BlumShapiro/CBIA Release Annual Survey on Connecticut Businesses

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BlumShapiro and the Connecticut Business and Industry Association (CBIA) today released their 14th annual survey of Connecticut businesses.

2015 Survey of Connecticut Businesses

2015 Survey of Connecticut Businesses

“The ability of Connecticut’s businesses to rise above the state’s public policy and economic shortcomings and continue to remain profitable lends optimism to this year’s survey,” said BlumShapiro West Hartford Managing Partner Joseph Kask.

BlumShapiro and the Connecticut Business and Industry Association (CBIA) today released their 14th annual survey of Connecticut businesses. The 2015 Survey of Connecticut Businesses shows that the state continues to see increased growth, and a large number of companies remain profitable.

This year’s survey, released today by BlumShapiro and the CBIA at The Connecticut Economy Conference at the Hartford Downtown Marriott, shows that 63% of businesses surveyed showed a profit this past year—the best this survey has seen since 2006.

“The ability of Connecticut’s businesses to rise above the state’s public policy and economic shortcomings and continue to remain profitable lends optimism to this year’s survey,” said BlumShapiro West Hartford Managing Partner Joseph Kask.

A primary area of concern is the expansion of businesses over the next five years, with 31% of businesses considering out-of-state options for growth.

“The overriding consensus of this year’s survey is the need for state lawmakers to engage business leaders to create a more business-friendly climate in Connecticut, by enhancing the dialogue on taxes and competiveness,” said Andrew Lattimer, a partner with BlumShapiro, who presented the survey findings at today’s event.

This year’s survey also found that the majority of Connecticut businesses do not have a succession plan in place, which is consistent with a new study released this past summer by BlumShapiro and Baker Tilly International.

“The study, entitled Succession Reset: Family Business Succession in the 21st Century, found that the time for family owned businesses to start planning for succession is now, though nearly 80% nationally are not prepared for what happens when current management steps down,” said BlumShapiro Managing Partner Carl Johnson.

“With an unprecedented number of businesses planning to sell over the next 10 years, 76% of Connecticut business owners report that they do not yet have a succession plan in place. Business owners need to start this planning process years in advance to ensure continuity of the business, future profitability and jobs,” Johnson added.

Additional survey findings include:

  • 48% of those responding say taxes are the biggest concern of businesses, and 53% say reducing taxes is the best way to enhance business competitiveness.
  • 82% of those surveyed indicated they are either growing (32%) or holding steady (50%).
  • 37% of businesses expect a sale or transfer of the company in the next 10 years, while 46% of businesses do not.
  • 91% of businesses consider Connecticut’s business friendliness to be worse than in states outside of the northeast.
  • 33% of companies surveyed export goods or services, and, among them, 10% attribute at least 40% of their sales to exports, while close to half (47%) say exports account for 10%-39% of their sales revenue.

The 2015 Survey of Connecticut Businesses is available at http://www.blumshapiro.com.

BlumShapiro is the largest regional business advisory firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island. The firm, with over 400 professionals and staff, offers a diversity of services which includes auditing, accounting, tax and business advisory services. In addition, BlumShapiro provides a variety of specialized consulting services such as succession and estate planning, business technology services, employee benefit plan audits and litigation support and valuation. The firm serves a wide range of privately held companies, government and non-profit organizations and provides non-audit services for publicly traded companies.

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Tom DeVitto, Chief Marketing Officer
BlumShapiro
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