Case Study: Republic of Ireland Master Franchisees
TaxAssist Accountants Franchise Recruitment Manager, David Paulson, interviews Irish Masters Greg Murphy and Roddy Comyn to find out how their network is performing two years on...
Greg (a Certified Accountant) and Roddy (a Chartered Accountant) were awarded the Master Franchise Rights for the Republic of Ireland in February 2009.
Prior to joining TaxAssist Accountants they were partners in a local practice in the Fairview region of Dublin. Whilst the practice was successful in its own rights, both Greg and Roddy were ambitious and wanted to develop a national brand across Ireland.
Rather than going down the managed office route, they saw the value in taking a Master Franchise and after researching options and completing their due diligence the TaxAssist Accountants Master Franchise opportunity stood out. They are now replicating the support, business development tools and the success that we have enjoyed in the UK.
Given the widely publicised problems with the Irish economy, this was a brave decision for Greg and Roddy to take and whilst the economic and political situation has continued to spiral downwards, it has proven to be the right one.
Since taking on the TaxAssist Accountants brand Greg and Roddy have:
● Established a pilot operation to prove the viability of the concept in Ireland
● Established their own training centre with all technical training provided by in-house experts
● Established a technical support team to provide general helpdesk support to the growing network
● Recruited 10 franchisees across Southern Ireland, 8 already operating from shop fronts and the two who completed training on 25th February 2011 actively sourcing shops
● Appointed a Marketing Manager who, in Greg’s words, was the “missing link” in promoting the brand and supporting their network in marketing and business development as well as franchisee recruitment
By the end of 2010 the Republic of Ireland network had grown their client number to over 600 and reported a Fee Bank of €753,619. Impressive figures for a network where 77% of its franchisees had been trading for under 12 months.
The growth in client numbers and fee bank accelerated in the last two quarters of 2010 and, as the steady recruitment of new franchisees continues, so should this trend.
What first appealed to you about TaxAssist Accountants?
“We recognised a gap in the market for an expert, value for money accountancy and tax service aimed at small businesses and taxpayers.
Like the UK, this market was not being serviced by the bigger or smaller traditional accountancy firms in Ireland. The shop concept was particularly appealing as we could see the benefit of it to small businesses and we could see how it fitted with the model”.
Have we delivered what we promised?
“The short answer is yes! We don’t see how TaxAssist Accountants in the UK could have done much more to support us.
We were fully aware going into the business that the ultimate risk was ours but having said that, everything that was promised or committed to has been delivered.”
What were the high points?
“The high points have been achieving double figures of franchisees within just 18 months of recruiting and the fact that all of our franchisees have fully bought into the shop front concept.
Getting the Bank of Ireland on board to back the business model in the current economic climate was another major achievement – at the time they weren’t lending to any other franchise.
We don’t underestimate how helpful the support from the team in Norwich was for making this happen, their own banking experience and standing with the UK banking community made a real difference. “
Have there been any low points?
“Regarding the franchise itself and the support provided, no. The only low points have been outside of the franchise, namely the Irish economy, political upheaval and the lack of general confidence in the country.”
What do you feel were the benefits of joining TaxAssist Accountants?
“For us it has been the addition of a whole new skill set and professionalism that we couldn’t have created on our own and the trust that has been built up with us and the UK.”
What are your goals for 2011?
“We are aiming to have 20 franchisees by 31 January 2012. Whilst this may seem ambitious given the state of the economy, the level of interest in the opportunity has been tremendous, including meeting with a number of good qualified accountants at the recent Irish Franchise Exhibition where feedback on the TaxAssist Accountants brand, business model and what we have achieved was excellent.
Our congratulations to Greg, Roddy and their team for what they have achieved.
We look forward to working with them to help them achieve their goals and to replicate their success in other international markets.
