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Through John Hewitt’s expert leadership, Liberty Tax Service is
setting a new standard for the retail tax industry. Hewitt began his career in
the retail income-tax preparation industry 41 years ago at H&R Block; he
then founded Jackson Hewitt Tax Service and sold it in 1997 for $483 million.
Since Hewitt started Liberty Tax Service twelve years ago, it has experienced
explosive growth, both in the number of offices opened and tax returns
prepared. Liberty Tax Services has successfully tapped into the income
tax industry’s predictable growth, with yearly increases in both the number of
people filing tax returns and in the number of people paying a tax preparer.
Recently ranked 3rd in Entrepreneur magazine’s
“Franchise 500” feature, and included onPoder (formerly Hispanic
Enterprise) magazine’s elite list of “25 Top Franchise Opportunities for
Hispanics”for the third time, Liberty Tax Service is on its way to
becoming the leader of the retail tax industry.
Operating Units
4/30/2007
4/30/2008
4/30/2009
Franchised
2,047
2,374
2,881
% Change
--
16.0%
21.4%
Company-Owned
26
50
43
% Change
--
92.3%
-14.0%
Total
2,073
2,424
2,924
% Change
--
16.9%
20.6%
Franchised as % of
Total
98.75%
97.94%
98.53%
Investment
Required
The
fee for a Liberty Tax Service franchise is $40,000.
Liberty
Tax Service 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
Franchise
Fee
$40,000
$40,000
Opening
Advertising
$5,000
$7,500
Training
Expenses
$100
$2,500
Equipment
and Furniture
$2,000
$3,000
Signage
$500
$1,000
Rent
$3,000
$6,000
Payroll
$3,000
$5,000
Insurance
$200
$400
Additional
Funds (3 months)
$3,000
$4,500
Total
Investment
$56,800
$69,900
On-going
Expenses
Liberty
Tax Service franchisees pay a royalty fee equal to 14% of gross receipts
(minimum of $5,000 for the first year, $8,000 for the second year and $11,000
for the third year and beyond), and an advertising fee equal to 5% of gross
receipts.
What You Get—Training
and Support
Training consists of three phases. First, Liberty Tax Services
provides a minimum five-day Effective Operations Training course in Virginia
Beach, VA which instructs franchisees on the basics of operating an income tax
office. Other subjects include accounting, marketing, hiring and staffing,
budgeting and office procedures. This course is followed by a five-day
Intermediate Operations Training session that covers tax return preparation
procedures and technology applications necessary to process income tax returns
and maintain accurate accounting records. Two of these five days focus on a
marketing module designed to help the franchisee develop an effective local
marketing plan. The last phase is Advanced Operations Training, which covers
tax-related topics, advanced management training issues and in-depth marketing
methods over the course of three days. Franchisees also benefit from a support
system of employees who have a combined total of 600 years of industry
experience.
Every year, a supplemental two-day training session is conducted
across the country to update franchisees on new tax laws, software and
marketing programs.
Fun is hard to avoid at Liberty Tax with its unique form of
marketing: people dressed as the Statue of Liberty or Uncle Sam draw customers
to stores. More traditional local marketing and grand opening plans are also
provided and promotional events at the national level create media awareness
and exposure.
Territory
Liberty
Tax Service grants exclusive territories in which typically 7,000 to 8,500 paid
federal tax returns are prepared.
