By Pat Soldano

Column No. 7

Saying It Out Loud, By Pat Soldano. December 2022.
A Beautiful Engine Called Profit

Margaritas on the beach are not Kent Thompson’s idea of a good time. In fact, he doesn’t like beach vacations. On holidays, he prefers Third World countries. There, he brings his family to dig wells and build schools.

David Plimpton spends a lot of his time in a Philadelphia-area warehouse packing boxes filled with diapers, canned food, and winter clothing. The supplies will go to Poland and then Ukraine. In war ravaged Kyiv it’s cold. His Ukrainian employees’ families depend on those boxes.

Kent is the CEO of Lincoln, Neb. family-owned Thompson Commercial Realty Company. It owns and operates 60 buildings from Denver to Chicago. David is CEO of Inolex, the 146 year-old Philly-based designer and manufacturer of sustainable ingredients for health and beauty products.

They are not unusual.

Nearly every leader of a family-owned business in this country has a similar story of giving back. They give back locally, nationally, and internationally. Their communities would be less without them, much less.

I guess you could say, as Stanford University’s Russ Roberts says... (continue reading)
Pat Soldano is president of Family Enterprise USA and Policy and Taxation Group. Both organizations are fighting for families and family businesses by reducing or eliminating unnecessary taxes and government regulation.
About Policy and Taxation Group
Policy and Taxation Group is the leading information, education and advocacy organization working for the reduction and ultimate elimination of estate, gift, and generation skipping transfer taxes, and other taxes that punish hard work and success. Our Mission is to challenge hostile tax policies that meaningfully and measurably impact families and limit the ability of family businesses to remain family owned. We work with Congress in Washington DC against 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 the possible elimination of Step up in Basis.