Family businesses have been making up a notable portion of the UK economy quite literally for generations.
According to Family Business UK, 93% of all private firms are family businesses, making up 5.1 million firms across the UK. Collectively, these businesses employ 15.8 million people and represent £985 billion gross value added (GVA) to UK GDP.
The mortgage and financial services industry is a space where the family business model is a very prominent sight. In 2023, the Centre for Economics and Business Research (CEBR) reported 49,017 family businesses with employees across the UK finance sector.
But why, exactly, are they so popular? What is it actually like working with your family every day, and how do family businesses continue to adapt to an ever-changing industry?
Amanda Wilson is commercial & strategy director at The Right Mortgage & Protection Network (TRM), of which she and her husband, CEO Martin Wilson, are founding directors. The team also includes their daughter, Victoria Clark, head of lending, along with two more of their children.
"We love it as we all have the same end goal and have a passion for the network, while we respect each other’s skill sets," Amanda says. "That said, we keep clear roles and honest communication in place to avoid overlap, and deal with any tensions quickly."
Victoria adds that "having the ability to truly care about what you are doing every day and being able to share that enthusiasm gives another layer to working life that I believe those who don’t work with family, or for a shared goal, are able to share."
Katherine Stagg founded Stagg Mortgage Services in 2024, where she works as director and mortgage & protection adviser. Her daughter Grace Stagg, works at the business as social media & office manager, and her younger daughter Millie will be joining them at the company soon.
"Working with Grace is one of the greatest privileges of my career," Katherine says. “There's a level of trust, honesty and shared purpose that you can't manufacture. We all care deeply about Stagg Mortgage Services, our clients and the reputation that we've built. So we've naturally pooled all our resources in the same direction."
Vic Jannels, chairman of Impact Specialist Finance, founded the business with his wife, finance director Sheila Jannels, in their front room. Their sons, Dale Jannels and Neal Jannels, are managing director and IT and admin director, respectively, and the brothers also work together on the management team at One Mortgage System (OMS), Dale as chief executive officer and Neal as managing director.
"Working with family is hugely rewarding, but it is not always plain sailing," Neal notes. "There is a strong shared understanding of what is good for the business and what is good for the family, which helps when decisions need to be made. The challenges tend to come from different viewpoints, different generations and, at times, the pressure of proving yourself in a family business."
"One early challenge was being young in an older-thinking marketplace and also being seen as ‘the boss’s son,’ which meant having to work harder to earn respect," Dale adds.
Neal points out that "as family members, we will not always agree, but there are real benefits in being able to make decisions quickly without layers of external sign-off. Vic brings the longer-term, old-school perspective, while Dale and I bring more modern, technology-led thinking. The key is that issues are talked through, debated when needed, and usually resolved by compromise."
Russel Dower is director and mortgage & protection adviser at Paragon Financial Solutions, an AR of Rosemount Financial Solutions (IFA), where he works alongside his father, director Stuart Dower.
"There is a level of trust and understanding that comes from working with family members, which isn’t easy to replicate in other businesses," Russel says. "We know we have shared values and long-term goals, and that means it’s easier for us to make decisions about the business quickly and confidently.
"Ideally, working with family members also creates a supportive environment where everyone is invested in each other’s success."
Luke Nichols is a mortgage and protection adviser at Sally Nichols & Associates, founded by his mother Sally Nichols, and which is another AR of Rosemount.
"Because we have always been a close-knit family, transitioning into colleagues felt incredibly natural," Luke says.
"There is a level of radical honesty and absolute trust that you only get with a mother-and-son dynamic; we can bypass the usual corporate formalities and get straight to the heart of a problem.
"This translates into a much more relaxed and approachable atmosphere for our clients. We’ve found that when we feel comfortable with one another, our clients feel more like part of the family, too. There’s a profound sense of security in knowing your business partner has your back unconditionally."
