Traditional family business succession planning approaches are no longer viable. So what are your alternatives?
Do you have a succession plan in place for your business? Catch the full episode here: thebusinessbeh...
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.
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