Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

March 27, 2019

Buy a business in New York: The New York Business Climate

By Achim Neumann

New York is one of the most prominent and populous states in the US with an estimated population of over twenty million. The state is known to be the cultural, financial, and media capital of the world. New York is also one of the most important centers for international diplomacy.

So what does it take to start or buy a business in New York? As a home for the most sophisticated business entrepreneurs to the largest corporations alike, what is the business climate of New York?

The business climate of New York has been labeled as one of the most complicated. But you can’t help but wonder how large corporations still retain their status as yet a progressive company. How do ordinary residents live in New York even under the circumstances?

What are the Setbacks in New York?

For many reasons, there have been numerous negative feedback on the business climate of New York. The state is known to have the highest tax from individual income tax, unemployment insurance tax, to property taxes.

Union Workforce is also among the highest in the Country. The union serves as the intermediary for the employee and the employer. It is also dedicated to protecting its member’s interest such as an improvement of their wages and working conditions. However, with a large labor union, it forces the hiring sector to hire union workers with a high salary rate but lower working hours.

While New York might be a bit more difficult than other states, it’s for good reason. Other states are attempting to allure businesses while New York is one of the largest economies in the world (much larger than some country’s total GDP!). Doing your due-diligence in selling or buying a business in New York is paramount, but there is serious upsides as well.

What Good is there in New York for you?

New York is home to the largest companies in the United States. As such, it also offers numerous opportunities to anyone looking to move into the bustling state. On the plus side, New York has an industrial workforce with an economic pool of professional and educated laborers. The Empire State is also rich with cultural and recreational resources. New York prides itself as being the global hub of business and is home to 10 % of the largest companies in the United States.

Final Verdict on New York’s Business Climate

New York is a state that is run by people who are passionately driven. They utilize what resources the State has to give to their advantage. If you are set in moving to New York, what you need is to adjust to a competitive environment with a high cultural and economic standard and you should be able to prosper.

Does Business Climate matter? Yes, it does. To start a business or move to a new place, is to have an in-depth study of its environment and use that knowledge to set a stepping stone for your envisioned goal.

Another main advantage is the fact that if you want to buy a business in New York, it will most likely already have been established and profitable meaning the hard part was taken care of and with good management, implementation of new processes, etc. things could very well skyrocket.

 

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

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Client Testimonials

“I recently contacted A. Neumann and Associates about getting a valuation of my business done. I spoke with Marc, who explained the process in detail. After meeting with Marc in order to get a clear understanding of my business, and what I was hoping to accomplish. His patience in answering all my questions and his knowledge of the proper way to market my business gave me great confidence that this is the firm I will be using to sell my business for max value. Working with Marc at A Neumann & Associates was very easy and professional. I did not know all that was going to be involved in selling my business but they helped me through the process. What I thought was going to be a just another one of those pushy sales companies was just the opposite. Polite, knowledgeable, and a pleasure to talk to and deal with. I highly recommend this firm to anybody who wants to sell now or down the road. Marc not only knows his stuff, but actually is a real nice guy.”

Double Diamond

“Used A Neumann & Associates to sale my business. could not imagine having done it with out the patience and experience Gary provided. Thanks Gary,”

Dennis Frazier

“Working with Marc and his company was a pleasure. What I thought was going to be a just another one of those pushy sales companies was just the opposite. Polite, knowledgeable, and a pleasure to talk to and deal with. Marc handled most of the interaction and he has one of the greatest demeanors. Again, it was a pleasure working with him and his firm.”

Douglas DiCeglio

“I recently completed an acquisition using A Neumann & Associates. Tony Valentino was very helpful and accessible during the entire process. They do a thorough job vetting both parties and got us to the finish line.”

Srini Mudambi

“Claus out of Florida helped us with the sale of our business. We had never done anything like this and him and his team walked us through the process from start to finish. We had some challenges through the process and Claus continued to show up even in the difficult conversations.”

Colby Harris, Co-Owner, Del Mar Designs

“Claus Madsen thoroughly helped us with selling our company. From the 1st introductory meeting explaining to us what was possible, to providing us with resources to assist with the sale. Claus was invaluable throughout the whole sales process. Claus was with us every step of the journey and always made himself available for any questions or issues that came up along the way. If you are interested in selling your business, I encourage you to reach out to Claus and the ANA team so that they can let you know what’s achievable. These guys will make it happen!”

Ron Harris, Co-Owner and Vice President, Del Mar Designs

“A Neumann & Associates is the only business broker I would use or consult with. They have assisted with 3 business sales over the past 15 years with me. They are honest and sincere and have always performed better than my expectations. They are the only one i would use for the sales of my businesses.”

James Belanger, Business Owner

“I wanted to take a second to commend the exemplary customer service from both you [Karin Neumann] and Mr. Valentino. It’s both a rarity in the industry, and very much appreciated.”

Andrew G., Investor

“We worked with Neumann & Associates to investigate the purchase of a research company in 2010 and found Achim to be capable, forthright and realistic. His depth of experience enabled us to fully understand our options, offering creative options that might enable the acquisition. While we didn’t acquire that particular company at that time, we know exactly who to call whenever we’re looking to buy or sell a business.”

Daniel Coates, Buyer

“Purchasing a business through this firm was a pleasure. Gary was very professional and transparent throughout the entire process. I look forward to working with A Neumann & Associates in the future.”

William Klemens, Buyer
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If you are considering selling your business, please contact us to learn more about our comprehensive service spectrum. Our experienced professionals will answer all your questions about selling a privately held business in complete confidentiality. Please fill out our contact form, or call us at 732-872-6777. We will contact you directly and will never identify ourselves to your employees.

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