Where the Businesses Are
Pick an Industry
Businesses with five to ninety-nine employees: big enough to have something to sell, small enough to finance. By state to compare markets, and by county because nobody searches California; they search Phoenix, and Los Angeles County alone holds more plumbing and HVAC companies than most states do.
202,326 businesses with 5 to 99 employees across the country. What they trade for.
| California | 26,359 | 13.0% | 34,527 |
| Texas | 19,913 | 9.8% | 24,360 |
| Florida | 11,904 | 5.9% | 15,969 |
| New York | 9,477 | 4.7% | 17,791 |
| Ohio | 8,319 | 4.1% | 10,404 |
| Illinois | 7,628 | 3.8% | 10,622 |
| Georgia | 7,288 | 3.6% | 9,735 |
| North Carolina | 6,850 | 3.4% | 8,502 |
| Pennsylvania | 6,171 | 3.1% | 9,802 |
| Michigan | 6,122 | 3.0% | 7,923 |
| Virginia | 5,418 | 2.7% | 7,145 |
| Arizona | 4,765 | 2.4% | 5,713 |
| Tennessee | 4,718 | 2.3% | 5,735 |
| Indiana | 4,350 | 2.1% | 5,396 |
| New Jersey | 4,218 | 2.1% | 7,670 |
| Washington | 3,923 | 1.9% | 5,168 |
| Colorado | 3,888 | 1.9% | 4,753 |
| Missouri | 3,870 | 1.9% | 4,814 |
| Maryland | 3,701 | 1.8% | 5,487 |
| Massachusetts | 3,530 | 1.7% | 5,337 |
| Alabama | 3,513 | 1.7% | 4,442 |
| South Carolina | 3,354 | 1.7% | 4,227 |
| Wisconsin | 3,164 | 1.6% | 3,925 |
| Minnesota | 3,037 | 1.5% | 3,848 |
| Kentucky | 2,948 | 1.5% | 3,499 |
The Map of the Buyable Market
What Actually Changes Hands
Counting targets is half the answer; the other half is whether deals actually happen there. These are SBA acquisition loans by state, sortable both ways: what sells in each state, and where each industry's deals concentrate. Loans, not listings: cash and conventionally financed deals are absent, so read the ordering rather than the level.
| California | 3788 | $640k | Full-Service Restaurants | Beer, Wine, and Liquor Retailers | Limited-Service Restaurants |
| Texas | 2815 | $890k | Gasoline Stations with Convenience Stores | Full-Service Restaurants | Hotels (except Casino Hotels) and Motels |
| Florida | 2629 | $769k | Full-Service Restaurants | All Other Specialty Trade Contractors | Landscaping Services |
| Washington | 1432 | $727k | Gasoline Stations with Convenience Stores | Limited-Service Restaurants | Full-Service Restaurants |
| Colorado | 1401 | $654k | Beer, Wine, and Liquor Retailers | Full-Service Restaurants | Hotels (except Casino Hotels) and Motels |
| Minnesota | 1382 | $475k | Offices of Chiropractors | Full-Service Restaurants | Limited-Service Restaurants |
| Illinois | 1321 | $692k | Full-Service Restaurants | Hotels (except Casino Hotels) and Motels | Gasoline Stations with Convenience Stores |
| Georgia | 1310 | $920k | Hotels (except Casino Hotels) and Motels | Full-Service Restaurants | Beer, Wine, and Liquor Retailers |
| Ohio | 1290 | $597k | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants | Full-Service Restaurants |
| Pennsylvania | 1270 | $519k | Full-Service Restaurants | Limited-Service Restaurants | Plumbing, Heating, and Air-Conditioning Contractors |
| Michigan | 1177 | $635k | Beer, Wine, and Liquor Retailers | Limited-Service Restaurants | Full-Service Restaurants |
| North Carolina | 1172 | $839k | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants | Full-Service Restaurants |
| Wisconsin | 1113 | $572k | Full-Service Restaurants | Limited-Service Restaurants | Gasoline Stations with Convenience Stores |
| New York | 1092 | $597k | Beer, Wine, and Liquor Retailers | Limited-Service Restaurants | Full-Service Restaurants |
| Indiana | 841 | $510k | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants | Full-Service Restaurants |
| New Jersey | 840 | $724k | Beer, Wine, and Liquor Retailers | Full-Service Restaurants | Limited-Service Restaurants |
| Missouri | 824 | $578k | Full-Service Restaurants | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants |
| Arizona | 824 | $822k | Full-Service Restaurants | General Automotive Repair | Limited-Service Restaurants |
| Massachusetts | 708 | $431k | Full-Service Restaurants | Beer, Wine, and Liquor Retailers | Limited-Service Restaurants |
| Virginia | 636 | $773k | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants | Full-Service Restaurants |
| Utah | 523 | $650k | Landscaping Services | Full-Service Restaurants | All Other Specialty Trade Contractors |
| South Carolina | 508 | $750k | Hotels (except Casino Hotels) and Motels | General Automotive Repair | Full-Service Restaurants |
| Oregon | 483 | $680k | Limited-Service Restaurants | Gasoline Stations with Convenience Stores | Hotels (except Casino Hotels) and Motels |
| Maryland | 468 | $693k | Beer, Wine, and Liquor Retailers | Limited-Service Restaurants | General Automotive Repair |
| Tennessee | 430 | $798k | Hotels (except Casino Hotels) and Motels | Limited-Service Restaurants | Full-Service Restaurants |
FY2020 through FY2025, from the SBA's loan-level FOIA data.
Why Counts and Not Feelings
A market with three times the targets is a market where three times as many owners will retire, get sick, get bored, or get an offer. It does not make the deals better and it does not make them cheaper. It makes them EXIST, which is the constraint that ends most searches: not a bad deal taken, but no deal found.
Within a trade, the count misses nothing. Unlike the loan file, which keeps only each state's busiest industries, Census counts every establishment in every state, so a thin number here is a thin market rather than a gap in the data. Across trades it is a selection: 29 industries are mapped, chosen because a searcher can finance and run them, and a trade with a buying guide and no tile here is one nobody has pulled the county file for yet. What no count can tell you is how many are for sale, because nobody counts that.
Method & Source
Census County Business Patterns (2023). How often each industry changes hands is in Market Depth, and the states with the most buyable targets, ranked and broken down by county, are in the Best States to Buy a Business.