[polar21]

Has anyone considered purchasing a tax franchise? I can see myself being at a crossroads in the next couple of years of whether to continue working for the Big D, attempt to buy out a local practice, or buy a franchise. I want to hang my own shingle, but trying to strategically put myself in the best possible situation.

The only reason I would stick with the current gig would be the $$$.

[polar21]

That is what I am trying to look at. Let's be honest, we are never going to be the most knowledgeable tax practitioners out there. So, if you are a non-franchised person opening your own shop or buying in to an existing local firm, you are buying into the relationships that have been built and the client base. If you go the franchise route, you are buying the advertising that the national brand does. If I said to you “Get Your Million Back America”, chances are you can tell me who the company is.

From a straight business standpoint, it seems like these places make an absolute fortune. Throw one of these places up in a low income area where computer literacy is low, and you can charge $100-$300 per return and finance the refund right back to them. Straight Cash Cow if you ask me.

[Kimboroni]

“I wonder who will be the first to open a tax prep franchise following the popular hot wing franchise where they were the cutoff shirts… LOL Hire attractive men and women who can operate turbo tax league software and see what happens.”

That's hilarious. They can call it HoTaxxx or something.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[Kimboroni]

“I wonder who will be the first to open a tax prep franchise following the popular hot wing franchise where they were the cutoff shirts… LOL Hire attractive men and women who can operate turbo tax league software and see what happens.”

That's hilarious. They can call it HoTaxxx or something.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[teeteenounouche]

I'd buy one of these franchises in a “hot” second…I know a guy who's father retired from owning 2 locations and now his son owns them and is planning on buying more…the son knows how to work the software b/c he worked for his Dad…it must be very profitable to pass the business down to your kids and retire just on 2 locations.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

I'd buy one of these franchises in a “hot” second…I know a guy who's father retired from owning 2 locations and now his son owns them and is planning on buying more…the son knows how to work the software b/c he worked for his Dad…it must be very profitable to pass the business down to your kids and retire just on 2 locations.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[norwoodal]

I actually worked as a manager for a Jackson hewitt franchise for two years. In order to make money your life has to revolve around the franchise. My franchise owned 60 offices and I will be honest, the owner and other managers care more about quantity than quality. The employees that you would hire are for the tax season and are trained and taught in a few short months. It was really hard to get and keep quality preparers for long term. I went to work at a cpa firm and will never go back. That is just my thoughts. I could tell you more on the way they work if your interested.

REG 75
BEC 81
FAR 75
AUD 82

I AM DONE!!!!!

[norwoodal]

I actually worked as a manager for a Jackson hewitt franchise for two years. In order to make money your life has to revolve around the franchise. My franchise owned 60 offices and I will be honest, the owner and other managers care more about quantity than quality. The employees that you would hire are for the tax season and are trained and taught in a few short months. It was really hard to get and keep quality preparers for long term. I went to work at a cpa firm and will never go back. That is just my thoughts. I could tell you more on the way they work if your interested.

REG 75
BEC 81
FAR 75
AUD 82

I AM DONE!!!!!

[tomq04]

I'm curious norwood.

It doesn't seem likely that owning 60 franchises would be necessary to support ones self….just doesn't add up. Know anything about the cash flow and annual profit/location? I know the ones here in Spokane completely close shop for 5 months, move out of the building and everything, a 6 month lease wouldn't be bad eh?

REG- (1) 76
FAR- (2) 64, (5)74, (7)83 (Over achiever!)
AUD- (3) 70, (4) 75
BEC- (6) 75

[tomq04]

I'm curious norwood.

It doesn't seem likely that owning 60 franchises would be necessary to support ones self….just doesn't add up. Know anything about the cash flow and annual profit/location? I know the ones here in Spokane completely close shop for 5 months, move out of the building and everything, a 6 month lease wouldn't be bad eh?

REG- (1) 76
FAR- (2) 64, (5)74, (7)83 (Over achiever!)
AUD- (3) 70, (4) 75
BEC- (6) 75

[NeverGiveUpCPA]

@Kimboroni….LOL…I was in Memphis a couple years ago and saw an advertisement for something like “Baby Momma Taxes.” I swear I thought it was a joke….but there was a phone number in the advertisement.

[NeverGiveUpCPA]

@Kimboroni….LOL…I was in Memphis a couple years ago and saw an advertisement for something like “Baby Momma Taxes.” I swear I thought it was a joke….but there was a phone number in the advertisement.

[Skynet]

I'm waiting for the first person to open up a tax franchise where the female preparers wears miniskirts and serves hot wings with ice cold beers.

Seriously though, i wouldn't waste money on any of those franchises. I seen first hand how they are operated and would avoid them like the plague. You are better off starting your own practice and then later expanding. A lot of preparers there only have a few months of training and usually will not have much clue on preparing a return accurate and correctly. Plus the software is really horrible. It takes forever to go thranough the questions for a return. By the time you get done with the interview questionse exhausted. Plus there also high potential for fraud with RAL being offered when it is connected to the EIC.

[Skynet]

I'm waiting for the first person to open up a tax franchise where the female preparers wears miniskirts and serves hot wings with ice cold beers.

Seriously though, i wouldn't waste money on any of those franchises. I seen first hand how they are operated and would avoid them like the plague. You are better off starting your own practice and then later expanding. A lot of preparers there only have a few months of training and usually will not have much clue on preparing a return accurate and correctly. Plus the software is really horrible. It takes forever to go thranough the questions for a return. By the time you get done with the interview questionse exhausted. Plus there also high potential for fraud with RAL being offered when it is connected to the EIC.

[norwoodal]

tomq04: 60 locations under one Franchise. Of course it isn't necessary to have that many, that was just the situation I worked with. Most locations did not profit enough individually to support ones self. We kept leases on the buildings year round in order to have tax schools and places to meet with clients if there were issues during the off season. The franchisee I worked for did very well altogether and it is possible to make good money having the backing of a franchise, however, I personally prefer not to deal with that.

REG 75
BEC 81
FAR 75
AUD 82

I AM DONE!!!!!

[norwoodal]

tomq04: 60 locations under one Franchise. Of course it isn't necessary to have that many, that was just the situation I worked with. Most locations did not profit enough individually to support ones self. We kept leases on the buildings year round in order to have tax schools and places to meet with clients if there were issues during the off season. The franchisee I worked for did very well altogether and it is possible to make good money having the backing of a franchise, however, I personally prefer not to deal with that.

REG 75
BEC 81
FAR 75
AUD 82

I AM DONE!!!!!

[Author]

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