The Impact of Local Trends on Business Sales in Utah

Far too often, business owners looking to sell are plagued by a feeling of ‘the right time’. When looking at when to sell your business, it’s important to realize that there may never actually be a single opportune moment. Trends in Utah which can impact the going price for businesses ebb and flow regularly which can make deciding when to sell challenging, but learning everything you need to know about those trends can help.

What Trends Are Impacting the Sale of Businesses in Utah?

Currently, there are three main trends in Utah impacting the sale of local businesses above all else:

Baby Boomers Are Starting to Retire En Masse

One of, if not the biggest, trend impacting the sale of businesses in Utah is the fact that the baby boomer generation (those born between 1945 and 1964) are reaching peak retirement age. Per Utah Business, Baby Boomers own roughly 63% of private businesses in the United States, yet an estimated 48% of Baby Boomer owners plan to transition their business over the next five years.

Utah in particular has seen a shift in demographics with an increasingly aging population. In accordance with the law of supply and demand, as more businesses begin to hit the market in the future it will be more challenging to get a competitive price for your business so preparing now may be better.

The Integration of Technological Advancements with Business

Economy helps Utahns achieve ‘American dream’ Published: 13 January 2024

Utah has seen a surge recently in technology-related industries and businesses which leverage bleeding-edge tech in order to gain a competitive advantage over other companies. This is leading to a spike in the selling price for businesses which have a greater perceived value as a result of this technology. As consumer expectations and business operations shift, this trend will only become more prevalent.

Economic Conditions in Utah

In recent years, Utah has made great strides in providing tax relief to its citizens in the name of free-market stability. 2023 was no different with an estimated $850 million in tax relief applied in the state. The primary goal of this was to pave the way for underserved entrepreneurs in the state, though it has the potential to reduce the sale of businesses by relieving economic uncertainty.

Utah’s consumer sentiment rose 6.2 points (8.4 percent) in December, another significant rise following a similar jump in November. The index rose from 73.6 in November to 79.8 in December, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment.

Sell your Utah Business Today

Finding the best time to sell your business will be a challenge but seeking help from professional business brokers can be beneficial. Luckily, Sunbelt Business Brokers of Utah is here to help you navigate the above trends and the countless others which can impact the sale of your business. With many years of experience and a thorough understanding of the competitive landscape in the Salt Lake City market, there is no better team ready to help you achieve your goals. Reach out to schedule a valuation or consultation from our expert business brokers.