[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” 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 color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Content” _builder_version=”4.24.3″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
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\u00a0<\/strong><\/span><\/p>\n Family Enterprise USA has released highlights of its latest Family Business Annual Survey, which found 74%<\/a> of U.S. family business expect to grow at least 10% this year.<\/span><\/p>\n Each year, Family Enterprise USA conducts a survey on the state of family businesses in America. This year, the Annual Family Business Survey was the largest and most comprehensive survey taken to date, with 789 respondents from 40 states completing the survey. <\/span><\/p>\n America\u2019s family businesses are the largest private employer in the country<\/a>, accounting for 83.3 million jobs in 32 million family businesses. Family businesses contribute $7.7 trillion annually to U.S. gross domestic product, according to research.<\/span><\/p>\n Key results from this year\u2019s survey, conducted in January and February of 2024, are now available in an Executive Summary at www.familyenterpriseusa.com<\/a>. The full report will be published shortly.<\/span><\/p>\n The survey found 61% of family businesses grew last year<\/a>, while 38% of those grew by ten percent or more. <\/span><\/p>\n Questions about \u201cExpected 2024 Growth\u201d revealed 74% of family businesses expect to grow this year, a significant jump from the prior year. In addition, 90% added between 1 and 50 jobs<\/a> to their payroll last year.<\/span><\/p>\n The survey also showed that family businesses pay better, with 46% of family businesses paying \u201cAbove Average\u201d for \u201cSalary and Benefits.\u201d<\/a><\/span><\/p>\n Findings from the survey showed 85% of family business respondents<\/a> were \u201cSole or Majority Owners\u201d of their businesses and that 78% were \u201cPass Through Entities,\u201d with 57% being \u201cS Corporations.\u201d <\/span><\/p>\n The top three industry categories were \u201cManufacturing\/Operations\u201d with 33% of respondents in this industry, while 11% were in \u201cConstruction\/Facilities,\u201d and 7% were in \u201cReal Estate.\u201d<\/span><\/p>\n In terms of size, 44% of family businesses employ 51 workers or more and 70% have \u201cGenerational Employees,\u201d<\/a> that is, non-family employees with their family members working in the business for several generations. The survey also found that 40% of family businesses had between $1 million and $5 million in gross revenues in 2023, and 25% of respondents had revenues of over $50 million.<\/span><\/p>\n Top Policy Issues<\/strong><\/span><\/p>\n \u00a0The survey found showed three tax policy issues \u201cOf Top Concern\u201d to family businesses<\/a>.<\/span><\/p>\n Those tax concerns were (by percentage of respondents): 1) Income taxes (41%); 2) Estate taxes (19%); and 3) Payroll taxes (13%). The findings also showed the top economic policy priorities for family businesses right now are, in order, \u201cReduce the Federal Budget\/Debt,\u201d at 30%, and at number two, \u201cReduce Income Taxes,\u201d at 23%. <\/span><\/p>\n As for the Estate Tax, the survey found 36% wanted to keep \u201cCurrent Exemption Level,\u201d<\/a> an increase from the 24% who responded in this way last year. Some 26% said they wanted to \u201cRepeal The Estate Tax\u201d completely, a decrease from 31% in 2023 survey.<\/span><\/p>\n \u201cEach year, our survey on family businesses in America gains in size and scope, but one thing remains true, family businesses are big business in our country,\u201d said Pat Soldano, President of Family Enterprise USA and the Policy and Taxation Group, both advocates for family businesses on Capitol Hill. \u201cThis year we received responses from nearly eight hundred family business and office executives, a record, and we use these finding throughout the year to emphasize the critical challenges and issues facing family businesses,\u201d she said. \u201cThis information is an important tool to help educate our legislators so they understand the importance and size of family businesses in our economy, and so they can make policy better policy decisions for family businesses to grow and prosper.\u201d<\/span><\/p>\n For more information on the Family Enterprise USA Executive Summary at www.familyenterpriseusa.com.<\/a><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Take Action Now: Advocate Against Policies & Excessive Regulation” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-your-representatives-in-congress-to-join-the-cong” button_text=”Make your voice heard! Contact Your Representatives in Congress to advocate for change. Click to act!” 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|||” saved_tabs=”all” global_colors_info=”{}” global_module=”9695″ theme_builder_area=”post_content”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” 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 color=”#397389″ divider_style=”dotted” divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”off|off|off” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.21.0″ _module_preset=”default” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _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=03T2VODneEg” _builder_version=”4.19.4″ _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=fHIxWaTwK64″ _builder_version=”4.19.4″ _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=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _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":" 2024 Growth Predicted for 74% of Family Businesses, National Debt Concerns Revealed in Family Enterprise USA\u2019s Latest Family Business Survey Annual Survey Highlights State of Family Business, Barriers to Growth, and Top Tax Worries \u00a0 Family Enterprise USA has released highlights of its latest Family Business Annual Survey, which found 74% of U.S. family […]<\/p>\n","protected":false},"author":2,"featured_media":10963,"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":[48,51,3,92],"tags":[],"class_list":["post-10959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-family-business-survey","category-feusa","category-multi-generational-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10959","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=10959"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10959\/revisions"}],"predecessor-version":[{"id":10967,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10959\/revisions\/10967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/10963"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10959"}],"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
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