There have been five franchise resales in 2019 so far, with another expected to complete later in the year
Purchasing an established TaxAssist Accountants practice continues to be a popular avenue for new joiners, who see the value in taking on a business where the brand is already established with an income stream from day one.
Jonathan Berks had been TaxAssist Accountants’ longest serving franchisee before he sold his practice in Royston, Hertfordshire in April 2019. He joined the franchise in December 1996 and, after 22 years and four months, realised his investment after deciding to retire.
Experienced accountant Tasnuva Tina, who purchased Jonathan’s practice, said: “I had always been interested in working for myself but did not know the best way to realise this ambition.
“As I had not run my own business before, being part of a franchise, where I can get the help and support of a strong network, was top of my wish list.
“I met with the Support Centre team and was impressed. I found out that the Royston practice was being sold by Jonathan, who was looking to retire. I arranged a meeting to find out more and followed this by speaking to several existing franchisees and completing my due diligence. The feedback I received highlighted how Jonathan had built up a strong client base and it would be too good an opportunity to miss. I am now looking forward to working with an excellent and supportive team and growing the client base further.”
Phil Cornish sold his 10-year-old TaxAssist Accountants practice in Altrincham, Cheshire to husband and wife team Samit & Preeti Gupta in August 2019. Following the sale, he said: “I’d like to thank all of the Norwich team for their help and assistance over the years.
“My experience as a franchisee has been excellent, I have never regretted making the decision to join and am pleased that the franchise continues to grow. We were able to build a good business and income and have now had the ability to realise our investment at a decent multiple, I have no doubts that being part of the TaxAssist network has been a significant factor in this success.
“I am very pleased to have been introduced to Samit and Preeti, who I am sure will make a great job of continuing the growth of TaxAssist Altrincham and Sale.”
Karl Sandall, Chief Executive Director of The TaxAssist Group, said: “Buying a practice through a resale can provide many advantages, including investing in a ready-made business with a fee base, established premises, experienced staff and practice management systems in place.
“Incoming franchisees benefit from an immediate income stream with access to our full range of ongoing technical and business development support, advice and training enabling them to develop the businesses further. Added to this, the banks remain fully supportive of our business model because of the reduced risk of franchising and our proven track record and will typically lend 70% of the total investment required.”
The other three franchise resales in 2019 include Chesham in Buckinghamshire, Smarden in Kent and Godalming in Surrey.