Franchisee Testimonials
I am a qualified Chartered Management Accountant and prior to joining TaxAssist Accountants worked as a Group Financial Controller for a large motor dealership group based in Colchester. Prior to that I had many years experience within the small company sector including several years as a director of the family motor dealership business. I also spent a year working in the Stock Exchange following qualification.
I joined TaxAssist Accountants in November 2002 opening my first shop in October 2005. I opened my second in 2007, based purely on the success of my first shop. I am now planning to open my third shop in the autumn. The growth of my business over the last six months has been faster than ever before. It’s far exceeded our projections...I’ve found that the shop front produces pretty much all the volume of new business that we can handle, putting the business in its best position yet.
In response to the increase of business I now employ four full-time accountants and an administrator between the two shop fronts. I was initially wary of taking on people unless absolutely necessary but I found that it’s clearly the way to go if you want to grow your business. The last thing I want is to have to turn business away so to cope with demand and to maintain good client service the team is absolutely essential.
With two shop fronts, it’s important to put some thought into how to manage both at the same time. I have now appointed a manager to run the Bishop’s Stortford shop front and I am based in Colchester. The third shop front will run on a leaner basis as a satellite of the Colchester business, with one person dealing with clients’ accounts day to day, letting me come in two days a week. I expect the new shop front to grow steadily and when the time’s right I expect I’ll take on a couple more employees in relation to the amount of business. The rate of development with TaxAssist Accountants is very fast – there’s a great deal of potential there for franchisees.
As my business has grown, I’ve continued to make use of the training and support on offer from the Norwich based Support Centre. TaxAssist Accountants have provided me with an incredibly comprehensive training package that included a five-week course that focused on all aspects of running a business. The training taught me new approaches to accounting while reinforcing what I already knew. It gave me the confidence that I would be able to bring success to the business - refocusing my existing skills to ensure I had a full understanding of the TaxAssist Accountants model.
I was initially attracted to TaxAssist Accountants because of the significant support – the whole package is incredibly solid and I found it very reassuring. In fact, since I launched the business in 2002, in many ways the support has kept on getting better. TaxAssist Accountants are dedicated to their franchisees and their advice and guidance is very clear, to the point and incredibly helpful.
I can now report that at Spring 2009 I have a total client base of over 500 with a turnover of over £400k. Net growth in fee bank continues at a steady pace in both shop fronts.
David Dixon
Colchester & Bishop’s Stortford
March 2009
I had spent 15 years working as an accountant in multi nationals and was becoming increasingly disillusioned with the ever increasing workloads and the headcount slashing mentality.
I had seen TaxAssist on the internet but hadn’t considered starting my own business due to being a single mum with no real assets.
My cousin Jo (Exeter Franchise) joined in March 2005 and this was the catalyst which made me quit my well paid and cushy corporate life to jump blindly into the unknown!
I joined the TaxAssist training course in Oct 2005. I opted to go straight into a shop front and I opened for business in Torquay on the 2nd Jan 2006.
My first month was absolutely phenomenal and wouldn’t have been possible without the support I received from the accountants and tax specialists that run the helpline. They are dedicated solely to helping out the franchise network, and with their help I invoiced over £6k in my first four weeks and submitted around 20 self assessments, not bad for a beginner!
What initially was my biggest fear, sales & marketing has become what I enjoy the most ….you can never be too pushy; If you don’t ask you don’t get and don’t forget your business cards if you’re going down the pub …..
Year one saw phenomenal growth, year two was the year of managing the existing clients, and year three was making the work more profitable, thank you kindly Mr Mack (Franchise Development Manager)! Marketing was put to one side at the end of Year 1, sadly, as I needed to cope with what we had and getting clients is the easy bit! I am now at the end of Year 3 and have just kick started the marketing again, this week I have 12 potential clients to see!!!!
Year 3 saw the start of the credit crunch, and during the year we lost a fair number of clients as a result. Fortunately my sign up rates of new clients remained constant, and the net effect was that we grew by 40 clients. Even during a recession I was pleased to see growth albeit much slower than previous years. Even though we entered an economic downturn January 2009 was the best yet. During the 6 weeks leading up to the 31st January we completed 132 cases with £60k of fees. Average output is around 30 - 40 cases per month with average cash in at around £15k - £20k per month, which doesn't sound much, but not bad considering I have one full time accountant, a part time bookkeeper an admin lady and me!. Admittedly I still put in long hours, but this was expected for the first 5 years due to the way I financed the business.
Clients now stand at 315, (that doesn't include partners or directors). My turnover for the year will be £180k, £55k up on last year. Although client numbers have not increased we have implemented CCH costing and as a result use this to ensure our pricing is correct. Additionally our client mix is starting to change and we are seeing larger fees than in previous years.
I no longer have to pay to go to work and this year will be the first year that I earn considerably more than I did prior to joining the network, which wasn’t 6 figures!!! Just seeing a figure without brackets on my management accounts makes me smile every time I run the report! The downside is the tax man will get me this year!
Generally things are much more relaxed, running around like a headless chicken trying to fix everything is now a thing of the past. You learn so much in the first few years and without the support I would probably have thrown the towel in during my first 12 months!!!
Life may be more relaxed but I am now considering the next mountain to climb …. I find myself looking at empty shop fronts and maybe this time next year will see the opening of my second shop front. In the meantime I want to get my client numbers up to 450 – 500 by the end of 2009!!!
I have absolutely no regrets whatsoever…I can honestly say leaving corporate life was the best thing I ever did….and my only wish is that I’d done it sooner!"
Jackie Bligh
Torquay
March 2009
My background is in banking, internal audit and lecturing at degree level. Realising that my whole career had been with big corporations, I decided that I wanted to work for myself and build up my own business close to where I live in St Albans. In October 2003 I took the plunge and joined TaxAssist Accountants.
The reasons why I chose to consider franchising are the lower risks, and support in areas I had little or no experience of, such as sales and marketing. As part of my due diligence I visited the franchise exhibition at Wembley, looked at websites and magazines, spoke to franchisees and attended discovery days. I also attended a BFA workshop. The reasons I chose TaxAssist Accountants were the positive feedback I received from the franchisees and the success to date of the franchise, the set up of the Support Centre and the trust I had in them running the franchise. Added to this, I felt that accountancy and tax was an area I could succeed in.
The training and support I received have been fantastic. I attended a five week initial training course which covered accounts, taxation, software, sales and marketing. The training is provided by BPP Professional Education and the Support Centre in Norwich. Both have continued whilst I’ve been out in the field in the form of technical and marketing help lines, on site visits from technical personnel and Directors, update training days, and of course the support and advice of other franchisees.
Have I faced challenges along the way? Of course. I work harder now than I ever have and I was slow to take on staff and have perhaps been guilty at times of working in the business, not on the business as I should have done.
If someone asked me what advice I would give to someone buying a franchise, I would say to do your research thoroughly. Think about what you will need from the franchisor and consider if they will provide this. Talk to existing franchisees and get a feel for how they are doing.
Since joining TaxAssist Accountants my business has gone from strength to strength. It has been hard work and great fun to take the business from a blank sheet of paper to over 600 clients in a short space of time. The support from TaxAssist Accountants has been first class. Everything they said they would do has been done and more. I estimate that my business is at least 2 years ahead of where it would have been had I started on my own as a result of joining the franchise. I am looking forward to continuing to grow a successful business.
Mark Fordham
St Albans
March 2009
The obvious integrity, willingness and openness of all the team at TaxAssist Accountants struck me right from the outset, such that the decision was much easier to make – a clear sign that things were right then, and which has continued to prove to be right time and again since. Looking back, the first year was an exceptionally demanding one and much of the cash flow was reinvested to develop the potential of my practice. I had originally planned to move into shop front style premises some time after three years. After just two years the ideal shop front became available and I needed to make the commercial decision and investment much sooner, eventually moving in March 2005. Despite my reservations over the cost and disruption the overriding outcome has been excellent. My net fee income, client growth, profitability and cash flow have all benefited dramatically since then, improving month on month. New business enquiries are plentiful with word of mouth being the best source and referrals from local professional sources (banks and solicitors) second. There is little other marketing I need to undertake, and the brand building activity of the Support Centre is sending welcome leads my way. I now have seven members of staff.
In December 2007 I acquired the freehold of a former bank in my neighbouring home town. It opened as my main office in March 2008. It is at least three times the size of the previous shop front, and provides substantial scope for further growth. The quality and average fee size of new business enquiries has improved. The fact I have been confident enough to buy, and that my bank have been so keen to support me, is continuing testament to the strength of the business model. I have entered 2009 with more enthusiasm than ever!
The brand support is excellent and allows me to portray a “big” practice feel but with a “small” practice price structure – a real winner with the clients! Ongoing training is excellent through BPP and I have to say that TaxAssist Accountants seem to have their support structure with franchisees just right – there when you need them but leaving you to run and develop your business when you don’t!
I have no doubts I made the right decision and can confidently recommend TaxAssist Accountants.
Phil Marriott
Loughborough
March 2009
I was 46 and had been made redundant from my job as a manager for a finance company which was a bit of a shock! I knew a bit about franchising but had not considered it until I came across a copy of The Franchise Magazine. After reading it from cover to cover I contacted three franchises, choosing TaxAssist Accountants as they were the most professional and have a track record that offered stability - I wanted to feel confident that I was using my money wisely and it wouldn't go to waste.
The five weeks of training provided were superb. As I'm not an accountant by background I found it very intensive, but it was excellent. Even after the training you are not left on your own. You get a lot of support and there is a helpline that is manned by very knowledgeable people. Everyone at head office is willing to help and they are all really nice. Even other franchisees are willing to help, all you have to do is call them.
Nick Brook
Huddersfield
Chris and Win Hyde have recently sold their TaxAssist Accountants practice to their office manager Fiona Nelson. Here, they look back at why they initially decided to take on a TaxAssist Accountants franchise five years ago, and the return on their initial investment of 19,000.. Chris says "I was researching franchising for a magazine article I had been asked to write, when I first became interested in TaxAssist Accountants. Prior to that, I had no idea that accountancy franchises existed. Initially, the main attraction for me was that I could build an asset with a firm resale value, (practices can sell for between 1 and 1.2 times the fee base), that I could eventually sell for a capital sum, or alternatively retain and take a substantial income. My wife, Win, joined me in the franchise as a partner when we started trading in May 2002. Having previously worked as a receptionist for Rothschild Merchant Bank, her admin and interpersonal skills were invaluable in keeping customers happy and me organised. Having someone working alongside me from day one to undertake all of the onerous but essential recurring admin tasks that consume so much time, meant that I could concentrate on technical issues and growing the business, with the emphasis on the latter. In 2002 the minimum target fee base after five years was 100k. We believed that if we could achieve this figure we would have been more than proven right in buying the franchise and would have established a genuinely successful business. We decided to focus on growth and spend money promoting the business. We chased every lead down mercilessly! In late 2003, after trading for eighteen months, we reached a point where we needed to move to larger premises so we opted to go for a shop front which we moved into in July 2004. Moving into the shop front gave us visibility, credibility and accessibility, resulting in a steady stream of walk ins, increased referrals and a much better response to our newspaper advertising.
We are of the opinion that the shop front concept is the way forward for those franchisees wishing to build a substantial practice.
Our goal was to build a substantial fee base, and to ensure that we could still provide first class customer service. The key to this was to get the right staff in place. We employed three full time employees and with the help of the TaxAssist Accountants Support Centre, we were able to develop both the personal and technical qualities of the staff so that they were able to grow with the business and eventually play a major part in managing it - this has been evidenced by Fiona, our practice manager, now purchasing the business. We also carefully analysed the business to identify the most profitable client types. These turned out to be the small self employed traders with simple, straight forward accountancy requirements. This matches the founder of TaxAssist Accountants, John Westgarth's experience and philosophy. 
Looking back, the aim of achieving a fee base of 100,000 after five years, which at the time seemed an enormous task, considerably underestimated the potential of the business opportunity on offer and the positive effects that a shop front would have on achieving enhanced growth. Our experience has indicated that a franchisee going into a shop front from day one, willing to invest time, effort and money and following the franchise business model, should realistically expect a fee base of between 300,000 and 350,000 by year five with net profits of at least 40% before drawings. There are many franchise territories still available. If you are interested in finding out more about TaxAssist Accountants please visit our website www.taxassistaccountants.info or phone us on 0800 0188297. Written by Chris Hyde - Former TaxAssist Accountants Franchisee - Queensferry, Deeside, Flintshire. Chris and his wife Win were awarded TaxAssist Accountants Franchisee of the year award 2005 and were runners up in 2006. They are pictured below receiving their runner up award from T.V. and radio personality Sandi Toksvig.
Chris & Win Hyde
I started with TaxAssist Accountants on the 6th February 2001 having spent the previous 30 years within the Civil service. I had always regretted when at school and choices were made as to the subjects I would follow, not having chosen accountancy. During my years in the Civil Service I was involved in a variety of tasks which hovered around the edges of accountancy and always being good with figures I enjoyed that type of work. My last 10
years of employment was in economic development and in particular assisting the growth of small businesses. When I took voluntary redundancy and looked at the franchise market TaxAssist Accountants seemed to fit the bill with my desire to embark upon an accountancy path and continue my involvement with small businesses.
Now 3 and a half years down the line I am working from shop front premises and business is growing at a much faster rate and I can see light at the end of the tunnel.
The journey has not been easy - I can honestly say I have never worked as hard or for such long hours but this is compensated by the fact I am doing it myself and have no bosses or colleagues to whom I must listen to or rely upon.
To get to where I am now could not have been done without the support and help of TaxAssist Accountants Norwich. They have indeed "walked the talk". The training I have received has been excellent. However the most important and comforting factor has been the day to day support given through the helpline - knowing that with a telephone call or E-mail your questions can be discussed and solutions achieved.
Barry McGougan
Kilmarnock
"Moving into shop-front premises has been a very positive move for both of us. Our increased visibility has already helped secure a considerable amount of new business in the first couple of months. Being in a shop-front office enhances our professionalism and gives credibility to the business.
Being a TaxAssist Accountants franchisee basically offers the chance to run your own business but with the reassurance of advice and back-up from head office."
William Swift and George Mason
Leeds
"I started my Franchise in June 2000. Before deciding to go ahead, I investigated a number of franchises, pursuing several to an advanced stage. TaxAssist Accountants stood out from the beginning for their openness and straightforward approach.
The initial information was the most comprehensive and, at all stages, questions were answered fully and quickly. The whole process was friendly but very professional, something that could not be said of some other franchises.
Having joined the network, the standards have been maintained. Training is thorough, and ongoing support is excellent on a day to day basis - very important with the complexity of some tax situations. Franchisees are encouraged to interact, both at formal meetings and at other times - the network are very supportive of each other. Franchisees views are also held in high regard by the Directors, and many developments can be traced back to franchisee feedback.
Anyone looking for a franchise of this type is unlikely to find a better prospect. If you have the will to succeed, TaxAssist Accountants will help you achieve it."
Clive Marshall
Wirral
I would like to express my congratulations to the TaxAssist team on a significant achievement, which I believe is well deserved.
I am personally thrilled that I made the decision to join the TaxAssist family and look forward to being a part of its continued success in the future.
With best wishes to all the hard working team in Norwich.
David Lushington on learning that TaxAssist Accountants had won silver at the BFA Franchisor of the Year awards.
Oxford
May 2008
