Building Wealth Through Your Business: The Power of Networking

Many business owners wish to have a worry-free retirement but fail to consider that having a thriving business is just one step towards building wealth. Today’s blog features Ben Law, a financial adviser for over 20 years before selling his business for health reasons. Now, he hosts the Financial Bloke’s Wealth and Wisdom podcast and coaches farming families and agribusinesses. Ben’s childhood lessons shaped his path to becoming the Financial Bloke. Today, he guides business owners to grasp the significance of financial planning, aiding them in building their wealth.

 

colleagues in the meeting room - building wealth through your business

 

The Right Approach to Financial Planning

Business owners need to approach their financial wealth plan with the same diligence they apply to leading their teams. The goal is to achieve the best possible result for their financial prosperity, and this requires a unique set of skills. For this reason, it’s essential to have a highly competent adviser who can also make strong connections and facilitate productive conversations.  

In most family businesses, the challenge often lies in finding and managing professional advisers. Your family’s success depends on having competent and aligned advisers who can effectively contribute to your mission. One important thing people often overlook is finding professional advisers who are both easy to get along with and excellent in their field. Sometimes, folks stick with advisers who are skilled but not great at communicating, which can be frustrating. Other times, they choose advisers they like but who lack the necessary expertise. Another key point is making sure all your advisers are on the same page. If you have multiple advisers, like an accountant, lawyer, and finance officer, bring them together to discuss your plans and goals. When everyone is aligned, it greatly improves your chances of success.

Ben mentioned a few examples of when to let go of your financial adviser. There are two main reasons to let an adviser go: professional incompetence and lack of alignment with your goals. Another crucial factor to consider when selecting advisers is apathy, which can be far more damaging than incompetence. Such indifference can be worse than dealing with someone who is simply incompetent, as it undermines your efforts to achieve your objectives.

Your professional advisers are there to guide you, and sometimes they may tell you things you don’t want to hear. It’s important to trust their expertise but also understand their reasoning. Be a smart leader and engage in the decision-making process by asking for clear explanations. This way, you can make informed decisions and confidently navigate the path to building your wealth.

 

Changing the Money Mindset to A Prosperity Mindset

Ben views prosperity as more than just having enough money and wealth for financial security. A truly prosperous individual is financially secure, happy in their pursuits, driven by purpose, and maintains close family relationships. It’s a continuous journey of finding and maintaining balance in all aspects of life.

Now, when it comes to managing your wealth, it’s all about focus. Make it a habit to regularly review your wealth and strategic plans. It’s easy to get caught up in the daily grind of business—dealing with all sorts of challenges. But taking time to step back and work on your business, not just on it, can make a huge difference. Think of it like sharpening your tools. The story of the man who stopped sawing to sharpen his saw in “The 7 Habits of Highly Effective People“? is a reminder that sometimes, we need to pause and focus on improving our tools for better results.

Imagine setting up your investments like putting your future self on the payroll. By regularly transferring funds from your business account into your investment bucket, you’re essentially paying your future self. This shift in mindset can make a big difference in how you approach investing. But let’s be real, staying disciplined with these transfers can be tough. For Ben, his job is like that of a personal trainer for his client’s finances—they need that extra push to stick to the plan. 

 

Top Skills Business Owners Need for Building Wealth

One common misconception is that relying solely on your business guarantees a secure retirement. However, expanding your business’s scope can turn it into a significant asset on its own. Think of it as planting seeds for a thriving financial garden that goes beyond your business’s immediate earnings. The shift also involves mastering the art of managing both business and personal wealth. It’s about understanding that your business income isn’t your personal income and looking at the bigger financial picture for long-term stability.

However, here’s something interesting— Ben talks about how sometimes the smartest folks academically can struggle a bit more with success and wealth. Take doctors, for example. They often find it hard to let go and trust others because they’re used to knowing everything. Similarly, successful business owners can fall into the trap of doing everything themselves. 

But here’s the key—simplifying processes and assembling a team of experts—such as accountants, financial advisers, and lawyers—can be transformative. Building this dream team ensures you have the right support to structure your wealth, protect assets, and plan for the future, ultimately setting you up for long-term success and peace of mind.

 

Dealing with Intergenerational Wealth

Passing on wealth or a business to the next generation can be tricky. Research found that 70% of these transfers fail. The main reasons? Communication issues (60%), lack of preparation for heirs (25%), and unclear family-led missions (5%). 

When you’re thinking about passing on your business or wealth to the next generation, having a solid plan is essential. Even if you sell the business and pass on a significant amount of cash or investments to your kids, they need to be equipped to handle that wealth responsibly. This means actively involving them in discussions about the future and laying out clear strategies for the transition. It’s also crucial to build strong communication and trust within the family.

Starting with a clear “why” and integrating it into your processes can help you stay focused on your long-term financial goals while managing your day-to-day responsibilities effectively. Knowing why you’re pursuing financial growth—whether it’s for retirement, legacy-building for your kids, or other reasons—gives you the drive to stay committed even when things get busy. Having a solid process in place is key, especially when life gets hectic with work, family, and other commitments. 

Ben’s process with his clients goes like this:

  • Guide them away from short-term thinking and encourage a focus on long-term goals.
  • Facilitate structured family or business meetings where we practice communication and ensure everyone is on the same page.
  • Create strategic plans together to grow wealth, protect legacies, and prepare the next generation for success.

 

Embracing Wealth and Wisdom in Leadership

Ben believes we shouldn’t view our businesses solely as wealth-creation machines. Instead, they should be seen as revenue and profitability engines that enable us to create wealth and long-term prosperity. Many business owners focus too much on the immediate revenue and neglect the broader picture of wealth building. In the end, having enough money is about more than financial security. It’s about using your resources to improve your life and the lives of those around you. 

You can listen to the full podcast episode with Ben Law here: Building Wealth Through Your Business: The Power of Networking

What’s your key takeaway from my conversation with Ben? Share your thoughts on YouTube or in the comments below.

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