Established in 1895, the Merriam Insurance Agency is the oldest family-owned-and-operated business in the city.
It has grown and expanded over four generations, but the fifth generation may not keep the business going, at least not in New York, said president Brian Merriam.
“For my children, they know what it costs to live in this state versus other places, and they recognize it is more expensive to live here,” Merriam told NewsChannel 13.
“You will have less to show for it at the end of the year than you would in other states,” he said. “So for them to choose to stay in New York, as I have, is highly unlikely.”
While the agency’s profits are rising, Merriam says burdensome regulations and high taxes are major obstacles. It is a complaint shared by many business owners across the Capital Region and the state.