Hello Ohio

Pictured is (from left) me, with Mayor Mallory and Miriam Brewer, Director of Diversity for IFA.
Open for business in Cincy

Meeting Mayor Mark Mallory in Cincinnati

I’m really proud to have had the opportunity to participate in an IFA Minority Fran initiative in Cincinnati on Thursday, May 1, 2008. More than 200 qualified participants attended this day-long educational program about franchise ownership that was sponsored and hosted by the IFA, Cincinnati Mayor Mark Mallory, US Bank, Coca-Cola, and a host of public and private sector sponsors. I wore two hats at this event, participating as moderator and speaking on behalf of IFA, in my capacity of Chairman of the Minorities in Franchising Committee and First Vice Chair of the IFA Diversity Institute, but also as a participating franchisor, seeking franchisees for RetroTax,™ my new concept and company.

Good things have already come from this event and I anticipate that many more will. My personal thanks to IFA Director of Diversity and good friend Miriam Brewer, for pulling this program together. With more than ten years of participation in these events, I believe that this was one of the very best ever. More on this, as it develops…

New York and California, Here We Come.

While not newsworthy to many, RetroTax has been approved to award franchises in the states of New York and California. What that means is we are one step closer to being able to offer our great franchise opportunity in all 50 states. We’re still awaiting clearances from some of the registration states in between, but we are happy to have passed muster in both of these critical states.

It has been an exhausting and frustrating ride “giving birth” to a new brand, but I wouldn’t have traded the experience for anything. There are already some prospective franchisees in the pipeline, while others still await disclosure, but all good things will come with time. My partner Al and I are doing our best to learn how to be PATIENT!

New Wave of Entrepreneurs/Inspired Work Force on Its Way

If one ever wants to experience something that is truly “right” with America, they need only attend an International Career Development Conference and competitive event, organized by an amazing organization known as DECA. (http://www.deca.org/) DECA is an international association of high school and college students studying marketing, management and entrepreneurship in business, finance, hospitality. Recently, for the third time in as many years, I had the privilege of participating as a judge and mentor at this annual event.

As was the case in previous years, the conference was packed -- nearly 17,000 high school students from all over North America and around the world, focused on educating themselves in the world of business. They were hungry for information on everything from how to network and create the ideal business plan; to accessing capital and learning about different models for growing an organization or concept. In all cases, these are students that are determined to never be dependent on a paycheck, but rather, on how to focus their energy on the creation of wealth and legacy. It is truly awe inspiring, to see this up and coming generation of future business leaders who are all so far ahead of their years. It’s also comforting to know that the next generation of franchising professionals, will take this beloved business model to even greater heights.

Each year when I participate in this event, it’s really an honor to contribute to the future success of these students’ careers. If my input hits home with just one of them, I know I will have made a huge difference. That’s why I begin each of my mentoring sessions with something of a confession. I tell these kids how lucky I am to be where I am today, in my career and in life. I go on to tell them that I never completed my formal education, but got really lucky along the way. I admonish them to not do as I did and leave their futures to chance. “If a single one of you doesn’t finish college, I promise that these words will come back and haunt you. Don’t leave your future to lady luck.” I hope and believe that my experiences will inspire these kids to not waste 15 or more years of their lives as I did, before figuring out what it is that they’re destined for. In my heart of hearts, I don’t believe that any of them will.

They are already light years ahead of most. I mean, in the Senior Management Institute Mentoring Program alone, there were 500 or more of these incredible kids. They were all wearing their DECA branded blue blazers, khaki skirts or trousers, kerchiefs or ties at 10:00am. on a Sunday morning. They were focused, attentive and asking all kinds of thoughtful questions of the 40-50 mentors, all members of DECA’s National Advisory Board. Their questions were about networking, business and success in general. There’s simply no way that I believe that any of these kids would ever quit on themselves.

During one of my roundtable sessions, I had one student raise his hand and say that he was confused. “My first session mentor said that you have to have passion for whatever you do, but the next session leader said that you shouldn’t just go for passion. Which one was right?”

My reply was both. Passion is important, but it’s not the only ingredient. With a puzzled look on his face, he said, “I still don’t get it.” I asked him to tell me three things that he is passionate about.

He said, Lacrosse, going to ball games and spending Friday nights with his “lady.” The table giggled.

“Look, you have passion for all three, but could you do any one of these things full time? “Of course not,” he replied. I told him that passion is but an ingredient in whatever it is that he might decide to do, but it is just one ingredient. No recipe is built around a single ingredient. Certain of these ingredients are fundamental or essential to the recipe, but they are not exclusive. Once you have passion for something, it can help drive your success, but you must also rely on your other skills to turn that passion into a recipe for success.”

He got it.

Participating in DECA’s ICDC is exhausting, but well worth the commitment. I ended the conference by judging the final round of business plans for the Entrepreneurship Franchising competition. There were 17 finalists, all of whom had 20-30 minutes each, to present and defend their business plans for a franchised business that they wanted to bring to their area. They utilized PowerPoint or stand-up flipcharts, along with projections and business plans, as I played the role of the banker, determining the validity of the financing that they sought, for these proposed plans. I saw plans for automotive, food and service franchises. Some were good, others were great.

Later that evening, I had the privilege of awarding the scholarships and honors for the Entrepreneurship Franchising category, standing on stage at the Georgia Dome with the Top 10 Finalists and presenting honors to the Top 3. What a rush, facing an audience of more than 17,000, awarding the honors to these kids. I invited each of these finalists to let me hear from them as they move on to college and the business world beyond. I told them that if they’d e-mail me within 24 hours, they’d have the opportunity to have a mentor for life. If not, I’d just leave them at the conclusion of this night, with best wishes on a going forward basis. I wanted to put some pressure on them to maintain contact and have the opportunity to continue a dialogue with me beyond this moment in time.

I am once again honored, to have had the opportunity to participate in such a rewarding event as this and truly hope that I have made a difference in some of these young kids’ lives. I have seen a glimpse of the future, and let me tell you something that you’ll never see on your prime time news, “it's all good.”

Welcome To My Blog...

For those of you who have long known me as a “foodie” you’re probably wondering the same thing that so many have already asked:

“What's this radical leap that Stan Friedman has made?"
"How did he go from food to this RetroTax thing?”
“What is RetroTax anyway?”
“Is this yet another tax preparation service?”

I tried to explain this to everyone back in February, while making the rounds at the IFA Convention. I just couldn’t explain it then, though. Not because I didn’t want to, but because I’d lost my voice. (Now, there’s a story for another day. Can you imagine, Stan Friedman, unable to talk?)

Your questions are good and valid though and the short form answer to them all, is no, RetroTax is not just another tax service as you know it. And, now that I’ve joined the blogosphere, I figured that answering that question here, might be a fitting subject for my very first blog. So, as Paul Harvey would say, here now, is the rest of the story.

THE BEGINNING
In 1995, I began bugging a close friend of mine to take his company to the next level by franchising it. That close friend and mentor is a guy named Alan Newcomb. Al is the founder and CEO of a company called Associated Consultants, Inc., which has been and continues to be the inspiration for RetroTax. Back then, I was in real estate franchising. (Also a topic for another day) Yes, I cut my teeth in franchising working in franchise sales for companies like ERA, Prudential Real Estate Affiliates, Help-U-Sell and Cendant, but as I’ve already said, let’s leave those war stories for another day.

Al and I were brought together by a South Carolina businessman and entrepreneur named Joey Dixon. Joey operated a business similar to what Al’s company was doing in Indy, but he had plans to take it national, by franchising it. Joey’s vision was for Al to roll his business into the mix, making he and I partners, with my focus on franchise development and Al’s on direct client sales and franchise operations. Long story short, the entire project collapsed when Joey became ill and about a year later succumbed to Lou Gehrig’s disease. Al went back to Indy, where he was based and began ramping up Associated Consultants Inc. (ACI). I went back to real estate franchising at ERA. Our paths were just not ready to connect in business, but the two of us remained friends and maintained our connection.

Over the next many years, Al made many trips to Atlanta to see clients and we began a tradition of meeting for steak, drinks and conversation at one of Atlanta’s fine restaurants. Each and every time, we’d inevitably wind up talking about how great it would have been if we’d fulfilled what Joey started. I, however, would always suggest that we still go ahead and do it. Al would push back, laugh and ask, “Why should I franchise my business?” He was making good money, having lots of fun and living life to the fullest, with none of the “heavy lifting” associated with creating a franchise concept and brand. I kept trying to persuade him but to no avail. In 1996, ERA and Cendant wanted me to relocate from Atlanta to Dallas. I, of course, said no thanks and went to work for Dennis Fuller, who then, was VP of Global Development at Blimpie International. That, my friends, was the beginning of my long run in food franchising.

CONTINUING THE RELATIONSHIP
Even though I wasn't yet able to convince Al to franchise his business, we maintained our friendship and he has had a significant influence in my career and my life. While I failed miserably at moving him toward franchising, Al did much better at pushing me out of my comfort zone. In fact, it was he that got me really thinking about “ownership” and actually living the entrepreneurial dream, not just selling it to others. I also credit Al with educating me about urban expansion and the power that tax credits and incentives can bring to bear, in terms of business development.

I think it’s safe to say that without Al’s influence, I’d never have dreamed up the Blimpie Urban Expansion Initiative that took Blimpie Founder and then CEO, Tony Conza and yours truly, all the way to the White House. During the summer of 1998, we actually participated in the President’s White House Conference for Community Empowerment. What an amazing experience that was. Tony and I sat on panels with Mayors, bankers and economic development officers, from some of America’s largest cities. We actually participated in interactive sessions led by the Vice President of the United States. (like him or not :)

That evening, we enjoyed dinner at the White House and were addressed by the President. (Like him or not, we’re talking about the President of the United States) There we were, the only private sector company on the planet, invited to participate in this program. It’s certainly safe to say that my passion for developing under-served consumer markets; creating franchise opportunities for minorities and women; and promoting equal opportunities to operate businesses no matter the color of one’s skin or nation of origin, might never have been realized if Al Newcomb had not entered my life.

REAL TIME – 2007
Fast forward the tape to 2007, when the planets finally aligned. The two of us are a bit older, a bit wiser, and a bit richer for the experiences we’ve each collectively survived over the past 13 years.

My tenure at Blimpie, Wing Zone and MaggieMoos certainly better prepared me for the journey that Al and I have recently undertaken, as partners in ACI Franchising, LLC and the creation of our brand, RetroTax. Al has also had another dozen or so years to build, grow and strengthen his business. The timing just seemed right.

In August of 2007, it was good-bye to brick and mortar and the “perceived” glitz and glitter of food and hello to service and B2B. And I couldn’t be happier.

So, are you thinking that the world of tax credit administration might seem a bit boring, as compared to the sizzle of food? Well, from the surface, it may appear that this business lacks the cache of food when it comes to flair or sizzle, but the thrill is hardly gone, especially when one sees the kind of money that we are able to save for our clients. What’s more: The opportunity to invite franchisees to join us and provide these powerful and lucrative opportunities to business owners in their local markets, is what really makes this sweet.

RetroTax is a franchise system that specializes in tax credit administration. We help business owners obtain valuable tax credits and incentives that have been legislated by the federal and many state governments. Did you know that Congress has authorized billions of dollars for these programs? These credits are designed to encourage jobs creation and economic development. While on one hand, the government dangles these credits and incentives to create jobs, on the other hand, they make it damn near impossible to actually obtain them, because of the onerous amount of paperwork and meticulous attention to detail that is required to administer them. It actually makes getting an SBA loan or a mortgage look like kid’s stuff.

That’s where we come in. Retrotax does the work, while our clients get the credit. Our franchisees will manage relationships locally with their clients, while our back office staff handles all of the administration and processing. From corporate clients with thousands of employees, to single unit operators, there are no businesses too large or too small for RetroTax. What’s best, our fees are structured strictly on a contingent basis. We get a nominal percentage of what we find for our clients. No credits, no fees.

I wake up each and every day amazed by how many franchisors, franchisees, and entrepreneurs have yet to hear about, much less take advantage of these opportunities. Many of these incentives go unclaimed because businesses do not know about them, and those that do, simply do not have the tools or time to maximize these benefits. So, while many of you have already heard from me, there are many more that have not yet, but will. Over the past several weeks, I have been reaching out to the franchise community, explaining how we might bring our services to bear for franchisees, at the unit level, as well as to company stores, for those of you with corporate operations. I mean, what franchisor, especially in today’s changing economic climate, wouldn’t offer these services to his franchisees, once he learned about them?

RetroTax is my dream come true. I am still a franchisor, plus I have the ability to provide a valuable service for the franchise community at large. Anyone who knows me also knows how much I love franchising. Anyone who knows me, knows that I drink IFA Kool-Aid by the case. It is very important for me to continue giving back to this business model that has given so much to me and that I love so much.

So, now you know where I am, what I’m doing and most importantly, how I got here.

I encourage you to check my blog frequently. I’ve got lots to share, about my company, franchising, diversity and whatever else comes to mind. So, please stay tuned, and give us a look, at http://www.retrotax.com/