From Pensions to Fintech (via Triathlon) – the journey of an Entrepreneur
Jon McGowan, CEO and founder of MAC Group, sat down with Hannah Francis, Marketing and Communications Lead, to reflect on the Group’s remarkable 20-year journey.
What is your career background?
I started briefly in banking before moving into insurance with Aon, where I worked with the late Mike Henthorn. Mike gave me a lot of responsibility early on, trusting me to manage pension schemes. That confidence shaped me and led to rapid career growth at Aon, where I became one of its youngest directors.
But by 2004, though, I felt ready for a change. I wanted to build something of my own, where I could blend a personal touch with professional service. That’s when MAC Group was born.
What was the vision behind setting up the MAC Group in 2004?
From a young age, I’ve always had the drive to be my own boss—partly for the independence, but more importantly, to create a business deeply rooted in the Isle of Man economy. Large corporations often miss the nuances of life here, and their “one size fits all” approach often doesn’t fit our community.
My vision was a company that offered a professional service, coupled with integrity. It was about building trust and fostering long-term relationships. Twenty years later, with a team of over 40 people, it’s been incredible to see that vision become reality.
‘One of the toughest challenges was changing perceptions in our industry.’
What challenges have defined your journey?
One of the toughest challenges was changing perceptions in our industry. Financial firms often face scepticism, with people assuming profit comes before clients. From day one, I wanted MAC to be different.
We broke industry norms, by focusing on a client-first approach and shifting away from “upfront” commission-based models. It took years to establish, but that commitment has built trust with our clients. Our advisers are paid a salary, ensuring that every decision truly prioritises client needs, which has strengthened our reputation and growth. They are not “salespeople” they are true independent advisers.
Was there a defining moment when you realised that MAC was going to succeed?
I can’t think of one ‘aha’ moment – success has felt like a gradual journey. Each milestone, from expanding our team to growing and deepening our client relationships has reinforced that we were on the right track.
What key decisions have helped MAC grow and succeed?
Several key acquisitions and in recent years restructuring MAC into a more corporate model was pivotal.
Creating a new management structure with individual Heads of Departments across the three main divisions and empowering those people has allowed us to scale effectively.
Also, launching our insurance broking and pension trustee businesses were bold moves but have been essential for growth across the group.
What moments stand out over the past 20 years?
One of my proudest achievements came in 2023 when I was able to acquire the Aon (Isle of Man) Insurance business. This was a full-circle moment for me, as it allowed me to purchase the very business where I started my career. Beyond business, it symbolised growth and a personal milestone. It also elevated our insurance offerings and expanded our reach, which was a proud achievement for our team.
‘Acquiring the Aon (Isle of Man) insurance business was a full-circle moment for me.’
What’s next for MAC?
Growth and innovation. We want to remain the Isle of Man’s leading provider of combined financial advice and insurance. That means continuing to adapt to client needs, investing in our team, and exploring new technologies to enhance the client experience.
We’re also focusing on both organic growth and strategic acquisitions, ensuring we stay ahead in a competitive market while maintaining the quality of service we’re known for.
And for you personally?
I have loved building the MAC Group and it is fantastic to see it going from strength to strength. Alongside that I have made a number of strategic investments in businesses both on Island and in the UK.
Outside of MAC Group, probably the most successful of my ventures has been my backing of Cushon, a pioneering pension “fintech” that was sold to NatWest in 2023. Currently, I have about nine companies in my investment portfolio including several that are Private Equity structured so there is plenty to keep me busy!
What advice would you give to new entrepreneurs?
In the early days, be hands-on. Get involved in every detail so you truly understand your business and your clients. But as you grow, trust and empower your team. You can’t do everything forever, and trying to will only limit your business’s potential.
Building the right team and letting them take the lead in their areas was one of the best decisions I made. Learning to step back is essential and has allowed me to focus on MAC’s strategy and growth.
What are the most important lessons that you’ve learned in the past 20 years?
Three stand out to me, these have shaped not just MAC Group’s journey, but my own as well.
1
Put clients first. Doing what’s genuinely best for them, even if it’s not directly beneficial to MAC, has built lasting trust and respect.
2
Trust and empower your team. Real growth comes from building people up and letting them shine.
3
Always have a long-term vision. It keeps you focused and prepared for change.
What drives your success?
Hard work, resilience, and integrity were instilled in me early on. Winning a scholarship to King William’s College gave me a balanced, well-rounded education and I am sure helped drive my ambition. I’m proud to be able to give back to the school as a Governor.
Sport has also been a major influence. Competing in triathlons worldwide taught me discipline and perseverance—qualities that translate directly into running a business.
But above all, my family keeps me grounded. My wife, Heather, and our five children are my biggest inspiration and remind me every day why I work so hard.