For many Canadian business owners, it may take the sudden death of a colleague or a debilitating illness before they realize they don't have a succession plan and need one badly.Baby boomers own the bulk of small and medium-sized businesses in Canada, and many have neglected to make formal plans for passing on their businesses - either to relatives or through a sale. That has left a void that Canada's banks are vying to fill."Our business owner clients are very quickly turning 60, 61, 62, 63, 64, 65," said Tony Maiorino, head of wealth management services at Royal Bank of Canada, the nation's largest bank. "They see a colleague who dies, who gets cancer, who has a stroke, and their business is disrupted and their family is at a loss."These are "groundhog moments," he says, and a startled business owner may think, "'Holy crap, I don't want that to happen to me'."
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY traded higher by 0.38% or $0.23/share to $61.44. In the past year, the shares have traded as low as $46.80 and as high as $61.54. On average, 529511 shares of RY exchange hands on a given day and today's volume is recorded at 139693.
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY traded higher by 0.35% or $0.21/share to $60.74. In the past year, the shares have traded as low as $48.70 and as high as $60.75. On average, 2200050 shares of RY.TO exchange hands on a given day and today's volume is recorded at 619908.
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