Case Study - Phil Marriott
I joined TaxAssist Accountants in December 2002 having purchased an existing fee bank from a franchisee who was returning to a former employer. My experiences gained in banking, insurance and finance, coupled with the knowledge gained in setting up and running a group of limited companies with some fellow directors, gave me some preparation for running an accountancy / business advisory practice…but I wanted the comfort of a "hand held" approach and some solid back-up support.
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 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.
