Saturday, March 23, 2013
Luray Caverns began as a modest family business for the Graves family that has now grown into a $20 million empire and the third most-visited cave in the United States. Outwardly, Luray Caverns is a great vaction spot, but behind the scenes, "it is a family business plagued by family fighting over money, control, and the future direction of the caverns."
The Graves siblings have been involved in litigation for the bulk of the past ten years. Throughout those years, there was talk of whether the family should keep running the caverns or turn it over to third party management. The family ultimately settled on a buy-sell agreement which prevents existing shareholders from selling to non-family members, so it looks like they're going to keep running the caverns.
See Anne E. Brown, A Family Dynasty Fights Over the Future of Luray Caverns, WealthStrategiesJournal, Mar. 22, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.