When it comes to franchise concepts, one would be hard put to find one owned and created by an African American. It’s harder still to find one that’s been in business for 20 years and thriving.
Look no further than Colbert Ball, the fourth largest tax service in the United States.
Colbert Ball was created in 1995 by Al Colbert and Jaja Ball. The cousins came up with the concept while in college and haven’t looked back since. Today they have more than 300 locations across 23 states and is one of just a handful of African American-owned franchises recognized by the International Franchise Association.
It’s tough to argue with the appeal of owning a tax service franchise. Most of the work is handled four months a year and affords franchisees the opportunity to spend more time with friends and family. But it takes hard work, dedication to craft, and trust for people to bring you their tax documents and leave their personal information at your mercy.
Just ask Sean and Shannon Verdun, owners of a Colbert Ball franchise in Fort Worth, Dallas. The couple are a Colbert Ball ultra-success story and living proof that the system works.
They both retired from their high-salaried information technology corporate jobs before the age of 40 and can now focus on their kids and helping people in their community.
Sean Verdun tells BlackEnterprise.com he feels extremely fortunate to be part of a winning franchise, one with a world class support team. They opened their first office in 2007 and over the past seven years have had no regrets.
Before they started their franchise, the Verduns, who both have master’s degrees in IT and bachelor’s in business administration, had been helping out friends and family with their taxes. They never dreamed it would lead to them doing tax returns for thousands of people and help them net hundreds of thousands of dollars each year.
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Verdun says, “The bottom line was we really
understood the concept of preparing income taxes. The concept was brought to our attention by a family member. We were really excited when we heard they were one of the largest black owned franchises in the country.”Learning that the franchise was an African American-owned concept spurred them into action. The more research they did, the more intrigued and enamored they became with the idea of getting on board.
“We wanted to be part of a winning team like that. We asked a lot of questions because we wanted to make sure we were properly trained to be able to provide a service like this to the masses.”
Finally, they took the step and the rest as they say is history. “Corporate delivered. The training was incredible, the support was incredible, the IT staff is world class, the admin department also world class,” Verdun says. “It would have been so much more difficult to do anything like this without the support of the Colbert Ball training team.”
Another attractive feature of the franchise is a low cost system that allows owners to be successful early. All of the franchise fees, rent, equipment and furniture, and the requisite software amount to $30, 000. One simply maps out a location and sends it in to Colbert Ball’s real estate unit to review.
Verdun says what makes them more attractive than the H&R Blocks, Jackson Hewitts, and Liberty Tax offices operating in their area is their relaxed and comfortable atmosphere, a warm friendly staff, and the work they do within the community.
“In the rare event that any of our clients are audited, we accompany them to the audit and do all we can to provide the auditors with the information they need. Never once will a client of ours ever feel like they’re on their own,” Verdun says.
They also do a lot of pro bono work in the community. He says they always take time to explain tax laws to clients to better educate them about the different kinds of credit. The message is simple. Teaching them proper bookkeeping techniques today helps them plan for tomorrow.
Franchise fees usually run up about $15,000 a year, with some additional support fees. Each contract runs five years, but the Verduns, who are in their seventh year, re-upped in 2012.
Their advice to franchise concept hunters: “Take a hard look at Colbert Ball. Educate yourself and always ask the tough questions. Do your due diligence and it’ll pay off. Colbert Ball is a solid answer for people that are willing to learn, study, and understand that in order to be successful at this you must always remember you are providing a service.”
They should know. The Verduns are generating more than $350,000. Their goal is to net more than a $1,000,000 in three years.
“We took a leap of faith and made an informed, educated decision. We were blessed.”