population business owners)
• Three in 10 say it is all they can do to keep up with everyday business expenses, much less think about the future.
• Only 17 percent are concerned about transitioning ownership upon retirement (vs. 32 percent general population).

"Latinos in the Houston area understood the meaning of the 'American Dream' long before the term was coined," said JK McAndrews, President and Chief Executive Officer** of MassMutual Greater Houston. "As business owners, they put incredible pressure on their shoulders to succeed, not just for themselves, but for the good of their families. The good news is that many already know they want to transition their businesses to the next generation; they just need to understand the advantages of having a formal succession plan, the information and tools to help them improve their ability to reach that dream," he concluded.

"In our 41-year history, there has never been a greater economic or business need than now to build future Latino business leaders," said Manny Espinoza, ALPFA chief executive officer. ALPFA—a professional organization for Latinos in business, finance, accounting and related fields—is dedicated to enhancing career opportunities, as well as building leadership and professional skills.

For more information on MassMutual's Business Owner Perspectives study, log on to massmutual.com/bizownerperspectives. For Spanish-language information about MassMutual and its financial professionals, visit massmutual.com/multicultural/spanish.

*University of Texas at Austin's Bureau of Business Research, Hispanic-owned Business Survey, August 17, 2012. http://ic2.utexas.edu/bbr/hobs/

**Agency Officers are not officers of MassMutual.

About MassMutual
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.

**Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. Agency Officers are not officers of MassMutual.

SOURCE MassMutual

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