How each one handled the challenges posed by the pandemic
By Patricia N. Soldano & Dawn S. Markowitz
Mention the word “COVID-19” to a family business owner, and it’s a sure way to elicit a variety of responses. For some, the pandemic brought new and innovative changes to their family businesses to adapt to the “new normal.” For others, it meant painful actions such as shuttering an office or reducing their workforce. For all, the pandemic forced family-owned businesses to engage in soul searching, critical decision making and a re-evaluation of their future.
In 2020, Family Enterprise USA conducted a survey of 40 family-owned businesses.1 Although 60% reported that they managed to retain all of their employees during the pandemic, 81% reported that their businesses lost revenue during that time. Fifty-three percent of respondents used the assistance provided by the government, mostly in the form of Paycheck Protection Program (PPP) loans. And, 69% percent supported their employees with paid leave and benefits; 66% of respondents supported their local or national charities.
Let’s take a look at seven family-owned businesses. Each offers a unique perspective on how the pandemic affected its day-to-day operations, the creative solutions it employed and what it did to remain afloat and for some, to thrive.
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.