The Business Behind Your Business

Conversations to help your business grow and thrive. It's like having your own board of expert advisors in your pocket. Join your host Paul Sweeney and our team of expert advisors as we take a deep dive into the problems (and solutions) faced by business owners. In our 15 to 20 minute podcasts, we’ll discuss information and advice from qualified, experienced professionals to help you create a great business. Running a business is hard. And no matter how experienced you are in your business you’ll run into unexpected issues. Whatever is happening to your business now, it has likely happened to plenty of business owners before. The Business Behind Your Business will be bringing the team of expert advisors to you, sharing their experience, tips and case studies to help you run a great business. Hear from expert advisors including Business Accountants, Business Advisors, Lawyers, Insurance Brokers, Finance Brokers, Information Technology (IT), Sales, Marketing, Human Resources, Financial Advisors, Business Restructuring, Business Turnaround, Systems Design and Implementation, and Strategic Planning.

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The Business Behind Your Business

The Great Wealth Transfer

July 02, 2024 • Episode 141

In this episode of "The Business Behind Your Business," host Paul Sweeney discusses the concept of "The Great Wealth Transfer" with his guest, Inbam Devadason, a seasoned financial advisor with over 30 years of experience in the financial services industry. Paul and Inbam look at the significant demographic shift in business ownership in Australia, where over 50% of small business owners are over the age of 50, and only 8% are under the age of 30. This trend emphasizes the importance of effective succession planning and wealth transfer strategies.

Inbam highlights the importance of several key strategies in transferring business and personal wealth including:

Succession planning
Engaging younger generations in financial planning early on
Having a financial planner with a client-centric approach involving establishing a relationship not only with clients, but with their families

Discover some valuable insights and actionable advice for business owners looking to navigate the complexities of wealth transfer and succession planning, ensuring the longevity and success of their businesses across generations.

This episode is a must-listen for small and medium business owners, financial planners, and anyone interested in understanding the intricacies of transferring wealth and business ownership in today's economic landscape.

Inbam Devadason - Our podcast guest Inbam Devadason is an author, father of 4 and the owner of Sydney the labradoodle. Inbam has over 30 years of experience in the Financial Services Industry.

Inbam loves to travel and has visited 30 countries around the world. His aim is to get to 50 by 2035.

Inbam loves variety and has lived in 7 cities. Melbourne, where he lives now is his second favourite place.

Inbam loves adventure and has conquered Mount Killimanjaro (Height 6,000).

Inbam is passionate about providing financial education to anyone who will listen and tries to help clients and friends to make wise financial decisions that will give them financial flexibility in the future.

Inbam is the Responsible Manager at Precision Financial and has overseen the business for 18 years.

As a way to give back to the community Inbam has:

Run financial planning courses in community colleges
Worked on a volunteer basis with people stuck in personal debt to assist them with a path out.

Contact Inbam at LinkedIn or advice@precisionfinancial.com.au

www.precisionfinancial.com.au

https://thebusinessbehindyourbusiness.com/

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Paul Sweeney

Host

The Business Behind Your Business