How will Biltmore Estate handle the move to new owners?
December 31, 2017
ASHEVILLE, N.C. (AP) — No one likes to think about the passing of loved ones, but at the Biltmore Estate it's a vital part of long-term survival for the family-owned business.
"The number one reason most family-owned businesses go out of business is they don't take into consideration the generational tax transfer," said Steve Watson, chief financial officer and vice president at the Biltmore Co., which operates the estate. "So that was something that was very forefront for us, and we spent a lot of time and energy and effort on it."
The estate endured two major losses this year, first wit...