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It is unlikely you will see the worry on their faces. Yet, they know something is coming for them.
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It came for people like Casey Roscoe, a former marketing executive for family-owned Seneca, a lumber company in Oregon, and Mark Peters, son of the founder of Butterball Farms in Grand Rapids, Michigan. It specializes in products made from butter.
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You would never know they faced the fear of existential threat, but it’s inside them, and yet they are the lucky ones. Hard work, a lifetime of risking their savings and some smart decisions allowed them to make it in America. So, why worry?
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You could ask George Bartell the same question, the former chairman of Seattle’s own Bartell Drugs, the iconic 67-store chain founded in the Central District in 1890 by George’s grandfather.
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The common thread between these three people is they own, or owned, a family business. Bartell’s was sold to Rite-Aid two years ago.
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It could be a drugstore company, a coffee shop chain, a machine parts firm or even a newspaper. And, equally, they all know one day this family livelihood, often multigenerational, will likely have to be sold off and vanish forever. Why? It’s a complicated and old story, but it often comes down to death and taxes. And, selling is often the only logical answer.
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Research shows that family enterprises make up $7.7 trillion of our annual GDP and represent 59% of the country’s private workforce. Family businesses in America consist of 23.7% in manufacturing, 10.4% in construction/facilities and 9.75% in real estate.
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Stay safe and healthy,
Pat Soldano
President
[email protected]
712 H Street NE Suite 1091
Washington DC 20002
(202) 681-8365
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Upcoming Events
- September 13: Goering Center Annual Awards Dinner, Cincinnati, OH
- September 14-15: Family Company Group, Minneapolis, MN
- September 16: Denver Regional Event
- September 22-23: Family Business Legacy & Wealth Conference, Chicago, IL
- September 27: University Business Center, Fresno, CA
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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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.
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About Policy and Taxation Group
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.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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