[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”22px|||||” global_colors_info=”{}”][et_pb_row admin_label=”CTA” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”on” 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_cta title=”Your Voice Matters. Urge your representatives in Congress to extend and enhance the tax provisions of the TCJA. ” button_url=”https:\/\/familyenterpriseusa.com\/taxes\/take-action-help-family-owned-businesses-thrive-support-extension-of-tcja\/” url_new_window=”on” button_text=”Click Here.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.4″ _module_preset=”default” header_font_size=”22px” 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 color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ admin_label=”Author Byline” _builder_version=”4.24.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.brownandstreza.com\/davidkeligian” link_option_url_new_window=”on” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2024\/05\/Team-members-Pat-S.jpg” title_text=”Patricia M. Soldano” _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Author” _builder_version=”4.25.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
By Patricia M. Soldano<\/a> [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”1″ _builder_version=”4.27.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n <\/p>\n <\/p>\n This summer, as college students ponder whether to join or not join their family-owned businesses the big questions are \u201clegacy,\u201d \u201csuccession,\u201d \u201cgenerating revenue, and how to communicate with those family members in charge.<\/p>\n These questions and concerns all come from a new survey<\/a> conducted in partnership with the Smith Family Business Initiative at Cornell University, Family Enterprise USA, and The Roberts Group.<\/p>\n In the survey, entitled \u201cThe 2025 Rising Gen Survey<\/a>,\u201d some 164 current students shared their perspectives and concerns as they relate to their family\u2019s business.<\/p>\n The students were enrolled in family business or entrepreneurship courses and were asked what was most important to them as it related to their family business.<\/p>\n Students enrolled in these family business courses, mostly because their family owned a business<\/a>, but also for their own personal interest in starting a business or being curious about family businesses generally. Some 63% are already working for or are involved with their family-owned businesses.<\/p>\n A large percentage of the students (81%) represent the second or third generation<\/a> of the family business, with 24% being in construction and real estate, 15% in manufacturing, 12% in agriculture, and 10% in retail.<\/p>\n Some students have skin in the game, at least for the moment, but most do not.<\/p>\n The survey found nearly 34% students said they \u201cHave an ownership stake\u201d in their family business, while 46% \u201cDid Not, and 20% were \u201cUnsure.\u201d<\/p>\n Not surprisingly, communication within the family, or lack thereof, was a top issue, but two other top issues were \u201clegacy\u201d and \u201csuccession.\u201d<\/p>\n The \u201cRising Gen\u201d<\/a> survey found for the second straight year that the word \u201clegacy,\u201d with its multiple connotations, was the word most associated with family business, while \u201csuccession\u201d was also top of mind among the students.<\/p>\n But consistent with the 2024 results, one the biggest ongoing fears students have is, can they \u201cGenerate Revenue.\u201d This ranks as the No. 1 worry at 17.4% of students citing this, and similar percentage to last year\u2019s results.<\/p>\n Next came, \u201cRemaining Competitive\u201d and \u201cSuccession Planning,\u201d both coming in with 12% of responses, though last year these categories were higher at roughly 17%.<\/p>\n This is a natural expression, the fear of letting down parents and family members, of failing. It is also an expression of the fear of not knowing.<\/p>\n Afterall, the survey also found that 60% of the family businesses did not have a \u201cSuccession Plan\u201d or \u201cBoard of Directors,\u201d and nearly 70% did not have a \u201cFamily Constitution.\u201d<\/p>\n The solution is family communication and understanding the basics of the business, also revealed in the data and in anecdotal comments throughout the research.<\/p>\n Beside the \u201cRevenue Generation\u201d worries, the next set of concerns cited were succession planning, sustainability, ownership structures, and \u201cbeing qualified.\u201d<\/p>\n Perhaps the most revealing insights came when the survey asked students the open-ended question: \u201cIf you had the courage to ask their parents\/grandparents any questions about the family business.\u201d<\/p>\n Certain responses were tied to operations, such as, \u201cHow did our business start?\u201d and \u201cWhy can’t we shift toward more professional operations?\u201d<\/p>\n Yet, certain responses exposed topics that families often have difficulty engaging with, such as wealth, expectations, and family relationships.<\/p>\n This brought up other tough questions among students, such as: \u201cWhat is our net worth?\u201d \u201cIs it worth continuing this business?\u201d and \u201cDo you want my other siblings in the business?\u201d \u201cAre my skills strong enough?\u201d<\/p>\n These basics are a good place to start the communication process around the family dinner table.<\/p>\n It\u2019s a good place to end confusion about ownership, responsibilities, and skills sets needed to continue a thriving family business and for the \u201cRising Gen\u201d to take charge into future.<\/p>\n To see the full study, go to: Family Enterprise USA Research.<\/a><\/p>\n <\/p>\n <\/p>\n <\/p>\n [\/et_pb_text][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ 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 family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned 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 disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 1″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”5963″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=3k9d1tFz5AU&t=22s” _builder_version=”4.19.1″ _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=kG0lDKbmJxg” _builder_version=”4.19.1″ _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=HFK8SG1VSco” _builder_version=”4.19.1″ _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=Z15BqbFOYck” _builder_version=”4.19.1″ _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=bsn5xYrxhJg” _builder_version=”4.19.1″ _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=PL3K3rK7ioA&t=5s” _builder_version=”4.19.1″ _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=CpXRbRBhPKc” _builder_version=”4.19.1″ _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=”4.27.4″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Patricia M. Soldano President Family Enterprise USANew Study Says College Students Ponder \u2018Legacy,\u2019 \u2018Succession,\u2019 and \u2018Generating Revenue\u2019 When Considering Joining the Family-owned Business But Family Communication Still Ranks High as Major Issue This summer, as college students ponder whether to join or not join their family-owned businesses the big questions are \u201clegacy,\u201d […]<\/p>\n","protected":false},"author":2,"featured_media":14701,"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":[48,3,92,94],"tags":[],"class_list":["post-14687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-pat-soldano"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/14687","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=14687"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/14687\/revisions"}],"predecessor-version":[{"id":14702,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/14687\/revisions\/14702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/14701"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>President<\/em>
\nFamily Enterprise USA<\/p>\nNew Study Says College Students Ponder \u2018Legacy,\u2019 \u2018Succession,\u2019 and \u2018Generating Revenue\u2019 When Considering Joining the Family-owned Business<\/strong><\/h1>\n
But Family Communication Still Ranks High as Major Issue<\/strong><\/em><\/h2>\n
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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