Marketsphere is moving to Overland Park from downtown Kansas City
07/23/2013 9:26 PM
07/23/2013 9:26 PM
Marketsphere Consulting LLC, a firm started in 2002 by the former Andersen Partners, is moving from downtown Kansas City to Overland Park.
Officials at the firm said the move will bring 60 employees to its new location at 40 Corporate Woods and is expected to be completed on Oct. 1. The firm is currently at 114 W. 11th St.
“We are excitedly optimistic about our move to Kansas,” Steve Sestak, Marketsphere’s chief executive, said in a statement.
“With a business climate that encourages innovation and growth and a standard of living that consistently ranks among the top in the nation, Overland Park is a natural fit for our firm.”
The statement provided no information regarding what, if any, incentives were offered to Marketsphere to move from Missouri to Kansas. Company and state officials could not be reached for comment Tuesday.
As a new firm to Kansas, however, it would be eligible for PEAK, a program that lets a firm keep 95 percent of its employees’ state income taxes for up to seven years.
And as a limited liability corporation, or LLC, Marketsphere could benefit from legislation approved in Kansas last year that eliminated taxes on the profits of what experts call pass-through businesses. Owners are no longer required to pay personal income taxes on profits from those types of businesses.
The new law was intended to encourage pass-through companies in other states to move to Kansas to enjoy tax-free profits.
“I’m excited that Marketsphere has chosen our state as its new home,” Kansas Commerce Secretary Pat George said in the statement.
According to the company website, the firm offers “business-driven, technology-enabled” professional services. Its business units include unclaimed property and enterprise marketing. The firm grew rapidly until 2010, when revenue declined slightly because of the recession.
“While other consulting firms did not survive, the company is financially sound and well positioned to capitalize on the improving economy,” the firm stated.