Succentrix Business Advisors

Succentrix Business Advisors Q&A with Alan Padgett, President, CEO

How was your franchise/opportunity originally conceived and started?
Succentrix saw shifts in the direction small business owners were moving and what they needed and expected in order to stay healthy and growing. The small business owners today are more and more Tec savvy and they need their accountant to be ahead of the game, and able to give them real-time business advice. They want to know how their business is performing at any time and from any location. So we developed a new approach especially for the small business community that meets these needs. Our philosophy and software partnerships were adopted to move us to the next level of service to our clients: one of relationship accounting, and from accountant to Trusted Advisor.

What was your original vision for your company? How has that changed over time?
My original vision began as I watched the economic effects of the Big Recession hurt so many accountants. They lost their jobs, their retirement plans were dramatically changed, and unemployment and lack of opportunity plagued the marketplace. Meanwhile, hopes and dreams became shattered. We decided to take an action. We decided to offer accountants a new, inexpensive and exciting way to reach new goals. This is our way of doing our part to stimulate the economy and help people to help people. Our vision has not changed.

What do you believe is the single most important factor when choosing a franchise?
Someone looking to start a franchise should be sure they truly want to own their own business.

Why should someone choose your franchise over other similar franchises?
I can’t really answer this without spending time with a franchise candidate. I know our Cloud based software is ahead of the times. I think our franchise model is priced so that most anyone can enter our franchise. Succentrix Business Advisors provides all the services that the small business owner wants and needs. The services we offer the small business community are very competitive but profitable to the Succentrix Advisor. For instance, we can provide a complete monthly accounting service to the small business owner for as little as $99.00 a month. Our payroll services are also priced well below the market.

What makes your industry attractive?
In America, there will always be a need for accountants and income tax preparers. Even though some individuals may have chosen to prepare their tax returns on line, we see the accounting industry moving toward business advisory services to truly help the small business owner make good real time business decisions. I call this a shift from just being an accountant to being a business advisor- meaning we offer “relationship accounting”, which combines reporting with advice in the now. Another point of attraction is that only a small percentage of accounting firms closed their doors during the Big Recession, which indicates soundness in the industry. Whether times are good or bad, businesses still need our help.

What types of qualities do you look for in potential franchisees?
We know that to do well in our franchise an individual must possess a solid accounting background. A Succentrix franchise owner must have excellent people skills, be willing to follow our systems and have an unstoppable desire to succeed.

What do your franchise fees and royalties cover?
Our franchise costs are broken down into two parts. The license fee of $15,000.00 covers the support costs associated with helping our franchises succeed, all research and development of new services or products that Succentrix provides to its franchisees. The Training fee of $4500.00 covers the initial and ongoing training that our Succentrix advisors receive to be competitive with industry standards, IRS and state tax codes. Our servicing fee of 7% covers the administrative and support for our offices. We are constantly refining our systems for success and looking for new services for our franchisees to offer their clients. Our company philosophy is simple, we work for the franchisees. Our 7% service fee has a very unusual advantage that is not often offered in the franchising world. We give 1/7th of it back each November. The franchisee can use these funds for annual tax review courses, CPE courses, business management training or just have some extra cash for Christmas!

How do territories work for your franchisees?
Our territories are protected. Each franchise owner’s territory is established by zip code(s) and the number of business opportunities contained in that area. We also have provisions to increase the size of a territory.

Where do you see your franchise in 5 years and 10 years?
Succentrix business advisors will establish approximately 10 new locations each year during the next years. Our growth could be faster but we want to control our growth so that our training and support staff can professionally work with each franchise.

What is your favorite advice for new franchisees to help them succeed?
Spend your time helping people and your business will grow!

What would you tell potential franchisees that may be nervous about the financial burdens of starting a franchise?
Being nervous is normal, but starting a new chapter in your life is exciting. I’d be more nervous about keeping my job or finding another job than I would about starting my business. Starting your own business allows you to control your future. If you believe in your business, start each day with a positive attitude, work hard each day, you will soon forget about the nervousness.

On average, how long does it take to start a new franchise from the franchisees point of view?
90 days

What was your background and experience before founding this franchise?
I spent the last 44 years helping accountants start and develop their businesses.

Do you have any franchisee testimonials or success stories that you would like to share?
We have over 100 years of combined experience in this business.

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