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Three Family Business Owners Discuss Transition Plans, Estate Tax Issues in Video During Latest Congressional Family Business Caucus in Washington, D.C.

 

Leaders from Vollrath Manufacturing, American Food & Vending, and Goodhart Sons Tell Stories of Transitioning to Next Generation

During the recent Congressional Family Business Caucus meeting held in Washington, D.C., last month, three generationally-owned family business leaders talked about the issues they face as their businesses grapple with complex transitions.

Danielle Kohler, Chairwoman, Vollrath Manufacturing Services, Sheboygan, Wis., discusses how her 6th generation, 150-year-old steel products manufacturing company, with 1300 employees, is using trusts to transfer ownership and manage inheritance taxes.

Steve Wells, Co-founder of American Food and Vending, Syracuse, N.Y., talks about the strange nature of transferring his 2,000-employee company to his family’s six- and seven-year-old children in order to manage tax laws effectively.

Also in the video, Marc Goodhart, President and Chairman, Goodhart Sons Inc., a fourth-generation 90-year old steel fabricator in Lancaster, Pa., with 130 employees, talks about starting to deal with succession plans, while focused on addressing research and development tax issues that are hurting his business.

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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.


Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC.  Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.


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