Liberty Tax Service Franchise
To buy a franchise with Liberty Tax Service, you'll need to have at least $50000 in liquid capital and a minimum net worth of $250000. Liberty Tax Service charges a franchise fee of $40000.
Total Units: 4000
Year Founded: 1997
Franchising Since: 1998
Home Office: Burnaby, BC
Locations Available: See Below*
Liquid Capital Required: $50,000
Net Worth Required: $250,000
Total Investment: $58,700 – $71,900
Franchise Fee: $40,000
Royalty Type: 5% national advertising royalty
Vetern Discount: Special Incentives and Financing Assistance
*Liberty Tax Service is currently accepting inquiries from the following locations: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
Values & History
Founded in 1997 Liberty Tax has been helping Americans with the complicated and potentially stressful venture of filing their taxes for over twenty years. The company originally began in Canada when founders John and Jackson Hewitt acquired Canadian tax franchisor U&R Tax Depot. Later the company opened five offices in the US, and Liberty Tax was born. The service provided by Liberty Tax has won several awards over the years, including Forbes "Top 20 Franchises for the Buck" in 2012. As of September 19, 2019, the company now does business as Franchise Group, Inc.
Tax preparation services represent an $11 billion market in the US alone, growing over 3.4% annually over the last five years running and projected to continue that trend for the visible future. The IRS estimates more than 155 million individuals will file taxes next year, with more than half using a professional tax service to assist with preparation, making the tax preparation industry a reliable and profitable venture. Liberty Tax Service capitalizes on this opportunity by providing the best in industry knowledge and experience coupled with ongoing training and support under an iconic brand.
Training & Support
Training for franchisees begins with a one-week intensive course in professional tax preparation and continues with different training modules in sales, marketing, and other areas throughout the year. Site selection and demographic tools help franchisees build customer profiles to target different categories with incredible accuracy, and ongoing support is provided through a toll-free support desk, franchisee intranet site, professional growth and development programs, and daily marketing conference calls during tax season to help drive traffic.
Ideal Candidate & Qualifications
Hands-on leaders are the best candidates for Liberty Tax Service franchise ownership. Prospective individuals should have a strong desire to help people and offer top-tier service and guidance through a complex process. Those with strong business or management backgrounds will be able to leverage their skills toward greater market share and higher profits, making those hungry for success ideal.
Purchasing a Liberty Tax Service Franchise
Franchise owners will need a minimum net worth of $250k, with at least $50k in liquid funds. Franchise fees run $40k, bringing the expected total investment to between $58,700 and $71,900. Financing may be available through third-party lenders for qualified candidates. Current royalties are 14% of gross receipts less allowable exclusions, based on minimums over the first three years. A 5% national advertising royalty is also levied. Initial franchise terms run for five years.
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