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.
In New Family Enterprise USA Video, Reed Family Companies CEO, Jeff Reed, Details Difficulties Finding Qualified Workers in Tough California Market
The 800-Employee Construction Company Beefs Up HR Department To Find Workers for Its Highway, Infrastructure Projects
In a new video by Family Enterprise USA, the President and Chief Executive Officer of The Reed Family Companies, Jeff Reed, talks about the difficulties his 800-employee highway construction and infrastructure development company is having in filling job openings, managing business in a highly regulated state, and planning for succession.
In the video, hosted by Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, the two discuss succession planning, generational employees, tough state regulations, workforce issues, and community giving programs.
Reed oversees the Modesto, Calif.-based construction firm and its six divisions. The company was started in 1924 and today works in 11 western states. The company offers services in road construction and maintenance services, materials and equipment, including asphalt, ready mix, and aggregates. Reed is part of the family-owned company’s third generation, with the fourth generation taking on leadership positions today.
In the video, Reed discusses with Soldano the need for real action when it comes to solving industrywide hiring and training issues.
“Everyone talks about workforce issues, but they expect someone else to do something about it,” Reed says in the video. “We used to have one person in human resources managing the hiring process, now we have nine people proactively looking for employees,” he said. “All of us must do a better job in attracting employees, improving the culture, and helping build careers. The family business dynamic is very different from a corporation. We’re working hard to attract workers.”
Reed also detailed his company’s succession planning process and the difficulty working with state regulations in California.
“We work in a state that is heavily regulated, especially when it comes to things like quarries,” he said. “Regulations in California need to be reined by Congress and brought back in line with the rest of the country.”
The videos are part of a series presented by Family Enterprise USA to help generationally-owned family businesses face critical challenges, including unfair taxation, workplace issues, and over regulation.
“Family businesses like Reed Family Companies deal with issues non-family corporations do not face, such as enormous generational estate tax payments and higher taxation rates, and they have to deal with the same tight labor force, excessive regulations, and a shifting set of tax policies,” said Soldano about the videos. “If you are a family business owner or leader, I encourage you to watch these videos,” she said. “Jeff offers valuable lessons that can help family-owned businesses, and they help us focus on the important issues we can take to Capitol Hill.”
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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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