 If you are going to sell a business, Manhattan is a great place to do it. Consider this: of New York's five boroughs, Manhattan is perhaps the most dense in terms of "companies per capita." You will note that other boroughs have a denser population, but Manhattan is a great place to own and operate a business.
Items to consider as you ponder how to sell a business in Manhattan:
1. High Income Per Capita. The income per capita, as of the 2005 census, was over $47,030 in Manhattan. This compares just over $22,000 city-wide, and $23,000 for the entire state. This provides a great comparison as to the relative wealth of your target customers.
 How does this translate to selling a business in New York? This
becomes a point that you can market to potential buyers for your Manhattan business: there is a seemingly boundless pool of well-heeled
customers.
2. The Population is Increasing. The population of Manhattan has been
steadily increasing since the 1980s. Further, the trend is towards
gentrification- New York's residents are becoming wealthier and younger
consumers.
From the stand point of selling a business in New York, this compares favorably to some other U.S. cities. When compared to some other
cities - such as Cleveland or Detroit where the population and business
environment are stagnating - New York is trending upwards.
3. Cater to Specific Industries. Small retail stores can cater to the
widely diverse population, but there is also a great opportunity to
concentrate on several niche industries in New York.
Are you selling a financial services company in New York? Manhattan is
home to some 280,000 financial services professionals - more than any
other U.S. city. As a buyer, the ability to concentrate on such large,
niche industries all in your backyard can be highly attractive.
4. Public Transportation. Whereas most of the U.S. - over 90% in fact
- drives to work every day, Manhattan is almost entirely backwards.
According the the 2000 census only 25% of Manhattan residents own a
car.
As you position your NYC business for sale- depending on the type of
business you have - your proximity to transportation can be a great
selling point. If you are retail, a restaurant, or other "destination"
type business, proximity to the subway or main bus stops brings
Manhattan to your doorstep.
Conclusions
As your consider selling a business in Manhattan, remember that you
will want to look for the attributes that make your business
successful. The mere fact that you are in New York will set you apart
from many of the country's other business owners. You can then work
with your business broker to identify the factors that make your
business unique and successful, and use them to position you for a
successful sale.
For more information regarding the sale of a business in NYC, contact
Dan Doran at Clear Rock. Dan can be reached at 866-648-7640 ext. 115.
Yes! I am interested in selling my business.
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