Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

December 24, 2016

State Spotlight: New York!

By Achim Neumann

new_york_nycAs the most prominent of the Mid-Atlantic states, New York is an intriguing place to buy a business.

This state boasts a stable economy, significant international investment due to the economic gravitas of New York City, and plenty of disposable income that comes with the high quality employment opportunities found here.

New York State is home to numerous economic powerhouses that help drive the American economy, not the least of which are the major investment banks that can be found on Wall Street.

However, there are many other components to the New York State economy that are also worth mentioning: NYC’s Silicon Alley attracted 7.3 billion dollars in venture capital for its technology startups in 2015 alone, and Tech Valley, a cluster of technology startups located in the Hudson Valley, generated 163 million dollars in investment in that year as well.

With other robust industry sectors that include media, entertainment, manufacturing, and agriculture, New York State is a very attractive place to purchase a business.

Why is New York State a good place to buy a business?

The high cost of living and level of taxation might dissuade some entrepreneurs from setting up in New York State. However, there are many advantages will reward those with the persistence that is required to be a success in this environment.

1) There are numerous tax credits in place that support small business

While many decry New York State’s high tax regime, there are also a series of tax credits that can help small businesses get off the ground.

One of the most prominent of these is the Startup New York program, which allows selected operators in specific geographic locations to operate for up to 10 years without having to pay any state taxes.

In addition to this initiative, there is also the Excelsior Jobs Program, which offers tax credits for technology and manufacturing firms that create a certain amount of new positions, and the New Markets Tax Credits Program, which provides tax relief for entrepreneurs that create jobs in communities where poverty and/or unemployment is high.

2) It is home to several sizable and diverse population centers

The presence of New York City is this state’s largest economic advantage, as not only is it home to more than 20 million people in its metropolitan area, but it also serves as a beacon for international investment.

However there is more to this state than NYC, as it is also home to urban centres such as Albany, Rochester, Syracuse, and Buffalo.

While New York City is easily the most diverse part of the state, significant immigrant communities and first-generation Americans can be found in all of New York’s urban centers.

This gives enterprising entrepreneurs a variety of business opportunities that can be seized in various locales across New York State.

3) The talent pool for educated employees is deep

New York State is well-known for the quality of its publicly supported universities and colleges. Throughout the region, there are scores of SUNY campuses that offer degrees in a variety of subjects that give their students the skills that employers are looking for in an entry-level employee.

With thousands of highly-qualified students graduating from these institutions annually, and a surplus of these applicants in many industry sectors, it will be easy to find the required talent to elevate a purchased business to the next level.

Conclusion

There’s no doubt about it: at first glance, New York State can be an intimidating place to start or buy a business. However ,the advantages of purchasing a business here outweigh the challenges, as there are few markets in the United States that are currently performing to the level of the Empire State. If you’re looking to buy a business in New York, don’t hesitate to contact us.

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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