Guest Post: Family Businesses Must Have a Voice in Washington

Legislators must know what is important to family businesses; what helps or hurts them when it comes to operating their business and creating more jobs. For that reason, it is critical that legislators hear from family businesses more than any other years in the past.

To determine what issues family businesses are concerned about, Family Enterprise USA conducts a survey of family businesses each year and delivers that information to legislators, educators and others who must be informed. Without this information, legislators will pass laws that could penalize family businesses, making it costlier and more difficult to operate their businesses. One example of this: tax rates that favor corporations, which pay a lower rate of tax than family owned businesses—many which operate within a Sub S Corporation, Limited Liability Company, Limited Partnership or Sole Proprietorship. This example highlights the importance of giving a voice to family businesses considering their contribution to the expansion of the American economy.

Family businesses in America generate 64% of GDP, 65% of the jobs and account for 78% of all new job creation. While they are very important to the economic growth of our country, they are often not given proper consideration when new laws, regulations and restrictions are imposed by legislators and other government bodies. To that end, the purpose of Family Enterprise USA (FEUSA) is to be “the voice of family firms in Washington D.C.” The organization is dedicated to educating the public about the implications of public policy on closely held and family-owned businesses. FEUSA conducts non‐partisan research that highlights the contributions of family enterprises to the economy and the challenges these businesses face, which is then used to educate. This research provides the foundation for FEUSA to educate the public and government leaders on the important role of family businesses in the economy and local communities.

The annual survey helps track family businesses’ contributions to the economy and communities they serve. Following are some of the takeaways from the 2017 and 2016 FEUSA Family Business Survey:
 

Family businesses are key to the economic growth of America, and must get their voices heard. Completing the 2018 FEUSA Family Business Survey will help accomplish this goal. To participate in this year’s survey, which only takes a few minutes to complete, click here.

Disclaimer: The opinions expressed here do not necessarily represent the views of Family Office Exchange.