MORRISTOWN, N.J.--(BUSINESS WIRE)--RegentAtlantic’s white paper, Closed for Business: Is New Jersey Pushing Out Small And Medium-Sized Companies? focuses on New Jersey’s increasing exodus of prosperous small and moderately sized companies to surrounding states and includes pivotal issues now on the legislative table. Based on more than 100 interviews of local owners and professional business advisors by RegentAtlantic’s Business Owner Group - Brian Kazanchy, Brent Beene and Eric Furey, the paper examines:
- the regulations and challenges that are compelling New Jersey business owners to consider relocation at alarming rates to more business-friendly states
- how the financial void might undermine the Garden State’s long-term economic stability
- how New Jersey ranks across a series of metrics in comparison to the nation
- proposed solutions presented by a breadth of professionals throughout New Jersey
“David Tepper’s decision to leave is just one example that has been highlighted. Out-migration impacts millennials, professionals nearing retirement, as well as business owners. The flight of entire companies from the Garden State creates a domino effect of economic challenges,” said Kazanchy.
In 2014, RegentAtlantic published a white paper, Exodus on the Parkway: Are Taxes Driving Wealthy Residents Out of New Jersey?, which focused on the out-migration of the state’s retirees due to high income, estate, and property taxes. However, the out-migration epidemic spans much further than wealthy retirees.
Furey, who was involved in both papers, states, “We understand the significant impact of a wealthy individual leaving, but when an otherwise flourishing business moves from New Jersey to states such as North Carolina, Pennsylvania or Virginia, the Garden State faces even greater economic losses.”
RegentAtlantic believes this is an issue of great concern to all New Jersey residents—not just business owners. The research shows that New Jersey is suffering from an entrepreneurial and intellectual ‘brain drain.’ The paper cites interviews with business owners who confided that they find the state’s increasingly tight regulatory environment and New Jersey’s business taxes—which are among the highest in the entire country—to be a significant barrier to their success.
“We recognize that small- and medium-sized businesses are the lifeblood of our economy. They create local jobs, attract accomplished workers and their families from other parts of the country, improve corporate facilities in New Jersey municipalities, pay taxes, help support local charities, and contribute to both the cultural and social fabric of our communities,” adds Beene.
A copy of the report is available upon request.
A fiduciary and Registered Investment Advisor (RIA) since 1982. They work with a breadth of individuals and families and specialize in helping business owners prepare and work through transitions.