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.
Real Estate Leader Lloyd Companies’ CEO Thorkelson Provides Insights into Post-Covid Growth, Succession Planning, in New Family Enterprise USA Video
Hosted by Family Enterprise USA’s President Pat Soldano, Lloyd Companies’ Thorkelson details how COVID Shattered Plans, But Then How Company Rebounded with High Growth
Despite dashed plans in the hospitality industry, Chris Thorkelson, President and CEO of one of the Midwest’s leading real estate companies, Lloyd Companies, details how the company managed survival and now has more than doubled in size, in a new video on the challenges and successes of family businesses in America.
In the video, Pat Soldano, President of Family Enterprise USA, talks with Thorkelson about the multi-generational family-owned Lloyd, based in Sioux Falls, S.D., its founding in 1972 by Craig and Pat Lloyd, and how today it has 400 employees and operates 13 divisions.
The video is part of series of interviews by Family Enterprise USA’s Soldano where she interviews multi-generational family business leaders about the challenges and successes of the business, including labor and tax issues, harmful legislation and community giving. Family Enterprise USA is an advocate in Washington DC for family businesses across the country.
A critical moment in Lloyd Companies’ recent history, the video details, was when the company was investing $400 million in the hospitality industry. The investment plan was to begin in 2020. Unfortunately, Thorkelson points out, this came right before the COVID pandemic lockdown.
“We had to do some serious pivoting after that, a lot was riding on that investment,” Thorkelson says in the interview. “Of course, no one knew what was coming, and when the lockdown came, those investment funds disappeared,” he said. “It was really tough times.”
Fortunately, the hospitality industry came back, and Lloyd has since doubled its size, he says.
Beyond discussing Lloyd Companies, Thorkelson and Soldano delve into crucial matters relevant to family businesses, including next-generation involvement, leadership challenges, tax policies, income tax and capital gains taxes, and various other crucial family business topics. The interview offers valuable insights into the world of family business and the broader issues they encounter.
“Lloyd Companies is another example of a multi-generational family business that has grown and prospered by hard work, kept and paid their employees well, and gives back to the community,” said Soldano. “These videos are designed to tell the stories of America’s biggest employer, the family business,” she said.
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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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