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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Andrey O, Investor

“Finally enjoying retirement after recently selling my business using the services of A Neumann & Associates. Joe Oddo provided the conduit to a successful transaction. Joe knew when to inject input and when to simply listen and allow the buyers to vent, step back and regroup. The outcome met our expectations and got us to the finish line, which included my staying with the company six months in order for the buyers to get their footing and keep our workforce in the loop. He helped at every step by providing his expert guidance & resources. Thank you!”

Emily Parker Myers, Co-Owner - Myers McRae

“I had been in touch with Karin and Gary from A Neumann & Associates regarding some opportunities and was looking forward to meeting with them. Hence, when they organized a seminar in Princeton, NJ, I was quick to sign up. The seminar was very informative as the team walked the attendees through various scenarios and referenced real life buying/selling situations they had been through. The sessions by Gary, Karin and Achim were crisp and focused and brought clarity to potential seller and buyers. I strongly recommend the team and look forward to continue working with them.”

Gaurav Tyagi

“Thank you for your Event on "How to value, Sell, and Buy A Business for Maximum Profit" and the insight into ANA’s approach on what is involved in the Business Exit for sellers. Garys Hervieiou's "Business Valuation", Achim's "Deal structure" presentation and Karin’s "Preparing the Package" are real street knowledge shared. They answered attendees questions which makes it more interesting for learning from others. Great for small businesses like us. The presentations were totally worth our time and travel for the event to Princeton, NJ from Rockville MD. Ravi Bhutani, President, CIPS”

Ravi Bhutani

“Gary, this is to thank you for an excellent job done in selling our business. We could never have done it without your professional expertise, dedication and time put in without reservation to make it happen. We will gladly and highly recommend you to anybody in our position.  It was a pleasure to work with you.”

Pat Iammatteo, Owner

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Eric H., Investor

“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.”

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