EP 098: Secure Your Family’s Financial Future with Ray Regmi

Have you ever considered what will happen to your business and wealth after you are gone?

It’s a thought I have been putting off…

Seriously, who really wants to confront death?

Seems a much better idea to pretend I will live forever. 🙄


Hearing this story might change your mind…

A “friend” of mine,
Who will remain nameless as they won’t like me sharing this,

Is in a horrible situation.
(That could have easily been avoided.)

He is in his late 60’s but can’t retire.

Not because he doesn’t want to.
Not because he doesn’t have the $$$.

Because he completely butchered his succession planning.

And when I say butchered…

He just flat did not do it.

He thought it would all just work out because he had a good business. 😬

He complains about it constantly also.

So much so that it is making him bitter and not as enjoyable to be around.

He is in the stage of life where he would much rather be playing with his grandkids,

But instead is spending his time heading into the office.

It breaks my heart.

Seeing him wasting the most important thing he has at such an important point in his life (and theirs).

Can you imagine getting to your late 60s after spending your life running a successful business…
Not end up not being able to retire?

What was the point of working so hard for so many years?

… 😮‍💨 sigh 😮‍💨 …

To give this story some context.

My “friend” runs a successful family business with his 3 brothers.

The youngest brother is in his 50s and isn’t ready to retire.

He needs to keep the business going.

He “NEEDS” to keep earning to support his lifestyle.

The business isn’t strong enough to hire staff to replace my “friend” without putting him or the business under financial stress.

And, in turn, destroying his younger brother’s ability to retire.

The four brothers made an agreement they would keep the business running until they were all ready to retire.

No official contract was written.
Nor a discussion with a financial planner.

It was something more serious…
A creed between brothers.

My “friend” is now trapped working into his late 60s, waiting for his brother to be in a position to retire.

Here is the kicker, though:
The business is on a VERY valuable piece of land.

My friend needs the land to sell to support his own retirement.

How do they sell the land?
They need to close the business.

Most of my friends’ wealth is trapped in this piece of land…
Which is trapped inside the business.


What a mess!

You can understand why my friend is getting more and more bitter as the years get on.

He knows he created this mess, and it could have been avoided if he had done some succession planning earlier.

As each year passes, his body is becoming less and less capable.

The ability to enjoy his wealth in retirement or do more active activities with his grandkids is passing by the day.

This is one of the reasons I believe it’s critical to build wealth inside AND outside of your business.


Stories like this are sadly common.
Too common, in fact.

And that’s why this week I have brought Ray onto the podcast.

Our resident financial planner is back to talk about succession planning.

Consider this episode as succession planning 101.
A helpful guide on how to start thinking about succession planning.

Note… this episode is a general guide, NOT financial advice.

I highly recommend you speak to a qualified financial advisor to get specific advice for your own situation.
(That’s what I do personally.)

You can tune in to the episode here!

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision

Episode Highlights:

00:00 Welcome to Business and Investing
03:22 How much wealth will the next generation most likely receive?
05:07 The best time to start succession planning
06:48 What you need to consider before starting
12:31 Different ways things can be passed on 
16:12 Tax implications on inheritance 
22:20 Helping your children earlier in life
29:09 Accumulating assets and succession planning
33:42 Contested wills 
36:21 What is an investment bond?
41:43 What happens when there’s debt in the assets you pass on
43:02 Planning your children’s inheritance early on
46:33 Common mistakes people make when succession planning

If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!



Ray Regmi is the Senior Financial Adviser and Principle of Ryker Capital (AFSL: 243313). They offer services to Australian business owners who are looking to reach financial independence and create true wealth.

To connect with Ray and the Ryker Capital team, head over to: https://businessandinvesting.com/partners/ryker-capital

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