Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

February 5, 2019

Connecticut Business Climate

By Achim Neumann

Just like the rest of the country, small and medium businesses (SMBs) dominate the economic field in Connecticut. There are more than 340,000 SMBs in the state, which makes up 99.4% of the total businesses, employing over 735,000 workers.

Fairfield, Greenwich, and Westport are three of the top towns in Connecticut that have the best climate for businesses, including if you’re looking to buy a business in Connecticut or sell a business in Connecticut. These towns are considered as the bright spots in the state that has seen better days. With sound business-friendly policies and fiscal measures, these towns managed to solve the debt problem, poverty rate, crime, population, and cost of living.

Meanwhile, on the other end of the spectrum are Hartford, Waterbury, and New Haven, which are struggling with fiscal issues and where things like getting a business valuation in Connecticut are a must.

The insurance and financial services industry is thriving in Connecticut. In fact, the insurance sector is the top employer per capita in the state. Among the biggest names in the industry with headquarters in the state are Aetna, Travelers, and Hartford.

Manufacturing and agriculture are also two industries that are flourishing in the state. Connecticut benefits from its location to the northeast zone. For instance, a third of the states in the country are just within a day’s drive to Connecticut.

Agricultural products like tobacco, dairy, hay, poultry, aquaculture (like oysters and clams), livestock, ornamental flowers and shrubs, and sweet corn are among the top contributors to the state coffers.

Large-scale manufacturers also consider Connecticut their home. There are manufacturing plants that exclusively supply submarine and aircraft parts to the military. Manufacturing plants here are also one of the biggest suppliers of the machine and computer parts and fabricated metal in the country.

A research study commissioned by CNBC titled “The Top States for Business 2018” ranks Connecticut as 37th among the 50 states.  Among its strengths are its labor force, financial access for new businesses, high level of education, technology, and innovation. Its weakness, meanwhile, is infrastructure along with cost of living.

The second largest casino in the US, the Foxwoods Casino, has become a tourism destination in the state. Tourism is also a major driver of growth and in the past 10 years, the labor force in the tourism industry swelled by 13.6%.

Connecticut is working toward laying down the foundation for a friendly business environment in order to spur growth, particularly on new entrants, as well as helping small businesses expand their operations. It’s also diversifying its industries because obviously, its over reliance on military contracts and insurance—while thriving and booming—has hurt its economy.

If you’re interested in buying a business in Connecticut, selling a business in Connecticut or just looking to have a fair market business valuation in Connecticut, then reach out to us via our contact page!

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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Contact A Neumann & Associates, LLC

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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