A Family Affair

September 2004
Home Textiles Today;9/6/2004 Supp 25th Anniversary, p85
Trade Publication
The article discusses various issues related to families in business. According to Kristi McMillian, associate director of the Cox Family Enterprise Center at Kennesaw State University in Georgia, executing properly in a few areas will go a long way to ensuring success at a family enterprise. One of the most crucial areas to plan for and execute properly is succession planning. Family businesses need to consider a realm of planning that other business owners can leave at home, that is, inheritance. Due to some heavy-duty tax implications, tax planning on the part of a family business owner can be devastating if a spouse is gone and the next generation is unprepared.


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