| Many foreign nationals come to Central Florida to | | | | broker the transaction. |
| purchase a business in order to get visas into the | | | | 3. Get good financial advice from accountants or |
| US on a somewhat permanent basis -- so long as | | | | CPA's. By the way, normally one of the |
| the business is viable, the visa holder may stay, if | | | | requirements for the visa is a five (5) year |
| not, they may have to get back to their country | | | | business plan. |
| of origin. The two most common types of visas | | | | 4. Buy a business which has solid financial records. |
| are the L1 and E2 visas. | | | | Audited Financial statements and tax returns and |
| The L1 visa is normally available to foreign | | | | normally good when dealing with US immigration. |
| business owners who wish to acquire a business in | | | | 5. Please do not buy "cheap," buy good. It is |
| the U.S. and assign a person -- on an | | | | better to pay more for an enterprise that has |
| inter-company transfer-to manage the enterprise. | | | | long term potential than not. Remember, after a |
| The person managing the U.S. enterprise gets the | | | | couple of years you will have to renew your visa |
| L1 visa. The good news is that normally the L1 | | | | and the financial results of your company may |
| visa can be converted into a green card within | | | | determine whether or not you stay in the |
| two to three years. | | | | country. |
| The E2 category of US visas is normally given to | | | | 6. Perform a very detailed Due Diligence. Your |
| foreign nationals who have bought a company in | | | | visa depends on it!! The due diligence will help you |
| the US and wish to manage it. To qualify, you | | | | determine the viability of the business and verify |
| must be a national of a country that maintains a | | | | that what you bought is what you are going to |
| treaty with the United States. Additionally, the | | | | get. |
| foreign national needs to make a "substantial and | | | | 7. Do not spend it all on the business acquisition; |
| non-marginal investment of no less than | | | | you may need more to run your investment. |
| $100,000." However, size and nature of the | | | | 8. Understand your life style expense |
| business may also be determining factors. I have | | | | requirements and buy an enterprise which |
| sold and heard of many businesses being sold for | | | | supports it. |
| E2 reasons which do reach the $100K plateau. | | | | 9. Buy a very simple Business Model-they normally |
| Please understand that the above are | | | | succeed. |
| generalizations and that you need to know more. | | | | 10. Talk to other foreign nationals with E2/L1 |
| However, now that I mentioned the types of | | | | visas. Understand their successes and struggles. |
| visas, let me make some recommendations to | | | | Buying a business can be stressful enough without |
| foreign buyers. | | | | combining it with a transition to a different |
| 1. Get proper legal (immigration) advice. | | | | country. Please follow these recommendations and |
| 2. Get an ethical and reputable Business Broker to | | | | your stress would certainly diminish significantly. |