RetroTax ...More Than Recession Proof – Recession Friendly

I've really been feeling the pain of late, for many of my franchise brethren in the world of brick and mortar. Many franchisors and franchisees are struggling in this downward economy. With election year uncertainty, the rising costs of fuel and essentials, consumers are starting to tighten their belts and spend less. Franchisors and franchisees too, face similar problems, with rising costs of goods and overall increased costs of doing business. Additionally, many must now deal with tariffs and surcharges that have recently been imposed by suppliers and distributors that have no choice but to offset their rising fuel costs, in order to get products delivered to the franchisee's door. This leaves everyone fighting for every last penny and lately it seems, there are fewer pennies to go around.

Now, I'm not for a moment suggesting that we're bulletproof, but these kinds of problems pose no challenges at RetroTax. Sure, we too must fight for business in a competitive marketplace, monitor our expenses and cashflows, but we don’t face the challenges that most others do in a downward economy. In fact, our clients look to us to help them offset some of the negative cycles that this type of economy bestows upon them.

Since we help them redeem unclaimed tax credits and incentives and only charge a contingent fee for what we produce, our clients experience no up-front costs for doing business with us. Our brand actually thrives in a downward economy. More and more businesses looking for ways to offset rising costs, want to avail themselves of our services. While this is great for us, it will be even better for our franchisees.

When business is good and cash is flowing, our service makes nothing but sense for our clients. When business is bad and things tighten up, our service moves from just being a good idea, to something a bit more compelling. In this economy, our franchisees will have the ability to establish a solid client base now, and see it expand exponentially as the economy recovers. Now though, is a great time to begin building a book of business.

In times like these, those thinking about career changes and/or making the leap to business ownership, must really be cautious about what they consider. For first time franchisees in retail or food concepts, start-up and working capital requirements are quite likely higher today, than just a year or two ago. Alternatively, there are concepts like ours, that do not face the challenges of those increased costs. Our franchisee profile is that of a former executive, or one possessing high level, intangible sales experience and who will quite likely work from home or an executive suite. There are no expensive leases, build-outs, or equipment packages. (beyond perhaps those things that most people already possess, i.e. a computer, a printer, a PDA, a personal vehicle, and some working capital to see you through your start-up)

As odd as it might seem, a downward economy is actually somewhat positive for us, as the opportunities to build a client base increase, along with those looking for franchise opportunities that do not include expensive start-up costs. To me it all spells something that goes beyond recession proof, all the way to recession friendly.

In Memory of Tim Russert

Celebrity deaths tend to send us into an odd shock, especially when the dearly departed are in their prime; iconic in their fields; and moreover, when they play a prominent role in our lives.

That probably explains why I feel the deep sense of loss that I do, about the passing of NBC News political icon, Tim Russert.

As a long-time, self-professed news and political junkie, I’ve spent more than 15 years watching the political prognostication, interviews, wit and wisdom of Tim Russert, as Moderator and Host of NBC’s “Meet the Press,” as well as in his additional roles of political analyst extraordinaire for the NBC Network, MSNBS, CNBC, as well as online and in print mediums. Russert played a huge role in my life and he will be deeply missed by me and the many millions of others that have invited him into their homes each Sunday morning, as part of their extended families.

Tim Russert has been a larger than life inspiration to both my personal work ethic, as well as my life, period. For years, he has fueled my appetite for being as good as I can be, for being as thoroughly prepared as possible, for everything that I undertake, and for bringing the highest level of passion possible, to all of those things that are important to me.

I have never had the good fortune to meet Tim Russert in person, but he has nonetheless been like a best friend to me. He was someone that I could always count on to be fair and honest, from whom I always knew what to expect and got it. He was someone who never let me down.

It seems kind of ironic, that Tim Russert’s stock in trade was “walking his talk,” while often times interviewing politicians who only “talked” theirs. No matter which side of the aisle his guests came from, if one dared to sit for a Russert interview, less prepared then he was, Russert morphed into an equal opportunity hit man. He’d give any such guest a moment to remember for a lifetime. Like I said, I didn’t know him personally, but I nonetheless feel like I really knew this person. I guess that’s why his sudden death rocked me so hard. Russert was the real deal.

It will be Labor Day weekend before I have the opportunity to return to Buffalo, NY, (Russert’s home town) the one place that I know for certain, that like he, I share a great passion for. I will visit Russert Park in Seneca, NY, to pay homage to this great journalist, political analyst, and beloved family man, when I make my annual pilgrimage to the National Buffalo Wing Festival.

To NBC, the Washington News Bureau that he managed, to all of those in the political world, to journalists at other news organizations world-wide, to the millions of every day Joes, just like me, that loved this guy’s honesty, integrity, fairness and even handed delivery… Tim Russert WAS and will always be THE franchise of political television. For me, Sunday mornings will never be the same… at least not on this plane.

A Man’s Best Friend

I am a media hound – known to never pass up an opportunity to promote my business, brand or self... there I said it. Well this week, this hound passed the spotlight to a different hound of sorts, my dog, Honey.

Now, some of you are already wondering, what’s this got to do with franchising? Come on, you know better than to ask. In some shape or form, everything that I do, somehow ties back to franchising and this is no exception. Firstly, this story about Honey that I’m speaking about can be found at http://www.woofpatrol.com/, a website created and managed by Yvonne Conza, also known as Mrs. Tony Conza, my former employer, good friend and Founder of Blimpie Subs and Salads.

It seems like everywhere I turn, there are links to franchising relationships from the past and this time is no different. Over a recent meal with Tony, we were talking about our mutual love for dogs. I showed Tony a picture of Honey and he told me to e-mail it to Yvonne. Until then, I had no idea that Yvonne had created this wonderful canine-centric website. It just never ceases to amaze me, how many times franchising relationships wind up leading to places or opportunities that I never dreamed I’d go to or know about. It really is important to understand this, especially for those of us that are trying to further establish ourselves, our businesses and brands in the industry. Over the years, many of us have changed jobs, brands or concepts, but those relationships that we had with co-workers and friends at those places, shouldn’t end too, when a job does. Keeping in touch with our peers can lead to bigger and better things throughout one’s career and life.

So, I may be a publicity hound – but now, so IS my hound. Kidding aside, it's just another powerful form of networking... something to talk about... to be proud of... it's all about friends and family, the company I am building and about franchising, the business model that I love so much.

A Prayer Request for a Friend!

I had a bombshell dropped on me on Wednesday night when I learned that a member of my franchise family has been torpedoed by multiple attacks of Cancer. Anybody who has ever been a part of the good old days at Blimpie International, knows who Randy Pirotin is. For those of you that don’t, Randy has been the Area Developer for Blimpie’s Georgia territory for a great many years. Again for those of you that know him, you know what a heads down, head strong, get it done no matter what, fighting kind of guy he is. Now, Randy is fighting the fight of his life. If there’s anyone that I would bet on to win this battle, I’d put my money on Randy. That notwithstanding, I wouldn't mind tipping the odds a bit, in his favor. The next time you bow your heads in prayer, won’t you please put in a good word for my friend Randy? In advance... my sincere thanks.

Launching a Franchise... Not As Easy as One Might Think

It was just one year ago that my partner, mentor and friend Al Newcomb and I began the process of launching the RetroTax franchise, built on the foundation of years of success with his affiliated company, Associated Consultants, Inc. (ACI) Now, one year later, we are finally in the position to begin inviting prospective franchisees to join our system – which is a complete relief.

Heading into the process, I knew we’d hit some bumps and snags, as RetroTax is a first of its kind, unlike any other, fresh, new brand. Getting our disclosure documents approved nationwide has taken longer than I hoped, but, now, FINALLY, we are able to begin strategically offering our opportunity to franchisees. I must say, the ride has been well worth it, but I think I can liken it to building a new house, rather than buying one that was previously owned. All right, I’ll quit whining, because the truth is, while I don’t think I’d EVER want to do it again, I am richer for and have relished the experience.

This truly is a franchise opportunity like no other that I have ever seen. Each and every one of my peers that I have discussed this with over the course of the past year has been smitten by it as well. For aspiring franchisors, I offer this piece of advice: Patience is a virtue and like most impresarios, I fall really short on that P word.

One place where I may see some things differently than some of my peers, is in the discussion of unit growth and numbers. A lot of companies boast about how many units they will be adding in the coming years, proud of their growth and development. At RetroTax, our growth will be proactive and strategic, just like the development of our systems. We will only add six operating franchisees in year one – even though we have many more knocking on our doors. When I was a food franchisor, I always knew how to measure the need for additional head count internally, to support a given number of units added in the field. Given the newness of this business though and the fact that we will not only support our franchisees, but also provide services to and for our franchisees’ clients, we’re going to take a slower, more strategic and systematic approach to our development.

Not for nothing, but when it comes to bragging about numbers, my belief is that the only numbers that really count, are the numbers being generated by those that are already in your business, not the number of new units you are planning to add. Are your existing people making money with your business model? If not, adding more is not where your attention should be focused. We are going to do this right at RetroTax.

It's with a breath of fresh air that I happily say, "we’ve finally arrived– HERE WE ARE!"

Come on CNN, Where’s the Rest of the Story?

Was Paul Harvey the only member of the media that could tell the whole story? While it seems that the media has no problem with covering tax issues, they rarely demonstrate a true understanding of exactly what a tax credit is – and how tax credits can sometimes bring more to the bottom lines of business owners, than the products or services that they are in business to provide.

One example is a recent story by CNN – Hire an Ex-Con in Philly, Get A Tax Break.

While this story did a nice job of presenting the local spin on a Philadelphia program being offered for employers that create jobs for ex-offenders in Philly, it didn’t mention a single word about the treasure trove of Federal credits available to qualified business owners in the Philadelphia Federal Empowerment Zone and/or Renewal Community. What's up with that?

Stay tuned, for future posts, that will talk about a very special set of services that RetroTax provides to forward thinking visionaries in both the public and private sectors. I will explain how these programs are helping ex-offenders get a fresh start in life, while at the same time drastically reducing the rate of recidivism in these local communities.