As a business owner in the Big Apple, you will no doubt appreciate New York’s reputation as a center for finance, industry, culture and more. Home to arguably the world’s most famous city, it’s no surprise the allure of doing business in New York attracts buyers and investors representing all sectors across North America and beyond.
Boasting a diverse business landscape, immense office space and outstanding tourism, in the current climate for M&A activity, there is a huge opportunity to attract a great offer when selling a business in New York.
Below, we outline how the bustling business growth in New York offers big benefits for selling businesses.
What makes New York a great place to sell a business?
New York’s Booming Business Growth
The 2.1 million businesses that call New York home benefit from one of the strongest economic foundations globally. As you’d expect from one of the world’s centers for finance, New York’s metropolitan area has a GDP in excess of $1.7 trillion. If it was its own nation, New York would rank just outside the top 10 richest countries on the planet. And this immense wealth supports a culture that is strong on entrepreneurship, with New York one of the best states for entrepreneurial funding.
It’s “The City That Never Sleeps” for a reason – the population works hard and the state supports companies across all industries and work hours. This foundation is the base for the largest number of Fortune 500 headquarters (65) and the highest proportion of fastest-growing companies (381 in the Inc. 5000). This supremely strong economy and support of company growth offers a major advantage for those in New York looking to sell their business for maximum value.
But, the best news for those preparing to sell a business in NY is the diversity of industries that thrive across the state. Significant sectors that benefit from New York’s landscape include construction, transport, information, finance, business services, education, healthcare and tourism, but this is just a small sample. With an infrastructure that means any company can find success with the right approach, buyers rightly consider New York as a hotbed of attractive acquisition targets.
New York Welcomes The World
Undoubtedly one of the key benefits people selling a business in New York is the area’s diverse population and the number of visitors it attracts on an annual basis. New York City alone holds 8.4 million residents, more than any city in the United States, and this population is distinctly diverse – 40% of households speak a non-English language, with over 800 languages used in total.
Along with this substantial population at home, New York also attracts a torrent of tourism every day. 2018 witnessed a record 65.2 million visitors enter NYC (the ninth straight year of increasing numbers), aided by the 119,000+ hotel rooms based in the city. Airports across the state welcomed over 132 million people to New York in 2017, with the Port of New York and New Jersey in the same year handling 6.7 million TEUs (Twenty-Foot Equivalent Units).
For buyers, this immense number of people means an immense number of customers. So, when selling businesses in New York, the millions of residents can play a big role in maximizing company valuation.