Family businesses are a vital part of the American economy, serving as a cornerstone of private employment, comprising nearly 60% of the workforce.
Despite facing challenges such as inflation, tax policies, and pandemics, family businesses have shown remarkable resilience. They continue to thrive, expand, and create jobs, serving as a significant force in the economy. This survey aims to explore the resiliency of family businesses in the face of various challenges and shed light on their strategies for success. By understanding the factors that contribute to their resilience, we can gain valuable insights into the dynamics of family businesses and their role in the economy.
Family Business Magazine recently published an article written by Pat Soldano, President, Family Enterprise USA where she details key points of the 2023 Family Business Annual Survey and the resiliency of family businesses.
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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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