WILLISTON, Vt., September 14, 2015 – Davis and Hodgdon Associates CPAs conducted its semi-annual economic survey in July regarding the outlook of Vermont-based businesses, which revealed that 51% of those surveyed would leave or make plans to leave Vermont.
Small- to medium-sized business owners were asked about their consideration of relocation outside of Vermont (as a result of overall tax burden) of both their business and residency.
A significant portion of respondents (20%) have put plans in motion during the past 12 months to move their residency outside Vermont. Nearly half (45%) of respondents have considered (but not seriously) moving, while 34% have not considered relocating. Several of those that would move their residence are in the professional/technical industry (27%). Many of those with plans in motion are small business owners with 1-10 employees (43%) or owners of larger businesses with 75+ employees (29%).
When asked if they would move their business headquarters out of state:
- 43% would not move their business.
- 35% would move their business.
- 73% of this group of Vermont business owners do business at the national and international level and a majority of this group (54%) are small businesses with less than 10 employees.
- 16% would move their business but all of their clients are in Vermont so this prohibits them from doing so. A great majority are small business with less than 25 employees (75%).
“It’s telling that more than half (51%) of business owners surveyed would move their business out of Vermont if given the opportunity and means to do so,” said John Davis, managing partner. “Since this survey’s inception two years ago, the results have consistently demonstrated the frustration felt by Vermont businesses and the need for legislative reform.”
Davis & Hodgdon Associates CPAs is a full-service public accounting firm with locations in Williston and Rutland Vermont. The firm is a member of the Vermont Businesses for Social Responsibility (VBSR), Vermont Business Environmental Partnership (VBEP), Lake Champlain Regional Chamber of Commerce (LCRCC), and Women Business Owners Network (WBON). The firm serves its clients from their locations in Williston, VT and Rutland, VT by providing progressive, proactive services through expert staff, high-end technology, and unparalleled efficiency.