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by Stephen Parezo

Larry Recor, left, accepts congratulations from Executive Vice President Yves Morard-Lacroix, right, after being chosen Fiducial’s 2005 Franchisee of the Year at the company’s Fifth Annual Convention last week in San Francisco. Also pictured is Howard Margolis, Fiducial’s director of field support and development.

October 10, 2005—As owner of three franchise offices in upstate New York, Larry Recor has always seemed to be a step ahead when it comes to serving his small business clients. But he admits he never saw it coming when he was named the 2005 Fiducial Franchisee of the Year last Wednesday night at the company’s Fifth Annual Convention in San Francisco.

“No, it came straight out of the blue,” said Recor after returning to his office in Boonville, NY. “It was certainly a surprise and a great honor. I was delighted with the confidence that Fiducial obviously has in me and, of course, I’ve always been a great supporter of Fiducial and their plans. I can’t quite get over it.”

During his introductory remarks at the awards presentation held in the Fairmont Hotel, Howard Margolis, Fiducial’s director of field support and development, said that Recor “really knows what servicing small business America is all about.” Margolis noted that Recor is a quiet, modest man but when he speaks, “we all listen because we know that his words of wisdom regarding running a successful Fiducial franchise will be sincerely appreciated."

Recor, who specializes in tax work and financial planning, has realized a level of achievement that very few individuals have at Fiducial. He began his accounting and tax practice as a side business in Boonville (population 4,400) while serving as the comptroller of the local town plant of Ethan Allen furniture. A converted house served as his first office and by 1988 when he purchased his own building, the business had grown to five employees.

Last year Recor celebrated a milestone—his 25 th anniversary—in a business he built from the ground up. He opened his second office in the town of Old Forge in 1999 and added a third in Utica last January.

‘He’s always there for you’

Small business owners know a good advisor when they have one as evidenced by Recor’s client retention rate of over 93%. Many of his clients have been with him for over 20 years and a number of them have referred their family members to his office as well.

One long-time client, Mozafar Rafizadeh of Nirvana Spring Water, Inc. in Boonville, says that Recor has been his accountant for several decades. Rafizadeh opened this particular business in 1988 and every time he wants to expand his operation he “runs it by Larry.”

Not only is Recor a trusted advisor but he’s “a very good man,” according to Rafizadeh. “If I need anything he’s always there for you,” he said. “In every instance that I needed something he got it for me.”

In receiving Fiducial’s highest honor that can be given to a franchisee, Recor was singled out not only for the way in which he uses the Fiducial Systems but for his community minded ideals. He’s been the treasurer of the area chamber of commerce, the Kiwanis Club and his local library for over 20 years. In addition to serving as the town accountant of Boonville for 20 years, he also donates to many local charities and is very involved with all town events.

A strong believer in following the Fiducial system, Recor puts all the Fiducial tools to good use. He was the first franchisee to adopt Fiducial’s new Investment Advisory Services, made sure all his offices are professionally set-up and maintained and have Fiducial signage. Marketing also plays a key role in the success of his business and he plans to incorporate this honor into his marketing strategy.

“We will certainly make it part of our television, radio and print advertising,” he said.

True entrepreneurial spirit

This isn’t the first time Recor has received awards from Fiducial since he’s been the recipient of numerous Fiducial network awards including Northeast franchise of the year.

Added Margolis, “What Larry has accomplished in the past 25 years exemplifies the true entrepreneurial spirit of a small business owner and what a franchisee can accomplish when his drive, desire, tenacity and love-of-what-one-does is intertwined with the tools of a franchise system.”

Helen Rachwal, now a semi-retired tax preparer, was the first employee Recor hired when he opened his office in 1980. She had been working for another tax accountant and quit to have a baby so she was off for a couple of months. Recor saw examples of tax returns she had completed and liked her work so he called and offered her a job. When it came to taxes, Rachwal says Recor “knew I knew what to do.”

More than just a great boss, Rachwal pointed out that Recor is a special person who also cares about the families of his employees.

“He told us that if we felt we needed to get up and leave due a family emergency that we should ‘just go,’ ” she said.

Best friends with clients

Recor’s son, Bud, came aboard in 1991 to help manage and grow his father’s business. Six years later he became part owner. When he began studying accounting in high school, Bud says it just came naturally to him. After going to college for business management he admits that working for his father was an easy transition.

“It’s always a good time because there are challenges every day,” said Bud who last Friday was in the middle of coordinating a move to larger quarters in Old Forge due to the growth spurt that office had during 2005.

“This office has increased over 20% this year,” he said. “We have a very strong presence in the market.”

Why have they become so successful?

“It’s the personalized local service we give,” he said. “We’ve become almost best friends with our clients.”

Stephen Parezo is the Media Manager for Fiducial.

Whatever your small business needs, your Fiducial tax and financial professional can analyze your situation and recommend an appropriate action plan. To locate a Fiducial office nearest you on fiducial.com, see the Zip Code Locator located in the upper right hand corner of the page. Do you have a particular topic that we should be writing about that can help your business? Please send your suggestions to: stephen.parezo@fiducial.com.

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