Listen to this episode here: Talk Early and Talk Often

Welcome to TALKING NUMBERS with Paul Jansz. In this episode, we share our conversation with Zac Herps, the Managing Director at Hillhouse Legal Partners.

As a mid-sized law firm, Hillhouse Legal Partners has been operating for nearly 30 years. They provide clients with solution-oriented legal strategies and advice. They offer both corporate and personal legal services

In this episode, Paul and Zac talk about an interesting topic: the succession plan. Whether it is for a family business, startup or a bigger organisation, it is very helpful to start the exit planning with a strategy.

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The Topics

  • Succession
  • Governing risks
  • Shareholder agreements
  • Personal security
  • Liabilities
  • Family business

Key Takeaways

The more time and thought that’s given, the calmer and more methodically it can be dealt with. The more compressed that is, it can place time or other pressure on people to get the same thing done in a lot less time, which might be considered an optimal result. It’s about talking early and talking often. – Zac

Just like Stephen Covey’s Seven Habits of Highly Effective People points out: we always build a business to ultimately sell the business as well. – Paul

A great goal would be to review your business and ensure it is effectively ‘sale ready’. Go through your books, key contracts, secured premises every few years, because that would help assure your business is operating efficiently and optimally. – Zac

There’re a lot of commercial elements of making sure in transferring a business, as well as emotional elements.  – Paul

Every dollar you spend on the front end saves you 100 on the back end. – Zac

As the trusted advisor role that so many accountants play, it is important to point out where the business owners are now, and where do they see themselves in a year, two years and ten years. – Zac

Useful Links

Zac Herps LinkedIn Profile: https://www.linkedin.com/in/zac-herps-8974856a/
Official Website of Hillhouse Legal Partners: https://www.hillhouse.com.au
The 7 Habits of Highly Effective People: https://www.goodreads.com/book/show/36072.The_7_Habits_of_Highly_Effective_People

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