Hottest Businesses to Sell Right Now in Los Angeles
In general, the California business environment is as sunny as its weather, and many businesses and companies grow and thrive in the Sunshine State and in Los Angeles. No longer considered just a hub for entertainment, Los Angeles has evolved in recent years into a tech hub that rivals Silicon Valley and has a fashion industry that continues to grow. What follows is a summary of some of the hottest businesses to sell right now in Los Angeles.
Technology
As a whole, California’s technology industry added more than 48,500 jobs in 2016, a modest increase of 4.3 percent in 2016. California leads the nation’s tech industry employment by a wide margin, at over 1.1 million workers as of April 2017. The second-ranked state, Texas, employs approximately 593,000 tech workers. California, after all, is the birthplace of the American tech industry and continues to be a leader in the arena.
Consider mobile-game company Scopely. Founded in 2012, it’s released several mobile game hits, including Dice with Buddies, Yahtzee with Buddies and The Walking Dead: Road to Survival, which broke into the top 25 list of highest-grossing apps in the Apple app store. Los Angeles is also home to successful tech firms Snap Inc. and Tinder. While these specific companies might not be looking to sell right away, the state is full of similar start-ups, mid-size firms and corporations that are.
The LA tech scene has also spawned numerous e-commerce sites, dating and messaging apps, and online video companies. Any buyer interested in purchasing a business would be wise to consider the tech industry in Los Angeles, as it’s a field that doesn’t seem to be going anywhere anytime soon, creating a host of opportunities for entrepreneurs.
Shoe Stores
Los Angeles is a shopping haven, and the city has plenty of shoe stores for footwear enthusiasts, whether buyers are looking for a new pair of athletic sneakers, sky-high heels or sensible flats. Many of the most successful shoe companies in the world are based somewhere in California — including Toms, Vans and DC Shoes. There are 3,000 shoe stores in California, with hundreds of them in Los Angeles alone. It’s a profitable industry, — it rakes in approximately $3.7 billion dollars a year, and those numbers are from 2012, so it’s likely gone up even more since then.
Restaurants/Food Service
Food culture in Los Angeles has long taken inspiration from many international cuisines, and in a city with 5,000 restaurants as of 2016, tourists and residents alike are bound to find something that matches their tastes. Mexican and Asian restaurants are ubiquitous in LA, primarily due to the high index of those ethnic populations in the city. Still, many other restaurants offer creative, unexpected cuisine that are the result of careful experiments and creativity. Americans are eating out more, and employment at restaurants and watering holes grew at nearly twice the rate of all other sectors combined over the last five years. So long as Americans, and Los Angeles residents, continue to dine out, buyers will continue to scoop up new opportunities in the food industry.
Whether you’re a seasoned business owner looking to invest in a new opportunity or you currently own a business in one of these industries, perhaps 2018 will be the year you decide to sell. If the timing's right and the price is reasonable, selling a business in one of these industries may be a wise business decision.
If you are interested in selling your business, contact LINK Los Angeles at Richard.herhsey@linkbusiness.com to get in touch with a LINK Business Broker today. You can also find us on the web at www.linkbusiness.com.