67% are at Risk of Succession Failure
If you are an owner in a family enterprise, the chances of your business transitioning successfully to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of:
- 67% of businesses fail to succeed into the second generation
- 90% fail by the third generation
With 80% to 90% of all enterprises in North America being family owned, it is important to address the reasons why transition is difficult. Read more
When it comes to protecting your home and ensuring you’ve got the right insurance coverage, there are a number of areas that are easily overlooked in high-value homes.
Many high-end homes include unique upgrades—there is a big difference between marble tiles that you can find at the big-box retailers and custom-made marble tiles that are chosen for their colour and thickness from a quarry in Italy and flown overseas. The same goes for hardwood floors—if you have a rare or exotic hardwood that has to be imported, you will want to make sure that your insurance broker knows and includes that in your insurance policy. If you have a unique or expensive chandelier, you’ll want to let your broker know that as well, so that it is specifically included in your insurance policy.