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Is Now a Good Time to Buy a Business in Raleigh, NC
Is Now a Good Time to Buy a Business in Raleigh, NC?
Entrepreneurs on the fence about investing in the state of North Carolina should look no further than Raleigh for established business purchases. The area boasts a stable economy that has shown steady and consistent growth over the last several years, future tax cuts that will ease the fiscal burden on city businesses, and state and local incentives offered for certain industries and areas. Read on to discover why Raleigh, NC, is the perfect place for you to purchase your next business.
North Carolina Makes Maintaining a Stable Economy Priority
The entire state of North Carolina is known for its business-friendly practices. Site Selection ranked it number two in the Executive Survey Business Climate Rankings for the last three years. The rankings are based on factors such as ease of permitting, incentives offered, workforce development, and workforce skills.
Raleigh is one of three cities that combine to make up Research Triangle Park, one of the oldest and largest research parks in the world, and is considered one of the fastest growing metropolitan areas in the United States.
Raleigh’s economy is strong and stable, showing little change after the controversial passing of HB2, despite predictions of a negative economic hit. A business-friendly reputation, rapid growth, and steady economy create a solid foundation and positive conditions for business development.
Current State and Future Federal Tax Cuts Favor Business
Historic tax cuts on a national and state level are expected to benefit Raleigh businesses in a big way. In 2013, North Carolina passed a state tax reform bill designed to encourage job creation, new business formation and investment.
By 2019, the corporate income tax rate is scheduled to drop to 2.5 percent, one of the lowest in the country. This tax cut is predicted to increase employment rates and incomes over time by attracting more business into the area.
The federal tax reform bill, passed in 2017, greatly favors technology companies when it comes to tax cuts. Many of the businesses in the area are technology-based and stand to benefit significantly from these cuts. Purchasing a business in Raleigh now gives investors the opportunity to take full advantage of business-focused state and federal tax cuts.
Business Incentives from City and State
Raleigh doesn’t believe in utilizing public funds for the benefit of private companies, but the city does offer a few business incentives, such as programs for infrastructure improvements, public financing and human capital development. Many incentives offered at the state level can benefit businesses.
North Carolina is one of 22 states with a “right-to-work” law limiting the influence of employment unions and allowing non-union employees equal opportunity for work. Financial incentives are offered to new tech businesses and those establishing commercial applications for new technologies.
Double weighting of sales is permitted when figuring corporate income tax, and the state’s Department of Transportation offers a program to aid in area road improvements and the construction of access roads. These incentives can make it easier for you to continue the development of your Raleigh business purchase.
Buying a business in Raleigh, NC, gives you the benefit of numerous federal, state and local advantages that increases the return on your investment. A strong state economy reduces risk, federal and state tax incentives reduce the corporate tax rate, and incentive programs are available to aid in further development. Businesses in the Research Triangle Park area have every opportunity to succeed and maintain profitability for business owners. With the upcoming tax changes, buying now is a smart decision before the selling price of companies increases along with profits. If you’re looking toward North Carolina for your next business purchase, companies based in the Raleigh area should be on your short list.