Thursday, June 21, 2012

Maybe Singapore?

I get a phone call Wednesday from a long-time client (and good friend)requesting that I attend a meeting with him and his CPA sometime nextweek. My client is 40 years old, and for the past several years hasbecome more involved in the family business (I consult the parents aswell). A business that, until recently, seemed certain to exist wellinto his seniorhood. Having been involved with the family and thecompany for years, I've had the pleasure of watching my friendgrow into the business and - he's very talented and forward looking -grow it to a place I suspect it would not have reached wereit not for his insight and ingenuity.

So I'm thinking, "alright, he wants to get a jump on next year's tax planning. But wait, we don't know what next year's tax rates are going to look like. And he wouldn't need me for that meeting anyway." As it turns out (I wish it were just taxes), he's got bigger fish to fry. You seehis is a heavily regulatedindustry, and, at present pace, 'heavily' may be an understatement in terms of what he sees coming down the pike. He thereforewants to share his concerns and have us explore whether he should spend the remainder of his working years navigatingendless red tape while trying to make a living, or close up shop (they employ several people btw) and seek his fortune elsewhere. Maybe Singapore?

And make no mistake, this guy is as American, and honest, and hardworking as they come. But being an American, particularly an American entrepreneur, means you require economic freedom (within reasonable regulatory boundaries).

Seriously folks, if you don't think the present (and we're not justtalking the past three years) pace of government growth isn't a major impedimentto the economy, you've got another think coming!

1 comment:

  1. Your Comments
    It must be frustrating for this man who works hard to create a successful
    businesss, to have him limited by people who have nothing else to do but create obstacles to punish success and also don't know much about business anyway, and in the process they create more unemployment costs for us, it is totally mindboggling!!
    Makes you wonder about the future of this country and its being competitive..No wonder Singapore looks good..