November sales of small and mid-sized businesses in Los Angeles County were up more than 16 percent over last year, an online business network announced today.
"This was the best November report we've seen for California since 2008, when 1,220 business deals closed escrow," said Peter Siegel, founder and president of BizBen.com.
"It's encouraging to notice the improvement in business transfer activity because it suggests that the market is starting to recover from the slowdown we've experienced over the past four years."
Records show sales of 306 small and mid-sized businesses in Los Angeles County last month, according to the BizBen Index, which tracks volume in small business-for-sale transfers. Los Angeles and Long Beach, the county's two largest cities, showed the most activity in November.
"Thousands of Californians have decided that owning their own company is a better long-term financial plan in this economic environment than working for someone else," Siegel said.
BizBen.com features California businesses for sale and postings by would- be business buyers. It has tracked business sales statistics for the past 15 years.