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By Pat Soldano<\/strong><\/em><\/a><\/p>\n <\/p>\n Not so long ago, a more innocent time, we trusted the future would be brighter than the past. The world was not without trouble, but the idea of trusting in our future was rock solid.<\/p>\n This is no more. Trust in the future has collapsed.<\/p>\n It\u2019s not me saying this, it comes from a recent worldwide research study, the 2023 Edelman Trust Barometer survey of some 32,000 respondents in 28 countries.<\/p>\n It asks: Will you be better off five years from now?<\/p>\n Only 40 percent of Americans say they will be, down a frightening 13 percentage points from 2019, according to the survey. This is considered a collapse in trust.<\/p>\n It\u2019s not just in the America. Some 24 countries are seeing all-time lows in economic optimism.<\/p>\n Why has trust taken such dark turn?<\/p>\n Two key factors drive distrust, according to the report. They are incompetent and unethical governments and polarizing media echo chambers.<\/p>\n Today, according to the report, business and business leaders are seen as the only competent and ethical bodies of trust. In fact, US trust in business has jumped six percentage points since 2022 and worldwide employer trust levels are at 78%, while government and media are trusted at 50%.<\/p>\n Business is now being asked to step into the \u201ctrust void\u201d left by government and magnified by media.<\/p>\n You say, \u201cCome on, really, is it that bad out there?\u201d<\/p>\n When the Edelman researchers asked about personal economic fears, loss of job (89%) and inflation (74%) ranked at the top.<\/p>\n When asked about societal fears, the top worries were climate change (76%), nuclear war (72%), food shortages (67%), and energy shortages (66%).<\/p>\n The combination of economic and societal fears is the double whammy driving trust into the ground. This is where family businesses save America.<\/p>\n Business appears to be the single bright light of faith out there. And family businesses<\/a>, to be specific, are the most trusted of all businesses, the report says.<\/p>\n When asked if their employer \u201ccould be trusted to do what is right,\u201d family businesses scored highest, with 67% trusting family businesses to do right.<\/p>\n Privately-held business were next, but nearly ten points (58%) lower. Publicly traded (55%) and government-owned businesses (50%) ranked lowest in the trust department.<\/p>\n Why family businesses? Why are they more trusted?<\/a><\/p>\n Recently, I posed this question to Bill Rock, CEO of MLR Media, publishers of Family Business Magazine, and he had any interesting take on the subject.<\/p>\n \u201cFamily businesses know how to balance purpose with profit,\u201d Bill said. \u201cLong-term values, value-driven principles, community giving, fair wages, supporting stakeholders, these are all in the DNA of a family business,\u201d he added. \u201cFamily businesses are a brand of capitalism that is really the model for the future.\u201d<\/p>\n I think he is right, but it will be no easy task changing the trajectory of things.<\/p>\n In the U.S., pessimism and polarization are even more apparent along political lines, the study shows.<\/p>\n Republicans (50%) say our differences are entrenched and polarization is insurmountable, while Democrats have a substantially less dire view of the future. Only 33% of Democrats say things are un-fixable.<\/p>\n But what about those big pesky societal fears, like climate change and food shortages and energy costs? How do family businesses<\/a> address those mega issues? Stay away? Double down?<\/p>\n The research shows people want businesses<\/a> to engage even more in these large societal changing issues, not less.<\/p>\n In fact, \u201cmore climate change engagement\u201d by business ranks at the top of the list, with 53% saying businesses are not doing enough.<\/p>\n When it comes to economic engagement, the research says CEOs are obliged to pay a fair wage (84% of respondents), pay fair taxes (78%), and retrain employees (78%).<\/p>\n Our annual research<\/a> confirms family businesses lead the way in all these categories. They are engaged. They are leading the way. They are balancing purpose with profit for the long-term, pay above average wages, give to the community, and retain and retrain employees. These are the reasons family businesses are more trusted.<\/p>\n So, perhaps we are at an inflection point. Maybe family businesses are going to have to step up even more and show America the way to a brighter future.<\/p>\n It\u2019s time for our government leaders to see this too. Through our Congressional Family Business Caucus<\/a>, our legislators can now hear, see, and understand the power of family businesses. Afterall, government leadership ranks lowest in trust, and trust is everything when it comes to leadership.<\/p>\n Family businesses have the opportunity to turn feelings around about our collective futures, and maybe in the process save America. <\/p>\n [\/et_pb_text][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_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 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=”off|off|off” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.21.0″ _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 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":" Trust is Everything When Saving America By Pat Soldano Family businesses may have to save America. Let me explain. Not so long ago, a more innocent time, we trusted the future would be brighter than the past. The world was not without trouble, but the idea of trusting in our future was rock […]<\/p>\n","protected":false},"author":2,"featured_media":9100,"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":[48,3,92,78,94],"tags":[],"class_list":["post-9099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news","category-pat-soldano"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/9099","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=9099"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/9099\/revisions"}],"predecessor-version":[{"id":9106,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/9099\/revisions\/9106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/9100"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Family businesses may have to save America. Let me explain.<\/h3>\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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