Case Study: Russell Charles

Franchisee in Cardiff Central, Cardiff West and Barry

Russell Charles couldn’t be happier that he joined TaxAssist Accountants, “I spent 17 years running my own practice and treading water. That all changed the day I joined the TaxAssist franchise and the serious growth began. With the strength of the brand, my shops, the training and marketing I am consistently aiming for double digit growth year on year. I’m thrilled!”

Russell was familiar with running a business and with tax and accountancy, but he is clear that it was his decision to join TaxAssist in 2010 that has produced these dramatic results.

Russell started his own practice in Cardiff with his wife Katherine in 1992 after 10 years spent working for HMRC.  Having quietly built up a good business with minimal expenses, overnight his business floundered when two large clients left after expanding and requiring more complex services, leaving a gaping hole in his turnover, which dropped by a third.

“It was then that I started to question what I had been doing for the last 17 years!  I was in a first floor office with no signage, we did no marketing, were proud that we did no advertising, had no brand and were happy with one new client every few months.  I realised I had spent all of my time working in my business rather than on it and now had very little to show for it.”

It was at this point Russell decided to search the internet for accounting franchises, and was pleased to discover TaxAssist. 

“I had been considering taking on a partner, but with that comes the complications of giving away part of your business and having to find someone who is a personality match. I realised that a much more favourable option was to take TaxAssist on as my ‘partner’ instead! The franchisor are in my eyes the perfect team to work with as they take a minimal percentage cut and are incredibly easy to work with and their guidance and assistance has been invaluable.”

Russell opened his TaxAssist shop front premises in May 2010 and the results were immediate. “Katherine and I are thrilled with the way the shop has managed to establish us in the local area, drawing in clients. My clients love the welcoming look and feel of the shop and feel they can confidently recommend my services to others”.

Russell now has six members of staff and two consultants, which means he can take more of a back seat, and let his staff handle the bulk of the workload. This is generated from three shops after Russell bought out his neighbouring franchisee in Cardiff West and Barry in May 2016.

“The TaxAssist technical team have been a huge bonus, helping out with compliance and specialist advice, as you can never know it all. I now spend all of my time working on the business rather than in it and can happily report we are operating as the TaxAssist business model recommends, with a third of my revenue going to staff, a third to overheads and a third profit. I really can’t recommend TaxAssist highly enough.”

If Russell’s story has inspired you, contact the recruitment department on 0800 0188297 for a confidential chat, or e-mail us using the link at the top of the page. 

January 2019

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