October 17, 2008 // Franchising.com // Atlanta – Few business owners wish to open their first entrepreneurial venture during an economic crunch, however, for RetroTax, which recently launched its first franchise location in Atlanta, they say "just bring it on."
The recession friendly concept is built for all times, as it focuses on helping businesses that employ people, to increase their capital flexibility by identifying and administering federal and state income tax credit programs.
"RetroTax truly does help make this economic crunch more bearable," said Stan Friedman, RetroTax's co-founder and President, who has spent much of his career in Atlanta as a franchise executive. "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 the process requires. 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." Furthermore the credits are available to businesses not normally thought to be eligible such as construction, staffing, security and white collar businesses.
RetroTax helps business owners obtain valuable wage tax credits and incentives that have been legislated by the federal and many state governments, a process not widely understood by most business owners or their accountants. Congress has authorized billions of dollars for these programs, and new RetroTax franchisee Kevin Culkin and partner Dennis Headings will bring these benefits to the attention of local business owners and executives in the Atlanta area and across Georgia. 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.
Prior to opening his RetroTax franchise location with fellow Atlanta resident and friend of 28 years, Dennis Headings, Culkin spent 25 years in the franchise industry as a franchise sales executive, helping more than 1,000 entrepreneurs acquire franchises of their own.
"For the first time in my career, I have found a business that I want to own, not broker," Culkin said. "I have intimately learned the strengths and weaknesses of the franchise industry. Throughout my career, I searched for the right franchise for me, but couldn't find it. That was until I found RetroTax. There is so much over saturation in the franchise industry, but there is nothing like RetroTax, a business that helps other businesses in rough and secure times. This is a franchise concept in a completely untapped niche. There is tremendous potential for both my new franchised business, as well as for all of the businesses that I will serve."
Culkin and Headings will establish and manage client relationships locally, while RetroTax's team of professionals handle all of the administration and back office work required to generate these credits for their clients. From large corporations 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.
"Kevin and Dennis have the perfect skill sets for our franchise, strong interpersonal skills, high level, intangible sales experience and the focus and resolve to succeed in our business," Friedman said. "Just as my partner Al Newcomb and I go back more than a dozen years, how much better can it get, than to have our first franchisees share a life-long friendship as well."
As RetroTax's first franchisee, Culkin said "I like being #1, at anything that I do. Kidding aside, we will set the pace for those that follow, while building close connections with the Atlanta business community. I look forward to pioneering the brand not only here, but nationally," he said. "We plan on setting the bar at the top for the relationships we manage and the support that we provide area businesses."
Culkin's is one of only a select handful of franchises that RetroTax will award in its first year, as they will only enter five other strategically selected markets in their first year of franchising. With a low initial investment and the potential for high returns, RetroTax has received a steady flow of interested prospective franchisees, despite the recent state of the economy.
"Times are changing," Friedman said. "Entrepreneurs are no longer limited to high dollar opportunities where the investment can take years to return. 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. Not when concepts like RetroTax can offer very real and viable opportunities to invest less, with all of the upside potential that everyone dreams of."
With economic uncertainty growing across America, would-be entrepreneurs are finding alternative franchise options, those with lower initial investments, much more attractive. This is helping recessionfriendly concepts like RetroTax take the reins of franchise growth.
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, rural renewal counties, 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.