Happy Tax Reaches Milestone with Acquisition
Inaugural Season a Success, Proving the Model
March 10, 2016 // Franchising.com // MIAMI BEACH - Happy Tax, a franchisor offering a concierge, on-demand model in the tax preparation industry, is pleased to announce that the company has reached exciting new milestones in its corporate growth objectives.
Prior to the start of tax season, the company acquired a high-volume tax preparation office whose production and revenues place it in the top 1% of all offices nationwide. The revenues of this office have increased by more than 20% in the short time that it has been under management by Happy Tax. This acquisition coincides with Happy Tax’s strategy of acquiring storefront operations of independent tax businesses nationwide, optimizing them and increasing their profitability.
Happy Tax’s focus is on clusters of stores in major metropolitan markets with large numbers of clients. Happy Tax estimates that there are 26 million tax returns prepared by this segment, and has plans in place to acquire 2,000 of such offices over the next 7 years.
Happy Tax also seeks to convert independent home-based tax businesses to the branded Happy Tax model. 65% of all independent tax businesses operate from a residential address and this group prepares approximately 39 million tax returns annually.
Proving Happy Tax’s model, franchisees across the country have been successfully sourcing tax returns. The Happy Tax model enables franchise owners and CPAs to concentrate on what each does best. Happy Tax has a network of CPAs who perform the tax return preparation, removing that burden from tax preparation business owners and injecting efficiency into an otherwise inefficient process.
Together, storefront operations and independent preparers account for approximately 60% of all electronically filed returns in the overall tax preparation market. The remaining 40% consists of the DIY market where individuals use software to self prepare their taxes. Happy Tax is pursuing this market as well, seeking 2 million online returns to be prepared and processed by Happy Tax’s network of CPAs in their newly created digital assisted segment.
“The traditional tax preparation business model is broken and changing. We are embracing this and acting as catalyst to that change,” explains Happy Tax founder Mario Costanz. “The other national brands continue to report disappointing results, blaming fraud and seasonality, while individual, independent preparers are aging and not equipped to keep pace with higher volumes and more complex customer needs.”
Happy Tax is addressing these pain points while providing tax preparation business owners the opportunity to meet the needs of today’s increasingly busy consumers who prefer a more convenient option for preparing their tax returns.
CEO Email: Mario@HappyTax.com
Franchise Information: https://GetHappyTax.com
Consumer Information: https://HappyTax.com
Investor Information: https://fundable.com/HappyTax
Tax Industry Strategy Sessions: https://youtube.com/HappyTax
About Happy Tax
Shaking up the $19 billion tax preparation industry, Happy Tax’s on-demand, concierge model was born out of frustration with unreliable, under-qualified tax preparers with no licensing or certification and as little as five days of tax training. Happy Tax is designed to bridge the gap between the high-quality, pampered and convenient customer service that consumers want, and accurate, reliable and professional tax returns prepared by CPAs with a minimum of 5 years of training and experience. Happy Tax offers franchises to those wanting to earn additional income and build their own business. Utilizing its patent-pending technology and processes, Happy Tax franchisees are able to operate with low overhead and increased flexibility.
SOURCE Happy Tax
Happy Tax Franchising