What You Need to Know About Foreign Buyers

There is a potentially lucrative group of buyers that many sellers don’t initially think about.  We are talking about foreign buyers.  While there are some hurdles to working with these types of buyers, it is important to note that there are many huge advantages as well.  Let’s take a closer look.

How Are Foreign Buyers Different? 

At the top of the list of ways in which foreign buyers are different is that they are often seeking a visa.  Another commonality among foreign buyers, one that will surprise many, is that they may want access to the U.S. educational system. 

It is common for foreign buyers to want to buy a business so that they can get their children into a particular U.S. school district or college.  Sometimes the desire to be eligible for state tuition also plays a role in the selection of a business and the decision-making process.  In this sense, business location takes on a level of importance that it might not have for domestic buyers. 

It is important to keep in mind that there are cultural and business differences that play a role with foreign buyers.  Everything from a different use of business terminology to expectations can play a role.  This could impact negotiations. 

What About Visas and Immigration?

One of the most important things to remember is that foreign buyers are often navigating the complex world of visas and immigration.  Whether or not a visa is issued can dramatically impact whether or not a deal ultimately takes place.  This fact is often built into agreements.  For example, a purchase condition may be conditional upon visa approval.  Nonrefundable deposits may also play a role in the process.

What Do Foreign Buyers Really Want? 

Foreign buyers have been impacted by the pandemic too.  Yet, some factors remain unchanged.  Not too surprisingly, they will want to see that a business is profitable.  In this regard, you should be able to showcase profitability in a clear fashion.  You can expect foreign buyers to want to see tax returns and all the typical documentation that you’d need to provide to any buyer.

A second factor that foreign buyers are interested in is longevity.  If your business has successfully operated for decades, this will be a major advantage.  

Ultimately, most of what domestic buyers are looking for in a business will translate over to what foreign buyers are seeking as well.  With that stated, however, there are factors that are often unique to foreign buyers.  As mentioned above, navigating the often-complex visa process can add a wrinkle to the entire process.

Copyright: Business Brokerage Press, Inc.

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The Freelancers Your Business Needs and How You Can Afford Them

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As a business owner, you likely have your hands full on any given day as you strive to get all your business tasks done in a timely manner. As tempting as it might be to do it all yourself, you must also recognize that, more often than not, this is not at all efficient, nor is it as cost-effective as it might seem. The fact is, your energy is actually best devoted to the duties that truly matter, as this is a more efficient use of your time and resources. Other tasks, meanwhile, are better delegated to those who can do it better and quicker.

Of course, there is the question of what hiring people can do to your overhead. This makes freelancers the obvious choice. With a team of freelancers, you essentially have access to a diverse range of talents and skill sets, sans the costs and added obligations of having full-time employees. But despite this cost-effectiveness, you may still find yourself on the fence because of the economic hardships brought on by the pandemic. For this reason, it’s also a good idea to look into available grants for small businesses to see you through COVID-19 and even pay it forward by hiring freelancers in need. Here are a few that will add untold value to your team.

The Creative Mavens

When thinking of freelancers, it’s the often creatives who will first come to mind. There’s just no dearth of freelance writers, editors, web and graphic designers, and videographers available for hire today. This actually works to your favor, too, as you can have your pick of the creatives you need at any given time.

Now, why do you need creatives in your team? The answer is simple enough. We all know that a very significant part of running a business is marketing and advertising, as these will invariably get the word out on your products and services and, in turn, attract the right customers. It’s these creatives who will help you create written and media content that will be compelling to the right audience and clients.

The Back-End Geniuses

Just as you need freelancers to help you put your best foot forward as a business, so do you need the professionals to ensure that you have the right systems and platforms to keep it running smoothly. This is where back-end experts come in. Of course, the developers and coders you need are largely dependent on what you’re using on your business, ranging from your app or website to your POS system. It’s important, therefore, to have a bird’s eye view of the databases, coding languages, etc. that your platforms use to be able to hire the right people.

As everything goes online these days, data security is becoming an increasingly pressing concern. For this reason, it’s also an extremely good idea to add a freelance cybersecurity professional to your team — not just to keep your business and intellectual property safe but also to safeguard sensitive customer data.

The Administrative Angels

Finally, don’t forget the valuable freelancers who can and will keep the wheels of your business turning. These are the ones who help you with thankless administrative tasks that often fall by the wayside in the course of running a business, running the gamut from bookkeeping to customer service, appointment-setting to just making sure that your Excel formulas are working as they should — again, the list could go on and on.

More commonly known as virtual assistants, these are the freelancers who can keep you on the right path of meeting your business objectives. In turn, they help free up your time so you can focus on the things you do best — like revenue-generation or product development.

Suffice it to say, it’s fortunate that modern technology has brought businesses and freelancers together. As long as you’re on the same page, this can be a match made in heaven. Ultimately, your business will benefit from freelancer talent, and so will you.

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By Naomi Johnson

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