Pete

Pete's Story

The owner of a family-owned business in Oklahoma died, leaving his son Pete very few options. Because the estate tax left too little for his family to continue on with the business, Pete was forced to sell the business to a non family owned corporation. Non family owned corporations will often buy family-owned businesses at below market value as they know the family has 9 months to pay the estate tax and needs the cash to do so. Many times they are consolidated, reduced in size or liquidated resulting in layoffs of employees, reduction in benefits, and elimination of the charitable giving to the local community.

In the end Pete’s family and employees were forced to find multiple low-wage jobs to make ends meet.