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Does Your Business have a BSP? Learn why it should have

1 in 5 start-up businesses don’t last past the first year. And only 28% survive to their tenth year! The reasons for these frightening statistics are many and varied.

successionHowever, the Insolvency and Trustee Service (Ministry of Economic Development) who gather and publish data on Insolvency and Bankruptcy, consistently report the following to be major reasons:

  • Excessive use of credit facilities
  • Domestic Discord
  • Ill Health or Lack of insurance!
  • Loss of Income
  • Adverse Legal Action

How long could your business survive if a key person died or become incapacitated through illness or injury?

Below is the probability of at least 1 business partner dying before the age of 65:

business-succession

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Published on Monday, February 18th, 2013, under Latest News

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