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Padgett Business Services Franchise ProfileAccounting & Financial Franchises > Bookkeeping |
How To Open a Padgett Business Services Franchise?
To begin your journey as a Padgett Business Services franchisee, you will first need to complete an application form and pay the application fee of $1,000. Following that, you’ll enter a training program that consists of up to 80 hours of training to equip you with essential skills in operating the franchise. After demonstrating proficiency and completing the necessary training, you will be able to open your business and start offering Padgett’s wide range of financial services, including tax preparation and payroll compliance.
What Might Make a Padgett Business Services Franchise a Good Choice?
Before committing to a franchise, it's crucial to assess if it aligns with your financial capabilities and business goals. The initial investment for a new Padgett franchise ranges from $100,675, which includes various fees such as a $59,700 franchise fee and additional costs for training, marketing, and equipment. Padgett also offers a $4,000 discount on the franchise fee for qualifying veterans. As a franchisee, you will benefit from ongoing support and training from Padgett, which can help ensure your business is set up for success.
Why You May Want to Start a Padgett Business Services Franchise?
Padgett Business Services specializes in providing financial services to small and medium-sized businesses. As a franchisee, you will tap into the growing demand for tax preparation and business consultancy services. The franchise model has proven effective, with many franchisees achieving significant revenues. For instance, in fiscal year 2023, franchises reported average revenues of approximately $58.3 million, showcasing the potential for profitability within the system. If you have a passion for finance and helping businesses thrive, joining Padgett could be a rewarding opportunity.
Is Owning a Padgett Business Services Franchise the Right Move for You?
Considering the competitive landscape of the financial services industry, owning a Padgett franchise could be a strategic move if you possess relevant experience or a strong interest in financial matters. Padgett has a solid track record in franchising since 1988, with over 166 locations in operation. However, it’s essential to recognize the challenges involved, including ongoing royalty payments of 9% of gross receipts and the need for solid business acumen. Evaluate your readiness for this commitment and the potential for growth in your designated territory before making a final decision.
Padgett Business Services Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
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Padgett Business Services Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.
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| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 173 | 173 | 166 |
| Net Change YoY | 0 | -7 | |
| Franchised Units | 173 | 173 | 166 |
| Net Change YoY | 0 | -7 | |
| Corporate Units | 0 | 0 | 0 |
| Net Change YoY | 0 | 0 |
Company Background
Padgett Business Services is a leading provider of financial and business services, specializing in accounting, tax preparation, and business consulting for small businesses. With over 40 years of experience, Padgett has established a strong presence across North America, helping entrepreneurs achieve financial clarity and business success. Their tailored services are designed to meet the unique needs of small business owners, empowering them to focus on growth while Padgett manages their financial aspects.
Franchise Opportunity
Investing in a Padgett Business Services franchise offers aspiring entrepreneurs the chance to join a reputable brand with a proven business model. Franchisees benefit from comprehensive training, ongoing support, and access to a network of successful business professionals. With a low initial investment compared to traditional businesses, Padgett franchisees can tap into a growing market for small business services and enjoy the rewards of business ownership while making a difference in their communities.
Corporate Structure
Padgett Business Services, LLC was founded in 1966 and is headquartered in Kennesaw, Georgia. The company operates under the name Padgett Business Services and has expanded through a franchise system that allows individuals to own and operate their own Padgett locations. As a member of the Padgett family, franchisees become part of a well-established network that emphasizes collaboration, knowledge sharing, and success across the organization.
Royalties
Franchisees of Padgett Business Services are required to pay a royalty fee of 6% of gross sales. Additionally, franchisees contribute to a national marketing fund, which is typically 3% of gross sales, ensuring that the brand remains competitive and top-of-mind for potential customers. These fees support the ongoing development of marketing strategies and promotional efforts that benefit all franchisees.
Company Mission
Padgett Business Services is dedicated to helping small business owners achieve financial success through personalized service, unwavering support, and expert guidance. The company's mission centers on providing valuable insights and solutions that empower entrepreneurs to make informed decisions, ultimately fostering growth and prosperity in their businesses. By prioritizing client relationships and community engagement, Padgett aims to be the trusted partner for small businesses across North America.
Brand Story
Padgett Business Services began its journey in 1966 when founder John Padgett recognized the need for reliable financial services tailored specifically for small businesses. Over the decades, Padgett has evolved into a trusted name in the industry, known for its commitment to excellence and client-focused approach. With a strong emphasis on building relationships and providing expert advice, Padgett has successfully assisted thousands of small businesses in navigating their financial challenges, making it a revered brand in the realm of small business services.
Frequently Asked Questions
The total investment necessary to begin operation of a new Padgett franchise is approximately $100,675, which includes an initial franchise fee of $37,000, among other startup costs.