PROVIDENCE – Despite widespread predictions that droves of retiring baby boomers last year would result in more small businesses changing hands, there was an overall reduction in the number of transactions both regionally and nationally, according to a report by BizBuySell.
BizBuySell, an online marketplace for selling and buying business, puts together an annual report looking at different markets throughout the country. The 2015 report shows 30 businesses were sold in the Providence region, which includes Providence, New Bedford and Fall River. The number of sales marks a 6.3 percent reduction compared with 2014.
Nationwide, the number of transactions in 2015 fell 3.6 percent compared with a record high in 2014, according to the report.
“This year’s small dip in transactions suggests the market is stabilizing, despite predictions that a tidal wave of retiring baby boomers would flood the market,” according to the report.
Other highlights for businesses listed in the Providence area include:
BizBuySell analyzed 30 closed transactions in the Providence area, and buyers on average paid 0.55 times revenue and 2.53 times cash flow, according to the report.