Expert Communicator Dr. Frank Luntz, Family Business Owners Describe Challenges of Running Family Businesses Today
The plight of America’s family businesses are alive on YouTube with a video series created by Family Enterprise USA, a non-profit group representing the interests of America’s family businesses.
The video series brings to life the challenges of running a family business today and the difficulties in handing down a family business from one generation to the next.
“The series deals with family business horror stories, unexpected tax bills that force families to sell, and how family businesses are working with legislators to create an environment for success,” said Pat Soldano, president of Family Enterprise USA and its sister organization The Policy and Taxation Group.
The YouTube video series delves into the worries of America’s family businesses, representing 59 percent of the country’s private workforce, or some 83.3 million U.S. jobs. In a recent survey by Family Enterprise USA and sponsored by BNY Mellon Wealth Management, it was found family businesses in America consisted of 23.7 percent in manufacturing, 10.4 percent in construction/facilities, and 9.75 percent in real estate. Only five percent of family businesses today are in agriculture.
In one video well-known researcher, political strategist, and messaging expert Dr. Frank Luntz talks about how critical family businesses are to America’s economic fabric.
“No message is more important than helping with the survival of America’s family businesses,” said Luntz. “I know how significant family businesses are to this country, it’s important in these times to understand the impact of these businesses have on our country.”
In another video, family business executive Casey Roscoe, talks about her formerly female-owned family lumber business, Seneca Lumber, Eugene, Ore. The company was recently purchased by Sierra Pacific Industries, another family-owned business.
“The current tax structure is devasting to family-owned businesses,” said Roscoe. “The system is set up to favor large corporations that pay no taxes when leadership passes away, yet when our business is passed on due to our leadership passing away we have to sell everything to pay the taxes.”
The YouTube series also encourages family business members to offer their video stories to the channel by contacting the Family Enterprise USA website at www.familyenterpriseusa.com. You can find the series on YouTube at: (https://www.youtube.com/channel/UCRhlzjM6H_FTYtXAbMaXOFg).
“Through this YouTube series we hope to bring to life the importance of the family business to America’s economy, and how we need to create policies that help this engine of our workforce thrive,” said Soldano. “We also want to create an archive of videos on family businesses and their struggles. We hope family businesses from around the country will contact us and tell us their family stories.”
If you have a family business and a story to tell about your success and/or challenges go to www.familyenterpriseusa to submit them to us on the Contact page.
The full details of the “FEUSA 2022 Annual Family Business Survey” can be found at www.familyenterprise.com.
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.
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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 Policy and Taxation Group 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.
@FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness