Payroll Vault opens in southern Delaware

REHOBOTH BEACH — Justin Russell is hoping to fill a void for small business owners in Sussex County through his new franchise – Payroll Vault.

“Payroll services are typically something that small to medium-size businesses overlook or struggle with versus a larger corporation that has the software or ability to hire someone specifically for that role,” Russell told the Delaware Business Times. “As a small business owner, if you’re not outsourcing a partner in payroll, you’re usually spending a lot of time doing it yourself.”

Payroll Vault was recognized in 2023 as one of the top 100 most innovative franchises by the Franchise Business Review and offers a variety of services for its clients above and beyond payroll needs such as background checks, labor law poster services, workers’ compensation methods and human resource solutions.

Expanding the business into the southern Delaware area was a welcomed opportunity for the company.

“Expanding Payroll Vault into southern Delaware means we’re continuing to grow a strong franchise brand that connects local businesses to a top payroll provider,” Joshua Kovacs, who is chief executive officer of Oakscale Franchise Development, which manages the Payroll Vault brand, said in a prepared statement.

Justin Russell, owner of the Payroll Vault franchise in Rehoboth Beach.

While Russell is currently running his new franchise on his own, he said he hopes to grow it over the course of the next year so he can bring on employees, as well. But in the meantime, he says he has his work cut out for him.

“There are so many locals and small businesses that probably don’t know that these options are out there,” he told DBT. “This is a great opportunity for businesses to branch out to a local professional in the field so they can continue being an expert in theirs. At the end of the day, the mission of this company is really to take over the complex payroll activity from the business owner so they can focus on what they do best and run their business.”

The investment in the business itself, at roughly about $100,000 according to Russell, was worth it for the Rehoboth Beach resident who has watched many of his own family members run their own businesses for years from his seat in various corporate sales roles in companies such as Johnson and Johnson.

“Everyone in my immediate family was a business owner. They all kind of ventured this way [entrepreneurship] before me. Taking some time off, I decided it’s time to put myself in the same shoes that they seem to be enjoying,” he told DBT. “This really just connected with me in a way that gives me the ability to work locally for local businesses in southern Delaware It’s a feeling of doing good for other businesses and working for myself.”

While business ownership brings its own “sense of the unknown,” he said he’s looking forward to the new challenge of supporting Delaware’s entrepreneurs through Payroll Vault.

Follow the people, companies and issues that matter most to business in Delaware.

Save my name, email, and website in this browser for the next time I comment.