History
Fesum Berhane Ogbazion, who came to the United States with his family in 1982 from Ethiopia, opened his first tax office in 1994, Instant Refund Tax Service, while pursuing a degree in accounting and finance at the University of Cincinnati. He strategically chose a former H&R Block tax office located just down the street from his parents’ home. The office was just 400 sq. ft. He prepared over 600 tax returns his first year, but barely broke even. However, over the next five years, Ogbazion's business prospered. He opened 26 additional locations throughout the Cincinnati, Ohio and Northern Kentucky area.
In 1999, sensing a major competitor in the area, Jackson Hewitt offered to buy Instant Refund Tax Service from Ogbazion for a reported $3 million. In the year 2000 and in accordance with his non-compete agreement, Ogbazion moved to Dayton, OH and rebuilt his business from the ground up. Instant Tax Service began franchising in 2004.
Read more about this topic: Instant Tax Service
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