Due to the complex nature of transferring ownership of family businesses from one generation to the next, specific resources have been developed for family business owners specifically planning for this transition. Among these resources is the McCabe Arch, which is a visualization and planning tool for the average American business owner. It proffers practical solutions for planning the orderly expenditure and distribution of financial and emotional wealth.
The process, like the construction of an arch, begins with two solid foundations, the business owner who is willing to plan for his or her eventual and inevitable departure from the business, and the willing future successor.
According to McCabe, in a successful family business succession plan there are seven steps (making up each side of the arch) that create the total “arch.” Creation and implementation of a family business succession plan will join the two foundations with a Keystone (finality of the plan), ensuring ongoing company procedure with a smooth transition from one foundation to the next.
Solo Learning understands the complexities of family business succession planning. We are skilled and can create a customized plan that prepares your family business for your eventual departure, allowing the business to continue in an overall successful and profitable manner and building a secure foundation for the next generation in your business.
