Wednesday, May 06, 2009

Roni Deutch Franchisee Reinvents Himself

One of our Roni Deutch Tax Center franchisees, Paul Nuti of New Jersey, was featured in a story on former financial executives reinventing themselves. You can find the clip about Paul below, and the full story can be read here.

Paul Nuti was laid off from Morgan Stanley at the end of 2007, after working there 26 years.

The Wyckoff resident was chief financial officer for Morgan Stanley's global private wealth management business, which focused on high net worth investors.

Nuti, 49, is now opening five Roni Deutch Tax Centers in Bergen County.

"I initially began looking for a similar job with a Wall Street firm," he said. "I had many interviews and was close on a few occasions to finding another position, but in the end it didn't work out for one reason or another."

A franchise consultant steered him to Roni Deutch Tax Centers in 2008. "At Morgan Stanley, the business unit that I ran used to lend to franchises, and I thought this might be a good investment for the future."

Roni Deutch, named for a television personality, provides tax preparation, legal and debt resolution services for individuals and small businesses. It cost about $45,000 to buy a franchise, and another $40,000 to $60,000 to get up and running.

He figures it will take two years for his stores to generate consistent cash flow so he can approach his previous Wall Street salary of between $400,000 to $600,000 a year.

"When I have all five open for at least two years, I should come close to what I was making at Morgan Stanley," he said. "Until then, I will probably look for a job in the financial services sector after tax season."

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