Family businesses have a toughtime passing from generation to generation. Some will make the transition â€¦and some wonâ€™t. Even some of the most sound businesses andfamilies alike will face succession challenges, so you can imagine that familybusiness involving quarrels between family members have slim chances ofsurvival.
For one of thoseall-too-possible horror stories of succession and family business gone awry,consider the case of the Luray Caverns and the Graves family. The Washington Post recently recountedthe story in an article titled â€œThe rift â€” a family dynasty fights over thefuture of Luray Caverns.â€
The business of the Gravesfamily was really an empire of various tourist businesses surrounding the LurayCaverns â€“ the largest privately held cave system and tourism hotspot since thelate 1800s. The family business apparently had been on a downward slope forsome time. To make matters worse, this four generation family business has beenin and out of litigation for the last ten years. In the end, not only has thisdiscord threatened the family fortune and the business that built it, but the entiretown associated with the family and the business.
More than a sad tale, this case is an object lessonfor other family businesses and the original article is worth reading. If you are considering multi generational/legacy planning or are concerned about passing on the family business you need to schedule a consultaion today
At Idaho Estate Planning,we have the experience and expertise to help you maintain your options andprotect yourself as well as your loved ones now and into the future. Remember, goodplanning is no accident.