Brent Turner might just be the definition of a true entrepreneur, starting his first business at only 12 years old, making $1000 per month taking trash out for members of a retirement home. This hard work, persistence, and financial responsibility would set the tone for the rest of Brent’s career, including the three successful exits of companies he started from scratch, right up until the present day. Today, Brent is the CEO of NextPoint Financial (NPF-U.TO) a public company in Dallas, Texas.
NextPoint is the parent company of LoanMe and Liberty Tax. Mr. Turner is the CEO of Liberty Tax as well. This tax service has 2,700 locations and 1,355 franchisees across the U.S and Canada and generates some $200M in loans every year. Brent started with the company in 2018 as a consultant to their board, and after just a year, was appointed CEO. During his first two years as CEO, Liberty Tax generated the highest level of free cash flow ever. That’s because Brent was able to pinpoint exactly where the company could make better decisions, including how to finance franchisees and raise the standards for potential franchises.
In July 2020, a special purpose acquisition company was formed and merged Liberty Tax with LoanMe; it closed in the same month a year later. The two entities were nestled under the holding company, Next Point Financial, and are now publicly traded on the Toronto Stock Exchange with a combined EBITA (earnings before interest, taxes, and amortization) of more than $100M. “The reason for this merger,” Brent explains, “was to create an all-inclusive platform for financial services. Many people are precluded from mainstream financial products and many companies address only one or two of the issues people face, but there isn’t anyone who brings holistic functionality to this segment of the population. Until now, there hasn’t been an inclusive membership that provides banking as a service, credit products, and tax service all in the same bundle. It is revolutionary and very exciting.” The all-inclusive bundle offered means that Brent’s company can minimize costs for the customer while maintaining a best-in-class level of service.
Brent’s success with Liberty Tax and LoanMe stems from decades of business experience, all starting with that trash removal service back when he was 12. In college, Brent’s bank job landed him a position with Mr. Payroll, where he effectively served as a CIO. After increasing his knowledge base there, he started his own tech company in 1994, providing check cashing systems for convenience stores, culminating in serving 115 stores in eight states. After selling it to his partner, Brent worked with larger companies and learned how to scale a business, while also obtaining his MBA from Southern Methodist University. Other successful projects include the purchase of twelve Rent-A-Center locations for $1.9M and their subsequent resale for $15M in only nine months, and operating a rent-to-own business, which he purchased for $7M and sold for $13M just two years later. Brent also sold a built-from-scratch tax lending firm for $70M in 2016.
Brent credits the longevity of his career to his perseverance and passion—after all, not many people can say they’ve been an entrepreneur since the seventh grade. His focus and dedication have also contributed to his continual growth and success in the finance and tax fields. In addition, he’s also not afraid to divert from convention. “There are certain things I do that no sane person would endeavor,” he says. “I take risks, and any time I do, I don’t give up because I believe that taking a chance should never stop you from doing what you want to do.”
CEO — NextPoint Financial