Raleigh is known for excelling in offering and hosting conferences within five main industry clusters. These industries include Cleantech, Advanced Manufacturing, Technology, Life Sciences, and Logistics.
According to business brokers in Raleigh, one of the main contributing factors to this is an impressive supply of well-educated and innovative people living and working in the immediate area. Approximately 50% of those 25 or older hold a bachelor’s degree or higher. This, paired with an environment of state and private industry, create multiple opportunities for growth and economic thriving.
Let’s go over the five fastest-growing industries in the area to better understand the resources available when wanting to use business brokers Raleigh services to sell or purchase a business.
When it comes to Cleantech/Smart Grid technology, Raleigh has taken off like a rocket in this industry. These companies create solutions such as solar panels and other clean energy-producing equipment that homeowners, as well as large corporations, can utilize in order to reduce electricity costs.
Many of these cleantech companies can be found in North Carolina’s Research Triangle Region, which includes renewable energy and energy efficiency type companies.
Manufacturing processes have become much more technologically based as the years have gone on. This industry is also extremely competitive with offshore solutions allowing this industry to be ever more global. This also has allowed global collaboration to increase, which has been a very positive part of this industry sector.
With access to world-renowned research universities, multi-modal transportation, and a highly-skilled workforce, this industry is booming and has made Raleigh one of the global centers for advanced manufacturing businesses.
Raleigh boasts some large companies in this space like SAS, Red Hat, and several other tech startups. This industry sector is growing rapidly, which helps to allow for innovation and the bringing in of highly skilled talent to the area.
The industry builds and creates everything from mobile applications, healthcare IT, cloud computing, and cybersecurity solutions to service a wide variety of different government and private sectors.
Did you know that North Carolina has over 600 life science companies? That’s quite a bit when you realize that they employ over 63,000 people and have an average salary of $80,000 per year. Out of the 600 companies in the state, 400 of them are in the Raleigh area.
One of the biggest reasons for this is due to the technological prowess of this area and the skilled workers that exist to help improve the lives of people worldwide through life science research and breakthroughs.
With many deepwater ports in North Carolina, as well as miles of rail and state-maintained highways, shipping is a big industry in North Carolina. The exporting and importing of goods not only happens domestically but also happens internationally. Since there are many joint private and government facilities in the area, there is a large need for the shipping and transporting of people, equipment, and other goods.
So how does having the information on the largest growing industries help you to buy or sell a business? If you are looking to buy a business to add to your investment portfolio, then knowing this type of information is extremely helpful to let you know who the major players are in the industry that you are looking at entering. It also helps you to know what sorts of resources you will have available to you when it comes to hiring.
If the skillset exists locally to perform the jobs needed, then it will most likely be easier to hire. However, if the skillset needed is not found locally, then you will have to account for hiring and relocating people to the area, which can increase costs to some degree.
If you are looking to sell a company, then having this information is also helpful as it can turn you to larger companies in the area that may be interested in buying your company to increase their market share. Having this sort of information can also make it easier to make an attractive selling proposition and target companies who would potentially be interested in buying your company. Knowledge is power, and the more information you can give a potential buyer, the better impression you will make and allow a deal to be brokered and completed.
Most people who want to buy and sell a business don’t know where to start in order to start that process. One of the easiest things to do is to contact a business broker whose job is to help connect prospective buyers with prospective sellers. Brokers will often walk you through and facilitate the entire process which can make it much easier for you. High-end brokers will typically follow a seven-step sales process which includes:
- consulting and valuation
- packaging and marketing
- buyer/seller meeting
- purchase offer review/negotiation
- due diligence and ongoing marketing
As you can see, if you don’t have any experience in buying or selling businesses, having a broker help navigate you through the seven-step process is a must-have service. Their expertise will help you to get the best deal, whether you are buying or selling, in order to help meet your end goals. Even if you are just considering, or want to see what the potential is, contacting a broker is the best first step to take so that you can find out what your business may be worth or to see what businesses are out there that you may be able to acquire.
Cover photo credit: Artem Podrez / Pexels