TaxAssist creates franchisee-owned financial frontrunners | Global Franchise
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Friday 27th May, 2022

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TaxAssist creates franchisee-owned financial frontrunners

North America

TaxAssist creates franchisee-owned financial frontrunners

A unique ownership structure helps to boost TaxAssist’s global success

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In what’s believed to be the only ownership structure of its kind in franchising, franchisees now own nearly 60 per cent of the small business accounting and advisory franchisor the TaxAssist Group. The structure includes franchisee representation on TaxAssist’s board, with franchise owner Mike Melling serving as group development director. It also guarantees that a focus on franchisee success is embedded in the DNA of the brand’s ongoing strategic plans.

Franchisees increased their combined share of the brand from 40 per cent to 60 per cent following a year of continued growth in TaxAssist’s rapidly expanding international networks. Highlights from 2021 included:

  • New franchisees joining in the U.K., Ireland, Canada, Australia and the U.S.A.
  • Record numbers of new client leads provided to franchisees from central marketing
  • Annual billing topped $91m, with over 86,000 small business clients
  • The coveted 5 Star Franchisee Satisfaction award was received for a ninth consecutive year, based on independent, anonymous feedback from franchise owners
  • Winner of Best B2B Franchise at the Best Franchise Awards.

“Globally we’ve seen growth in terms of client numbers, fee banks and new franchisees in each of our markets,” says David Paulson, SVP, franchise development, “and this year we’ll welcome around 75 new franchisees as the demand for business advice grows exponentially.

“Small businesses are the backbone of the economy in every country we operate in. But the owners of those businesses remain chronically under-served in terms of their growth plans, business advice and tax planning.

“Traditional tax prep agents are limited in the scope of services they offer, and their business model is being threatened by developments in technology. TaxAssist franchisees have no such barriers – we combine highly refined systems and tech with one-to-one advice in a model that’s proven to scale up to let franchisees and their teams support hundreds of local business owners.”

Global growth

Franchisees say the blend of software, services and personal guidance offered by their community-based offices and stores has been key to a 50 per cent increase in client leads in the last 12 months.

Sydney franchisee Badi Ceren says: “Our practice is here for much more than tax returns, accounts and bookkeeping. We’re here to help clients to understand how their business is performing, plan for growth, access finance and make key decisions. We can also talk clients through a range of software solutions to help them to select the right package for their needs.”

Edmonton-based Moe Farhat adds: “Many people will ask why I chose TaxAssist. Really, it was the ‘one-stop-shop’, comprehensive, all-round service, specifically for small businesses, with world-class marketing and training support.”

David says that such competitive advantages are a key benefit of joining an international network. “Franchisees get the best of both worlds: the opportunity that comes with an emerging brand in their local market, building an asset that grows as the brand grows; backed by systems and processes developed over more than 25 years as the U.K.’s market leader.”

U.K. franchisee Lloyd Evans attests to what’s possible: “I have really benefitted from new client leads provided by the TaxAssist support center, with a fee bank of over £30,000 gained in 2021 alone from clients I have signed up as a result.

“The business development support provided to me is first class and has really helped with the growth of my practice.”

At a Glance TaxAssist

Year established: 1995
Number of franchised outlets: 278
Location of units: U.K., Ireland, Australia, Canada and the U.S.
Investment range: £100,000 – £170,000 ($130,000 – $220,000)
Minimum required capital: £40,000 ($50,000)
Contact: David Paulson david.paulson@taxassist.com 201-492-5677

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