Franchisee:
Jeffrey Kreyssig
Padgett Business Services | 140 Point Judith Road, No. C29, Narragansett
The pitch: Padgett Business Services provides financial services, such as accounting and payroll, primarily for small businesses, as well as focusing on tax preparation and planning during tax season.
Years in business: Five
Employees: Four
Cost to obtain franchise: $56,000 franchise fee for startups and $100,000 approximate first-year investment; $15,000-$36,000 fee for conversion model locations. $4,000 discount on initial fees for veterans via VetFran program.
Before opening franchise: Kreyssig previously worked in corporate accounting, including a stint with Shell Oil after graduating college. He also worked in Houston and New Orleans, before returning to New England.
Reason for opening: Kreyssig always “wanted to be in business” for himself, he said, and was initially looking for an accounting practice to purchase and was familiar with Padgett.
“[The biggest factor] when you own your own business is hiring the right people. You can make a mistake – and I made a few early on – but you have to find the right people [who] are going to have the same vision that you do and portray that vision to the clients. I rely on my staff heavily and we’re constantly trying to introduce new things that they can do and learn.”
“How well you do [in running a business] is a reflection on your effort. If you put the effort into it, you’re going to do well. When you work for somebody else, sometimes it’s not recognized when you work hard. When you work for yourself, you realize the benefits immediately.”
“[Padgett] has a good lobby presence in Washington, D.C. So, we get firsthand information on laws that are coming into place. [The legislators] do listen to us because we’re the largest organization that focuses on small businesses. We have a voice for small business in Washington.”
“I didn’t really want to work in the large metropolitan areas. I wanted to look for a smaller area [to open up a business], with less traffic and less congestion, and a little more of a hometown feeling.”
