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\u00a0<\/span><\/strong><\/p>\n Lack of family communication ranks as a top concern for the next generation of family business owners, according to a new survey from the Smith Family Business Initiative at Cornell University.<\/span><\/p>\n Entitled \u201c2024 Family Business Next Generation Survey,\u201d<\/span><\/a> the Cornell research was <\/span>designed to give voice to next-generation family business owners to \u201cbetter understand their concerns and attitudes towards family businesses,\u201d according to <\/span>Dann Van Der Vliet, Executive Director of the Ithaca, N.Y.-based<\/span> Smith Family Business Initiative at the university.<\/span><\/p>\n In the survey, the top concern identified was the need for better \u201cfamily communication\u201d when talking about the future of family businesses.<\/span><\/span><\/a><\/span> This was followed by worries among young leaders about their ability to \u201cgrow revenue\u201d and build their family business. The third major concern was whether there is a basic \u201csuccession plan\u201d in place.<\/span><\/p>\n The survey respondents were enrolled in family business or entrepreneurship-related courses during the 2023-2024 academic year. The findings of the report were first presented at the recent Congressional Family Business Caucus in Washington, DC on May 14. <\/span><\/p>\n The respondents were largely students based in North America and came from a variety of countries and cultures.\u00a0Overall, there were 92 partial and full responses and among those surveyed 51 indicated they come from a family that owns or operates a family business, and 41 indicated they do not. Nearly 70% indicated they will either rejoin or remain employed in their family\u2019s business after completion of their studies, the survey found.<\/span><\/p>\n The survey was completed in cooperation with Family Enterprise USA and The Roberts Group<\/a>, which designed the survey to hear from the next generation of family business leaders, including those who may not currently be part of a family business, but who may be interested in starting, joining, or working with one in the future.<\/span><\/p>\n \u201cWe know that over eighty percent of Americans go to work every day for a family business, and around the world, and family businesses play an enormous role in local and global economies,\u201d said the Smith Family Business Initiative\u2019s <\/span>Van Der Vliet<\/span>. \u201cThis survey was created in order to understand future family business owner concerns and, as a result, better support their educational needs now,\u201d he said. Van Der Vliet added that the plan is to repeat this survey on an annual basis, thereby creating much needed longitudinal data and track changes over time. <\/span><\/p>\n Over half (of 50 responses) indicated their family businesses were founded between 1951-2000 and of the respondents, 62%, indicated they are currently involved and\/or employed in the family business. It was also found 36% of those surveyed indicated they would rejoin the family business at some point in the future, although that timing remained unclear. A majority of the respondents (62%) are second-generation in the family business. <\/span><\/p>\n Finally, students were challenged with the question: \u201cIf you had the courage to ask your parents any question, what would it be?\u201d The responses revealed how difficult family conversations tend to be, especially as it pertains to the family business, money, and wealth. \u00a0A recurring theme for many in the next generation, as identified in this survey, was \u201cAm I qualified to join\/take over the business?\u201d<\/span><\/p>\n Of the many questions and issues respondents revealed about their futures with their family businesses included \u201cWill you ever retire?\u201d \u201cDo you feel like I deserve the company?\u201d, \u201cIs the family business worth the conflict that it brings?\u201d and \u201cWhat would it take to trust me?\u201d<\/p>\n Highlights from Smith Family Business Initiative survey can be found at<\/span> https:\/\/fambizsuccess.wordpress.com\/2024\/05\/09\/do-you-feel-like-i-deserve-the-company\/\u00a0<\/a><\/p>\n [\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.25.2″ _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 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":" \u2018Next Gen\u2019 Survey Highlights Lack of Family Communication as Key Concern in New Smith Family Business Initiative from Cornell University Survey Designed to \u2018Give Voice to the Next Generation\u2019 of Family Business Leaders \u00a0 Lack of family communication ranks as a top concern for the next generation of family business owners, according to a […]<\/p>\n","protected":false},"author":2,"featured_media":12005,"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":[48,92,103],"tags":[],"class_list":["post-12003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-next-gen"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12003","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=12003"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12003\/revisions"}],"predecessor-version":[{"id":12009,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12003\/revisions\/12009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12005"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12003"}],"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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