GRAND RAPIDS, Mich., August, 2022 – In a new video by Family Enterprise USA, Mark Peters, Butterball Farms President and Chief Executive Officer, details how legislation and compliance aimed at helping business often end up hurting more than helping.
Butterball Farms, founded here in 1951 by Leo Peters, has become famous for its embossed butter roses and other butter-based products.
In 1995, Mark Peters took over the helm from his father, and like many multi-generational family businesses, he grapples with the many economic and workplace issues facing companies large and small. In this new 20-minute video, Pat Soldano, President of Family Enterprise USA, and Peters address a wide range of topics affecting businesses, workforce, and family.
“Family businesses often get vilified in the press and by policy makers and are lumped in with big corporations,” said Peters in the video. “But we are not run like big, public companies, we’re run like we are all in this together, we run our business like everyone is all in the family.”
A big change and a big cost Peters details came after the Enron bankruptcy, when compliance costs “got out of hand.”
“It was, and still is, an enormous cost, like a tax, on all companies,” Peters said. “As a result, we need to make tough financial choices because of these regulations, and these choices are often not great.”
In the interview, Peters delves into the concepts of “patient capital” and harnessing the power of the workforce.
“One of the great things about multi-generational family businesses is that we can be patient with our capital, we can forgo short-term gains for better longer-term gains,” he said.
Peters also discusses how to use the power of collaboration to stabilize your workforce and impact your community. His recent book on the subject is called, “The Source.”
Many Challenges Facing Family Businesses
“Our video series deals with family business stories and the many unexpected challenges they face just trying to survive,” said Family Enterprise President Soldano. “Too often estate tax bills force families to sell, and over-regulation makes family businesses uncompetitive,” she said. Soldano is also president of family business advocacy organization, Policy and Taxation Group, based in Washington DC.
America’s family businesses represent 59% of the country’s private workforce, or some 83.3 million U.S. jobs. In a recent survey by Family Enterprise USA, it was found family businesses in America consisted of 23.7% in manufacturing, 10.4% in construction/facilities, and 9.75% in real estate.
“Through this video series we hope to bring to life the importance of the family business to America’s economy, and how we need to create policies that help this engine of our workforce thrive,” said Soldano. “We also want to create an archive of videos on family businesses and their struggles. We hope family businesses from around the country will contact us and tell us their family stories.”
To watch the full interview with Butterball Farms CEO Mark Peters go to: https://www.youtube.com/watch?v=uKyoSHKZ-5o
To sign up for the upcoming webinar go to: https://us02web.zoom.us/webinar/register/3816595657482/WN_nE5cH3J6QTKucpuVXJGjuQ
If you have a family business and a story to tell about your success and/or challenges go to www.familyenterpriseusa to submit them to us on the Contact page
About Family Enterprise USA
Family Enterprise USA promotes family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. FEUSA represents and celebrates all sizes, professions and industries of family-owned enterprises and multi-generational employers. FEUSA is a 501.C3 organization