Tennessee Business For Sale - The Business Broker Journal

Per Capita Real GDP: $34,321 Rank: 31/50 (2006)

Population: 5,689,280 Rank: 16/50 (2000)

Per Capita Personal Income: $32,304 Rank: 35/50 (2006)

Unemployment Rate: 4.90% Rank: 32/50 (2008)

Business Tax Climate Index: Rank: 16/50 (2008)

Corporate Tax Rate: 6.50%

Individual Tax Rate: 6%

Sales Tax Rate: 7%

Business Tax Climate Index:

Individual Income Tax Index Rank: 8

Sales Tax Index Rank: 48

Unemployment Insurance Tax Index Rank: 31

Property Tax Index Rank: 35

Business Tax Climate Index: 16

Corporate Tax Index Rank: 12

Tennessee State Information

Until the mid 20th century, Tennessee was mainly an agricultural state. Today service industries and manufacturing are dominant industries. This shift in leading industries was encouraged by the development of the Tennessee River basin under the Tennessee Valley Authority (TVA). The TVA brought diverse programs to Tennessee sparking the development of a variety of new industries.

Within the manufacturing industry, the production of motor vehicles and parts is the principal activity. The production of durable goods, such as automotives, has been growing steadily as a contributor to GDP in the past decade. Many companies are attracted by Tennessee’s low costs of labor, energy, and materials. These newcomers are generally located either in the eastern part of the state or around the four main cities of Memphis, Nashville, Chattanooga, and Knoxville.

State Information

Abbreviation: TN

Capital: Nashville

Nick Name Volunteer State

State Web Site: http://www.tennessee.gov

Motto: Agriculture and commerce

Top 5 Export Partner Countries

Canada, Mexico, China, Japan, United Kingdom

Top 5 Export Merchandise

Transportation Equipment Sales

Chemicals Sales

Chemicals Manufacturing

Transportation Equipment Manufacturing

Fabricated Metal Products Manufacturing

Major Cities

Knoxville, Memphis, Nashville-Davidson

Main Airports:

MEM Memphis International Memphis

BNA Nashville International Nashville

TYS McGhee Tyson Knoxville

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Tennessee Secretary of State:

Secretary of State (SOS): Information about elections, registered businesses, trademarks, and lobbyists.

Tennessee Small Business Administration:

Small Business Administration

Offers business development counseling and training programs and information on SBA loan programs.

Tennessee SCORE Offices

Bristol - Bristol SCORE

Chattanooga - Chattanooga SCORE

Johnson City - NE Tennessee SCORE

Knoxville - Greater Knoxville SCORE

Memphis - Memphis SCORE

Nashville - Nashville SCORE

Center for Business and Economic Research (CBER)

The center is a research unit of the University of Tennessee-Knoxville. Most of its work is focused on regional economic trends, and are aimed at business modeling and knowledge sharing. The CBER also maintains a library of census data, maps, and research reports.

Center for Industrial Services (CIS)

The center is a research department of the University of Tennessee focused on improving manufacturing productivity. While many of its services center around this aspect, it also assists companies in meeting both safety and environmental compliance standards. Further, the CIS offers several worker development programs, as well as grant-based research opportunities.

Department of Economic and Community Development

The department is a state-run agency charged with developing Tennessee as a favorable business destination. It provides a wide range of services for start-ups, and companies who are looking to expand both nationally and globally. The office also offers numerous tax incentives for doing business within the state. Other programs include technology development, and even a creative department to help spruce up annual reports.

Energy, Technology, and Environmental Business Association (ETEBA)

ETEBA is an organization representing companies that are specialized in the areas of environmental, technology, energy, engineering, and construction services. Aside from group advocacy, and general business assistance, the association also creates networking opportunities, as well as marketing services for its members and their products.

Tech 2020

Tech2020 is a collaborative project to foster a strong and independent technology industry in Tennessee. It drives several initiatives that are aimed at furthering the state’s position in terms of technological innovation and business systems. Members have access to better access to capital, as well as the expertise at the Centers for Entrepreneurial Growth at the Universities of Tennessee-Knoxville and Battelle.

Tennessee Chamber of Commerce & Industry

The chamber consists of the state chamber of commerce, and manufacturers’ association. Aside from business advocacy, it also provides members with easier access to trade knowledge, such as economic statistics and tax information. Other programs include assistance with environmental and human resource standards compliance, and educational scholarships.

Tennessee One Stop Business Resource

The One Stop Business Resource is an online service that facilitates the process of starting a business. Aimed primarily at small business, it allows start-ups to quickly and easily create names, file charters, as well as obtain state tax IDs and unemployment insurance numbers.

Tennessee Small Business Development Center (TSBDC)

The TSBDC exists to assist and support the small business community in the state. It is present in 14 statewide locations, providing individual, specialized business advising and training. All services offered by the center are free of charge.

Tennessee.gov

The official site of the state of Tennessee, this site provides information on government, business, education, living, visiting, and working in the state. Its business section includes resources for starting a business in Texas, and a list of commonly used links.

U.S. Export Assistance Center of the Great Lakes Area

The Great Lakes branch of the Department of Commerce, serving Ohio, Indiana, Michigan, Tennessee, and Kentucky; specializes in helping small to medium sized companies develop and execute exporting strategies. Fees vary and are based on the service being provided.

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Sunbelt Business Brokers of Tennessee

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Tel: 865-558-0352

www.sunbeltnetwork.com/smokies