{"id":6071,"date":"2022-09-01T12:20:13","date_gmt":"2022-09-01T19:20:13","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=6071"},"modified":"2022-09-01T12:20:20","modified_gmt":"2022-09-01T19:20:20","slug":"the-top-risks-family-businesses-face","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/the-top-risks-family-businesses-face\/","title":{"rendered":"The Top Risks Family Businesses Face"},"content":{"rendered":"

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Top Risks Family Businesses Face Focus on Economy, Talent, and High Taxes, Study Shows<\/h2>\n

Recent Family Enterprise USA Report Reveals Multi-Generational Family Businesses Ranks High Income Taxes and Retaining Talent as Top Worries<\/h3>\n

Heat records may be getting broken this summer, but the top risks family businesses are sweating involve high income taxes, recruiting top talent, and sudden inflation damaging the economy, a recent study shows.<\/p>\n

The study of America\u2019s family businesses, by Family Enterprise USA, details the top business risks these businesses face for the remainder of 2022 and into 2023. Family Enterprise USA is a non-profit organization advocating on behalf of family businesses.
A looming recession, sparked by uncontrolled inflation, is the No. 1 risk, with 27% of family business owners and executives mentioning it as their top worry, the study found.<\/p>\n

Availability of labor, with 22% mentioning it, ranked as the second biggest risk ahead, family business owners said. The survey also said 34% found the greatest impediment to business growth into 2023 was \u201crecruiting and talent retention.\u201d<\/p>\n

When it comes to taxes, family businesses easily found income taxes as their biggest tax concern, with 47% saying they were too high, according to the study. The next greatest tax concern was the Estate Tax, or Death Tax, which found 27% of family businesses stating it was a problem.<\/p>\n

America\u2019s family businesses represent 59% of the country\u2019s private workforce, or some 83.3 million U.S. jobs. Family businesses in America consist of 23.7% in manufacturing, 10.4% in construction\/facilities, and 9.75 percent in real estate. <\/p>\n

\u201cThe study shows our largest sector of employment, the family business, is in a battle against unfair taxation, the fight for top talent, and an uncertain economy fueled by decades high inflation,\u201d said Pat Soldano, president of Family Enterprise USA and its sister organization the Policy and Taxation Group. \u201cThe research points out that our multi-generational family businesses, built on years of hardwork and savings, are much more vulnerable and are treated more unfairly by taxation than many of the large, publicly traded companies, yet they represent our country\u2019s largest private employer,\u201d said Soldano. <\/p>\n

The other major risks family businesses cited in the study were government over-regulation (14.4%) and capital gains taxes (13.7%).<\/p>\n

\u201cThe only way we can address these risks is to make the family business voice heard in Congress,\u201d added Soldano. \u201cBy making sure these concerns are raised we have a chance to make sure our family businesses are not shut down by over taxation, unfair estate taxes, or regulation that stifles growth.\u201d<\/p>\n

For the full study go to family business survey<\/a>.\u00a0 If you have a family business and a story to tell about your success and\/or challenges click here<\/a>.<\/p>\n

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About The Madison Group<\/strong>
The Madison Group is one of the largest independent financial firms in the U.S. dedicated to comprehensive wealth preservation since 1968. We specialize in providing affluent families, business owners and executives with unique, tax-efficient wealth transfer and business continuity strategies. We value solutions that have simplicity at their heart and are manageable across generations.<\/p>\n

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Family Enterprise USA<\/a> Family Enterprise USA promotes family business and job creation, growth, viability, and sustainability by advocating for family businesses, their lifetime of savings, and the issues they face running their businesses every day. The issues we fight for or against with Congress in Washington DC are high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and with the possible elimination of Step up in Basis. Family Enterprise USA represents and celebrates all sizes, and industries of family businesses and multi-generational employers.<\/p>\n

Family Enterprise USA is a 501(c)(3) non-profit organization. Family foundations can donate.<\/a><\/p>\n

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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\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 and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses 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 are high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and with the possible elimination of Step up in Basis.<\/p>\n

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@FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness #taxseason #federaltaxpolicy #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n

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Top Risks Family Businesses Face Focus on Economy, Talent, and High Taxes, Study Shows Recent Family Enterprise USA Report Reveals Multi-Generational Family Businesses Ranks High Income Taxes and Retaining Talent as Top Worries Heat records may be getting broken this summer, but the top risks family businesses are sweating involve high income taxes, recruiting top […]<\/p>\n","protected":false},"author":2,"featured_media":6076,"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":[51,48,3,92],"tags":[],"class_list":["post-6071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-business-survey","category-family-businesses","category-feusa","category-multi-generational-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6071","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=6071"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6071\/revisions"}],"predecessor-version":[{"id":6080,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6071\/revisions\/6080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/6076"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}