When succession planning becomes a family affair

When Helene Henderson left RBS and started her own mortgage business in Perth, she knew the risk: “I’d be losing a good salary and a company car,” she said. But she was ready for independence. What she didn’t plan for, at least not early on, was how to pass that business on. 

HH Mortgage Consultancy, the firm she founded and ran for nearly 25 years, is now led by her daughter Michelle. When Helene formally retired three years ago, there was no succession blueprint. The transition relied on trust, shared values, and clear communication. “Most of them have stayed with us,” Helene said of her long-term clients. “But I made it clear that Michelle would be giving the advice going forward.” 

It’s a handover many firms still grapple with. For small brokerages built around a founder’s reputation, continuity can’t be assumed, and planning often starts too late. 

Shared banking roots, diverging paths 

Both Helene and Michelle Henderson began their careers at RBS. Helene later moved to NatWest but found the scheduling unworkable: “They’d have me in Glasgow in the morning and Aberdeen in the afternoon,” she recalled. The experience pushed her toward independence. “Eventually, I felt confident enough to leave that job and focus solely on mortgages, which I loved.” 

Michelle also rose through the ranks at RBS before joining the family firm six years ago. “I remember asking, ‘Do you have enough business for me?’ - I definitely know the answer to that now.” 

Succession by trust, not by document 

When Helene stepped back in 2020, she stayed involved to support the handover, but there was no written succession plan. “I stayed involved for a while, helping with clients, but I made it clear that Michelle would be giving the advice going forward.” 

What made it work was the client relationship, not the paperwork. “Our main focus has always been people and what they want,” Helene said.  

Still, the business remains small. “We keep saying we need another adviser in the business, but for now, all we have in succession planning is Michelle’s son Lewis, and he’s only 12,” she said. 

For many small brokerages, that kind of organic handover is common, but also fragile. Without a wider team or formal plan, sustainability hinges on personal presence.  

Cultural continuity vs operational pressure 

HH Mortgage avoids volume targets and sticks to a client-led model. “We don’t work to targets; our focus is on what’s right for the client. When you do that, the money follows,” Helene said. 

Michelle echoed that approach while expanding the firm’s presence. “She brought in Facebook and social media, which I never did - I always relied on word of mouth,” Helene said. 

Still, Michelle is clear about limits: “You have to think outside the box more than ever because cases aren’t straightforward anymore.” She’s also mindful of scale: “We’ve always had admin support, but finding another adviser with the same values is hard. It can’t just be about money; it has to be about the clients.” 

Lessons for other firms 

The Hendersons’ experience highlights common truths: 

• Client relationships are transferable - with care. “Mum introduces her long-term clients to me, and I continue that service.” 
• Succession is not a one-off event. “Clients who’ve been with us from the start know Mum is still there if they need her.” 
• Recruiting for culture is harder than recruiting for skills. “You need people who want to work the same way and have a good work ethic.” 
• Continuity depends on clarity. “You have to be upfront about what you want and how things should be done.” 

As the brokerage approaches its 25th anniversary, planning remains a work in progress. “We’re a small business, but we do well. We’re proud to have sustained that success over nearly 25 years, and to continue to grow.” 

For other firms, the message is simple: succession won’t wait for the perfect moment. As Michelle puts it, “You need to make sure your values align. Reputation is everything, it’s easy to destroy what you’ve built.”