Succession as a growth strategy: Harcourts’ journey with NAB

Succession planning isn’t just about handing over the reins. For Harcourts, partnering with NAB turned a potential challenge into a powerful strategy for growth and long-term resilience.  

By Professional Services View

From one office to twelve

For Sam Devlin, Co-Managing Director and Principal at Harcourts, real estate was a calling he pursued straight out of school. Since joining forces with business partner Aaron Brooks in 2016, the business has grown from a single office to 12 locations and more than 200 staff across South-East Queensland.

Like many SMEs, Harcourts initially focused on expansion first. NAB encouraged the team to think differently, positioning succession planning as a strategic growth tool rather than something to tackle at the end of a career.

“For us, it’s always been about growth planning. Bringing on shareholders gave us confidence to keep moving forward, to take bigger steps, and to build something lasting,” Sam says.

Donna Kosiek, NAB Professional Services Banking Executive QLD, says Sam’s experience reflects a broader trend. “The reality is that many businesses delay succession until they are forced to act,” she explains. “We encourage clients to use it proactively. By thinking about ownership structures early, businesses can unlock capital, attract talent and set themselves up for long-term success.”

Sam agrees that this approach has helped to reshape Harcourts’ trajectory. “Partnering with NAB has shown the value of succession planning as a strategic growth tool. It’s given us the confidence to expand while setting the business up for long-term success, well beyond the founding team.”

Today, the business has 11 shareholders, with more set to join. For Sam, broadening ownership has been less about dilution and more about building strength.

“You need people to grow a business this big. It’s not going to be one maverick swinging the axe. It takes a team.”

Beyond finance

Behind the scenes, NAB’s Professional Services team has worked closely with Harcourts to design structures that support long-term growth.

“Succession planning is about creating perpetuity for a business,” explains Donna. “That could mean preparing for a gradual exit, or like in Sam’s case, using equity as a tool to attract and retain top talent.”

NAB has gone beyond financing, helping Harcourts with equity structuring and preparing new shareholders for ownership.

“It’s not just about lending, it’s about taking great customers like Sam on the journey to grow their business and helping them prepare to step into a stewardship role,” Donna says. “That includes understanding business performance, governance, and the responsibilities that come with ownership.”

For Sam, having NAB as a trusted banking partner has been invaluable.

“Anytime we’ve had an issue or a question, Donna and the team at NAB have been the first people we’ve called. They’ve worked alongside our financial advisors and accountants to make sure we’ve always had the right people around the table. That’s made all the difference.”

Culture as the cornerstone

Both Donna and Sam agree that the cultural fit of new shareholders is critical, and a great place to start looking is the talent within the business.

“Cultural alignment is either the make-or-break for these kinds of transitions,” Donna says. “Values need to be aligned from the very beginning. Once you bring in the wrong person, it’s very hard to unwind.”

For Sam, that’s meant offering opportunities to internal talent first, bringing in high-performing team members from sales, property management, IT and business development.

“Business shareholding is a marriage,” Sam says. “You’ve got to make sure it’s the right fit. We’ve been fortunate to have people with different skill sets join us, and that diversity makes us stronger.”

By giving more voices a seat at the table, Harcourts has created a leadership model designed to endure.

Looking ahead

With Brisbane’s property market continuing to surge and the 2032 Olympics on the horizon, Harcourts has ambitious plans to expand further across South-East Queensland. Succession planning will remain central to that growth.

For NAB, it’s about continuing to work with Sam and his team to continue its growth trajectory.

“We want to help our clients not just grow, but create businesses that endure. That’s what true succession planning is all about,” says Donna.

Sam agrees. “We wake up every day thinking about how to move the needle. Having NAB in our corner gives us confidence that we’re on the right path. For us, it’s about building a legacy that lasts.”

Expert tips: Making succession work

Donna Kosiek, NAB Professional Services Banking Executive, shares her top tips for leaders thinking about succession:

1. Start early
   Succession planning isn’t just for retirement. The earlier you start, the more options you have to grow sustainably and bring the right people into ownership.
2. Focus on cultural alignment
   Skills can be taught, but values and vision can’t. Make sure new shareholders share the same ethos and long-term outlook as the business founders.
3. Surround yourself with trusted advisors
   Work with a strong network of bankers, accountants and legal experts who understand your sector. Having the right advice around the table gives everyone confidence in the process.

To find out more about how NAB can help you with your succession planning journey, visit nab.com.au/professionalservices

Important Information

This article has been prepared by NAB and is intended to be of a general nature only. It is not intended to be relied on as advice.  It has been prepared without taking into account any person’s objectives, financial situation, or needs.  Before acting on the information in this article, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, taxation or other professional advice before acting on any information in this article.

Information correct as at September 2025.

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