FRANCHISE & BUSINESS OPPORTUNITIES
TAXASSIST ACCOUNTANTS THE GOOD NEWS STORIES KEEP ON COMING FOR SUCCESSFUL ACCOUNTANCY FRANCHISE...
2015 is turning out to be quite a year for TaxAssist Accountants. The franchise which operates in the UK and Internationally, is this year celebrating its 20th Anniversary, winning Bronze at the British Franchise Association/HSBC Franchisor of the year awards and now, moving up to number 24 in the 2015 Accountancy Age Top 50+50 survey. TaxAs- sist, which sits alongside the list of leading names in the UK accounting industry, is the only accountancy franchise in the Top 50 survey.
The survey ranks the country’s biggest practices by fee income and saw TaxAssist move up one place from 2014 and an impressive ten places since first entering the survey back in 2010. TaxAssist reported a 9% year-on-year revenue increase which saw the company generate almost £30m in income - £2.49m more than in 2014. The percentage growth rate once again outstrips that of the UK’s ‘big four’ practices.
Karl Sandall CEO of The TaxAssist Group comments “Clearly we’re very pleased with this new position and shows we continue to move the business forward in the right direction for the mutual benefit of the TaxAssist network, the Directors and Shareholders, of which our fran- chisees themselves form a considerable percentage.”
TaxAssist differs in both its way of thinking and way of working. In 2014, breaking new ground, Karl and his fellow Directors oversaw what they believed to be the UK’s first franchisee-assisted management buyout with franchisees now owning 39% of the business. Karl comments “Our network of franchisees has tremendous faith in the business model and its continued growth and when the opportunity arose to invest in the whole franchise, we had a fantastic response.”
The franchise was established in 1995 when the founder saw a gap in the market when he realised that small businesses were often not getting the support they deserved, as they were being overlooked by the larger firms and poorly serviced by the smaller firms. The founder realised that demand for such a service would be ideal for a franchise network. Karl comments “Franchising is an exceptional mechanism that enables small business to compete effectively against larger business- es. It is a proven, tried and tested route into self-employment and the banks are supportive in providing funding as there is a lower rate of failure than going into business alone.”
Traditionally, accountancy practices lack visibility, commonly positioned behind a door with a brass plaque. TaxAssist has broken with tradition and convention, and has provided a breath of fresh air in the accoun- tancy world with their retail shop front concept. This was developed to appeal specifically to the small business target market, in terms of accessibility and visibility encouraging walk in trade. The shop front concept has proven to be extremely successful, with over three quarters of the network now operating from these impressive premises. Services offered include year-end accounts, tax returns, bookkeeping, VAT returns, payroll and cash flow projections.
Hertfordshire based franchisee Chartered Accountant Andrew Twy- nam, was himself initially attracted to TaxAssist when he saw a shop front. “I was in a taxi and passed a TaxAssist Accountants shop which had recently opened. It looked incredible and I started some research the next day.” Andrew had two young children, and it was the familiar story of leaving home before they were up and getting home when they were in bed. He continues “I was looking for business opportunities and although at the beginning I was very sceptical, I spoke to lots of
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Above: Andrew Twynam, TaxAssist franchisee.
franchisees who corroborated what I’d been told and this seemed like the right opportunity for me.” Although Andrew confirms that leaving a well-paid job was a big risk, he confirms it has absolutely paid off “I haven’t looked back. We now have over 300 clients and with a shop and an office up and running and growing fast, I can even start to think about a third premises on my territory sometime in the future.” Working for himself does still involve sometimes working late, but Andrew says “I can always finish outstanding work at home in the evening as I’m my own boss. Most importantly, by cutting out the two hour daily commute I can now be home in time for dinner and put my children to bed”.
The TaxAssist franchise takes on both accountants and business/ finance professionals and has found that they make equally good fran- chisees. Franchisees can employ accountants while they concentrate on building the business, holding client meetings and networking. What is important is that candidates have plenty of energy, a friendly persona, are technically competent and have a desire to succeed and exceed their goals.
Contact the recruitment department on 0800 0188297 for further information about how TaxAssist works with you to help you to establish your own business.
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