March 5, 2019

Pennsylvania Business Climate

By Achim Neumann

Although known as the Coal and Steel State, Pennsylvania actually has a very large and diversified economy.

Based on the “America’s Top States for Business 2016” list by CNBC, Pennsylvania made the jump from rank 40 on the previous list to No. 33.

The list is prepared by assessing the different indicators that can contribute toward creating a good climate for businesses to grow. Among these indicators are the economy, labor force, infrastructure, technology, innovation, education, cost of living, financial access, cost of doing business, and business friendliness.

The improvement in ranking speaks volumes about the reforms and policies of the state in the effort to attract and retain businesses. It also shows that the state is willing to listen to requests of adopting a uniformed tax measure.

Philadelphia, understandably, is still the top contributor to the state economy with a GDP of $105 billion in 2015. This is followed by Allegheny County, Montgomery County, Chester County, and Bucks County, which make up the top 5.

The steel industry of Pennsylvania continues to be a major growth driver. Not only is it employing thousands of workers, but it also generates indirect jobs in industrial equipment and machinery. To date, there are more than 40,000 manufacturers in the state. These manufacturers need fabricated metals and machine parts to keep their factories working smoothly, and buying a business in Pennsylvania and selling a business in Pennsylvania offers a lot of options.

The booming energy and natural gas industries will also be in high demand for qualified workers in the years to come. They will also spur new businesses in the chemical industry, particularly producers working closely in fracking technology, and refineries.

The legacy of Philadelphia’s early history with printing, through a no small effort from one of the country’s pioneering fathers Benjamin Franklin, still continues today as printing and publishing industry is contributing 7 percent to the state’s GDP.

The Tax Foundation ranks Pennsylvania 34th in terms of overall tax-friendly climate. Its strengths are incentives for individual income taxes and sales taxes, while it lags behind other states in terms of corporate taxes and unemployment insurance taxes.

The state gives value to its education and culture, due mainly to the influence of Quaker values. While hard numbers are good when it comes to the performance, cities like Philadelphia retained its spirit, which makes it one of the most livable areas in the country.

If you’re looking to buy a business in Pennsylvania, sell a business in Pennsylvania, or your just looking to have a business valuation in Pennsylvania, reach out to our qualified team and let’s start the conversation.

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

Client Testimonials

“I'm an attorney. I have represented the buyers and sellers of businesses for 20+ years. Recently I had the pleasure of handling a transaction where Richard Wilder of A. Neumann & Associates was the broker for the seller. Mr. Wilder was of great service to his client. He is very knowledgeable and organized. Thanks to his guidance the transaction proceeded smoothly and closed on time. He is highly recommended.”

Nick Ferrante

“Richard, you came to my office a few years ago and were wonderful in explaining your process and procedures. Our company is probably an anomaly in that we sold the majority to two long time employees and I financed them both. Our company is entering its 45th year and is still thriving. The purpose of the note is to thank you very much for the service that you provide. Thank you again.”

John Foug, Seller

“We had a great experience working with Richard Wilder from Neumann and Associates as the sell-side broker for Blade Runners. He was knowledgeable, professional, and clearly had his client’s best interests at heart. Richard helped keep the process smooth for everyone, and thanks in part to his efforts, we found a fantastic owner to partner with. We'd gladly work with Richard and the Neumann and Associates team again.”

Justin Martin

“Very happy with Richard and the entire process. I was on the buyer side of the transaction.”

Isaac Palmer, Jr.

“If you are looking for a professional and informative company that meets your needs, A Neumann & Associates is the company to go with. Ted Kantor went above and beyond to make our experience as easy as possible. Ted was helpful from the start of our process to the end. He was there every step of the way to guide us and answer all of our questions. He handled all of the in-depth communication and followed up on every detail. We strongly recommend Ted Kantor to help you whether you're buying or selling. It was a great experience. We never imagined it would go as smooth as it did. The Laluna's (Andy, Maria & Tony Jr)”

Maria Laluna

“A Pleasure to work with - I highly recommend them! Working with Richard Wilder was a pleasure, and he found us the perfect match.”

Laura Keith-Macario

“This spring we acquired a business that was represented by Richard Wilder at A Neumann & Associates. Small business acquisitions can be very emotional for the sellers and life-changing for the buyers, and Richard was keenly aware of this throughout the process. Although he was working for the sellers and not for us, he knew that most business owners see their business as their baby so the only way to have a happy outcome for his clients was to also have a happy outcome for the buyers. Knowing how nerve-wracking this process can be (think home buying x 10), he never dropped the ball on keeping everyone updated, anticipating potential snags, and guiding us along in the process. We highly recommend Richard.”

Shannon, Buyer

“My business was my baby for over 40 years. It is a tough and cruel world out there when it comes to selling your business. Neuman and Associates provided the professional guidance/protection to get the job done with care and no pressure. In my view a tremendous value. I would recommend them to anyone seeking to sell their business. Eric Storck, president of Blade Runners Inc.”

Eric Storck, President - Blade Runners Inc.

“I’m really impressed with how your firm operates. The focus on confidentiality, the thorough vetting process, and the use of third-party accredited valuations really stand out. It’s easy to see why you’ve built such a strong reputation over the years.”

Ann M., Investor

“Thanks for sending over such a detailed CIM. While I have only reviewed a have dozen CIMs at this point, your company has put together the most comprehensive data and detailed presentation I have seen so far.”

Ben N., Investor

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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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