Babes in Business – The Dynamic Mum and Daughter Duo
We asked one of Australia’s most experienced finance brokers, TRACY KEAREY and her daughter, TAYLOR KELLY who commenced her career as a finance broker 2 years ago about how they survive and yes, prosper as a mother and daughter working together.
For those of us lucky enough to experience the special bond of a mother-daughter relationship, it is easy to understand how building a business or working together is a natural choice.
Mothers and daughters make some of the best business partners. With mutual trust, respect and shared business knowledge, growing and maintaining a profitable business should be easy.
However, there are unique challenges along the way, so having a plan in place to handle conflict is a necessity as is having fun and being realistic about your expectations.
So, what is it like to work as a mother-and-daughter team and what are the ups and downs when you keep it in the family? We get up close and personal with Tracy and Taylor…
Why did you start working together?
Taylor – After finishing my schooling, like so many students I decided to take the university path, undertaking a double degree in psychology and criminology. However, on completion I felt that ultimately this was not the career path I wanted to pursue.
After uni, I took a gap year so I could really focus on what my next move step would be. During this time mum’s business was rapidly expanding and she asked if I wanted to help her out for few hours a week.
The rest is history – the hours became days, and in the process, I discovered my true career path was to follow in mum’s footsteps and become a Mortgage and Finance Broker.
Ultimately, I admired how my mum helped her clients and I was drawn to the career freedom, choice and lifestyle I saw her enjoying. The entrepreneur in me was also inspired with the idea of becoming my own boss.
In the end I guess you could say that I wanted to be just like my mum!
Describe your individual roles in the business.
Tracy – A Mortgage and Finance Broker myself for the past two decades I am a Managing Director of Home Loan Connexion Pty Ltd which comprises a team of 22 Mortgage and Finance Brokers across Australia.
Taylor – I am one of the 22 strong Home Loan Connexion Mortgage and Finance Brokers.
Why do you make a good team?
Tracy – We complement each other’s skill set. Taylor is very efficient with information and technology whilst I tend to struggle with some online functionalities. We bring different strengths to the table when working out client deals and which is the most suitable lender with who to place the business.
With over 20 years’ in the industry I have extensive experience with finance structure, where Taylor excels with the loan process. I have always enjoyed the front end of interacting with the client and finding the best deal, whilst Taylor compliments the process with her keen eye for detail. We make a great team.
What has surprised you about working together?
Taylor – How much experience and knowledge my mum really has. As well as how well connected and respected she is throughout Australia’s finance community.
Tracy – How quick Taylor has been able to pick up industry policy, product and structure. Her ability to network at a high level and communicate across all different client types amazes me. It must be in the DNA.
Has working together changed your relationship?
Tracy – Yes, I think we are a lot closer Taylor and I understand each other better. Pre COVID-19 we mainly spent time in separate offices, we were working together but independently. However, during the self-isolation period Taylor has been hanging out with me in my home office, so we have been able to spend more one-on-one together which we have really enjoyed.
It has brought us closer together and given us time to learn more about each other’s strengths and areas of expertise. Following COVID-19 this clarity will help us to expand and propel our business forward.
What is your favourite project you worked on together?
Taylor – We haven’t really worked on a major project together, however being self-employed every day is a project and there is always so much going on.
I am always overflowing with innovative ideas and new options for how we can automate and streamline our processes. So really, working with mum is more of an ongoing and ever evolving project. But most of all it’s interesting and fun.
Is there a challenge to working together?
Tracy – As time has gone by, we have certainly developed a greater respect for each other’s expertise and capabilities.
Don’t get us wrong, like many mothers and daughters there are times we disagree, end up in tears or get annoyed with each other, but in the end, we are family and support each other and for the most part enjoy heaps of positivity and fun with our work life.
What is the best thing you’ve learned from your mum/daughter at work?
Taylor – An old dog can learn new tricks and your parents do know everything!!.
What is something your mum/daughter does at work that makes you proud?
Tracy – Taylor has been a finalist for MFAA Loan Administrator 2 years in a row. She has been recognised in the industry by business partners as a truly professional Mortgage and Finance Broker who always places her client’s needs first.
She’s also taken her place as a valued and dynamic member within Home Loan Connexion’s Mortgage and Finance Broker team. The privilege of working closely with your own daughter and watching her grow both professionally and personally is an amazing journey and a special opportunity for any parent.
Taylor – My mum is extremely successful and well respected in the industry. She is my mentor, my mother and role model. I am so proud of her achievements and admire her ability and professional standing in the community.
Over the years she’s been awarded, Women in Finance Principal of the Year, named Business Operator of the Year and received numerous industry accolades for her contribution to the finance industry as a community and her charity work supporting women and under privileged children, an area I am also passionate about.
As they say, the apple doesn’t fall far from the tree.