Life and Liberty
Army vet forms successful post-military career with Liberty Tax Service franchise.
By Warren Duffie.

Benjamin Franklin perhaps said it best when he declared one of the two certainties in life is taxes. And while Americans love to curse the taxes they pay – as well as sweat out the yearly April 15 deadline – the fact is taxes offer a potentially lucrative and satisfying business opportunity to military veterans.

“I had one client who was an H&R Block customer for 22 years,” said Chris Cho, a franchisee with Liberty Tax Service. “She came over to my company recently, and when I asked why, she said her great uncle was a loyal Liberty Tax customer. When he was on his deathbed, he made her promise to work with Liberty Tax because we would ‘take good care of her.’ That’s the power of our brand.”

On the Job
A former Army sergeant now based in San Antonio, Cho and his wife, Aya, operate two franchises. Both are open seven days a week from January to April.

“During the first part of the year, we see a lot of people who own rental properties and other real estate, stocks or farms. We also work with people who own small businesses or are free-lance contractors and need special tax forms.”

From May through December, Cho’s offices are only open a couple of days a week. During that period, he and Aya teach free tax courses and continue to file tax returns for clients that filed extensions or need to apply for an IRS individual tax identification number. His office staff ranges from 12 to 20 employees, and his yearly revenues are about $500,000.

“I’ve been lucky enough to achieve great success since opening the business six years ago,” said Cho, 43. “I attribute that to my military training. I learned to adhere to strict standards, the importance of a professional appearance, how to motivate others, and how to face challenges and overcome obstacles. All of these are crucial to business success.”

About the Company
Headquartered in Virginia Beach, Liberty Tax Service has 3,800 franchisees nationwide.

The start-up cost to open a Liberty Tax franchise ranges from $56,800 to $69,900. A member of VetFran, the company offers a discount off the franchise fee to military veterans. Franchisees attend initial training seminars at the Virginia Beach headquarters and receive year-round support and education.

• For four consecutive years, Cho and his wife have received the Liberty Top Gun Award, given to the company’s top-performing franchises.
• Cho was selected as the 2002 Soldier of the Year for the entire U.S. Army Europe (USAREUR).
• Liberty Tax Service is listed as one of Forbes magazine’s “Top 20 Franchises to Start.”

Military Service: 4 years in the U.S. Army (2000-2004)
Highest Rank Held: Sergeant (E-5)
MOS: Accounting Specialist (73D)
Education:

• Bachelor’s degree in business, Washington State University
• MBA, College of California
• Accountant training at Fort Lee, Va.

What Cho Likes About His Business

• The daily challenges.
• Seeing my employees become a big part of my success.
• Having the flexibility to travel and relax after tax season.

CHo’s Advice

• Do your homework. “Find out all you can about the company. Talk to current and past franchisees.”
• Lose the 9-to-5. “You have to eat, sleep and drink your business. It’s truly a lifestyle, make sure you enjoy it.”
• Find mentors. “Just like you bonded with those who had been successful in the military, you should do the same in the business world. Find someone who is currently where you want to be.”

Liberty Tax Service
www.libertytaxfranchise.com
HQ: Virginia Beach, Va.
# of Franchises: 3,800

Start Yours
Franchise Fee: $40,000
Total Initial Investment: $56,800 to $69,900
Military Discount: 10%
Veteran incentive: Special financing, guaranteed financing of second territory if in compliance.