Giving the confidence to pursue ambitious growth

HIGHLIGHTS

Challenge

  • Stu Hartley, the founder of EventCover Insurance, aimed to gain full ownership of the business, which was initially formed in partnership with another company.

  • The transition process was complex and uncertain, requiring expert assistance to navigate successfully.

The Partnership

  • Stu sought help from Lani Fogelberg to guide him through the process of acquiring full ownership of EventCover.

  • Lani adopted a holistic approach, examining the business comprehensively and offering valuable insights and guidance.

  • Her no-nonsense approach and clear communication instilled confidence in Stu, enabling him to make informed decisions.

Results

  • Stu successfully purchased the partnering company, achieving 100% ownership of EventCover.

  • Full ownership granted Stu and his wife, Renee, the autonomy to make strategic decisions and drive the business forward, putting their family's destiny entirely in their hands.

  • The collaboration with Lani empowered Stu and Renee to make bold decisions and pursue growth ambitions, including expansion into the Australian market.

CASE STUDY


Stu Hartley, experienced insurance industry insider in the UK and New Zealand, had a clear vision when he and his wife, Renee, started their business: to take ownership of their family’s destiny. 


Established in March 2018, EventCover Insurance underwrites risks for the events and entertainment sector, ensuring that festivals and other large gatherings are protected against unforeseen circumstances like adverse weather. 

The last several years have proven particularly difficult for the insurance industry, with Covid, and the recent floods and cyclones, but Stu has not let those obstacles put him off. His dream? To expand the business, gain full ownership, and eventually venture into the Australian market.

By the end of 2022, Stu faced a significant challenge. EventCover was initially formed in partnership with another company, leveraging their connection to Lloyds of London for insurance capacity. However, Stu wanted to purchase the business outright and gain 100% ownership. This transition was fraught with complexities and uncertainties and Stu knew he couldn’t manage the process without an expert by his side.

THE CHALLENGE

THE PARTNERSHIP

Stu had known of Lani through being connected on LinkedIn and seeing her regular posts. He knew of her extensive business knowledge and experience, and he liked what he saw.

He felt no need to look at other consultants, sure that Lani would be the ideal choice to help navigate the complexities of acquiring full ownership of EventCover.

“I was looking to utilise knowledge to sense-check what I was looking to do. I needed to bend the ear of somebody with regards to the current contract that we had, what we were looking to do going forward and from a business consulting perspective, I was looking for her to give me the confidence to make the decision that I was looking to do.”

Stu had reservations about what he was proposing to do. “Is it the right time?”, he wondered. “Is it a good opportunity? Do we step back from the business? Is it not worthwhile buying it out?”

Lani's initial approach was to take a broader view than Stu had considered. 

“Looking back, the most impact of working with Lani for us was from Lani taking more of a holistic look at the business as a whole.”

Working together with Lani was exactly what Stu had been hoping for.

“Lani didn't really beat around the bush, and that's what I was really hoping to get from her”, Stu says. “She was very, very blunt in respect of, ‘Stu, this is your business, this is my view on your business, this is what I believe you can do, this is where I believe your business can go, this is where I believe you should be focusing on, you know that you shouldn't be doing this’, and she was very, very clear. That's what I needed. I needed that no-nonsense approach to give me that confidence”.

Stu explains the scope of the work they did together:

“We went through the process of looking at where the business currently was at that particular time, looking at what the next three to five year plan was for us with the event corporate business, looking at my current contractual arrangements, utilising Lani's referral network into getting robust legal advice that I could rely on, and then going through the process of effectively a management buyout, or a contractual buyout of the remaining aspects of the business.”

THE RESULTS

The successful purchase of the partnering company and claiming 100% ownership of EventCover was a significant milestone for Stu and Renee. With full ownership, they now had the autonomy to make strategic decisions and drive the business forward - and to have their family’s destiny entirely within their control. 

One of the most valuable outcomes of the work with Lani was the confidence it gave Stu and Renee. Lani's guidance and support gave them the assurance they needed to make bold decisions and pursue their growth ambitions.

Of working together with Lani, Stu says

“I'd say Lani was really the catalyst for me making it happen. I was very surprised how she quickly understood the business and could give us that kind of overarching holistic understanding of the business. I was very surprised at that, but then looking back I mean I really shouldn't have been.

She highlighted pain points for the business that had not necessarily been picked up by us, opportunities that we could possibly focus on going forward. 

From my perspective she just immediately had a kind of a sixth sense, just to look at the business and immediately understand it. She could see a clear picture of the business straight away.”

Stu concludes “Lani is very special. There's something very different I believe about how she sees things which may not be picked up by other people, certainly from a business perspective. And that's kind of the sense that I got prior to reaching out, and that's the reason why I said there's only one person I was going to reach out to. I don't know whether that was my sixth sense telling me that that was the right person to go to, but there's something definitely there which I've not come across with any other person I've ever dealt with in many years of working in this field.

I thank her for what she did because we wouldn't be in the position that we are now. The business has never been in a better position. We've got full ownership, our destiny is in our hands. It just feels fantastic to have that ultimate control, but also at the same time have the confidence to kind of push forward. We're not looking backwards. We are in a position of growth. We're expanding into Australia this year.”