CHICAGO, July 08, 2020 (GLOBE NEWSWIRE) -- More that 50% Report that a Recession or Market Downturn is the Top Risk to their business’s success.
Family businesses fight to stay healthy and viable during times of COVID-19 and economic stress, they are resilient and build their businesses for the long term, and as a legacy for the family, their employees, and their communities. To stay viable their top concerns are 1) income tax, 2) estate tax, and 3) too much government regulation, in that order. 26% of family businesses are “very confident” that their business revenues will increase in 2020, and 46% are “somewhat confident”, even though the survey was conducted from January 31, to April 24, 2020; during the COVID-19 pandemic, once again reflecting the strength and commitment of family businesses. In addition, family businesses give 77% of their charitable giving to their local philanthropic community and 23% nationally, illustrating why the local community suffers if the family business must be closed or sold.
Additional key insights from the 2020 FEUSA Family Business Survey include:
- Reducing estate tax and income tax are top two economic priorities with reducing regulations a close third and federal trade policies at the bottom.
- Income tax policy is of key concern for business owners. 71% of participants rank this as a top tax policy concern and 46% rate estate tax as top tax concern.
- 67% of respondents support reducing the rate of the estate tax and 64% support repealing it altogether, while 57% would like to make the current exemption level permanent.
About Family Enterprise USA
Family Enterprise USA (FEUSA) is the organization that family business owners and legislators in Washington DC go to for information on the family business industry. FEUSA has established itself as a trusted resource through research work, an annual survey of family businesses across the country, focus groups and general data gathering about the issues and challenges family businesses face every day.
For more information about FEUSA visit www.familyenterpriseusa.com.
About Family Office Exchange
Family Office Exchange (FOX) is the premier global member network for enterprise families and their advisors who are pursuing best practices for managing their family enterprise and growing their family wealth. The community includes over 8,000 family leaders and sophisticated advisors from 500 organizations in 20 countries who utilize FOX’s resources each year for advice, networking, education, and best practices in wealth management.
FOX is headquartered in Chicago with offices in New York, Santa Barbara, Sydney, and London. For more information about FOX email us at info@familyoffice.com or visit www.familyoffice.com.