Husband-Wife Teams Drive Double-Digit Franchise Sales in 2024
NEW YORK – Feb. 11, 2025 – Payroll Vault, the fastest growing, award-winning payroll franchise, announced today it set a new sales record in 2024, bolstered by a growing trend of married couples who are fully committed to the franchise’s mission of helping the small to medium-sized business community.
Payroll Vault added 14 franchises nationwide last year, doubling its previous franchise development record. Three new franchise owners in Texas (three) and two in Colorado are leading the expansion.
According to Tricia Petteys, Payroll Vault’s CEO and co-founder, financial services is missing a consultative brand for small businesses—and more married couples buying into the solution as franchisees.
“When married couples in mid-life ask themselves about how they want to spend the next 20 years, they choose to work for themselves,” Petteys said. “They get to a level where they are focusing on personal goals and flexibility. While only about 20% of businesses build enough value to eventually sell, Payroll Vault provides a low-cost, transitional business model that supports generational wealth and an exit strategy.”
Married for 25 years, entrepreneurs Shannon and Ryan Mulhearn found the perfect alignment with their backgrounds and personal aspirations in a Payroll Vault franchise in North Carolina. Shannon brings expertise from her work with investors in mortgage-backed securities, while Ryan’s career as a CPA has provided him with a strong foundation in finance and accounting.
“As a married couple, we can manage the required hard and soft skills needed to operate a thriving business based on our strengths,” Ryan said. “We can also serve as a back-up for each other.”
Shannon added: “There are two important elements that are very different: managing system processes as well as advancing client leads and community outreach. Each requires a unique approach and expertise from both of us.”
Entrepreneurs Cathy and Ed Carroll, who have been married for 46 years, divided up the work based on their respective operations and sales backgrounds to drive growth for their Payroll Vault franchise in Delaware County, Pennsylvania. Over time, Cathy says, couples tend to value different things in life.
“We knew we wanted to be our own boss and build something for our future together,” said Cathy, who bought the franchise with her husband in 2019. “We are in control of our destiny. We reap the rewards of our efforts as we build our business together.”
Payroll Vault offers franchisees fully remote operating systems with technical monitoring to support continuous operations that include recurring streams of revenue from monthly, quarterly and yearly transactions. Franchise Business Review recently recognized the franchise with seven industry awards, including “Best in Category” and “Top Franchises” as well as top honors in financial return, innovation, culture, and support for women entrepreneurs.
“Married couples are able to quickly combine their skills to build a successful Payroll Vault franchise that fills a vital need for small and medium businesses,” said Oakscale Franchise Partner’s Chief Development Officer Joshua Kovacs, who manages franchise sales for the Payroll Vault brand. “As a franchise sales organization (FSO), we help franchisors and franchisees realize their visions.”
Payroll Vault franchises offer entrepreneurs a low-risk, low-capital investment of less than $100,000 to set up an exceptional return on investment. The franchise’s business model, which provides year-long revenue streams on a monthly, quarterly and yearly basis, offers small and mid-size businesses a full suite of services that include payroll solutions, HR solutions, background checks, worker’s compensation and payroll funding.
Franchisees also receive in-depth sales training support to ensure they are up and running within 90 days. The three-day owners training program kicks off continuous support by providing a comprehensive sales program so franchise owners can start onboarding new clients.
According to Cathy, married couples who are prospective Payroll Vault franchisees should heed one important piece of advice: “Have separate offices in the home,” she says half-jokingly. “One person is always neat and the other is not.”
If you would like more information about the Payroll Vault franchise opportunity, please email Oakscale Franchise Partners.
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About Payroll Vault
Payroll Vault franchises enrich the lives of the communities they serve by providing essential services for small and midsize businesses. Franchise owners provide payroll services, HR services, background checks, worker’s compensation, and payroll funding. Payroll Vault has won seven industry awards including “Best in Category” and “Top Franchises” for excellence in financial return, innovation, culture and support for women entrepreneurs. For more information about Payroll Vault franchises, visit our site, email us or call (303) 763-1829.
About Oakscale Franchise Partners
Oakscale Franchise Partners is a full-service, franchise sales organization (FSO) solution that helps franchisors and franchisees achieve their dreams. The vertically integrated company provides capital, technology, leads and sales to ensure success. Industry-renowned FranchiseHelp and FranFunnel helps franchisors find their destiny by connecting with franchisees. For more information about Oakscale, visit our site.
