47: Latest Insights From MassMutual’s 2022 Business Owner Perspectives Survey
Brian A. Trzcinski, Director Business Market Development at MassMutual joins Nana this week on Build Value By Choice to discuss the latest insights from MassMutual’s 2022 Business Owner Perspectives Survey. Tune in for discussion on the problems business owners are facing, the value of trusted advisors, and Brian’s tips on simplifying your exit planning.
KEY TAKEAWAYS
- The main findings from the MassMutual report are: Business owners spending too much time working in their business rather than on their business. Keeping key employees loyal. Significant gaps in planning and documentations. And finally the inability to fund their lifestyle when leaving the business.
- Planning for exiting your business can seem very daunting to many business owners, this is why it’s so important to have trusted advisors who will help you break down tasks into manageable steps, otherwise owners are less likely to do the proper planning.
- 83% of business owners understand that their business planning and their personal planning are interrelated. But many don’t want to do that planning together and overcomplicating both scenarios.
- Only 32% of business owners told MassMutual that they have a Buy-Sell agreement in place.
- According to MassMutual, only 8% of business owners have taken all high level necessary steps to make a transferable business plan.
- 80% of your business value comes from the intangibles of your business, your structural capitals, your human capitals, your social capital, and your customer capital.
BEST MOMENTS
‘Businesses need trusted advisors to help them through the process’
‘Business owners should invest 1% of their business in this type of planning’
‘You want that advisor who is the quarterback of the team’
‘Every business needs to have a 3 to 5 year exit strategy’
EPISODE RESOURCES
8 Simple Steps to Change Your Business…And Change Your Life!
MassMutual What drives value in your business?
MassMutual Top 10 questions for business owners
MassMutual COVID-19 reinforced the importance of key employee retention
VALUABLE RESOURCES
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PODCAST DESCRIPTION
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
Nana Bonsu:
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
nbonsu@https://infhorizons.com
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