January 25, 2019

Report: Fewer Hartford region businesses sold in '18; sale, asking prices rise

HBJ Photo | Brad Kane
HBJ Photo | Brad Kane
Downtown Hartford's State House Square.

Fewer Greater Hartford businesses changed hands in 2018, but median sale and asking prices both soared compared to 2017 figures, according to a new report.

A 2018 Insight Report by online marketplace BizBuySell.com, which tracks small business sales, found that 32 small businesses were sold last year in Greater Hartford, a 22 percent decline compared to 40 sold in 2017. Their median sale price soared 183.9 percent to $330,000, according to the report.

The median asking price of Hartford region businesses on the sales block in 2018 rose to $362,000 compared to $130,000 in 2017.

Twelve "service" businesses were sold in the area last year followed by eight restaurants, seven retail stores and four listed as "other." A manufacturing business was also sold.

The median revenue for businesses listed for sale in the Hartford region also jumped from $426,059 in 2017 to $668,500 in 2018.

While fewer small businesses were sold in Greater Hartford last year, a record number changed hands nationally for the third consecutive year. A total of 10,312 businesses were sold nationwide in 2018, the most BizBuySell has recorded since it began tracking the data in 2007. That represents a 4 percent increase vs. the previous record of 9,919 businesses sold in 2017.

About 65 percent of brokers nationally reported their transaction activity grew in 2018 while 21 percent said it remained similar to 2017's level, BizBuySell said.

View the report here

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