Eighty percent of Latino business owners plan to pass their business on to a family member, most often a child, but more than a third say their successor may not even know, according to a survey of owners.
Those findings could have significant implications for the U.S. economy. Hispanics are growing rapidly as a segment of the U.S. population, and the growth rate of Latino-owned businesses is 15 times the rate of all business owners, said Chris Mendoza, director of Latino markets for Massachusetts Mutual Life Insurance Co., which sponsored the study.
