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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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The New York Times writer Martha White looks into five different family businesses and how they are dealing with transitioning their enterprises to the next generation. The businesses range from a gas equipment company to jewelry company to a construction services company. The feature article also mentions Family Enterprise USA and the research that 32 million family businesses make up 60 percent of the private workforce in America.
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Succession plans, or the lack thereof, can hinder the transition to a new generation — and affect how loved ones fund their later years.
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Most workers strive to keep their personal and professional lives separate. But for people who start or inherit a family business, the opposite is true: The personal is professional. And it gets very personal when it comes to retirement.
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Family businesses employ close to 60 percent of the nation’s work force, according to calculations by management professors at the University of North Carolina at Charlotte and Kennesaw State University, in collaboration with the research and advocacy group Family Enterprise USA. They found there are as many as 32 million family businesses in the country.
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In a sense, running a family business is the epitome of entrepreneurial success, with passing on that business to children the apex of that success. But a 2021 survey by the consulting firm PwC found that only about a third of family-owned businesses have a succession plan. We looked at five of these businesses to see how they managed the transition between generations — and how those plans affected owners’ timelines for retirement.
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Upcoming Events
- March 29: High Center FBC, Elizabethtown, PA
- April 17: Ohio YPO Event, U of Toledo, OH
- April 19 - 21: Transitions East, St Petersburg, FL
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April 27-28: Prairie Family Business Center Annual Gala Event, Sioux Falls, SD
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May 3: Family Business Association Annual meeting, Sacramento, CA
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- May 10-12: Family Office Club Event, New York, NY
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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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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