The Good, the Bad and the Ugly of Buying a Business in the USA
Once you’ve decided that the U.S. is where you want to go, and that becoming a business owner is what you want to do, you have probably already considered the factors that textbooks tell us becoming an international businessperson (and yes, this is an international business): the state of the economy, the socio-economic situation, the legal scheme, etc. If you haven’t done this in a structured way, I’m sure you’ve gone through some of the factors that make a marketplace an attractive one to invest in:
- An economy that is stable, open, mature and with a steady growth, that is also the biggest economy in the world
- A legal system that guarantees our personal rights and economic liberties
- A democratic government that is stable and has a clear separation of powers. After all, this is the oldest democracy in the world, given that it is still active, and it has never been interrupted
- Working institutions to enforce the rule of law
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It is exactly these characteristics that make this economy one of the most competitive in the world. Nevertheless, there’s one factor that we usually do not give enough importance to: the U.S. market is DIFFERENT to the market of our country of origin. We also have to understand that these difficulties are faced by all those that decide to purchase a business in a foreign country, including Americans that are emigrating. As with everything, we have to be familiar with the best ways to enter whichever market we’re interested in entering.
Florida is a very particular state as it is one of the main entry points for immigrants in the United States. This makes the market very dynamic yet aggressive. This sets up an atmosphere where businesses change hands with regularity. Consequently, this can pose the challenge that any loss weathered by the previous owner can be transferred to the new owner. This can create a culture comprised of two factors: a) if money is lost in the sell, the buyer tends to rationalize it as part of the immigration process, and b) if it could be sold once, it can be sold again to someone down the line. That’s why I regularly warn my clients about this type of environment and culture.
The most important thing to know is that it is neither justified nor necessary to suffer through these types of situations. Because the Florida market is so dynamic, it offers a myriad of opportunities where you can get professional support that, if used properly, can be the best investment you make when it comes to your business’ success.
There are other topics that are important when talking about business acquisitions, like the fit between business and its owner, which is our next topic.