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E318 - Law might not be exciting, but it’s crucial to avoid the pitfalls of change and loss | with Jeremy Streten
Episode 31814th March 2023 • The One Big Tip Podcast with Jeff Mendelson • Everyone has that One Big Tip!
00:00:00 00:25:22


Jeremy is the founder and CEO of Business Legal Lifecycle. He is a lawyer from Brisbane, Australia, and an Amazon bestselling author of The Business Legal Lifecycle, which teaches you to pay attention to the legal aspects of your business right from the start. Jeremy believes that by taking care of your legal obligations and planning for the inevitable problems that may surface, you will eliminate the strain, stress, loss of business, and potential bankruptcy through his legal tech website. He aims to provide worldwide access to legal advice for all small to medium-sized businesses. 

Many people don't find law very exciting, therefore Jeremy wants to make it fun and give people great and practical tips. Jeremy helps set up your business correctly by being more proactive in your approach to legal risks and solving your legal problems upfront. His law tech website helps people identify the blind spots in their business. Some people may think that a contract isn't worth the paper it's written on, but the truth is a good contract should be well thought through. Any agreement or contract that you have needs to deal with what happens when things go wrong. Relationships or contracts that go on for six months, two years, or five years, will change as people's circumstances and goals change. If you don't have it documented in an agreement or a contract, the consequences can be catastrophic! 

In his book, Jeremy focuses on stories about circumstances where people could have done things differently and saved themselves a lot of money. It explains those differences to help people understand why they need to get that advice. Answering questions like, At what point do you engage with a lawyer? Do you need a lawyer when you are only forming your business? Do you need one when you get your first client, your fifth client, or the hundredth client? How do you know which lawyer to use? His advice is to engage with a lawyer straight away when starting your business. If a lawyer is able to charge a fixed fee for the work and set up the agreement needed, this will show that they have the experience that is required.   

Jeremy is a business owner as well as a business coach and brings the business element to his advice as a lawyer. Building a relationship with your lawyer is crucial to understand what is needed to make the contract or the agreement work for you. There are 13 important phases to go through when building that relationship between the lawyer and the client to set them up for success. 

In this episode:

[01:37] A quick background on who Jeremy Streten is

  • Being a lawyer from Brisbane, Australia with 20 years of experience
  • Creating a Business Legal Lifecycle

[05:43] When a contract isn't worth the paper it's written on

  • A good contract needs to be well thought through
  • There is no a legal difference between a contract and an agreement

[08:17] How people can do things differently and save themselves money                                                                                                                   

  • Looking at when to engage with a lawyer
  • Dealing with someone who understands your business

[12:58] Getting legal advice from a lawyer straight away when you start your business

  • The best lawyers have a long-term relationship with their clients 
  • Understanding why an agreement is important

[15:20] Setting up the entities that you need in startup correctly

  • When leasing a premise, what kind of lease agreement do you need to have in place
  • Engaging with clients and having a good agreement that protects you for the future 

[20:09] Jeremy talks about a case study of helping a client

  • Understanding what is needed for a Shareholder's agreement
  • Exiting or separating from a business at some point




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