[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_cta title=”The data is in! See what family owned businesses are saying about today\u2019s challenges and opportunities.” button_url=”https:\/\/familyenterpriseusa.com\/family-business-survey\/” button_text=”Read the 2025 Annual Survey Executive Survey now! 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_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
\u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n The \u201crising generation\u201d of family-owned business leaders<\/a> say family communication, succession, and generating revenue are their top worries when it comes to their family\u2019s business, according to a new survey from Cornell University.<\/p>\n The Cornell survey, entitled \u201cThe 2025 Rising Gen Survey<\/a>,\u201d questioned 164 current students on their shared perspectives and concerns as they relate to their family\u2019s business. The students, enrolled in family business or entrepreneurship courses, were asked what was most important to them, what worried them, and what they want from their family business leaders.\u00a0<\/p>\n The survey was conducted in partnership with the Smith Family Business Initiative at Cornell University<\/a>, Family Enterprise USA, and The Roberts Group. The first \u201cRising Gen\u201d survey was conducted in 2024.<\/p>\n Not surprisingly, communication within the family, or lack thereof, was a top issue, but other top issues were \u201cgenerating revenue,\u201d<\/a> \u201clegacy,\u201d<\/a> and \u201csuccession.\u201d<\/a><\/p>\n The study found 63% of the students were already working for or are involved with their family-owned businesses<\/a> and a large percentage of the students (81%) represented the second or third generation of the family business. As for industries, 24% were in construction and real estate, 15% in manufacturing, 12% in agriculture, and 10% in retail.<\/p>\n Previous research shows America\u2019s family businesses, the largest private employer in the country, account for 83.3 million jobs in some 32 million family businesses<\/a> across the country. These businesses contribute $7.7 trillion annually to U.S. gross domestic product, according to research.<\/p>\n Ownership Stakes<\/strong><\/p>\n The survey found nearly 34% students said they \u201cHave an ownership stake\u201d<\/a> in their family business, while 46% \u201cDid Not,\u201d and 20% were \u201cUnsure.\u201d<\/p>\n The \u201cRising Gen\u201d survey found the word \u201clegacy,\u201d with its multiple connotations, was the word most associated with their family business, while \u201csuccession\u201d was also top of mind among students.<\/p>\n Consistent with the 2024 results, one big fear students have is, can they \u201cGenerate Revenue?\u201d\u00a0 This ranks as the No. 1 worry at 17.4% of students<\/a> citing this, a similar percentage to last year\u2019s results.\u00a0<\/p>\n \u201cA few things have become clear as we conclude the second year of this study,\u201d said Daniel Van Der Vliet, the John and Dyan Smith Executive Director of the Smith Family Business Initiative at Cornell University, and co-author of the study. \u201cThere is still a wide gap between what this rising generation of students knows about their family business, and what is shared with them by the senior generation,\u201d he said. \u201cAnd communication remains key for all involved in the family enterprise. It is important to not only share what the history of the business and family is, but also to craft what that future might look like with those it will impact most.\u201d<\/p>\n Future Planning<\/strong><\/p>\n When students were asked about \u201cRemaining Competitive\u201d and \u201cSuccession Planning,\u201d both came in with 12% of responses as key concerns, though in last year\u2019s survey these categories were higher at 17%.<\/p>\n The survey also found that 60% of the family businesses did not have a \u201cSuccession Plan\u201d<\/a> or \u201cBoard of Directors,\u201d and nearly 70% did not have a \u201cFamily Constitution.\u201d<\/p>\n Beside \u201cRevenue Generation\u201d<\/a> worries, the next set of concerns cited among students were succession planning, sustainability, ownership structures, and \u201cbeing qualified.\u201d\u00a0<\/p>\n One of the more revealing insights came when the survey asked students the open-ended question:<\/a> \u201cIf you had the courage to ask their parents\/grandparents any questions about the family business.\u201d<\/p>\n 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 Other anecdotal responses exposed topics 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 Nearly 50% of students<\/a> indicated their family does not have a family council, and 45% have no family constitution, employment policy, or formal board, the survey found.<\/p>\n \u201cThis is the kind of research helps us understand some of the core transition issues the next generation of family business leaders are facing,\u201d said Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, survey sponsors. \u201cFamily communication is a main barrier to effective family-owned business transition, and this always comes up as a top issue,\u201d Soldano said. \u201cIt\u2019s important today\u2019s leaders begin the conversation, so the rising generation has a full understanding of their future role in the business.\u201d \u00a0<\/p>\n Family Enterprise USA and Policy and Taxation Group educate and advocate on behalf of family-owned businesses, family offices, and successful families on tax and economic policy issues with Congress.<\/p>\n For more information on the \u201cRising Gen\u201d Survey, go to: www.familyenterpriseusa.com<\/a>.<\/p>\n [\/et_pb_text][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=”4.27.4″ 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 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=”on|on|on” admin_label=”Video Slider Family Business Stories 3″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”7257″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=qkzuUypw3JU” _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=L5QmaJqcm4Y” _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=LyZMrONDbPE” _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=tmxFubyBiHA” _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=9Tn7ZliFx2I” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/youtu.be\/Jx5o3EzVD1E” _builder_version=”4.20.2″ _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":" \u2018Communication,\u2019 \u2018Succession,\u2019 Top Worries Family Business Heirs Voice in New \u2018Rising Gen\u2019 Survey from Cornell University \u00a0 Smith Family Business Initiative at Cornell University, Family Enterprise USA, and The Roberts Group Survey Students in Family-owned Businesses \u00a0 The \u201crising generation\u201d of family-owned business leaders say family communication, succession, and generating revenue are their top worries […]<\/p>\n","protected":false},"author":2,"featured_media":15014,"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":[48,92,103,36],"tags":[],"class_list":["post-15012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-next-gen","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15012","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=15012"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15012\/revisions"}],"predecessor-version":[{"id":15017,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15012\/revisions\/15017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/15014"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Smith Family Business Initiative at Cornell University, Family Enterprise USA, and The Roberts Group Survey Students in Family-owned Businesses<\/strong><\/em><\/h2>\n
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