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From financial services to franchise businesses, how three former C-suite executives walked away from big pay cheques to a more rewarding way of life

What do children's mindfulness classes, drainage and waste water services and a domiciliary home care agency have in common? Answer, they are the franchise businesses three former C-suite executives in the financial services sector dropped six figure pay cheques to go on to launch and run.

‘Is this it?'

Adam Simons, a stockbroker for over 20 years with international investment banks, Tessa Hawkes, a corporate financial advisor for one of the largest insurance brokers in the world and Richard Kempson, an investment banker for 20 years and managing director of Credit Suisse all had a ‘there's got to be more in life' moment in their former careers that led them to franchising.

They each decided to leave behind the large pay cheques to find a better balance in their lives, gain more control, be more present for their families and ultimately build something worthwhile for the future and all three say it was the best decision they ever made.

What is franchising?

Despite some highly impressive figures, £19.1 billion contribution to the UK economy and a less than 6% forced failure rate for over 20 years, franchising remains one of the most misunderstood business sectors.

Whilst unregulated, the BFA (British Franchise Association) sets the standards for ethical franchising with members pledging to abide by their Code of Ethics for Franchising. The sector's success is down to a franchisee following a proven business model, alongside extensive training and support from an experienced franchisor, thereby removing most of the risk of starting up a new business.

New beginnings

Adam Simons worked as a stockbroker for more than 20 years with international banks, running teams across Europe and Asia.

When Adam went through some personal difficulties, he started volunteering as a way of helping him recover. This volunteering opened his eyes to his life and how he felt about his job and he made the decision to leave his former career and instead bought a Radfield Home Care franchise, supporting older people to age well in their own homes.

Financial commitment

As a successful broker, Adam was walking away from a salary that at times touched just shy of £1m a year and he invested £140,000 of his savings into his new business, so there was a huge sense of personal and financial commitment with the move.

More worthwhile

Adam says: "I wanted to do something that felt more useful and more connected to people, to have more meaning. Home care felt like a way to build a business while doing something that was important and really mattered."

Today he is at the coal face of the operation, not only running the business, employing staff etc, but he is also the registered care manager, fully involved in the care side of the business on a day to day basis.

Three years into his new business venture and Adam is clear about the benefits: "I am not better off financially, but I have more control over what I am building, and the work feels much more purposeful."

Priorities changed

It was children coming along that tipped the balance for the next financial services executive.

Tessa Hawkes was part of the leadership teams of one of the biggest insurance brokers in the world, juggling long hours, a daily commute, big targets and most importantly, being a mum - a few years later, having tested the waters by building a network marketing business alongside her city career, she had founded her own franchise, MiniMe Mindfulness, taken her kids out of school and was travelling the world, all whilst growing the business.

Juggling Act

She continues: "On paper it looked like success and, in many ways, it was, but when I became a mum my priorities changed, and I felt like I was ‘amber lighting' everything. I didn't want my son's childhood to happen around the edges of my career, and I didn't want the juggling act around home, holidays and work life. I was constantly exhausted and feeling like I wasn't pleasing anyone."

Launched a franchise

Tessa launched MiniMe Mindfulness in 2020, teaching mindfulness and mindset skills to kids in schools, nurseries and communities and wellbeing training for parents, teachers and staff. Initially she ran it alongside her city career, finally leaving her salaried job to run it full time.

From an idea launched at her kitchen table, she now has a network of 11 franchisees and has recently launched an early years partnership with Mr Men Little Miss.

Happier by design

Tessa says: "I'm busier than ever, but on my own terms. My life is built by design, as I want it to be, rather than how society dictates how it should be. I'm happier, healthier and I've built a business around my personal priorities, and she urges her C-suite colleagues to follow suit. If you've got to the top of the ladder and are not 100% satisfied with where you are, then change it. Life is short and you can still make money and create a life doing what you enjoy. Be brave dream big and work hard; it's not easy but it's worth it and I wouldn't look back."

No regrets

Richard Kempson says his only regret about his move from MD of Credit Suisse, to building a family business with a Metro Rod drainage and waste services, is that he didn't do it sooner. 

As an investment banker for 20+ years he was working internationally, leading large teams across London and Moscow, managing complex financial markets, regulation and strategy, a time he describes as ‘exciting but incredibly demanding.'

Considering future

Richard explains: "I was tired of the corporate hamster wheel and found myself asking if I wanted to spend the next ten years of my life doing the same thing and realised I didn't."

Family business

Much like Tessa, family was a large part of Richard's decision to leave, but from a slightly different angle.

Richard explains: "My wife Daphne and I shared the same ambition, we wanted to build something that belonged to our family, not to a global corporation. We wanted to create a business that we could work in together, grow together and, if they wanted to, to pass on to our children; franchising with Metro Rod has given us the opportunity to make that happen."

Investing in yourself

Richard says that the biggest adjustment wasn't learning about drains but changing his mindset: "I went from boardrooms to managing engineers and from international strategy to responding to emergency call outs. Running your own business is harder than a lot of people imagine because every decision matters but, in return, every hour you invest is building something for you and your family, rather than for someone else."

No limits with franchising

He says all of his former skills were transferable, and he'd encourage others to make the move if they are up for the challenge: "I still use everything I learnt from my banking career and although life is harder in many ways it's far more rewarding. I wish I'd realised sooner that your previous career doesn't limit what you can do next. You don't need industry experience to run a successful franchise, you need the willingness to learn, work hard and trust your experiences; looking back, I only wish I'd done it sooner."

To find out more about buying a franchise or franchising an existing business visit www.thebfa.org [1]