Q: I am interested in buying a business though I’m living overseas. I am planning on moving to the USA and I was wondering whether it is possible buying a business from overseas.
Would I be able to get a green card and a loan?
I am particularly interested in a child care centre or kindergarten as I am a fully qualified kindergarten teacher myself with leadership qualities. What deposit will I need for a business? And how will transactions and training by the seller work. I would be very grateful if you could answer my questions.
A: You raise some excellent points. Let me address them individually. The first thing you must do is contact and engage an immigration attorney. At the very least, get them to provide you with some general parameters regarding how to go about obtaining entry to the US. There is a ton of information on the Internet when searching: “US immigration information”. As for your other points:
- It is very difficult to by a business remotely; impossible in fact. You need to be here, meet the sellers, evaluate the industry, competition, conduct a financial review, etc.
Immigration law does not allow you to finance the purchase.
You will have to pay cash for any business you acquire. You will also need to be here for a while to establish your credit rating.
- Seller training is a negotiated item. You can generally get the seller to stay for a reasonable period post closing (around 30 days or so) at no cost to you. Some businesses may require a far greater transitional period. Again, you can negotiate this part of the deal.