How a Failed Franchise Launched a 30-Year Business Success Story

The Art of Succession

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 Ownership

Charles, 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 Division

About 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 Planning

Despite 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 campaigns rather than traditional methods. For succession, Charles plans to transition ownership to his employees by the end of next year, preferring this approach over selling to a competitor. After 25 years with some staff members, he wants to give them the opportunity to own the business while he receives an income stream for life.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-charles-read

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The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.

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Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!