Sarasota Immigrant and Senior Sales Associate John Gough with Waugh & Co. Inc, Business Brokers Calls on Long and Successful Career in International Business
That’s not to say that foreigners with non-American spouses can’t successfully relocate to the US. They most definitely can, and Mr. Gough is here to help.
Mr. Gough negotiates the sale and purchase of the assets of businesses. Because of his background he specializes in helping UK buyers find a new life in Florida. A UK citizen, with the money made from selling their house and/or business, can usually afford a modest house AND a business in the US. Buying a business is the key, not only to a steady income in a new country, but also to the ability to stay in the US long-term. Buying a business in the US can allow immigrants to obtain investor visas such as the E-2 and EB-5.
Mr. Gough reports, anecdotally, that the majority of foreigners looking to buy a business in Florida are British. The biggest difference, he says, between foreign buyers and American buyers is that foreign buyers are more committed and often come with cash. The British tend to buy businesses in the $100-$500K price range that are relatively simple to manage such as franchises, cleaning services, landscaping, and pool service companies.
Usually, a foreign buyer finds a business in Florida through a listing service. The buyer contacts Mr. Gough for more information and an initial conversation ensues over the phone and/or via email. Next, the buyer visits Florida to look at the business. At this point Mr. Gough has the buyer sign a non-disclosure agreement – confidentiality is very important in brokering the sale of a business. Mr. Gough then looks into the buyer’s background and takes them to meet with the seller of the business(es) that most suit the buyer’s needs. Once the buyer makes an offer the money is put in escrow while the buyer receives in-depth financial information about the business and performs the due diligence. When both parties close the money is released to the seller.
Mr. Gough has brokered many successful sales in this manner over the years.
One of the stories Mr. Gough often tells is of the time he was contacted by Sky TV. The British channel was producing a program that followed a UK couple through the process of buying a business in Florida. Sky TV wanted to show a business that Mr. Gough had listed; a kayaking business. So Mr. Gough took everyone out kayaking on Sarasota Bay, TV crew and all. Another young couple who saw the program contacted Mr. Gough, purchased the business, and have been running it successfully ever since.
Mr. Gough’s most important piece of advice for would-be business owners and sellers is keep good books.
Mr. Gough can be contacted via his cell phone: 941-685-1516 or email: email@example.com or through his company’s website: http://www.waughandcompany.com/. When you talk to him be sure to ask him about his adventures setting up the Chinese reinsurance industry in 1975.