Private business owners across the U.S. are facing significant challenges as the 2024 presidential election approaches. A survey from Brown Brothers Harriman (BBH) highlights concerns about inflation, AI, and political uncertainty.
While 99% of business owners use AI in marketing, data analytics, and automation, 45% still see AI as a major challenge. The rapid advancement of AI is creating both opportunities and risks.
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Many owners are divided on AI regulation, with 46% advocating for more control. Others fear overregulation could hinder growth and innovation in the AI space.
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Economic instability also remains a pressing concern for 47% of respondents. Inflation and fluctuating market conditions are making long-term financial planning increasingly difficult.
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With the federal gift and estate tax exemption expiring in 2026, 74% of business owners are making estate planning a priority. This preparation aims to avoid future tax burdens.
International trade policy is another area of division. While 48% of business owners favor stability, 47% are pushing for more aggressive reforms to enhance competitiveness.
AI, economic challenges, and regulatory uncertainties are influencing how business leaders approach wealth management and succession planning. Adaptation is essential in this evolving landscape.
As the election nears, private business owners are preparing for a future shaped by AI’s rapid development, economic unpredictability, and political shifts. The road ahead is complex and uncertain.
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