The Business for Sale
The seller owned 2 retail locations and was burned out. She had been working long hours and was ready to exit the business. We packaged each business for sale with complete financial recasts per location. The books were clean and we posted all the information on the numerous websites where we market websites and executed our detailed marketing plan.
First Location Sale
The seller happen to know the owner of another store like her and introduced us to him. We met with him and coordinated an offer and within 7 days we had the first store sold.
The second location however was not as quick. This location took over a 16 months to sell.
- It was in an industry that was not highly desirable
- It was in a less desirable location for those living in Jacksonville
The Buyer for the 2nd location
The buyer found this business through one of our many online assets where we blindly advertise businesses for sale. He was living in Austria and looking to buy a business to obtain an E2 visa. This required a specific type of business to qualify for the visa.
E2 visa process
An E2 visa, is a special visa for countries the US has an agreement with to allow foreign citizens to obtain a visa to live in the US through the purchase and start up of a business.
For a business to qualify for the E2 visa, the following items are usually required:
- Clean tax returns showing a profit
- Has 3-5 employees (with potential to grow)
- Priced over $100k (usually, can be less depending on business)
The buyer put in the offer and immediately worked with his immigration attorney to write a detailed business plan, resume and complete information. The buyer was selling 2 homes to obtain the funds to purchase this business. The buyer needed to wait for the full funds to be available before submitting his application. Within 2 days of submitting the E2 package, the buyer was approved for his visa. Shortly after the approval, he moved his family to the US. He obtained all the required documents and bought the business shortly there after.
Tips for selling a business for an E2 visa
It takes a little longer. Once the visa is submitted it can take 3-6 weeks for approval and then the buyers need to move to the country and make the purchase. They often to get SS numbers, buy a car, and other necessities for living in a new country.
What Makes Murphy Different
When applying for an E2 visa, an extensive business plan has to be written, usually by the immigration attorney. At Murphy, we collect many of the documents that are required for the visa, we streamlined the immigration attorney’s process and it took them less time to create the business plan, reducing the lag time in the deal.
Also, because the business had a full confidential memo with all the detail that the attorney needed for the business plan, he could cut and paste information.