10 Aug 3 Strategies for Working with Foreign Buyers
During our recent webinar, Co-Founder of Vetted Biz, Patrick Findaro, talked about how business brokers and M&A Advisors can work with more foreign buyers. Findaro is Co-Founder of Vetted Biz, the leading platform for entrepreneurs seeking accessible and analytical data on franchises and small businesses in the United States.
1. Navigate the World of Networking
Findaro points out that those looking to build their foreign buyer portfolio will want to think about local networking. Immigration and corporate attorneys, bankers, accountants, wealth managers and more are all good sources of potential leads on serious foreign buyers.
2. Prepare in Advance
It is important for you to make their services known to potential foreign buyers. Additionally, it is essential that you reach out to wealth managers. There is no replacement for being prepared. In addition to networking, you should focus on building your online presence.
Business brokers and M&A Advisors should know what it takes to work with foreign buyers such as understanding at least of the basics of visa process and what the U.S. government expects out of them. You’ll want to be able to demonstrate to foreign buyers that you have great businesses that have been properly vetted and are working with sellers that understand the complexities of selling to a foreign buyer.
3. Properly Assess Foreign Buyers
You should also invest the time to determine how serious foreign buyers are. Findaro points to a few easy ways to make this determination. If a foreign buyer hasn’t even contacted or begun working with an immigration attorney, then the odds are that the buyer is simply thinking the process over and is not yet very serious. On your end, you should be working with an immigration attorney and other professionals as well.
You should get to know all the clients you work with, and foreign buyers are no exception. Seek to understand why a buyer wants to buy, what they want out of a business, how hands-on they will be and much more. Understanding how these buyers are handling financing is, of course, quite important too.
By jumping in and developing a specialty in foreign buyers and then reaching out to qualified professionals who work with them, you can potentially develop a consistent and lucrative new stream of revenue.