An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
‘Succession Stories’ Podcast Keys in On Succession Planning, Advocacy with Family Enterprise USA President Pat Soldano
Podcast Host Laurie Barkman Discusses Next Generation Business Transitioning with Leading Voice on Capitol Hill for Family Business, Successful Individuals
Proactive planning is the key to transitioning family businesses to the next generation, and the vital to avoiding pitfalls of succession, according to a new podcast featuring Family Enterprise USA’s Pat Soldano and podcast host Laurie Barkman, known as the “Business Transition Sherpa.”
The podcast, part of a series called “Succession Stories,” is airing now on Apple iTunes and other podcast platforms.
The segment entitled, Power of Family Business Advocacy and Succession Planning, discusses policy related challenges, particularly around taxes and estate planning.
The podcast can be found by linking to: https://podcasts.apple.com/us/podcast/power-of-family-business-advocacy-and/id1507050698?i=1000662167184
Barkman, known as The Business Transition Sherpa, is also the author of “The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options.”
During the 30-minute podcast, Soldano, President of Family Enterprise USA, discusses with Barkman the crucial need for early family wealth transition plans, how the next generation’s views on family management needs can vary widely from founders, and how expiring tax policies can disrupt planning. Soldano also talks about the urgent need for more advocacy on Capitol Hill.
“Family businesses are the largest private employer in the country, but our legislators are just now waking up to this important segment of the U.S. economy,” says Soldano. “It’s critical our family business voices get heard in Washington D.C.”
Family businesses account for 83.3 million jobs, or 59 percent of the country’s private workforce, according to research. America’s family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product.
The podcast series, Succession Stories, explores the entrepreneurial stages of a business, from growth to maturity to focusing on value creation, exit planning, succession, and M&A for owner-led companies
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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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