Brits Screwing Brits

Roy: The other thing is that the buyer should beware of buying a business from a British seller because it is most likely that you are going to be fooled. British are screwing British, and you didn't know this. It is the first time you are going to hear this. A British buyer came in bought a business, paid a couple of hundred thousand dollars 5, 6, 7-10 years ago and now he wants to sell it. He knows what it takes for the business to meet E2 visa qualifications. It's very easy to doctor the profit and loss statements, all the financials including the taxes. So here comes another British trusting good all Tom Harriet from wherever and it meets E2 visa.

'I got it and it gave me E2 visa, I'm tired of sunny Florida and want to go back to the UK.'

So you buy it as a British and trusting the other British. I'm not saying it is going to happen all the time but it is happening more and more often. So the newcomer buys it, it meets E2 visa qualifications, the whole thing, it sails through the US CIS, great, you get the E2 visa, you come back take over the business, 6 months down the road you're broke. You're not makin any money. The British says lets do a stock transfer. You assume all the liabilities from his business, lawsuits, back taxes, all kinds of nasty things. That's not caveat, that's a warning.

Tom: So the person who bought that business will be reviewed for continuation of their E2. Not only will they lose their money, they will lose their E2 unless their can pump a lot of money into that business.

Roy: Or if they can bring it out of the ground because it may have been run into the ground. Now I have a letter that somebody sent me from the UK. They had a terrible, horrible experience. They bought it from a Brit. They were kicked out of the country with the kids. And she sent me an apology letter, this is Chris and Regina Cameron.

They are sorry they didn't do the deal through us and didn't heed our advice.

They got screwed.

They have a company here with employees and they are in the UK. They were kicked out of the US and their visas have been cancelled, they cannot get back into the US and they have to go through a nasty process, a very long process, and start all over again and it's painful. It's not that I'm going to say I told you so.

The thing is they rushed into the deal. If I'm going to be helping somebody and I need to say 'lets pull the plug' we have to pull the plug because I sense something wrong or I found something wrong that is not going to be conducive for that family.

So now they will come around and come through my office to do the whole deal, I can't do it anymore. I don't know how to repair problems like that. I cannot challenge the decision of the US CIS to throw them out of the country because they bought a fraudulent company from the previous British owner. He sold it, signed, collected the cheque and left. He didn't go back to the UK he went back to Spain. He had property in Spain.