"I am in the retail grocery business, a business I inherited from my father in 1960. Prior to my father's passing I had graduated from college with a Bachelor of Science degree in engineering. I was drafted into the army toward the end of the Korean War but was never sent to Korea. I was assigned to Army Headquarters, Corp of Engineers at Fort Richardson, Anchorage, Alaska. Following 2 years of military service, I worked 2 years for Goodnews Bay Mining Co. at Platinum, Alaska as a mining engineer. Then, I went to work for Puget Sound Dredging Company as a construction engineer on the construction of waterfront projects, such as boat harbors, docks, ships channels, and land fills. Because my wife would not be a construction camp follower, when my father passed away I elected to try my hand at the grocery business.
I learned the grocery business fairly rapidly and the business has been good to me. It has been some long hours and sometimes difficult. After I got the business my wife and I did not take a vacation for ten years while we were getting established. After that, however, we had it pretty good. I am not a wealthy man but the business has made me a millionaire. I am not afraid to say it because I do not believe profit is a dirty word like so many people do.
What was my proudest moment? I cannot say that I have a proudest moment. I am just quite satisfied that I have succeeded, succeeded where I have watched others fail.
What was my darkest moment? I would say that I would combine darkest moment with greatest fear and I would say that it is the present. My greatest fear is government spending that will have to be paid for with ever increasing taxes, or inflation, or both. I made quarterly tax payments on September 15 of over $56,400, a tax rate of over 40%. I am faced with a 13% power increase effective October 1 and Obama is forcing health care costs and probably cap and trade tax on me. I fear that my business will not survive the Obama administration.
My goal for my business is to pass it on to my son who is in the business with me. There has been some mention in the news that Obama would like to increase the capital gains tax and also the inheritance tax. I fear that government will get the business before my son. I believe there is a statistic out there that right now only about 1 in 3 small businesses like mine survive the death of the owner. After Obama gets done with us it will be even less than 1 in 3.
What do I need Congress to do? Lower Taxes. Reduce capital gains and inheritance taxes so that an individual like me can pass the business on. I would say that there is no advantage to the government to destroy small businesses with taxes. I will say that there is a saying in the grocery business, 'Lower prices. Sell more, make more.' The same applys to government. Lower taxes, save more businesses, collect more taxes."
Submitted By: Ervon Fairbanks
Back to top