TaxAssist Accountants Franchise Prospectus

Transcription

1 TaxAssist Accountants Franchise Prospectus

2 Franchise Prospectus TaxAssist Accountants Mission Statement To deliver an unrivalled Accountancy & Tax service to small business operators across Ireland. By establishing and reinforcing the TaxAssist Accountants core values we aim to become the leading business service of its kind, representing a visible and recognisable brand; known for the cornerstones of value-for-money and service. Through the national network, TaxAssist Accountants is to become the first point of contact for professional business services to the small business sector. Disclaimer This prospectus is for information purposes only. We make every effort to ensure that the information is accurate and up-to-date, however all figures, quantities, amounts given as examples are approximate and for demonstration purposes only. The success of the franchise depends on the activity of the franchisee. 2

3 The TaxAssist Accountants Concept We have developed a robust business model that allows us to focus on a particular market of potential clients. The model is to focus on the supply of accounting, taxation and associated services to small businesses and taxpayers. A small business is defined as any trading entity with a turnover of up to 2 million, which includes Sole Traders, Partnerships and Limited Companies. Our shop front strategy is based on making our services more accessible to this client base, and to aid in the development of brand awareness. The niche of small businesses has traditionally been ignored by larger accountants, and poorly serviced by smaller practices. Establishing a unique network that focuses solely on smaller businesses means that we are targeting a market that has a need for our services, and operating from key shop-style premises which makes us more accessible. Support The benefits of franchising are that you are a self-employed individual benefiting from an established support infrastructure and a committed brand development strategy. The extent of the support you will receive from TaxAssist Accountants is comprehensive, comprising training, marketing and technical helplines for accounting, tax, software and human resources. In addition to this, you will benefit from field visits from our Directors and our Technical and Training Manager, as well as ongoing training to accommodate Continuing Professional Development requirements from the accounting institutes. TaxAssist Accountants has been established since 1995 and we recruited our first franchisee in Since that time the network has grown to more than 210 franchised areas in the UK and 18 franchised areas in Ireland, and all our franchisees have gained substantial experience that you can benefit from. You will find that the network will have experienced nearly every aspect of setting up and trading as a TaxAssist Accountant. The concept of network development and best practice is very important to us and we have a number of arenas where the focus is on the franchisor/franchisee relationship. These include training courses, a Summer Meeting and our Annual Conference. These activities allow franchisees to express themselves and make operational recommendations, and the franchisor has opportunities to cement relationships with the network. In summary, the total support package is technical, developmental and personal. Our success as a franchise is based on the success of the franchisees, and our set up is focused to help you reach your goals. 3

4 Support Centre Managing Director Alison McGinley Prior to joining TaxAssist Accountants in 2010, Alison held positions at Google and at an ad agency in Dublin. During this time, Alison worked with a wide range of clients both in the UK and Ireland developing and implementing their marketing strategies. Alison is responsible for all practice management and business development strategies, recruitment, marketing strategy, brand development, shop fronts and ongoing network support. Alison is a graduate of Trinity College Dublin where she specialised in marketing and French. In 2015, Alison was announced as Irish Franchising Woman of the year at the 20 th Anniversary of the Irish Franchise Awards. The awards recognise excellence in franchising and rewards outstanding achievements of businesses and individuals in the franchise industry. Training and Technical Director Michael Scanlan FCA, CTA, QFA Mike is a Fellow of Chartered Accountants Ireland and a Chartered Tax Advisor with 10 years post qualification experience. He is also a Qualified Financial Advisor as designated by the Institute of Bankers. Mike completed his training contract in the tax department of Deloitte Dublin having previously earned an honours degree in Accounting and Finance from Dublin City University. He has extensive small/medium practice experience having held senior management roles in 2 practices in Waterford City. In 2016 he was appointed to the role of Technical and Training Director of the TaxAssist Ireland Group. He acts as the main point of contact for all offices in the group as regards their technical and training issues, while also providing them with extensive advice on their day to day practice management queries and in particular staff recruitment and retention. Louise Perry Marketing Executive Louise is our Marketing Executive and is responsible for our busy content schedule, PR, and with a particular focus on building our national social media channels. Louise holds a Bachelor of Arts degree in Business Studies and Arts Management from the Institute of Art, Design and Technology, Dún Laoghaire, Dublin with a specialism in marketing. 4

5 Marketing Our unique online and offline marketing strategy has been carefully crafted over many years and has won several industry awards. Its effectiveness is shown by the network recording that 2 of the top 3 sources of new business come directly from this blended mix of activity. Franchisees benefit from having everything they need to run their own local marketing campaigns, a social media presence, PR coverage, advert templates, initial and ongoing training, shopfront searches and a comprehensive online presence. These and other initiatives will generate leads (business opportunities). Our national advertising and PR ensures that small businesses will see the brand and recognise our name in the marketplace. All enquiries we receive are then qualified at the Support Centre and then sent on to the franchisee. To help you to kick start your business, we provide you with a number of free leads as part of your franchise package. These will be generated from a marketing campaign in your area and our ongoing 'inbound lead' service. 5

6 Testimonials The best way to gauge a franchise and the franchisor is to listen to the franchisees. We have a raft of comments from a number of people from the network who express themselves in an honest and candid way: I am a qualified Chartered Accountant and prior to joining TaxAssist Accountants, I was a senior manager with PriceWaterhouseCoopers. Before that I trained with a small practice based in Cork. I joined TaxAssist Accountants in December 2009 and opened my first shop in April The growth of my business has been faster than I expected. Part of this I put down to the shop front as it provides a highly visible office in a prominent location. Active sales and marketing has been the key to my sales growth and not just in one specific area. I have tried a number of different approaches including off the page, cold calling, radio, Google, Facebook, networking amongst others. One of the biggest challenges at the moment is getting the right mix of time spent doing work verses generating work. I have had great support from the Support Office who are always on hand to answer any queries I have, or to bounce ideas off of whether these are technical or general practice management queries. The biggest help though has been in the sales and marketing area as like most other accountants marketing would not previously have been my strong point. Being part of TaxAssist Accountants has given me access to excellent sales and marketing training, tried and tested campaigns and adverts and sales approaches that do work. My advice to anyone considering the franchise option would be to talk to as many people as possible before you make your decision as the more information you have the better. Prepare a detailed business plan and review it regularly. Clive Aherne Cork City I can safely say I would not have built up such a business was it not for the support of the franchise model. Roy Finucane Limerick City 6

7 Over the past year, I have put in a lot of hard work and long hours, however, the number of clients I have acquired would not have been possible had I not been part of the TaxAssist Accountants franchise. The support I have received since from the Support Team has been exceptional both in terms of technical content and willingness to assist. The sales and marketing training I received has, in my opinion, played a major role in my success. For accountants who are not used to having to do marketing, this is a really valid contribution. As well as my own local marketing, leads are qualified and delivered by the Support Office regularly, which means I am always adding to my client base. Michael Sandys Kimmage 7

8 Case Study Dermot Kane Camden Street, Dublin Prior to joinin g TaxAssist Accountants, Dermot Kane had been working in practice for 13 years as a Finance Director in a plant and machinery company. When the recession hit, he was forced to consider alternative options as his company could no longer afford a dedicated accountant. I had always been an employee of a company, explained Dermot, and I felt a little nervous about starting on my own as I had a feeling it just wouldn t work. TaxAssist offered the technical support I needed, but more importantly, knowledge of how to sell in the marketplace. This covers things like shop location and design, as well as sourcing me leads to get going. It seemed like a perfect fit. Having been made redundant, Dermot used the funds he received to invest into the franchise. Certainly, the first two to three years leave you fairly tight on funds, depending on how you started off. I started with no clients, and it takes time to make the business work from this starting point, said Dermot. You need to make sure you go into the franchise well-funded. I understand the banks are supportive of the TaxAssist franchise, which is important as there are times when some extra capital is required. In fact, my main advice to a new franchisee is to have the finance in place so you can get a shopfront and get off to a flying start and not be afraid to recruit someone early, so you can get on with the job of winning business. TaxAssist Accountants provides a six-week initial training course for new franchisees, which Dermot is full of praise. The training and support I have received, and continue to receive, have been excellent, he said. Courses are run to suit the needs of the franchisees, and picked based on what is being suggested from questions to the Technical Helpdesk. Initially, the training on sales and marketing gave me a real boost in terms of the process involved, and the confidence and tools to use that process. It was an essential element at the start of my business. Day-to-day what I love about being a part of the TaxAssist Accountants network is the way we operate. We are available to our clients; our doors are open. We want to be the friendliest accountants out there, with an approach that makes potential clients happy to do business with us. We want to give the best service possible all of the time, because we are not just representing our own business, but representing and flying the flag for TaxAssist. On becoming self-employed, Dermot said: Being your own boss it does give a lot of satisfaction. I find I can be slightly flexible in my hours so I don t need to miss things like the kids sports matches or shows. There are plenty of hours in the week to get the work done. Knowing that when you put in the work, you get the rewards. That is a great feeling. 8

9 I ve enjoyed becoming financially self-sufficient again after leaving a pretty good job. It took time, but every time we win a new client, it gives you a real boost. And due to the nature of the business, it happens often, which is great. Hearing a good report of our business from a client or someone calling in because they were told we did a great job that s always a buzz! Having made a success of his business, Dermot offers this advice to budding franchisees: If you were to ask me what makes a successful franchisee, I would say: someone who likes to work hard, who relates well with people and wants to do their best for the clients. They should be outgoing and happy to develop a good relationship with staff. There is no harm to have sufficient funds at the start so that life outside of work is not too difficult. A good marketer will be a good franchisee, although that is an area I am not too good at. I have survived without that particular skill, though it is easier to push yourself in that direction. I would also say: listen to the franchisor. They advise well. The service is there for you to use. You are paying for it. Looking to the future, I am happy where I am as part of the TaxAssist Group. I ve been with TaxAssist for six and a half years, and continue to grow every single month. That s 78 months of growth and it feels like a secure business now. Down the road, I may look at opening another shop in my area. More testimonials are supplied further into the recruitment process. Should you become serious about joining TaxAssist Accountants and attend a one-to-one meeting, you will be given a directory with the contact details of all of our franchisees and you can contact as many as you like to further your research. 9

10 Finances The Franchise Fee Includes: LICENCE FEE The licence fee grants the right to trade under the corporate identity of TaxAssist Accountants for the duration of the Franchise Agreement. IT EQUIPMENT AND MAINTENANCE PACKAGE We supply high spec laptops which are suitable to run all applications. The package comprises a laptop, USB mouse and targus keypad, Microsoft Office, Anti-Virus software, online backup (1-year subscription) and CCH Practice Management software (you start to pay for this in month 4). TRAINING FEES Our in-house intensive induction course covers all aspects of the TaxAssist Accountants business model. Accountancy and tax, software, marketing and sales training is included. We pay for all meals and accommodation during the course and ensure you get to meet and know all of the Support Centre staff. MARKETING To kick start your business we provide you with an initial marketing campaign and 25 free leads from our lead generation activities (either outbound or inbound) and where possible, pay for your first-year subscription to Business Network International. BUSINESS ACCELERATION AND NURTURE PROGRAMME This is a holistic induction and monitoring package that is designed to help you set up parts of your operation prior to the training course. The programme also monitors your business development through the first six months and comprises two follow-up training days reviewing your progress. OPERATIONS MANUAL The detailed Manuals form the basis of your training reference material and are explained fully during the training programme. All the manuals are available online, on our support website, once the course has been completed 10

11 SUBSIDY FOR SUPPORT AND HELPLINE The franchise fee gives you access to all services provided by the Support Centre from day one. SUPPORT SITE A wealth of useful information is contained in our easy-to-use website. The Support Site forms the blueprint for managing and developing a successful TaxAssist Accountants practice. It offers advice and guidance, allows you to order stationery, and adverts, use templates and book into training sessions to name but a few features. ADDITIONAL INITIAL SUPPORT In addition to dedicated online support, the franchise fee covers the first year s payroll software, 3 month s usage of CCH, launch assistance, etc. FREE SET-UP ON DIRECT DEBIT SYSTEM It is a key part of the TaxAssist business model that your clients should pay you by regular monthly payments. This makes a very significant difference to your cash flow and also enhances client loyalty. BUSINESS STATIONERY A starter pack of stationery is provided, including letterheads, envelopes, business cards, etc., all fully personalised with your details. PROMOTIONAL MATERIAL A comprehensive initial starting pack will be provided, including personalised corporate brochures, marketing leaflets, etc. COMPETITOR ANALYSIS REPORT Some thorough research into your competitors, their products and more importantly, how they look after their customers, will provide you with valuable information that will help your business become successful. A Competitor Analysis Report will highlight your competitor s strengths and weaknesses. It will also tell you how to use the information to win more clients and keep the ones you ve got. Total = 39,450 +VAT The above total is subject to reclaimable VAT at the ruling rate. We would advise you to discuss this franchise with your professional advisers before signing the Franchise Agreement. The banks can provide guidance, as can the Irish Franchise Association. 11

12 A Guide to Estimated Start-Up Costs & Ongoing Fees Commercial Premises Costs Shop front premises 1,000-2,000pm approx. Equipment Printer 400 Office Furniture, Photocopier/ Scanner, Mobile Phone, Telephone / Answerphone / Fax 1,000 Software CCH ProSystem Starter Pack including: Practice Management Accounts Production Personal Tax Corporate Tax Thesaurus Payroll (first year s subscription) Computer Service Centre Hosted Desktop + Microsoft Office 365 E3, Anti-Virus software & Online Backup (for first 6 months) 1244pa Inc. in franchise fee Inc. in franchise fee Other Start up Costs Legal Fees (optional) 750 Professional Indemnity Insurance First 12 months general marketing (networking, advertising, etc.) Initial Working Capital 1,500 approx. 6,000 will vary on an individual basis Management Service Fees 9% of the first 175,000 of Gross Sales per Year and 6% of the next 150,000 Gross Sales in the same Year and 3% of the next 150,000 Gross Sales in the same Year and 1% of all remaining Gross Sales in the same Year Brand Awareness Fund Leads provided from inbound call centre activity Employment and HR package 250pm 75 per lead Inc. in franchise fee Notes: the above figures are excluding VAT. 12

13 Working Capital & Property When you join TaxAssist Accountants, you will be making a commitment to operate your franchise from shop front premises within 36 months of joining. Our Support Team will be able to assist you when considering location, and they can help you source suitable premises within your territory. SHOP REFURBISHMENT We have a preferred supplier for shop fitting and they have been fully briefed on our minimum requirements in terms of fittings and office equipment. The cost of a refurbishment or shop fitting is dependent on the size and condition of the premises. PROPERTY SOURCING Our Support Team have been specifically tasked to look after all aspects of sourcing and operating from shop-style premises. With many years experience, the Support Team are highly experienced in the TaxAssist Accountants franchise concept. We are in a position to offer advice and guidance on sourcing rented shop fronts. 13

14 WORKING SOURCE If you are joining us without an established client base, you will not have an initial regular income. This calls for the provision of Working Capital and we have bespoke finance packages provided by Bank of Ireland. The level of capital you will need is dependent on several factorsregional variations in property and staff costs, personal expense requirements and trading status. Funding for your franchise can be arranged by means of a loan and overdraft combination, thus allowing for flexibility in terms of monthly expenditure. Revenue Projections By adhering to the Business Model and taking a proactive approach to marketing in your territory, you should be attracting clients at a considerable rate. Client acquisition will be facilitated by your shop front presence, and your marketing and networking activity will seriously help the build-up of your fee bank. Further client development will also come from referrals. It is not helpful to talk about average levels of achievement because each franchisee approaches the business with their own aims, objectives and approach, under the guidance and support of the franchisor. It is more practical to consider what can be achieved in reality. Let s consider what has been achieved in the Ireland by looking at the median of the top 25% of franchisees: End of 12 months End of 24 months End of 36 months Median fee bank 102, , ,070 Median sales 48, , ,005 Median clients We do not pretend that these are easily achieved it required real effort and enthusiastic following of our business model but that level of success is being achieved and, of course, bettered. 14

15 Ten Reasons Why You Should Join TaxAssist Accountants 1. Our brand name We are the leading franchised accountancy organisation in Ireland looking after small businesses and taxpayers. 2. Our training We are confident that we are providing the best initial and ongoing training for you and your staff. As well as providing a comprehensive initial five-week training course, which includes meals and accommodation, we also offer ongoing update days and bespoke training if needed, as well as CPD facilities. The tax and accounts training is provided inhouse and we provide a nurture programme which lasts for six months after the initial course focusing on business development, HR, staff recruitment and client acquisition. 3. Support Centre Our support centre in Ballsbridge, Dublin is managed and staffed by a team of experienced staff providing marketing, technical, accounting, tax and overall business development expertise headed up by our Managing Director Alison McGinley. Alison has been working with our franchisees since TaxAssist s first shopfront was launched in The Dublin team is, in turn, backed up by the UK support centre with more than 47 staff and a board of six Executive Directors. 4. Shop front concept We have a highly visible presence with our shop front brand. The shop front brand is supplemented by our branded cars, online presence and marketing collateral. We constantly look to be at the forefront in terms of brand awareness, technical training and support for business growth. The shop front will allow you to build up a team of staff who you can delegate to, allowing you the free time to work on the business not in it. 5. An exclusive territory You gain the rights to operate and receive leads in an exclusive territory based on population. There is the possibility of taking on two franchise territories. 15

16 6. Lead generation You will receive a number of free leads as part of your initial franchise package. These will be generated from an initial marketing campaign in your area and our ongoing inbound lead service. The Support Centre will carry out national advertising and internet key word optimisation amongst other initiatives, which will generate inbound leads. 7. Access to specialist advice/in-field back-up We work closely with all franchisees on maximising their profit and working towards their own exit strategies. We see this as an invaluable contribution to our franchisees business life. This type of consultancy work does not come cheap and we are pleased to provide this as part of our service. We utilise a range of bespoke business tools for our network in respect of their own business planning, fee charging and profitability analysis. 8. Resale value The business model makes financial sense, with the potential for taking a good salary whilst creating a real asset for your long-term future. Fee banks are very saleable (there are more buyers than sellers) and with the TaxAssist Accountants brand name, this could add a premium to the value of the business when you decide to sell. 9. Additional services partners So that your business can be the one stop shop for small businesses, we have a range of branded partners including: Asset Finance, Independent Financial Services, Company Formations, and Employment Advice, amongst other services. Many of these suppliers pay a commission to you, which can form a substantial part of your revenue. These services are not only available to you, but for your clients to offer their clients too. It is a key part of the TaxAssist business model that your clients should pay you by regular monthly payments. This makes a very significant difference to your cash flow and also enhances client loyalty. It is not normally possible for small businesses to originate direct debits. The banks restrict this facility to larger companies and often impose stringent security and financial requirements. 10. Helplines All of the Support Centre staff are on hand if you need to talk through any issues or queries. One of the main support functions that is available to you as part of the franchise package is the technical helpline. This is manned from Monday to Friday 9am 5pm, and is available to you and your staff. There is also a marketing helpline if you wish to discuss an idea, advert, proposal or campaign. 16

17 What Next? To hear more about the TaxAssist Accountants franchise, please contact us for a confidential chat on or info@taxassist.ie. Once we have met you, you may wish to reserve a territory while you carry out some research. If we are happy to accept, then we will ask for a refundable deposit that reserves your preferred territory for a 30-day period, so that you have some exclusive time to research your area. We welcome questions on any issue connected with our franchise, as we want you to be completely satisfied with our concept so you can feel confident and fully committed to our business relationship. Feel free to telephone us for any further information you may require: FREE I info@taxassist.ie I Visit 17

18 TaxAssist Accountants 56 Lansdowne Road Lansdowne Ballsbridge Dublin 4 Telephone: info@taxassist.ie 18