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What is a site selection consultant and how to change state residency for taxes?

▶️ Book your consultation with Ben Green at: https://www.benmgreen.com/book-online
Ben Green is a location strategy expert, financial speaker, influencer, and content creator to help "Optimize Your Career, Location, & Finances.

In today’s video I am going to discuss about the decision that I made to move to Nashville with my family and why do you need a site selection consultant.

▶️ Change state residency for tax purposes:
Everybody wants a lower tax bill. Millions of American families move from one state to another each year. And, as you can imagine, there are many reasons why you might pull up stakes and relocate to a different state.

It's really important to consider the taxes that you're going to be paying or not paying when you move to a new city and to consider you know career prospects and business prospects down the line.

One way to accomplish that might be to live in a state with no income tax. Tennessee has no state income tax so if you're looking to you know move to any kind of state there are about seven states out there that do not require any sort of state income tax. If you don't have to pay state income tax also the residential taxes were very low compared to some of the other places in US.

▶️ Reason that you need a site selection consultant:
A site selection consultant is a location strategy expert who partners with your company to understand your business needs and assess the ability of various locations to meet those needs to enable future growth. An experienced site selection consultant synthesizes knowledge from multiple disciplines, including utilities, logistics, regulatory compliance, taxes, incentive negotiation, and human resources.

The job of a site selection consultant is to evaluate the alternatives to help you clearly understand the tradeoffs of a location decision and choose the one that is the best for your operation. In fact, location-dependent costs can determine up to 80% of a facility’s operating costs utility rates, wage rates, logistics costs, and taxes are all locked in when a location decision is made.

A site selection consultant will include multiple factors in the analysis that fall into the following three categories:
• Location-dependent costs
• Location-specific, non-financial quality attributes
• Current and future risks to budget, schedule, and the ability to develop and operate your project at this location
• Taxes and incentive

And if you have any other questions or you need want to dig into your personal situation let us know through the comment. I love hearing from you.

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