[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_button button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-your-representatives-in-congress-to-join-the-congressional-family-business-caucus-now\/” button_text=”Contact Your Representatives in Congress to Join the Congressional Family Business Caucus Now!” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Call to Action Button Top” _builder_version=”4.20.2″ _module_preset=”default” custom_button=”on” global_module=”7025″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_button][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 _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
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The study by Family Enterprise USA<\/a>, a bipartisan family business advocacy group, says the top worries family businesses of all sizes face are the growing demand for workers, training them, and retaining them. These issues have been further heightened by the emergence of hybrid workplaces and remote work hiring.\u00a0<\/p>\n The survey, the group\u2019s Annual Family Business Survey 2023, assessed a cross section of America\u2019s multi-generational, family-owned industries, which contribute $7.7 trillion annually to the U.S. gross domestic product. Family businesses account for 83.3 million jobs, or 59 percent of the country\u2019s private workforce<\/a>, according to research.\u00a0<\/p>\n Labor challenges and tax policies were found as the biggest challenges family businesses faced in relation to growth.\u00a0<\/p>\n These worries come at a time when 61 percent of family businesses<\/a> said they added jobs during 2022, a pandemic year, and 91 percent kept or added employees. Only nine percent lost jobs in 2022, the survey found. It was also found 46 percent of family businesses provide above average salary and benefits.\u00a0\u00a0<\/p>\n Labor worries, in general, ranked as the number one impediment to growth for this year and 2024, the survey showed.<\/p>\n When family businesses<\/a> were asked what the \u201cgreatest impediment to growth\u201d would be in the next 24 months, 31 percent said \u201cCost and Availability of Labor.\u201d\u00a0<\/p>\n The second greatest perceived impediment was \u201cMarket Conditions.\u201d The third greatest impediment was \u201cInflation,\u201d with 15 percent citing it as a concern.\u00a0 \u201cGovernment Regulations<\/a>\u201d ranked fourth, with nine percent seeing this as a main barrier to growth.<\/p>\n Despite these concerns, the study showed 74 percent of multi-generational family businesses<\/a> have been in business for 30 years or more, 65 percent expect to grow in 2023, and 71 percent saw their business increase in 2022. Nearly, 40 percent of the respondents have revenues of $21 million or more.<\/p>\n \u201cBeing the largest private employer, family businesses face the unique challenge of trying to grow their business while competing with large corporations for the best labor in the market,\u201d said Pat Soldano, President of Family Enterprise USA and the Policy and Taxation Group, both Washington DC-based bipartisan, non-profit family business advocacy<\/a> organizations.\u00a0<\/p>\n \u201cOne advantage is that family businesses tend to pay better and provide longer-term security for their employees, and they give back to their communities,\u201d Soldano said. \u201cOur policy makers need to understand the power of family businesses<\/a> and they need to make sure they are not disadvantaged when it comes to hiring and training policies.\u201d<\/p>\n The Family Enterprise USA Annual Family Business Survey<\/a> 2023 was conducted in the first two months of 2023. The respondents were 571 family businesses or family business offices from across the country. The study\u2019s main sponsors are Squire<\/p>\n Patton Boggs and Brownstein, both leading law and lobby firms advocating for family businesses.<\/p>\n This year\u2019s survey shows once again the resiliency of our country\u2019s family businesses, according to Soldano.\u00a0<\/p>\n \u201cFamily businesses keep jobs, add jobs, pay better than average wages, and give back to their communities, all of which are strong arguments to keep our family businesses thriving,\u201d she said.<\/p>\n For the full details of the new \u201cFamily Enterprise USA Annual Family Business Survey 2023<\/a><\/span>\u201d can be found at www.familyenterprise.com.<\/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 admin_label=”Become a member text” _builder_version=”4.20.2″ 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=”4.18.0″ _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=”4.19.4″ _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 admin_label=”FEUSA Statement” _builder_version=”4.20.2″ 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 family business and job creation, growth, and sustainability by advocating for family businesses<\/a>, their lifetime of savings, and the issues they face running their businesses every day. Some of the issues we fight for or against with Congress in Washington DC are high Income tax<\/a> rates, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift, estate taxes<\/a> and generation skipping taxes<\/a>. Family Enterprise USA represents and celebrates all sizes and industries of family businesses<\/a> and multi-generational<\/a> employers.<\/p>\n Family Enterprise USA<\/a> (FEUSA) is a 501(c)(3) non-profit organization. Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.20.0″ _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":" Finding, Keeping, and Training Labor Are Among Critical Issues Family Businesses Face, according to New Data in Family Enterprise USA Annual Survey\u00a0 Finding and holding on to workers are key issues facing America\u2019s largest private employer, Family Business, according to a new study. The study by Family Enterprise USA, a bipartisan family business […]<\/p>\n","protected":false},"author":2,"featured_media":8140,"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":[51,48,3,92,78],"tags":[],"class_list":["post-8134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-business-survey","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8134","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=8134"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8134\/revisions"}],"predecessor-version":[{"id":8143,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8134\/revisions\/8143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/8140"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8134"}],"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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