Andrew Twynam’s exit strategy has worked out well for Amit Joshi
When he joined TaxAssist Accountants, the UK’s largest network of small business specialist accountants in 2012, Andrew Twynam had a plan: work for five years, build his practice, then sell it to enable him to pay off his mortgage, which he has just achieved after the successful transfer of ownership to incoming franchisee Amit Joshi.
Andrew and Amit had both endured years of commuting and the frustrations of the corporate world, before they discovered the TaxAssist franchise to their mutual benefit.
Andrew had been a finance director for a big City firm, but was looking for a better quality of life. He says: “It’s a familiar story. I had four-yearold twin boys and was leaving home before they were up and getting home when they were in bed. I was only seeing them at weekends, which put a lot of strain on the family.
“One day, I was in a taxi in London and passed a TaxAssist shop. It looked incredible and, already aware that TaxAssist was a franchise, I started some research the next day. I was looking for business opportunities and although at the beginning I was sceptical, I spoke to lots of franchisees, who confirmed what I’d been told and this seemed like the right opportunity for me.”
Amit, who has attained vast experience in accounting over the last 19 years, was keen to leave the corporate and city life behind too, so started looking for opportunities where he could work for himself and build his own asset.
“It was during my research that the TaxAssist support centre informed me that a practice was for sale close to where I live,” Amit says. “This seemed a good fit for me, so I was introduced to Andrew and started my due diligence.
“I liked what I saw and decided this was just what I was looking for. Andrew and I seemed very like-minded and the business was successful, with good working practices in place, all of which made my decision to purchase his business an easy one.
“I attended the February 2019 initial training course and have now spent a few months in the business.
While it’s been hard work, I have no doubt it has been the right decision for me. I am looking forward to working with the great team I have and developing the business further.”
For Andrew, an exit strategy had been a key consideration even before joining TaxAssist.
“I don’t think I would ever have joined the franchise if there wasn’t a fairly clear exit route,” he explains. “For me, it was never the plan to be a TaxAssist franchisee until I retired. That’s what attracted me to the model - it had a beginning, a middle and an end.
“The support centre gives you a path to follow and supports you every step of the way in helping you to build your practice and, when the time is right, to sell.”
At a glance Taxassist Accountant
Number of franchised outlets: 216
Location of units: UK
Investment range: £40,000-£120,000
Minimum required capital: £40,000
Contact: email@example.com taxassistfranchise.co.uk