New Survey of Family Businesses Reveals Commitments, Challenges, & Concerns Ahead
Family business are key drivers of economic development, but taxes and regulations hinder growth
- Two-thirds of participating business owners employed more than 50 employees in 2017; most (74%) expect to add up to 50 net new jobs in the next 5 years.
- Survey participants have businesses in all industries, including manufacturing (17%), construction (13%) and real estate (12%).
- Eighty-five percent (85%) consider their business to be a part of the legacy they leave their children.
- 60% have passed on partial or full ownership of the business to the next generation. Nearly all (84%) of those who passed ownership at least partly gifted it to the next generation.
- The majority of family business owners donate money or time to charities: 79% of donations go to local charities while only 21% goes to national charities.
- 57% of respondents have multiple generations of family members working together in the family business.
For the complete survey report, visit http://feusa.wpengine.com/feusa/2018-feusa-family-business-survey-final-report/.
About Family Enterprise USA
Family Enterprise USA (FEUSA), a 501(c)(3) organization, is dedicated to educating the public about the implications of public policy upon closely held and family-owned businesses. FEUSA conducts non-partisan research that highlights the contributions of family enterprises to the economy and the challenges these businesses face, which is then used to educate. This research provides the foundation for FEUSA to educate the public and opinion leaders on the important role of family businesses in the economy and local communities. For more information, visit www.familyenterpriseusa.com.Policy and Taxation Group, a 501(c)(4) organization, is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.