Dear ISBN Members,
I hope this newsletter finds you well. I am happy to share some exciting news about the past year and our plans for the future.
First, I want to thank you all for your incredible support this last year. We had a near record-record breaking year in terms of conference attendance and our financials are the strongest they have been since 2018, making last year part of an incredible return to glory from a couple years off, and puts ISBN in a historically strong position! This is all thanks to your hard work and dedication.
As a result of our strong financial position and high engagement, we are able to accelerate our progress on our three key pillars:
Passing the 45B tip Tax Federal Legislation: We’ve formed an ISBN affiliate network that allows industry businesses and professionals to get involved without being full members. This has allowed us to form a PAC, which will fund our efforts to pass the 45B Tip Tax legislation in the coming months. The primary purpose of the PAC is to support key congressional members and gain co-sponsors for the bill. This year we have gone from no official co-sponsors to 33, with around 100 being a key tipping point in support. There has been a lot of activity in DC by the lobbyists and by many in the industry and ISBN. We are also engaging with the budget scoring committee, who determine the financial impact of bills for consideration. In the past 45B has been scored as a net negative. We are currently undergoing an expedited re-scoring process with the goal of achieving a positive net budget impact score. This would make 45B a very attractive bill because anyone trying to get something else passed will want to bundle 45B into it in order to offset their other spending goals. If this is achieved there is a CHANCE (not saying likely…) that it could get passed this around the end of this year. More likely, there will be a lot of opportunities to get into bundled tax bills, with the Bush era tax cuts expiring, in 2025. Keep an eye out for the PAC, as we will need your support and the support of all qualifying affiliate members (affiliate membership will be free) such as employees and franchisees, in order to fund the effort.
Executing an industry-focused comp study specific to ISBN and branded salons: We expected this to be a 2024 effort, but due to the high engagement this year and new membership, we were able to accelerate this expense into 2023. We’ve been able to initiate the beginning stages of this comp study, which will be launched and presented at our conference next year. We’re looking forward to your participation to ensure we gather all of the necessary data.
Increasing energy and engagement with current and new members: We added 9 new members this past year, and we’ve had productive conversations with iSpa, leaders of various massage, nail, and wax companies, and the American Association of Cosmetology Schools (AACS). We want to continue to strengthen our relationships with these organization and become closer partners with all areas of the industry and analogous industries than ever before.
I am incredibly proud of what we have accomplished together, and I’m excited to see what we can achieve in this next year. Thank you again for your support. I look forward to working with all of you to make ISBN even stronger in the years to come.