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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:

1. Run financial planning courses in community colleges
2. 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

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In this episode of "The Business Behind Your Business," we discuss the critical importance of understanding your financial figures as the year comes to a close. With tax season approaching, maximising your returns and profits is crucial, but many business owners often overlook the need to stay on top of their financial data. We highlight the necessity of maintaining accurate and up-to-date financial records to make informed decisions and improve your business's performance.

Our host, Paul Sweeney, a seasoned chartered accountant and business advisor, outlines five key financial metrics every business owner should focus on: profit, revenue, net cashflow, inventory, and debtors. These metrics help track your business's health and ensure you can make strategic adjustments as needed.

Additionally, we revisit the essential tools every business should utilise, such as accounting software and customer relationship management (CRM) systems, to streamline financial tracking and improve overall efficiency. Tune in to learn how staying informed about your numbers can empower you to make smarter decisions and drive your business forward.

Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.

For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.

Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.

www.pretiumsolutions.com.au

https://thebusinessbehindyourbusiness.com/

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