[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”22px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Discover 3D Investing: Join Our Webcast for Proven Strategies!” button_url=”https:\/\/us02web.zoom.us\/webinar\/register\/7916902497205\/WN_W4ml0fJvQiGY8g-31f_xlg” url_new_window=”on” button_text=”Learn how dividend growth of double digits can enhance your investment strategies and boost annual income. RSVP now!” admin_label=”Call To Action Top” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”1″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
<\/p>\n
By Pat Soldano<\/strong><\/em><\/a><\/p>\n Each year we conduct a survey among America\u2019s family-owned businesses<\/a>. We do this to gauge the temperature of overall business health, economic winds, and the legislative policy climate in Washington, DC.<\/p>\n This year\u2019s survey was our largest survey to date<\/a>, getting responses from nearly 800 family businesses and offices from 40 states, and with respondents answering some 44 questions about the state of family businesses and the legislative policy issues that concern family businesses.<\/p>\n The survey is fresh, having been conducted in January and February of this year. Simply, it\u2019s the most current look at what\u2019s going on at the grass roots level of our economy, where family businesses employ 59% of the country\u2019s non-government workforce.<\/p>\n I and Family Enterprise USA want to extend our sincere gratitude to all organizations who partnered with us on this year\u2019s Annual Family Business Survey<\/a>. This commitment to fostering awareness and generating interest in this crucial initiative has been instrumental in achieving a record-breaking response. This collaborative effort directly contributes to gathering a comprehensive data set that offers invaluable insights into the challenges and opportunities facing family-owned businesses nationwide.<\/p>\n I want to especially thank the many family business centers for their substantial support in helping to distribute the survey, including University of Cincinnati\u2019s Goering Center for Family & Private Business, the Institute for Family-Owned Business, University of Toledo Family Business Center, University of South Dakota\u2019s Prairie Family Business Association, Wake Forest University, Family Business Alliance \u2013 Grand Rapids, California State University, Fullerton \u2013 Center for Family Business, the University of Pittsburg, Family Business Magazine, Family Enterprise Center- University of Arkansas, PKF O’Connor Davies, Anderson University of South Carolina, and the Institute for Family Business in Maine, among many others.<\/p>\n The Survey Says<\/strong><\/span><\/p>\n The results are in, and there are some important shifts going on<\/a>, according to this year\u2019s survey. We will publish all the key findings from the survey shortly, but here are some quick highlights.<\/p>\n This year, according to 30% of the respondents<\/a>, the top economic public policy priority was \u201cReduce Federal Budget\/Debt.\u201d The next highest ranked concern was \u201cReduce Income Taxes\u201d at 23%. In third place, 16% of respondents mentioned \u201cReduce Regulation\u201d as a top concern.<\/p>\n Our 2023 results showed \u201cReduce Income Taxes\u201d<\/a> (19%) and \u201cReduce\/Eliminate Estate Taxes\u201d (18%) as the top two worries.<\/p>\n This year\u2019s survey also showed the \u201cGreatest Impediment to Growth in 2024\/2025\u201d<\/a> is \u201cMarket Conditions,\u201d with 31% of those surveyed ranking it as their number one challenge.<\/p>\n It can be assumed that \u201cMarket Conditions\u201d cover a broad array of worries, from inflation to fear of a recession to the coming November Presidential elections. This was followed closely by \u201cCost\/Availability of Labor,\u201d which saw 26.5% of respondents cited it as their top impediment to growth this year and next.<\/p>\n When it came to \u201cWhat Estate Tax Provision is Most Important to You?\u201d<\/a> our respondents voted strongly for two options: 1) \u201cKeep the Current Exemption\u201d to the end of 2025 (36%); or, 2) \u201cRepeal the Estate Tax\u201d (26%).<\/p>\n It should be noted both numbers changed substantially from last year\u2019s responses.<\/p>\n In 2023, respondents voting to \u201cRepeal the Estate Tax\u201d entirely was higher at 31%. But respondents voting to \u201cKeep the Current Estate Tax\u201d was lower, at 24%. Simply, it seems family business owners are looking to hold on to the Estate Tax status quo for the time being.<\/p>\n Workforce Challenges and Wages<\/strong><\/p>\n When we asked about workforce challenges<\/a>, the data showed a strong similarity of thought.<\/p>\n The survey revealed 54% of family business owners<\/a> were having major challenges in \u201cRecruiting and Training.\u201d Nearly every family business leader I speak with today sings this song, and it\u2019s growing louder.<\/p>\n When it comes to \u201cPay and Benefits,\u201d<\/a> 25% of respondents said they worry about these costs. And, the survey found, 46% say they pay \u201cAbove Average\u201d salaries and benefits, while 41% say they pay \u201cAverage Wages and Benefits.\u201d<\/p>\n Of the many things we asked, one that sticks out as an opportunity to create real change came in the question, \u201cHave You Met Your Member of Congress?\u201d<\/p>\n Sadly, 78% said, \u201cNo.\u201d<\/p>\n We need to change this number if we want to see real change in our policies in Congress.<\/p>\n Go out and find the office of your Congress member. Talk to their staff, write letters about your concerns, come to Washington, DC, and knock-on doors. Better still, take part in one of our Congressional Family Business Caucus meetings<\/a>.<\/p>\n Your participation, along with the data we receive from our annual survey is critical in shaping impactful family business policies, and we hope these actions help pave the way for continued growth, better policy decision making, and ultimately prosperity for America\u2019s largest employer, family businesses.<\/p>\n Pat Soldano, President of Family Enterprise USA<\/a>, and the Policy Taxation Group<\/a>, both are non-partisan organizations advocating for family businesses of all sizes and are the organizers of the Family Enterprise USA Annual Family Business Survey.<\/a><\/strong><\/em><\/p>\n [\/et_pb_text][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider admin_label=”Video Slider Webinar Replays” _builder_version=”4.21.0″ _module_preset=”default” global_module=”5954″ saved_tabs=”all” global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=ebLC74TMplE” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fIbiW_qFdE0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=uKyoSHKZ-5o&t=81s” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=KIgfjsdi4o0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6ME0xh9XKSM” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=Ggte5YDferU” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=GnpvvzhcfS0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6UMxZ8yBsOs” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.21.0″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" The Results Are In! We\u2019re Back to Budget Deficits and Personal Tax Rates as Top Concerns Taxes, Market Conditions, and Workforce Issues Rank High in New Family Enterprise USA Family Business Survey By Pat Soldano Each year we conduct a survey among America\u2019s family-owned businesses. We do this to gauge the temperature of overall […]<\/p>\n","protected":false},"author":2,"featured_media":10813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,78,94],"tags":[],"class_list":["post-10811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news","category-pat-soldano"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10811"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10811\/revisions"}],"predecessor-version":[{"id":10819,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10811\/revisions\/10819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/10813"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
\n
\n