Washington is one of the most attractive environments for entrepreneurs to start & operate businesses in the United States. This entrepreneurial environment has produced internationally recognized companies in manufacturing (Boeing), software (Microsoft), E-Commerce (Amazon), Retail (Costco & Nordstrom), and hospitality (Starbucks) that serve as foundation elements of the state’s economy. It has also generated a spectrum of privately held companies and family owned businesses that serve the state’s business & consumer needs. It is this segment of the economy that IBA serves with our professionals having successfully completed over 4300 transactions involving businesses located from Bellingham to Vancouver and from Seattle to Spokane.
One reason Washington is an attractive environment for entrepreneurs is that state’s tax environment. Washington is one of only seven states that does not level a personal income tax. The state also does not collect a corporate income tax. This tax environment allows business owners to invest more of their company’s profits into innovation, attracting talent, infrastructure, and marketing than businesses based in a majority of the other states. It also allows for privately held companies & family owned businesses to be more profitable for entrepreneurs and sell for premiums versus similar companies sold in other parts of the nation.
A second reason Washington is an attractive location for entrepreneurs to own & operate businesses is because of its proximity to the economies of Asia. Washington is the fourth largest exporting state in the America with almost 10% of all American exports departing from its ports. IBA has successfully represented numerous business owners in transactions participating in this economic environment including United States based manufacturing companies producing metal, glass, and textile products in Asia for sale & distribution, wineries selling vintages to Asia, and service companies supporting the ports & container ships traveling the Pacific.
Washington is also a wonderful agricultural environment ranking in the top ten nationally in total crop value sold annually. Washington ranks first in the United States in production of apples, raspberries, sweet cherries, peppermint & spearmint oil, several varieties of grapes, and carrots and in the top five for wheat, lentils, peas, asparagus, cranberries, and strawberries. IBA has successfully represented numerous business owners in the sale of their companies participating in and supporting the state’s agricultural economy from manufacturing companies using the crops in their products to transportation companies moving the crops & products and from companies selling agricultural equipment to businesses servicing the equipment.
Please contact our office if you have any questions regarding the representation we provide our clients in Washington or if you would like to schedule a time to meet with an IBA professional.