At Viking Mergers & Acquisitions, we help people all over the Southeast as they prepare to exit a business or acquire a new one. Whether you’re looking for a business or a buyer, the Charleston, South Carolina, area should be on your shortlist.
Last year’s 2022 Top States for Doing Business report from Area Development ranked South Carolina #3 overall. And for the second year in a row, South Carolina ranked #1 for its easy-to-navigate regulations. In Charleston, businesses get county-sponsored tax savings in addition to state tax incentives, have access to a skilled and competitive workforce, and can get help through local business development programs.
Now is a great time to consider buying or selling a business in the Charleston area, especially in these top industries:
Home services covers a wide range of smaller industries, including:
- Home repair
- Flooring and painting
- Moving and Storage
- Pest control
While the real estate market rises and falls, the home services industry remains steady. In fact, the industry is experiencing an influx in demand. A Forbes Business Council article cites a few key reasons why this industry is booming:
- The rise of the housing market – U.S. News & World Report places Charleston on the list for Top 25 Fastest-Growing Places in 2023. That’s because the area welcomes many new residents each year, and they need quality home services.
- Consistent demand from homeowners, landlords, and renters – No matter how the housing market is, people always need a plumber or an electrician to maintain their home.
- “DIY burnout” – People tried using pandemic-lockdown time to handle home repair tasks on their own. But many didn’t follow through with these projects or did a poor, unskilled job. Others went back to work and no longer have the free time they did to tackle these projects.
- Aging populations that can’t handle these tasks on their own – WalletHub ranks Charleston as the #1 place to retire, pointing to the city’s affordable living costs for retirees on a budget and quality healthcare systems, among other factors. That could mean an increasing customer base as retirees get older.
Many local home services businesses in Charleston are looking to expand their reach and serve more people. This could be an excellent opportunity for you to work with a business broker in Charleston to find the right match.
Residential & Commercial Security Technology
Inc. magazine reports that the home security system industry is steadily becoming a multi-billion dollar one across the world. GlobeNewswire says the same thing about the commercial security system market. This tremendous international growth meshes well with Charleston’s high-quality information technology sector and provides businesses a chance to carve out their share of the market.
Charleston is the fastest-growing mid-sized metro area for information technology jobs, including those in cybersecurity, defense, and consumer security. The area is already home to Google facilities, military and government defense technology provider BAE Systems, and other industry leaders.
But local home and commercial security system providers — those who design, install, maintain, and monitor systems — get access to top talent who received quality technology education available at nearby institutions, like University of South Carolina, Clemson University, and University of Georgia.
Even though the COVID-19 pandemic disrupted much of the world’s international trade, the logistics industry in Charleston remains a pillar of the local, national, and global economy.
The Port of Charleston provides weekly service to more than 150 international destinations. Yet the South Carolina Ports Authority (SCPA) continues to improve its already world-class port. The Charleston Harbor Deepening Project dug out the channels to 52 feet deep to allow larger cargo ships to use the area’s ports. This makes it the deepest sea port in the southern Atlantic Ocean. The SCPA also has the East Coast’s only new container terminal, which increases port capacity by 50%.
Charleston’s logistics industry is uniquely positioned to serve nearly 200 million people in the U.S. This is thanks to the city’s proximity to over 2,000 miles of rail lines, 41,000 miles of state highways, and the Charleston International Airport (CHS). Logistics companies in Charleston optimize their use of all these vital transportation connections to provide best-in-class service to a wide variety of companies.
Aerospace Technology & Manufacturing
Aerospace technology and manufacturing companies are an incredible opportunity in the Charleston area. Businesses in this industry have access to highly trained engineers and manufacturing technicians, thanks to the S.C. Aeronautical Training Center at Trident Technical College. The school offers courses, hands-on learning opportunities, and training placement programs, partnering with Clemson University, Boeing South Carolina, and others to train the next generations of aerospace professionals. In addition, the College of Charleston added a new electrical engineering major to its roster, providing high-quality education in this vital area of aerospace engineering.
Since 2016, CHS has improved the functionality and aesthetic of its facilities, increasing the national and international demand for travel in and out of Charleston. In April 2022, CHS exceeded pre-pandemic numbers for travelers. Plus, a new national airline, Breeze Airways, now offers trips between Charleston and 11 other U.S. destinations, providing even more options to travelers. These improvements to the airport, combined with growing travel needs around the country, reinforce the vitality of the city’s aerospace industry.
Life and Biomedical Science
Life science and biomedical research are a top priority in Charleston. It’s the fastest-growing economic sector in the state, and it’s growing twice as fast in South Carolina than in any other state in the Southeast.
The Charleston area produces top talent in the biomedical and life science field thanks to state-of-the-art education at nearby universities and technical schools. This includes the Medical University of South Carolina (MUSC), which receives hundreds of millions of dollars in funding to produce life-saving procedures and medicines for addiction, cancer, neuroscience, and more.
Some of the top specialties in the life and biomedical science sector include research science, biomedical engineering, and pharmaceutical manufacturing and testing. In fact, the MUSC in Charleston played an integral part in developing the COVID-19 vaccine. Companies in the biomedical field are right in the middle of some of the most important work in the healthcare sector.
If you’re looking to buy or sell a business in the Charleston area, 2023 could be the right time. Just like our advisors all across the Southeast, our Charleston business brokers provide professional, personalized, and confidential guidance to help you achieve your goals. Contact us today for a confidential consultation and complimentary valuation of your business.
Selling a Business in Charleston: My Personal Experience
How to Prepare the Sale of Your Charleston-Based Business
3 Benefits of Proper Exit Planning