Newly Launched RetroTax(TM) Balances Economic Crunch by Helping Business Owners Collect What's Theirs
August 12, 2008 // Franchising.com // INDIANAPOLIS – There's a new trend in franchising: lower investments with higher returns.
"Entrepreneurs are no longer limited to high dollar opportunities where the investment can take years to return. Now there are cost effective opportunities where entrepreneurs can jump out on their own without needing hundreds of thousands of dollars to do it. Times are changing," said RetroTax President Stan Friedman, noting RetroTax recently signed its first franchisee in Atlanta. "Today, prospective franchisees are awakening to a new reality. No longer do they need to invest $300,000-plus in brick-and-mortar concepts to fulfill their dreams. Concepts like RetroTax offer very real and viable opportunities to invest less, with all of the upside potential that everyone dreams of."
With economic concerns growing across America, would-be entrepreneurs are finding alternative franchise options, those with lower initial investment opportunities, much more attractive. This is helping recession-friendly concepts like RetroTax take the reins of franchise growth. To top it off, RetroTax, a white collar, Monday-Friday, B2B franchise concept is earning some real praise.
For RetroTax, innovation is in, as the newly launched franchise is capitalizing on the opportunity to help fellow small business owners identify and administer federal and state tax credits, a process not widely understood by most business owners or their accountants. RetroTax helps business owners obtain valuable wage tax credits and incentives that have been legislated by the federal and many state governments. Additionally, RetroTax's recession-friendly model is providing service to other franchise concepts, by securing tax credits for franchisees of those other systems. "RetroTax truly does help make this economic crunch more bearable," Friedman said.
Congress has authorized billions of dollars for these programs, and RetroTax franchisees bring these benefits to the attention of business owners and executives in their local markets. Many of these tax credits are retroactive and allow employers to recapture overlooked credits from past years. Excess credits can be carried forward for as many as 20 years.
"On one hand, the government dangles these credits and incentives to help create jobs, on the other hand, they make it nearly impossible for business owners or executives to actually obtain them, because of the onerous amount of paperwork and meticulous attention to detail that is required to claim them. Without the kind of help and service that we provide, claiming these credits would make the closing of an SBA or mortgage loan look like kid's stuff," said Friedman.
RetroTax's franchisees manage relationships locally with their clients, while the franchisor's back office team 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. All fees are strictly performance based with absolutely no up-front charges of any kind. RetroTax earns a nominal percentage of the dollar value of the credits that are generated for its clients. No credits, no fees.
Also, unlike many start-up concepts, RetroTax's franchise expansion plans are proactive and strategic. They are planning to initiate agreements in six key cities by the end of 2008. With extremely low start-up costs (initial franchise fee of $30,000) and minimal operating expenses, RetroTax is being very particular in the selection of its franchisees.
"We are looking for entrepreneurially spirited individuals, with strong interpersonal skills and high level, intangible sales experience. Our plan is to place the right people, in the right markets, at the right time.., that's how we're going to grow this concept," Friedman said.
RetroTax™, an ACI Franchising concept, specializes in tax credit identification and administration, helping business owners obtain valuable tax credits and incentives legislated by federal and state governments. To ensure maximum benefits for its clients, RetroTax has developed a powerful proprietary mapping system that is constantly updated to reflect the most current geographic boundaries of these designated locales. This mapping system enables RetroTax to accurately identify and document eligible tax credits for federal empowerment zones, federal renewal communities, developable sites and state job creation programs. For more information, visit www.retrotax.com. You may also learn more, by visiting www.retrofacts.blogspot.com, the home of franchise industry veteran and RetroTax President, Stan Friedman's blog.