Alan Padgett has spent the majority of his life in the accounting industry beginning in the 70s when he co-founded the first Georgia-based tax and accounting franchise model designed with the accountant in mind. Recently he and his team developed another exciting venture with an emerging franchise called Succentrix Business Advisors. With a claim as the first accounting franchise using only cloud-based software systems, Succentrix makes life much easier and efficient for the accountant/advisor and client
Before cloud-based software, accountants would have the client send over all the accounting paperwork such as income, expenses, payroll, payables, receivables. Then, weeks later, the accountant would give the client a report for that period of time.
Today, our cloud-based systems allows the Succentrix Advisor the ability to provide reporting in real time. This means in one day not weeks. The same is true with payroll. In a matter of one day, a payment for rent travels to a client’s P&L (profit and loss). Boom, done. Padgett says “We put real time Cloud accounting and payroll technology in place so we can use our time and expertise advising and planning with our clients. Being proactive allows us to put our emphasis on what the clients really want, real-time advice.”
“The amount of money and time operating our franchise in the cloud is dramatically much less” Padgett says. Consider that as a Succentrix Business Advisor, you don't have to worry with software updates, worry about your system going down or IT support costs since you are operating in the Cloud. The number of staff members needed to operate a Succentrix franchise is much less too. Plus, The Succentrix franchise is not expensive to enter, only $19,500.
In general, CPA firms are low risk and high profit. Profits can easily reach 30% of revenues. Forbes estimates the NET profit margin for accounting, tax prep, and bookkeeping and payroll services is 21% with a cost of sales at 7%.
“In putting together our company,” Padgett mentions “ we have a service support fee where by franchise owners pay 7%. We want to give some of that back each year. Every November new tax laws come out. As a result, this is normally a very busy and tough time for accountants. So we write our franchisees a check worth 1/7th of the service fee (capped at $500) in hopes our advisors can spend the windfall on training, review courses or even on Christmas presents.”
Currently, Padgett has many interested parties from around the country meeting with Succentrix to start a franchise and is hoping to award ten-fifteen franchises by the end of the year. Padgett is known for his hands-on management style and likes to put in the time and effort so each franchise owner is able to reach their goals.
From the first phone call to opening the doors of your own Succentrix Business Advisors business, it is about a 90-day process. It begins with two weeks of school, which trains you on software, operations and payroll and marketing systems. The Succentrix team, comprised of hand-picked members with more than 100 years’ experience, will assist you with getting set up in your territory and office.
Padgett says what makes a great Succentrix Business Advisor is someone who has a very strong accounting or finance background and someone who has great people skills. Padgett’s philosophy is “if you work hard every day and start each day with the right attitude, the day will take care of itself and you will reach your financial goals.”
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All content posted on this website or distributed by Succentrix Business Advisors is intended for informational purposes only. To determine whether these concepts are appropriate for your business, you should seek advice from a Succentrix Business Advisors representative or an independent advisor before implementation.
Each office is independently owned and operated.
This website and the franchise sales information on this site do not constitute an offer to sell a franchise. The offer of a franchise can only be made through the delivery of a franchise disclosure document. Certain states require that we register the franchise disclosure document in those states. The communications on this website are not directed by us to the residents of any of those states. Moreover, we will not offer or sell franchises in those states until we have registered the franchise (or obtained an applicable exemption from registration) and delivered the franchise disclosure document to the prospective franchisee in compliance with applicable law.