Florida topped BizBuySell’s list of most businesses sold for the fifth consecutive year, selling 1,619 businesses, 37% more than California in second place. Florida’s three major metro areas accounting for the majority of businesses sold in the state were the Tampa Bay Area with 413 business sales, Miami-Fort Lauderdale with 392 business sales, and Orlando with 194 business sales. The top three selling industries in Florida were food and restaurant businesses with 386 sales, service businesses with 210 sales, and transportation and storage businesses with 195 sales. Additionally, Florida sold more online and technology businesses on BizBuySell than any other state in 2022 with 154 sales. According to Forbes magazine, Tampa Bay ranks first for emerging technology hubs, as proven by the fact that more technology (primarily e-commerce) businesses were sold here than in all of California, where only 23 businesses were sold. The “Silver Tsunami” of retiring Baby Boomers is expected to drive sales growth for small businesses in 2023 and beyond, particularly in Florida, since that is where money goes to retire. The state’s favorable tax treatment, strong economy, and warm weather may encourage some business owners to move to Florida prior to retirement. As a result, Florida’s business sales will continue to grow for many years to come.
Source: BizBuySell