We recently connected with Michael Franks and have shared our conversation below.

Michael, looking forward to hearing all of your stories today. Your ability to build a team is often a key determinant of your success as a business owner and so we’d love to get a conversation going with successful entrepreneurs like yourself around what your recruiting process was like -especially early on. How did you build your team?

Having determined my desired career path, I recognized that financial literacy, with a focus on tax consultation and preparation, would be the best route. Eventually, I decided to establish a tax service, which, despite its potential, presented numerous challenges. Initially, we utilized a third-party tax preparation service intended to facilitate the development of my tax service. Unfortunately, this collaboration proved unsuccessful, as the company failed to provide the promised support, instead, only focus on accepting payment. This left me to navigate the dificulties of establishing a tax business independently. This was our experience during the first year. In the second year, I opted to utilize an alternative tax course to instruct my preparers. Continuing with five preparers, I soon discovered that the course was overly dry, resulting in a significant decline in participation. By the end of the second year, only one preparer remained, and notably, this individual continues to work with us five years later. Moving forward to the present, we have encountered persistent difficulties in retaining tax preparers. Moreover, since initiating our tax school, we have faced challenges in educating prospective tax preparers and ensuring their long-term commitment. Despite these obstacles, we persevere, continually implementing strategies to motivate our tax preparers while concurrently seeking new talent to train. Our hope and determination is what encourages us to keep going.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

Advisory Pro Financial was established in 2020, but its history dates back to 2017, when my wife and I, as employees, adjusted our W-4 to receive more money in our paychecks. Unaware of the intricacies of the tax codes, it became a costly mistake. This oversight led to a notice from the IRS in January 2018, stating that we owed $9,000. Determined to learn from this experience and improve our financial literacy, we joined a community of financial experts in June 2018. This union helped transform our understanding of taxes, and how money actually worked.

Equipped with new knowledge, we developed a passion for business ownership and discovered the power of massive tax deductions and multiple streams of income. From 2018 to 2020, the I attended various tax courses and seminars to comprehend the complexities of tax laws, codes, policies, and procedures. In September 2020, my wife and I launched Advisory Pro Financial LLC, an online and virtual tax service dedicated to teaching financial literacy and education, aiming to help employees become business owners and strategically lower their taxable liability through legal and compliant methods.

How did you put together the initial capital you needed to start your business?

This is a great question. I have found that being a W-2 employee was instrumental in providing the initial capital necessary for my business venture. In other words, I used the income from my job to build my business. However, the most significant advantage lies in owning a home-based business, which offers greater flexibility and reduced overhead costs compared to traditional brick and mortar business. I highly recommend exploring the opportunities presented by a home-based business. We have developed and refined strategies to prove that this process works, We recognize that unnecessary expenditures can hinder potential earnings and overall business success. Ultimately, our objective in business is to generate revenue, not incur excessive costs.

Can you tell us the story behind how you met your business partner?

I really enjoy sharing this story: My wife is our cofounder and business partner. I met my wife at a haircutting establishment. I had no idea she possessed exceptional business skills. As one of the assistant managers at this establishment, it seemed we instantly connected. I shared my goals, wishes, and desires with her, and she shared hers as well. Her goal was to establish a salon specializing in men’s haircuts. I was unaware of her diverse talents. We also discovered a shared passion for business too.

Contact Info:

• Website: https://myadvisorypro.org
• Linkedin: https://www.linkedin.com/in/michael-e-franks

Image Credits

Emilymai Ester Martin
Jeffrey Asamoah