It’s a New Year – More Changes to Come

Now that we are rapidly approaching the end of yet another year, it’s time to start reflecting back on 2008. What a year of accomplishment we have enjoyed at RetroTax.

As President of RetroTax, my pride comes more from the title of co-founder than that of President. I am extremely proud of what my partner Al Newcomb has empowered me to create and of the relationships that we have already had the good fortune to enjoy. Be those with teammates at our offices in Indy, prospective or recently granted franchisees, or those for whom we provide services and/or do business, with all over the country. 2008 was an incredible year and we’ve only just begun.

Specific to our business, tax credits are evolving more now than ever, and we pride ourselves on being positioned to scale up to do even more for our clients, in the years ahead. As the Obama Administration and the new Congress take hold, we will see how and where they move with reference to an even further commitment to tax credits and incentives. Remember, over the years, our business model has grown under the leadership of both Democratic as well as Republican leadership. There is very strong bi-partisan support for the credits that we identify and administer for our clients. So, we see much more opportunity ahead as we move even further into the 21^st century.

For RetroTax, 2009 will be a big year and each and every day will bring change. We are a young, emerging concept, building new metrics as we continue to expand. With that growth will come evolution and members of our team will grow with us as well. Some will continue doing the jobs they do now, while others will move into new positions. This will make way for new people to join us and backfill those already existing posts or take on new opportunities that are fostered by our expansion. These are exciting, if not turbulent times to be growing a business, but you know the old saying, “what doesn’t kill us, makes us stronger.” At RetroTax, we're feeling stronger every day.

For franchising, as a whole, 2009 will bring rocky roads for some and brilliant opportunities for others. While some of this will be purely circumstantial, not everything can be blamed on politics, the economy, or the state of the world. For those that rise up and embrace change, there is an impressive opportunity to build wealth and legacy, albeit in some extraordinarily challenging times.

While most are forecasting that it will be 2010 before we see signs of economic recovery, hopefully things will begin to settle down in ’09. Personally, my modus operandi is to not spend a great deal of time pondering that which I cannot control. So, instead I will keep my eye on those things that I can influence, and therein lies the opportunity to grow our business, no matter what’s going on globally. Personally, I am very much looking forward to the opportunities that lie ahead for the RetroTax team in 2009.

For Further Education, Franchisors Should Follow the Media

Throughout my career in franchising, I have become a dedicated news junkie, especially when it comes to news that pertains to franchising. In many ways, this has contributed to my continuing education. By reading and absorbing news, I have been able to generate new ideas for conducting better business as well as assisting with the development of better methods and best practices for growing the concepts I have represented.

Both newbies and established franchisors should never turn their heads away from the opportunity to absorb more education. For franchising information, I read several online resources through LinkedIn, as well as other Web-based industry standards like Franchise Times, IFA Smart Brief, Franchising.com and Bison. Additionally, for news AND commentary, I check in pretty frequently with sites like Franchise Chat and Blue Mau Mau.

Personal media outlets also get my mind rolling. My all-time, overall favorite media portal has for years been The Drudge Report. Even though Matt Drudge has become more mainstream in more recent years, he is still cutting edge in terms of breaking news “long” before most mainstream outlets even get a sniff of the stories he sheds light on.

My wake-up call in the morning is syndicated radio bad boy, Don Imus. (IMUS in the Morning…check for local station listings at WABC Radio. I am mostly a talk-radio and TV junkie with an ear toward Boortz, Hannity, Limbaugh, O’Reilly, and Dr. Bill Bennett and of course, Imus. From the other side of the aisle, I tune in regularly to Chris Matthews, Keith Olbermann and even Rachel Maddow, for the other side of the coin. For some lighter entertainment, I’ll catch occasional podcasts of George Noory’s Coast-to-Coast AM to hear what the “conspiracy theorists” are espousing as the “plot of the day.” Don’t just listen to what you agree with. You will learn a good bit more by listening to ALL points of view, not just the one that you may embrace.

My point in presenting you with my daily media routine is to encourage you to follow the media. Become ingrained in it, as the media can get your creative mind flowing with ideas for growing your franchise. For new franchisors, the IFA Smart Brief and Insider, Franchising.com, and Franchise Chat are great tools for daily chatter. For more in-depth resource news and tools, look at Franchise Times, Franchising World and Franchise Update. All three are must reads for me.

RetroTax Continues Social Networking Expansion

What is your franchise concept doing in the Social Networking/Social Media atmosphere? If you aren’t connected, you certainly should be.

In the last year, I have created this blog. I have also entered the world of LinkedIn (many franchisors and suppliers are in this network) and have connected to several other communities that are subsets of LinkedIn, pertaining to diversity, franchising, and certain cities of interest around the country.

I cannot count the number of new relationships that have been born out of the online and face-to-face communities that I have become involved with in the past year. It’s viral in a good sense and quantum in the results that it provides to me.

Best I can tell, Franchisors are not as connected as they should be. Just this past fall, at the Franchise Update Leadership Conference, I mentioned blogging during the CEO Summit and every head in the room turned my direction, curious as to why and what I was doing in that virtual universe.

Blogging, no doubt, has helped build the RetroTax brand in the virtual atmosphere. It also has established a cultural link to both me and my brand for those who have just been introduced to us. It helps us capture moments in time that would otherwise be lost. It allows us to broadcast our moves and news globally without relying on a third party (such as the media) for all distribution. It has allowed us to gain a competitive edge in the world of franchising, as well.

In the years to come, do I see social atmospheres as the future of franchise lead generation? Yes I have. Yes I do. Yes I will. These environments may never drive the kinds of number that portals or paid advertisements might, but from a quality perspective, they cannot be beat. What are you doing with Social Networking/Social Media outlets? I am curious to hear from you, and/or, share more with you about what works for me. Feel free to reach out to me via email at stan.friedman@retrotax.com or leave a comment on this blog. I will surely respond.

Business Owners Still Have the Opportunity to Impact their Bottom Lines for 2008

As I have said before, RetroTax will do well in good times, but will also thrive in a down economy. The reason? We help businesses benefit from tax credits that in most cases, were completely unknown to its principals. When we approach potential clients, small or large, be they large businesses or or franchise concepts or units, the initial reaction to what we proffer, is incredulity. More times than not, CEOs, CFOs, and SVPs as well as entrepreneurs and unit operators respond with, “You’re kidding, right?” Once we educate them on how to capitalize on these credits and they begin to understand just how easy it is for them and/or their franchisees to benefit from these credits, it becomes a “no-brainer.”

Anyone who employs people should be taking full advantage of these wage-based tax credits to optimize their financial picture, no matter where their business is located. But, for those fortunate enough to be located in one of those geographic zones that the government has designated as a Federal Empowerment Zone or Renewal Community, well they shouldn’t just stop at ’08. What about ’07, ’06, and ’05? That you see, is why we call ourselves RetroTax. Everything we do starts with a look back. In fact, in these aforementioned geographic zones, qualified clients can amend returns from the past three years and actually reclaim taxes that they have overpaid, for not claiming eligible credits for those tax years in real time.

What we do is turn back the clock for them and revisit those three previous years from the current open tax year and assist them with recapturing as much as $3,000 per year, per qualified employee on their payroll. Better still, in many cases, these credits pass through to the owners of the business as PERSONAL tax credits, offsetting their PERSONAL tax liabilities, with carry forward opportunities that last for 20 years. So, plainly stated, unless, and until, our client’s 2008 taxes are filed, we can go all the way back to 2005 and recapture past opportunities to benefit from these credits. In tough times like these , what a difference that can make for the owner of a small or medium enterprise.

While April 15 is tax day for most of us, there are many businesses that file on one of the other quarterly deadline dates throughout the year. So, if a client files ’08 return s on April 15th, opportunities to recapture credits for 2005 are forever gone, once that '08 return is filed on April 15^th. But for a company that files their '08 return in August or on October 15, recapturing taxes that were paid for as far back as 2005 still remains an option, until that ’08 return is filed. The long and short of it is this; once '08 is filed, '05 goes off the table with it and then 2006 is as far back as we can reach on a retroactive basis.

In a nutshell, many companies, including small business owners, have tax credits that go unclaimed. I encourage you to reach out to us, or one of our franchisees and learn more about how to avail yourself of these opportunities. Or, simply visit us online at www.retrotax.com.

Temple Daily Telegram Highlights Minorities Rise in Business

Let's hear it for Texas. Some might argue that it is still the Wild, Wild West and a less progressive state than others, but when it comes to minority business ownership and job creation, many of those others could take a lesson from the Lone Star State.

Carroll Wilson's article, titled “Small business, minorities in business on the rise in Texas in the Temple Daily Telegram,” is cause for celebration.

America's face is changing and as it does, so should the faces of America's would-be entrepreneurs and business owners. They should reflect the faces of the residents of the communities that they serve. From the sounds of this article, health care and social services are taking the lead in terms of jobs created by small business owners. Now, savvy franchisors from these and all market segments would do well to invite business ownership, not just opportunities for employment, from members of these communities.

To read more about minority franchise ownership opportunities, visit the International Franchise Association (IFA) at http://www.franchise.org/ and search for information regarding Minority Fran. As the second term Chairman of the IFA's Minorities in Franchising Committee, First Vice Chair of its Diversity Institute, and one of the architects of this Minority Fran initiative, I'm proud to see Texas out in front on this one.