Family businesses in Central and Eastern Europe (CEE) are not just economic entities; they embody tradition, resilience, and adaptability. Representing close to 70% of private sector employment in the CEE region, family businesses contribute to about 70% of global GDP and 60% of global employment. In CEE, 83% of family businesses report growth, compared to 73% globally, with only 5% reporting falling sales, compared to 8% globally. These businesses form the backbone of employment in the region and play a crucial role in job creation, innovation, and the social fabric of local communities. Recognizing and supporting family businesses will be integral to fostering a robust, sustainable, and inclusive economic landscape in CEE [26da7b51].
Pat Soldano, President of Family Enterprise USA and the Policy and Taxation Group, recently spoke at two family business events in upstate New York, emphasizing the crucial role that family businesses play in the U.S. economy. The first event, organized by American Food & Vending Corp. in Syracuse, and the second event, the 'Families in Business Conference' organized by Cornell University's Smith Family Business Initiative in Ithaca, aimed to educate audiences on the importance of family businesses and the challenges they face. Soldano presented the findings of Family Enterprise USA's research study, which revealed that multi-generational family-owned businesses contribute $7.7 trillion annually to the U.S. GDP. The events also served as a platform to advocate for best-in-class family business management practices. Soldano highlighted the need for advocacy for family businesses on Capitol Hill [cfc4bbf4].
John Smith, Chairman of CRST, and Pat Soldano, President of Family Enterprise USA, emphasized the importance of a strong voice for family businesses in the nation's capital during Cornell University's Families in Business Conference. They discussed the significant contribution of family businesses to the US economy and the lack of understanding of this contribution among members of Congress. Soldano presented the results of Family Enterprise USA's annual research study, which showed that multi-generational family-owned businesses contribute $7.7 trillion annually to the US GDP and employ 83.3 million people. The bipartisan Congressional Family Business Caucus, formed last year, aims to amplify the voice of family enterprise. Cornell University's Smith Family Business Initiative provides guidance and expertise to family businesses. Soldano is also the President of Policy and Taxation Group, advocating for family businesses on Capitol Hill. Family Enterprise USA promotes the creation, growth, viability, and sustainability of family businesses by advocating for them with Congress [71b18e27].
A webcast hosted by Family Business USA's President Pat Soldano features three senior trust experts from South Dakota Trust Companies discussing new and powerful trust designs that can benefit America's family businesses. The webcast highlights the importance of new family trust planning strategies for multi-generational family enterprises in dealing with uncertainties such as family transition, estate taxes, economic shifts, next-generation leadership, and political change. The webcast emphasizes the need for trusts to provide flexibility and customization to each family's needs. South Dakota Trust, based in Sioux Falls, has six offices with clients in 47 states and $135 billion in assets under administration. The webcast also discusses the revolutionizing approach to trusts through self-settled trusts that offer new asset protections. Trust protectors are presented as another important tool for family businesses to consider, providing greater flexibility and protection. The webcast is part of a series of videos and webcasts created by South Dakota Trust Companies and Family Enterprise USA to provide information and resources for multi-generational families. Family Enterprise USA advocates for family businesses and their lifetime savings with Congress in Washington DC. The organization promotes the creation, growth, viability, and sustainability of generationally owned family businesses [6bf1e97e].
The bipartisan Congressional Family Business Caucus has gained support from 35 members of Congress, with its next meeting scheduled for March 12, 2024. The four co-chairs of the caucus are Jodey Arrington (R-TX), Rep. Brad Schneider (D-IL), Rep. Claudia Tenney (R-NY), and Rep. Henry Cuellar (D-TX). Family businesses are the largest private employers in the US, accounting for 83.3 million jobs and contributing $7.7 trillion in GDP annually. The caucus aims to raise awareness of the importance of family businesses and address issues such as unfair taxation and workplace development [914a7ade].
Pine Creek Seed Farm, located between Jersey Shore and Avis, has been named the U.S. Small Business Administration’s family-owned small business of the year for Eastern Pennsylvania. Small businesses are the engine that drives the U.S. economy, employing 45.9% of the American workforce. Russell Redding, Pennsylvania’s state agriculture secretary, praised Pine Creek Seed Farm for its commitment to investing in the agricultural sector and continued innovation. The success of Pine Creek Seed Farm demonstrates the resilience and entrepreneurial spirit of small businesses, which will continue to drive America's economy and aspirations [8196f266].