Choose a partner for the ‘big picture’

When NAB first began talking to McLardy McShane in 2023, the insurance business was at a crucial juncture in its then 16-year success story:

Having firmly established the business as a leader in their industry, co-founders Don McLardy and Mike McShane were looking for a new banking partner to deliver on their long-term strategy. After a long phase of growth, the firm had reached the point where it’s existing debt structure was holding it back from fully achieving its expansion goals.

That’s where the fresh perspective of NAB’s Professional Services division made all the difference.

With a deep understanding of insurance businesses and their complex debt structures, NAB’s local Professional Services team, lead by Adam Holster and Senior Business Banking Manager, Ian Theodore, was well-equipped to simplify those complexities. They quickly set to work streamlining their loan agreements to put the firm in the best position to leverage the growth and momentum it had already established.

“That helped us to focus on future growth of the business in a sustainable way,” Mr McLardy says, reflecting on positive strides his business has made since first engaging the services of the NAB Professional Services team in 2023.

Commenting on the opportunity to work with McLardy McShane, one of the first for NAB Professional Services using the new Insurance Broking policy, Julie Rynski, Executive of Business Banking Metro and Specialised said:

“I love these examples of winning together – bringing banker knowledge and ambition together with partners from across NAB to make sure we are competitive and have a great platform to win new customers.”

The strategic guidance of the NAB team has prompted a fresh round of ‘big picture’ thinking at McLardy McShane, and one that has given founder’s renewed clarity about key challenges it needs to tackle to remain agile and competitive in an evolving market.

“NAB took a very forensic approach to really get a feel for who we are, what we stand for, and where we are going as a business,” Mr McLardy recalls.

The result is not only a reworked approach to debt but also a renewed outlook on other key strategic issues like risk management, succession planning and pathways forward for motivating and supporting the next generation of talent at McLardy McShane.

The net result has been a revitalised a sense of excitement about the firm’s direction and its next phase of growth:

“We’re typical founders and highly invested in the business and will be for a long time, “Mr McLardy notes. “We want to reward our younger people and ensure our business remains with the people who have given so much to McLardy McShane.

“With the support of NAB, we can structure deals for our staff which allows them to purchase a slice of equity in our business. This will help secure McLardy McShane’s long-term future.”

A fresh perspective on growth

Bringing a fresh perspective and one informed by balanced, long-term thinking is at the heart of NAB’s approach to partnering with businesses and it’s a mindset that’s proven invaluable in the bank’s relationship with McLardy McShane.

Founded in 2007, the firm has grown from a regional Victorian startup to a national leader in insurance brokerage with over $600 million in gross written premiums (GWP) and more than 70,800 clients.

The founding partner believe the business’ success-to-date is largely down to the strength of its long-term relationships:

“Our growth all comes down to referrals and how we interact with our team and our clients – people and relationships are the heart and soul of everything we do,” Mr McLardy says.

Understanding the firm’s values and recognising those as largely rooted in its approach to long-term relationships, was key to getting the NAB-McLardy McShane working relationship off to a flying start, according to NAB’s Adam Holster.

The firm wasn’t just about securing immediate financial solutions but was really looking for a banking partner that shared their vision for sustainable, long-term growth, he says.

That meant keeping an open mind to new ideas and perspectives, especially when it comes to financing.

By focusing on simplifying complex challenges and an eye to sustainable growth and planning for the future, NAB was able to provide McLardy McShane with the tools and support they need to thrive over the long term.

Balancing short and long-term perspectives

According to NAB’s Mr. Holster, a focus on maintaining a long-term partnership, rather than just chasing short-term gains is a rare but essential for building an effective business relationship.

This means having a common understanding of the future, and what you are trying to achieve together, he says. It also means maintaining a flexible and adaptable approach, so that both parties are willing to adjust plans and strategies as the partnership or business conditions evolve.

“Our aim is to strike the right balance between supporting the short-term performance and long-term strategy of growth and we do this responsibly and sustainably to ensure any future risks are considered and mitigated,” Mr Holster explains.

Part of the effectiveness of NAB’s approach returns to its specialist bankers and sector expertise which Mr Holster sees as perfectly positioned to support insurance businesses like McLardy McShane.

“Insurance brokers could be forgiven for thinking they have limited options for financing growth. By building on our strong working relationship, we’ve been able to offer McLardy McShane a fresh perspective on how to support the growth and succession aspirations of the business.

“This encompasses a holistic solution that supports the personal wealth creation and protection of business owners and their people.”

If you’re looking to partner with a bank that understands the importance of long-term, strategic thinking, learn more about NAB’s specialised banking services at: nab.com.au/insurancebroking