Succession planning can be one of the most challenging transitions for a business, but for my dad and me, it became an opportunity. Only 30 percent of businesses in the United States successfully pass from the first generation to the second. We made that transition, and continued to grow.

My dad, Todd Barron, launched the Applied Mortgage name in 2002 after working in the mortgage industry since 1987. I joined him in 2006 at just 16 years old. Together, we weathered the ups and downs of the housing market, helping thousands of people become homeowners. While the rules and technology around mortgages have evolved, our core values have always stayed the same.

Looking back, I believe our success came down to three main things:

• Taking our time with the transition
• Being open with our team about the plan
• Earning support from the community

Learning From My Dad

One of the best things about my dad as a leader was his approach. He always said, “You work with me, not for me.” He believed in me and gave me a seat at the table early on, something not everyone gets.

What started as a part-time summer job became a high school internship. After graduation, I chose to attend the University of Massachusetts so I could work full-time at Applied Mortgage. Later, I pursued my M.B.A. at Western New England University while continuing to work alongside him.

We faced the 2008 housing crash together, adapted to the new rules from the SAFE Act in 2009, and by 2010, I became a licensed loan officer. While the industry was often painted as the “big bad wolf,” I knew my dad was far from that — and our Applied Mortgage team was built on honesty and integrity. We prevailed.

For many years, we worked side by side. My dad built relationships with real estate agents, homebuyers, and community members, while encouraging me to build my own network. I joined young professional groups, sat on boards and committees, and immersed myself in the community. At one point, we were both recognized as top loan originators in Hampshire County and Western Massachusetts in the same year — a rare feat for a single team in a limited market. We proved that two top producers could thrive without competing against each other.

The Applied Mortgage Way

My dad has a rare gift for making all people feel comfortable. Whether meeting with a first-time buyer, a repeat client, a doctor, or a construction worker, he meets people where they were, and he led our team the same way. From the beginning, everyone knew I would one day run the branch.

When we joined a new parent company in 2015, he brought me into every important meeting. I learned the business from the inside out: from finances to compliance. Over time, we split daily responsibilities, then gradually shifted them to me while he stepped back.

The pandemic accelerated the transition. My dad, who had spent three decades working long hours in the office, was suddenly working from home. That shift gave him space to start enjoying retirement, and allowed me, the millennial more comfortable with remote technology, to fully step into my role.

Earning Trust

We live in a community that values local business and service, so the change in leadership was met with support. My dad introduced me as his capable daughter, and together we proved the business was in good hands.

We also brought different strengths. He focused on personal relationships and traditional business practices. I introduced a stronger digital presence, including social media, video, and podcasting, a rarity in the mortgage industry at the time. Our full digital media suite gave us new ways to connect with clients while maintaining the personal touch my dad was known for.

Keeping the Legacy Alive

With time, communication, and community support, Applied Mortgage has continued to grow under my leadership.

Today, we’ve partnered with HMA Mortgage to offer a wide range of mortgage programs and cutting-edge technology. We’ve expanded into education through Applied Mortgage Academy, where we host first-time homebuyer classes, refinance workshops, and training for real estate professionals.

We’ve also kept our commitment to giving back. Through Applied Mortgage Community Giving, we’ve supported more than 30 local organizations with our time and resources. Our Local Love Days bring our network of homeowners to local businesses to help them thrive.

At the heart of it all, we still treat people like family while helping them find the mortgage that fits their needs. And with my three- and four-year-old already showing plenty of personality, maybe one day there will be a third generation of Applied Mortgage.

Takeaway

A successful change in leadership is not about luck. It comes from taking your time, being clear with your team, and building trust with your community. Do those things, and you’re not just protecting the past — you’re setting the stage for the future.

This is a contributed blog post written by Lindsay LaBonte, who has a unique perspective of the mortgage business having grown up in the industry. Her dad Todd Barron founded the Applied Mortgage Team and she is honored to keep up the legacy.

With over 18 years of industry experience, Lindsay has been individually ranked in the top 5 Loan Originators at a Western MA Mortgage Company (includes Hampshire, Franklin, Hampden and Berkshire Counties) by number of units for 7 consecutive years. Banker & Tradesman Hampshire County top 3 Originators since 2017 through present. Lindsay is also a Scotsman Guild top 1% Woman Loan Originators and featured in Mortgage Banking Magazine’s 2022 Powerful Women of Mortgage Banking. In addition to helping thousands of clients with their homeownership goals, the team has also received over 250 five star reviews and recommendations form happy customers. Furthermore a core part of the Applied Mortgage mission is to support the community by giving back to over 30 local non-profit organizations through their time, talent, and treasure. Lindsay has served on a variety of boards and committees throughout the years.

Lindsay resides in Western MA with her husband Sam and their daughters Charlie and Penny. In their spare time they’re always on the go as a family spending time with their large extended family (Sam comes from a family of 7) and traveling.

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