Padgett Business Services
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Padgett Business Services is America’s top-rated and fastest-growing tax and accounting franchise. With a network of over 400 offices in the United States and Canada, Padgett is one of the largest privately-owned small business services firms in the country, providing a wide array of financial services including tax planning and preparation, payroll services, financial reporting, business consultation and other services pertinent to small businesses. Padgett franchisees help other entrepreneurs reach their full potential by building strong relationships with clients and running their businesses more effectively and efficiently.
With plans to open 200 franchised units in the next five years, Padgett is actively recruiting new franchise owners to help build on their proven formula of success. Initial training, specialized software and ongoing support for franchisees ensure they are equipped with the tools needed to successfully branch out and reach their goals.
| |
Operating Units |
5/31/2008 |
5/31/2009 |
5/31/2010 |
|---|
| | Franchised |
293 |
299 |
306 |
| | % Change | -- |
2.0% |
2.3% |
| | Company-Owned | 0 | 0 | 0 |
| | % Change | -- |
-- |
-- |
| | Total |
293 |
299 |
306 |
| | % Change | -- |
2.0% |
2.3% |
| | Franchised as % of Total |
100.0% |
100.0% |
100.0% |
Investment Required
The fee for a Padgett Business Services franchise is $56,000. This fee is divided into a $1,000 application fee, a $37,000 initial license fee and a $18,000 training fee.
Padgett Business Services provides the following range of investments required to open your initial franchise. The range assumes that all items are paid for in cash. To the extent that you choose to finance any of these expense items, your front-end investment could be substantially reduced.
| |
Item | Established Low Range | Established High Range |
| | Application Fee | $1,000 | $1,000 |
| | Initial License Fee | $37,000 | $37,000 |
| |
Initial Training Fee |
$18,000 |
$18,000 |
| |
Expenses While Training | $2,000 | $2,000 |
| | Equipment and Fixtures | $3,500 | $3,500 |
| |
Marketing & Branding |
$16,080 |
$16,080 |
| |
Appointment Setting |
$14,400 |
$14,400 |
| |
Initial Software & Hardware Fee |
$4,000 |
$4,000 |
| |
Office Supplies |
$2,000 |
$2,000 |
| |
Initial Insurance |
$800 |
$800 |
| |
Rent, Telephone, Postage, etc. |
$3,600 |
$3,600 |
| |
Other Expenses |
$2,375 |
$2,375 |
| |
Additional Funds (3 Months) |
$1,200 |
$1,200 |
| |
Total Initial Investment |
$105,955 |
$105,955 |
Ongoing Expenses
Padgett Business Services franchisees pay royalty fees equal to the greater of 9% of gross receipts or a fixed amount, ranging from $50 to $750 per month depending on how long the franchisee has been in business. Franchisees also pay advertising contributions equal to up to 2% of gross receipts.
What You Get—Training and Support
New franchisees receive training in the Padgett Marketing and Operations System before opening their own franchise, and an additional course after six months of operation. Step-by-step courses and seminars are held on all major aspects of the business. Additionally, Padgett Business Services offers franchisees free ongoing professional training several times a year, where they can polish their knowledge, learn about developments in the industry and network with each other at annual tax seminars and marketing conferences.
Padgett provides its franchisees with telephone support, web support, and has a franchisee-staffed Advisory Board where franchisees can voice ideas and opinions to the Padgett support team. Padgett supplies marketing plans, professionally designed programs, and ready-made sales materials that create qualified business leads. Franchisees also receive help in promoting their new business from Padgett’s in-house Public Relations department. Monthly newsletters keep franchisees updated on what’s happening at Padgett and ensure that owners stay in constant contact with clients. Padgett’s research and development team provides timely computer updates, new methods of client development and workable solutions to many day-to-day problems.
Territory
Padgett Business Services does not grant exclusive territories.
Note: The tables and information regarding the number of operating units, investment required, on-going expenses, training and territory grants were taken from the company’s 2010 FDD. Upon receipt of the 2011 FDDs, we will provide new and updated write-ups that will reflect more current information. The 2011 write-ups will be incorporated into the 2012 Edition of Bond’s Hottest New Franchises publication.
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