141 – The Great Wealth Transfer
July 02, 2024
Are you a small business owner over 50 wondering how to exit your business or pass it on to the next generation? Or maybe you’re part of the younger workforce looking to understand how you can step into ownership without massive upfront costs? In this episode, we dive into one of the most critical challenges facing small and medium business owners today: how to successfully plan for succession and transfer wealth. You’ll learn practical strategies for grooming future leaders, creating a business that thrives beyond its founder, and navigating the financial and emotional complexities of exiting a business. Whether you’re starting to think about your next chapter or looking to step into leadership, this conversation will give you clarity and direction.
Host Paul Sweeney sits down with long-time friend and financial advisor Inbam Devadason to explore “The Great Wealth Transfer.” With over 50% of Australian small business owners now over the age of 50, succession planning has become a pressing issue. Inbam shares how he’s addressing this in his own business—by gradually grooming junior staff into leadership roles and offering shareholding options as part of their compensation. They also discuss the growing reluctance of younger generations to take over family businesses and explore ways to make ownership more accessible and appealing.
Inbam shares real-world examples of wealth transfer, from client success stories to pricing strategies and the importance of building a business that can operate independently of its founder. Inbam emphasizes the long-term nature of succession planning—often requiring 10 to 15 years—and highlights the need for solid systems, clear documentation, and a culture of growth and opportunity to retain talent. 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 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, and worked on a volunteer basis with people stuck in personal debt to assist them with a path out.
