Online Prospectus Republic of Ireland
- Concept
- Support
- Testimonials
- Finances
- A Guide to Estimated Start Up Costs and Ongoing Fees
- Working Capital & Property
- Revenue Projections
- Ten Reasons Why You Should Join TaxAssist Accountants
- What Next?
- Application Form
Download a PDF version for easy printing.
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Prospectus Part 1 | 115 kb |
We have developed a robust business model that allows us to focus on a particular market of potential clients. Our operation has evolved over the last 13 years, and the principles remain the same:
The model is to focus on the supply of accounting, taxation and associated services to small businesses. A small business is defined as any trading entity with a turnover of up to €2Million. This includes Sole Traders, Partnerships and smaller Limited Companies. Our shop front strategy is based on making our services more accessible to the 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 office locations or shop-style premises makes us more accessible.
2. 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 Franchisee Development Managers, Directors and our Technical and Training Teams, as well as ongoing training to accommodate Continuing Professional Development requirements from the accounting institutes.
We have been established since 1995 and recruited our first franchisee in 1996. Since that time the network has grown to over 180 and 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 ‘Best Practice Forums’, Regional Meetings and an 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. 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:
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
More testimonials are supplied further into the recruitment process. Should you become serious about joining TaxAssist Accountants and attend one of our discovery days, 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.
€39,450 Franchise Fee
LICENCE FEE
The licence fee grants the right to trade under the corporate identity of TaxAssist Accountants for the duration of the Franchise Contract.
IT EQUIPMENT AND MAINTENANCE PACKAGE
We supply laptops with Intel Centrino dual core processors which are far superior to the AMD and cheaper Celeron processors available. All laptops are specified with 1Gb of ram to allow applications to run at optimum without being held back by hardware.
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 five-week 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 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. We also place an advert in the Golden Pages.
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 on training days reviewing your progress.
’EMPLOYMENTOR’ – HR AND EMPLOYMENT PACKAGE
We are pleased to offer all franchisees subscription to ‘Employmentor’. This service provides you with current HR documents for all your employment needs and much more.
SUBSIDY FOR SUPPORT AND HELPLINE
The franchise fee gives you access to all services provided by the Support Centre from day one.
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
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, and book into training sessions to name but a few features.
ADDITIONAL INITIAL SUPPORT
In addition to dedicated internet 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.
KENDLEBELL TELEPHONE ANSWERING SERVICE
In the first year of your franchise you may be working on your own, or have few staff members. In order to ensure a professional and corporate response to clients and prospective clients, we are pleased to offer the services of Kendlebell personal answering service for either a full year's service or 120 messages whichever comes first. Each TaxAssist Franchisee will be given the names of two or three PAs who will work for them and answer their calls and forward their messages either by Email, SMS or Fax.
BUSINESS STATIONERY
A starter pack of stationery is provided, including letterheads, envelopes, business cards etc., 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 customers 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.
5. A Guide to Estimated Start Up Costs, and Ongoing Fees
| Commercial Premises Costs | |
| For example, local business enterprise offices with a flat rate short term licence, usually with parking provided. Prices would vary between regions. | €250-650 pm approx, plus costs e.g.phone |
| Equipment | |
| Black & White Laser Printer | €400 |
| Office Furniture, Photocopier/ Scanner, Mobile Phone, Telephone/Answerphone/Fax | €1000 |
| Software | |
| CCH ProSystem Starter Pack including: | |
| Practice Management, Accounts Production, Book Keeping and VAT. Personal, Partnership and Corporate Tax. Dividends and Tax Return Review | €150pm |
| Thesaurus Payroll (first year’s subscription) | Inc. in franchise fee |
| Microsoft Office SBE and Anti Virus software and online backup | Inc. in franchise fee |
| Other start–up costs | |
| Legal Fees (optional) | €750 |
| Professional Indemnity Insurance | €1,500 approx |
| First 12 months general marketing (networking, advertising etc) | €5,000 |
| Initial Working Capital | will vary on an individual basis |
Management Service Fees – based on turnover
| On first €150,000 – 9% |
| On next €150,000 – 6% |
| Over €300,000 – 3% |
Brand Awareness Fund
| €150pm |
Leads provided from inbound call centre activity
€75 per lead
Employment and HR package
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‘Employmentor’ |
Inc. in franchise fee |
Notes - The above and below figures are excluding VAT.
6. Working Capital & Property
Working Capital & Property
The Franchise Agreement states that you will operate from shop-style premises within 36 months of joining TaxAssist Accountants. We recommend that you start trading from such premises from day 1, and we have strategic relationships with certain suppliers that can facilitate this.
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 .
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Robert Marjoram's Shop Norwich, Norfolk, UK |
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Phil Marriott's Shop Shepshed, Leicestershire, UK |
Property Sourcing
Our Franchisee Development Managers have been specifically tasked to look after all aspects of sourcing and operating from office and shop-style premises. With many years’ experience, the Franchisee Development Managers are highly experienced in the TaxAssist Accountants franchise concept. We are in a position to offer advice and guidance on sourcing rented offices or shop fronts.
Working Capital
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 Ulster Bank. The level of capital you will need is dependent on several factors – regional variations in property and staff costs, personal expense requirements and trading status (office or shop front).
Operating from a rented (or serviced) office can prove less capital-intensive and it also gives you an opportunity to develop your business before moving to a shop front operation. The quality and location of commercial offices are very important. Under these operating conditions Working Capital requirements will still be governed by local market trends, and you will still need to budget for rent, marketing and living costs until your revenue stream is established.
Funding for your franchise can be arranged by means of a loan and overdraft combination, thus allowing for flexibility in terms of monthly expenditure.
7. 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. For the franchisees that have opened in the last 3 years, the top 20% at the end of their first year have an average of 116 clients and £75,000 of fees. 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.
A particularly strong performer is Mark Fordham, a former Internal Auditor based in St Albans. In his first 12 months trading, Mark built a client base of 112 clients and a Fee Bank of £60,000. Now having completed over 6 years as a TaxAssist Accountant, Mark has a client base of 760 and a fee bank of £638,000.
Gary Jacks joined our network in April 2006 and went straight into a shop front in Ellesmere Port in Cheshire. He states "I found that after my April launch I was soon securing clients - I've already (at month 5) secured 59, and the annual fees from these currently stands at £46,000. By following TaxAssist Accountants business model, the speed with which I've grown my client base has far outweighed my expectation".
Gary now has 390 clients and a fee bank of £240,000, and has opened a second shop front in his area.
Jackie Bligh joined the franchise in November 2005 and is happy to report “I survived my second January invoicing £22K, bringing me to total cash banked in my first year of £60k…I start my second year of trade with 199 clients and £83k of fees”.Jackie now has 320 clients with a fee bank of £156,000.
Revenue and business growth is dependent on activity. Our business model involves certain activity requirements including marketing, networking and general business development.
Due to the way in which clients are acquired, there is often a delay between sign-up and receiving revenue. Therefore the cash sales are calculated at 75% of the fee bank.
8. Ten Reasons why you should join TaxAssist Accountants
1. Our Brand Name - We are the leading franchised accountancy organisation looking after small businesses, with over 13 years experience of operating a substantial network of branded offices that is well recognised and respected.
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 food 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 Republic of Ireland Support Centre is managed and staffed by experienced, qualified accountants. Our Irish master franchisees, Greg Murphy and Roddy Comyn have many years experience working in and building small accountancy practices that service the needs of small Irish businesses. All of our UK Support Centre staff are 100% committed to supporting the entire UK and Ireland Franchise network. The three executive directors have a breadth of business experience which they bring to the franchise. Karl Sandall had 26 years working for a major clearing bank, and is an ex bank manager, Sarah Robertson is a Chartered Marketer who previously operated her own Marketing and PR company and Phil Sullivan spent 26 years with HSBC achieving Executive Management status before leaving to establish his own business in 2006 providing corporate and commercial advisory services.
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, Golden Pages advertising, internet 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. Once established, there is the possibility of taking on two franchise territories.
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 including Golden Pages and internet key word optimisation amongst other initiatives which will generate inbound leads. We can also offer the services of ‘cold calling’ telemarketing agencies should you wish to run a campaign.
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. We also have an association with the 2020 Group, who specialise in marketing/technical advice specifically for accountants.
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. Branded 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, Debt Recovery, Company Formations, Employment Advice and Will Writers, 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.
Employmentor is available at a much reduced cost via TaxAssist Accountants, and offers businesses a complete administrative tool for handling the recruitment and management of their staff, whilst ensuring that they comply with all their legal requirements. They offer an on-line service which allows access to all of the legal resources you (and any employer clients you may have) will need. The website provides subscribers with an array of templates, precedents, model letters and general procedural guidance on each stage of the employment process, and is backed up by a telephone and email helpline staffed by qualified lawyers who, unlike many call centre type competitors, benefit from their day to day experiences as active employment lawyers.
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.
When you join TaxAssist Accountants you are joining a network with a visible, credible brand. We have a bank contact scheme whereby we keep banks updated with all franchisees, sending out your business card and introduction letter. We also keep in regular contact with the Associations of Self Employed who can provide access to their many trade members and potential clients.
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 help line. This is manned from Monday to Friday 9am –5pm, by individuals with a range of accountancy and tax qualifications 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.
We have a panel of IT service providers across the UK and Ireland, referred to us mainly from within our network, with a view to providing a choice of reliable, recommended, local IT support partners for you to contact and contract with for your IT requirements. A laptop and CCH software is provided as part of your franchise fee and CCH themselves will be responsible for the installation and updates of their software, at no charge to you. All in all a complete practice management system.
Our network of Franchisees is expanding rapidly –
Join us now and share in our success
If you would like to take your interest further, you will need to complete an Application Form so we can assess your suitability to become a TaxAssist Accountants franchisee. The form will be sent along with the brochure if you have requested information to be posted to you. You can also download the form from our website www.taxassist.net. Alternatively you can telephone us on 1890 87 68 87 or e-mail recruitment@taxassist.ie to ask for the form. The return details are at the bottom of the form.
On receipt of the application form we will call you, and if the outcome of your initial conversation about the franchise is positive, we will then also request a copy of your CV and invite you to attend an initial meeting with our master Irish Franchisee to fully discuss every aspect of our Franchise without obligation of any kind. After this meeting if you are still keen to progress we will ask you to attend a “Discovery Day” at our UK support centre in Norwich. You are welcome to (and we would encourage you to) bring a partner or colleague to this ‘Discovery Day’, if you wish.
The discovery day is not a hard sell and there is no obligation to join us after the day. The days are a two way process to establish if we can work together.
Because of the sensitive nature of the things we will be showing you and discussing with you we will ask you to sign a ‘confidentiality agreement’ on your arrival. Your visit will also include a tour of our Support Centre and provide you with an opportunity to meet and talk with all departments.
Once you have attended a ‘Discovery Day’ you may wish to reserve a territory whilst 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 – 1890 87 68 87, email recruitment@taxassist.ie or visit www.taxassist.netSummary of The Recruitment Procedure
- Following an initial enquiry, TaxAssist Accountants will send out an initial information pack and Application Form.
- Candidates showing the right aptitude and with the right background will be invited to a meeting with our master Irish Franchisee and asked to forward a completed Application Form and their CV.
- Successful candidates will be invited to attend a Discovery Day at our UK support centre in Norwich
- Successful candidates who have attended the Discovery Day will be invited to reserve a territory and be advised on Due Diligence investigations. They will also be supplied with a blank Franchise Agreement and Business Plan template.
- With all relevant research completed, those looking to join us will be asked to complete a financial Business Plan and taken through the final preparations before joining on a training course.
Our network of Franchisees is expanding rapidly –
Join us now and share in our success
10. Application Form
To assist us with ease of identification at the interview stage, please would you insert a passport type picture of yourself with the completed Application Form. You can download a MS Word or PDF version below.
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Application Form MS Word | 38 kb |
This Application Form is for information only and will help in assessing your suitability to own a TaxAssist Accountants Franchise. It is in no way binding on either party and will be treated in strict confidence. Please seriously consider if you are the sort of ambitious, capable, hard working business builder we are looking for before returning this Application Form to us.
