Olivia Palios became the youngest female TaxAssist Accountants franchisee to join the network when she joined in January 2015 at the age of 21.
When she left the network ten years later in January 2025, after selling to fellow franchisees Gary and Cheryll Jacks, she had a team of 3 staff and operated from two shops in Crewe and Sandbach looking after over 450 clients. She had also sold a third shop-based practice in Stoke-on-Trent in 2021.
Why did you go down the franchise route? And why did you choose TaxAssist?
I began working for another TaxAssist franchisee back in October 2014 and immediately saw the effectiveness of the TaxAssist model while I was working with the practice. The leads came in thick and fast; we had clients walk in requesting assistance, a steady stream of inbound leads and referrals from existing clients. To me it seemed like a no brainer. I chose to join a franchised network to benefit from all of the support that is on offer and to learn what works well and what doesn't work from fellow franchisees and the franchisor which helps to fast track your success.
How did you raise the finance?
To raise the finance I used a bank loan where I needed a deposit of 30% of the total set up costs. I raised my 30% with my savings and an investment from my mother, the remaining 70% of funding was then provided by HSBC on a repayment bank loan over 10 years.
I am delighted to say that after starting to trade on 23rd March 2015, I officially paid off all of my loans as of June 2019 - 6 years ahead of my plan!
How have you found the training and support?
I found the initial training very helpful and useful. It gives you an insight into how the support centre works, a week of pure tax knowledge and shows you around the accounts production and client database software. I attended further training days held by TaxAssist such as payroll training and the technical update days. TaxAssist do provide a lot of training days across the board and are happy to cater for training for staff members. We have also had staff from the Support Centre visit our office to host a 2-day bookkeeping course for the team, which they found very beneficial.
In a fast-changing marketplace, how does being part of TaxAssist help?
As the market is forever changing with IR35, auto-enrolment, cybersecurity, software and many other factors, it is really important that we have support to look into the changes and inform us of the best way to act on these. Being part of TaxAssist means that you have a network of support and advice on the changes that both ourselves as accountants and our clients need to make to keep up to date. I found TaxAssist exceptionally helpful assisting with our auto-enrolment set up process, action points to take and also information on the fees to charge and how to make money from this additional service.
What was a typical day for you as a franchisee?
My typical day as a franchisee involved new and existing client meetings, business administration, recruitment, staff management, marketing, reviewing and improving internal policies, researching software products to improve our efficiencies and managing the businesses KPIs.
What challenges did you face?
The biggest challenge within the business was recruitment. We used websites to keep our recruitment costs low and additionally, we used outsourcers to make our business even more profitable and free up the time of our accountants to sign up more clients.
What have been the highlights of being a TaxAssist franchisee?
My highlights of being a TaxAssist franchisee were being able to build an asset and knowing that all the hard work you are putting into the business was increasing the value of your business.
When I think back to when I was employed, I was always looking for ways to make more money or get a promotion, but being your own boss means this is in your hands and you do have the possibility to earn more money, increase profits and build a great asset.
I also enjoyed the flexibility of being able to take time off when I needed it.
What differentiates TaxAssist from the competition?
In our local area, we had been contacted by many clients whose accountants in the past had just disappeared over night! TaxAssist being a shopfront-based business shows our stability to clients, which brings comfort. Clients were also comforted by our pricing model of quoting a fixed fee for our services rather than quoting on an ad hoc basis and being greeted with a large bill at the end of their accounting period.
In your opinion, what makes a successful franchisee?
In my opinion, a successful franchisee will be a franchisee who is running and growing the business and not working on the physical accounts work themselves. It is key when you start the business to recruit an administrator/bookkeeper so you can start to roll out your processes and procedures within the practice and begin how you mean to go on, growing and managing the business.
What advice would you give to someone thinking of buying a franchise with TaxAssist?
I would suggest speaking to franchisees with a similar background to yourself, so you can discuss how their experience has been and listen to their recommendations.
Has becoming a franchisee changed your life, if so, how?
It’s been such a great journey with TaxAssist from start to finish. I wouldn’t be anywhere near where I am right now without the TA brand!
Becoming a TaxAssist franchisee has definitely changed my life. Having always been a very ambitious person, TaxAssist has given me the opportunity to utilise these skills and grow a strong resaleable asset.
I opened my first shop in March 2015 and in my 10 years as a franchisee I have managed to pay off my initial bank loan within 4.5 years, bought my first and second home, purchased a commercial shopfront premises, paid for our dream wedding and purchased a holiday home in Greece. All of these achievements were made possible from the profits generated from my TaxAssist accountancy practices and the sale of my Stoke practice in 2021.
Upon the sale of my further 2 accountancy practices, I am now in a fantastic financial position thanks to the brand, with my assets already held and I am looking to pay off my mortgage in full and live mortgage free at the age of 31, which is great timing as we are soon to welcome our first child.
