• I live in a rural community. Shouldn’t I be paying less for Home and Auto insurance compared to someone from the city?
• Is now a good time to sell my business?
• Why are people always telling us they have never heard of us? We have been in business for years.
• I’ve been paying child support for a long time, and now my kids are adults. When can I stop paying?
LICENSED INSURANCE BROKER, Kyle Melko, RIBO
QUESTION: I live in a rural community. Shouldn’t I be paying less for Home and Auto insurance compared to someone from the city?ANSWER: Generally, due to higher rates of vandalism, theft, and accidents, people living in urban areas pay more for insurance than those in small towns or rural areas. However, more than just your address, or what you drive, affects your rates.
If you feel you’re paying too much for home, auto, or commercial insurance, whether you live in a rural or urban area, try these six tips in order to lower your premium:
1. Package all your insurance with one company. Discounts range from 5-15%.
2. Make your Broker/Agent aware of your lifestyle. There are discounts for retirees, certain professions & associations, non-commuters, etc.
3. Shop Around! Although it is not advisable to constantly be jumping from company to company, if considerable savings can be made, it may be worth the switch.
4. Ask your Broker to review your policy: Hamilton and especially the surrounding communities have recently become very competitive with some companies.
5. Improve your business security: Having a monitored fire and burglar alarm system on your property may gain you access to more competitive markets. These systems aren’t cheap, but can save you money long-term. Before you buy such a system, find out what your insurer recommends, how much the device would cost and how much you would save in premium.
6. Consult an Expert.
tel: 905.643.8000 ext: 204
kylem@acumeninsurance.com
589 Barton Street, Suite 202, Stoney Creek, ON
www.acumeninsurance.com
BUSINESS SALE AND ACQUISITION EXPERT, Steve Skrlac, MBA, CFA
QUESTION: Is now a good time to sell my business?ANSWER: As a Business Broker, I have noticed a real increase in the number of business buyers in the last few months. This is attributed to many factors that make now a unique opportunity for business owners that are thinking of selling. While there is no exact science to predict market behavior, business owners should consider the following five factors that we’ve observed.
1. The supply of viable businesses available for sale is now low. We’ve observed that a large number of businesses are still recovering from the recession. As a result, many viable businesses are now finding the business for sale marketplace less crowded.
2. Baby Boomers are getting closer to retirement age. Many baby boomers are now looking at second careers and business ownership as an outlet for their energy and capital.
3. In Ontario, the lifetime capital gain tax exemption is $750,000 per shareholder for the sale of company shares. This is a major positive for business sellers.
4. Interest rates are at historically low levels. Business valuations are very sensitive to interest rates, just like any other assets. Lower interest rates can increase affordability and increase demand for businesses that are listed for sale.
5. A large number of skilled workers are looking for career alternatives. The number of corporate layoffs has risen dramatically in the Ontario in previous years. Many of these capable workers are now looking for businesses to buy.
For a FREE 1-hour consultation on selling a business contact Steve Skrlac.
tel: 905.592.1525
steve@KeystoneBusiness.ca
541 Brant Street, Suite 8, Burlington ON
www.KeystoneBusiness.ca
Keystone Business Brokers Inc., Brokerage | Steve Skrlac – Broker of Record
BRANDING AND MARKETING EXPERT, Jim Albanese, President
QUESTION: Why are people always telling us they have never heard of us? We have been in business for years.ANSWER: Try this identity exercise to create a greater and lasting awareness of your business.
1. Take a look at your business through the eyes of your customers. What do they see that you overlook every day? Make changes to make your business more appealing and more noticeable.
2. Can you, your staff or even your best clients describe your business in 30 seconds or less? Work on creating a well-defined identity to represent your public presence.
3. Encourage your employees to promote your organization internally and externally.
4. Keep your messages consistent across all communication platforms and deliver them regularly.
5. Develop a three year plus business plan—make marketing a higher priority!
Commit to making your organization better known. Contact Albanese Branding to provide you with an objective analysis of your business.
Building Exceptional Brands and Marketing for Greater Success.
tel: 905.526.0067 ext: 14
jim@albanesebranding.com
435 York Blvd., Hamilton, ON
www.albanesebranding.com
FAMILY LAW EXPERT, Jennifer L. Cooper, B.A., M.A., LL.B.
QUESTION: I’ve been paying child support for a long time, and now my kids are adults. When can I stop paying? ANSWER: A child’s entitlement to support from his parents doesn’t automatically end when that child turns eighteen. That entitlement continues as long as the child relies on his parents because of illness, disability, or “other cause.”
Courts have ordered parents of mentally challenged or developmentally delayed children to continue paying child support due to their children’s disability. Similarly, adult children with psychiatric illnesses, such as severe depression or anxiety disorders or schizoaffective disorder, may be found unable to withdraw from parental control, and still be entitled to child support.
Another common case for continued child support is where a child is attending college or university. Post-secondary education is established as an “other cause” for which an adult child may continue to rely on his parents. Courts often find that children studying full-time at a college, university or other training program will be entitled to support, provided that they have a reasonable and achievable plan. Even though a court will expect the child to contribute to the costs of his education, overall child support is often higher with the addition of tuition and living expenses. This entitlement will sometimes continue past a child’s first university degree, provided they are in school and depending on the family’s financial circumstances and established expectations, but the entitlement will cease when the court finds that the child should reasonably be able to support himself.
tel: 905.634.3155
jennifer@jaskotfamilylaw.ca
4200 South Service Rd., Suite 101
Burlington, ON
www.jaskotfamilylaw.ca