New Jersey Business Magazine • December 2017 • From the Editor

Good news at the end of the year? It seems so as of this writing. The results of the New Jersey Business & Industry Association’s 59th Annual Business Outlook survey, which begins on page 23, are in, and businesses are optimistic going into 2018 concerning profits (43 percent of respondents report increased earnings in this year’s survey vs. 38 percent last year), sales (49 percent vs. 38 percent) and hiring (25 percent vs. 20 percent).

However, with the optimism are issues that continue to plague businesses in the state, such as the high cost of healthcare and property taxes, and the overall cost of doing business. Joining these traditional concerns is the specter of a minimum wage increase, with 29 percent of respondents saying they would reduce staff if the hourly wage were to increase to $15. Twenty-seven percent said they would reduce hours, while 30 percent would raise prices.

What we do know is that the state’s economy will continue to roll with these punches. The other feature articles in this issue are a testament to that, especially our story on succession planning written by Managing Editor George Saliba. In his piece titled “Succession Success,” CPAs discuss the challenges that family businesses face when it is time to hand the reins of ownership and/or operations from one generation to the next. This story is followed by the 25th Annual Rothman Institute’s Family Business Awards profiles, in which 15 businesses were honored for keeping it … “all in the family.”

For businesses small and large that want to conduct international trade, we take a look at who New Jersey’s top foreign trade partners are, in Assistant Editor Jim Pytell’s story “New Jersey’s Relationship with International Markets.” One of the major takeaways in this story is that even though a country such as Canada or Mexico might be a top trading partner with New Jersey, it may not be a good fit for a business’s specific product or service. As usual, market research must be conducted to find the right country and culture for one’s product.

Finally, as we close the books on 2017, the entire staff at New Jersey Business magazine wishes all of you a very Happy Holiday Season and New Year. … See you all in 2018.