{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Art of Succession","title":"How a Failed Franchise Launched a 30-Year Business Success Story","html":"","width":"100%","height":180,"duration":3358,"description":"In this episode of The Art of Succession podcast, host Barrett Young interviews Charles Read, CEO of Get Payroll in Dallas, Texas, who shares his 30-year entrepreneurial journey and succession planning strategy. Listeners will gain valuable insights into business transitions, strategic specialization, and creating a meaningful exit plan.From Corporate World to Business OwnershipCharles, a CPA with 47 years of experience, spent 15 years in the corporate world before purchasing an accounting franchise called Financial Express in 1991. When the franchise company went bankrupt a year later, Charles simply changed the name and continued operations independently. He and his wife built the business together, primarily serving business clients rather than individual tax returns, and eventually brought on a partner named Robert to handle the increasing workload.Strategic Specialization and Business DivisionAbout ten years ago, Charles made the strategic decision to split the business, selling the accounting practice to his partner while retaining the payroll operations. Unlike most CPAs who typically shed payroll services, Charles found payroll more interesting and complex. The transition was amicable, with both parties continuing to refer clients to each other and even sharing office space for years afterward.Get Payroll specifically targets businesses with fewer than 20 employees, which represent 95% of all US businesses. Charles avoids competing with industry giants like ADP and Paychecks for larger clients, criticizing their aggressive sales tactics and price increases. Technological advancements have made payroll processing more efficient and profitable, allowing the company to handle more clients with fewer staff.Marketing Evolution and Succession PlanningDespite being a CPA with limited marketing experience, Charles recognized his limitations and hired marketing professionals. The company now focuses on digital marketing through social media platforms and email...","thumbnail_url":"https://img.transistorcdn.com/WsAR3xvFFmP8m1spgn1fJ8s9RY8aAbQAHk_tzxXx9O0/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9mMDkw/OTk1YTc5M2U5MjFk/ODgwNzRhM2ZhZDVj/YzcyNi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}