Project Story: Elevating Personal Risk Professionals
Mark Everingham, with a wealth of experience as a Senior Life Risk Adviser and Principal Adviser at prominent financial institutions, recognised the need for a specialised industry approach. In founding Personal Risk Professionals (PRP), he aimed to cater to business owners and executives, leveraging a highly skilled facilitation model for Life Risk Advice including strategic estate planning and business succession.
Mark, having never created a business from the ground up, understood the importance of having an external support system to guide him through the complexities of such a task and so the now 14-year relationship between PRP and Beyond Advisors began. Under the guidance of Michael Burke of Beyond Advisors, Mark embarked on a transformative journey to become the most trusted life insurance advisory company Australia wide.
Challenge: Navigating Setbacks and Transformation
Mark Everingham’s Journey:
Over a 14-year period, PRP confronted a series of formidable challenges that included a 5-week health-related hiatus from the business by Mark. Having a person of Michael Burke’s extensive operational experience be able to step in as acting CEO to not only keep the company running smoothly but to also act as a sounding board for staff whilst Mark was recovering was invaluable. This move not only brought valuable data driven insights to the business that improved cashflow but also gave Mark the peace of mind and time needed to properly recover. In the words of Mark, “it was a genuine move. Michael could see that we needed help, so the move was a natural step for him”.
Having a trusted partner, that was external to the business, who could step in and run the company with dignity and objectivity also proved to uncover new areas of operational growth. Staffing gaps were uncovered, and plans put in place to foster a ‘growth mindset’ companywide. Key team members, Courtney, and Corey, stepped into pivotal roles, contributing to the company’s evolution and long-term vision.
In 2016, the financial landscape faced significant upheaval due to regulatory changes, with a particular focus on the review of insurance commissions, posing a dire threat to the industry. The most significant change was the proposed government mandated standard remuneration structure which would ultimately limit the earnings of a brokerage and in many cases see business revenue fall short of business expenses. Whilst the changes were still in review, there was widespread fear and panic throughout the industry.
Process: Strategic Planning Amid Regulatory Changes
Faced with this challenge, PRP, under the guidance of Beyond Advisors adopted a proactive stance, not merely aiming to weather the storm but to emerge stronger through this period. Strategic plans were meticulously crafted, with an emphasis on execution, enabling PRP to navigate the proposed and unknown changes ahead. This involved a multifaceted approach, including the acquisition of other businesses, the cultivation of recurring revenue streams, and a commitment to fiscal responsibility.
Acquisitions and Growth:
Over the next five years, Beyond Advisors played a crucial role in guiding PRP through four strategic acquisitions by flawlessly executing strategic plans and managing due diligence. In the face of a 54% reduction in advisor numbers across Australia, PRP, guided by the direction of Beyond Advisors, achieved a remarkable 125% increase in growth within a three-year period. Michael and his team brought a diverse background of specialised skills in strategy, business management, data analytics and beyond to collaborate with PRP to create outstanding results. This success story underscores the efficacy of a well-thought-out strategy in not only adapting to rising challenges but also capitalising on them for sustained growth.
Solution: Building a Sustainable Business
The collaborative efforts between Beyond Advisors and PRP proved instrumental in successfully navigating a myriad of challenges in their almost 15-year relationship resulting in exponential business growth, strategic resilience amid regulatory shifts, and the seamless integration of business acquisitions. Beyond Advisors’ mentorship and strategic planning played a pivotal role in elevating PRP to triple its business size and establishing itself as a prominent leader in the industry.
Lessons Learned and Future Trajectory
The partnership between Beyond Advisors and PRP stands as a showcase of resilience, strategic planning, and transformative success. The lessons derived from this collaboration emphasise the importance of adaptability, mentorship, and strategic acquisitions in achieving sustained and impactful business growth. These combined benefits demonstrate the advantages of having an independent and objective external resource that your business can depend on. With the strategic insights provided by Beyond Advisors, PRP is poised for continued success, and the ongoing collaboration between the two partners is anticipated to further elevate and enhance this trajectory of growth.
Client Testimonial:
“Beyond Advisors are an organisation of trust. That’s the key. I view them as an extension of our business. You feel like you are their only client the way they treat you and your business.”
Discover how professional advisory services can help your business grow and adapt over the long term. Contact Beyond Advisors today to learn more about our Business Strategy service.