Large-Scale Annual Survey Takes Pulse of Family Business Growth, Health in Challenging Year Post Covid, but Inflation and New Congress Mark 2023
America’s family businesses are being asked to tell the country how they feel about their businesses right now, in a new national survey underway by Family Enterprise USA.
With 2022 a year of transition between the “Covid Years” and a “New Normal,” family business of all sizes will have an opportunity to register their hopes and fears in the new Family Enterprise USA 2023 Annual Family Business Survey.
Last year, the survey found the biggest worries were talent retention and new taxes, with just a mild concern about Inflation.
This year’s survey, launched this week, is expected to have over 500 respondents, a cross section of America’s core industries. Family businesses contribute $7.7 trillion annually to the U.S. gross domestic product and account for 83.3 million jobs, or 59 percent of the country’s private workforce.
“Along with the threat of increased taxes, we see inflation as the new critical factor coming out of this year’s survey,” said Pat Soldano, President, Family Enterprise USA and its sister organization, the Policy and Taxation Group. Both organizations advocate for family businesses and are based in Washington D.C.
There were many pro-family business achievements during the last 12 months, not the least of which was the year-end formation of the new Congressional Family Business Caucus, a bipartisan group of led by four House of Representatives leaders.
Several organizations, including Family Enterprise USA and the Policy and Taxation Group, have been working with Capitol Hill leadership on the formation of this new family business-focused caucus to raise awareness of the issues facing family businesses on Capitol Hill.
“With this new Congressional caucus, family businesses now have the focused support of our leaders in Congress,” said Pat Soldano, President, Family Enterprise USA, a supporter of the new caucus. “As this new survey points out key issues that need to be addressed, we can take our survey findings to our Capitol Hill leaders and show them the real need for help in these highlighted areas,” said Soldano. “These concerns are coming directly from family businesses, they will tell us in this survey where their pain points are and how we need to address them. We applaud this development and look forward to working with the caucus on the many issues facing this country and our family businesses.”
The Family Enterprise USA Annual Family Business Survey is expected to be completed in late February. Results are expected to be announced in March, 2023.
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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. Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
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.
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