Conclusion

Tom: My final question to you is: Where can members get to see a list of the types of business that are available or the types of businesses on your books?

Roy: In nfbb.com

That is the initials for North Florida Business Brokers, nfbb.com.

I don't currently have a list of the E2 visa qualified businesses. But if you want me to I will build it up again because this is influx.

We have so many listings that they change. I stopped publishing that list in the middle of January, because it takes me a little while to do that in contacting the sellers or their listing brokers and saying for them to send me the information and that I want to qualify the business for the E2 visa. And put it in my list for E2 visas. I do the due diligence for those businesses when the foreigners or the British want to buy but not in the first step.

The first step or the main steps before we do the due diligence on behalf of the buyer, is to have the buyer to make sure that is the business he wants.

Because the due diligence takes time. I don't charge for that. Sometimes I do charge the buyers for the things I do. I charge 1, 2, 3% of the whole transaction. And that is worth it.

I can direct them, advise on how to group the visas. What to do to create the legal infrastructure to operate a business to run in the state of Florida and many other things. How to run the business, how to keep within the bounds of the law; because one little mistake... problem... negligence... can cost you dearly two or three years down the road.

Let me give you an example. Somebody comes over here buys a business has 5, 6, 10 employees and the seller has been doing the payroll every couple of weeks.

The buyer says 'No I'm going to do the payroll. I'm going to learn how to do the payroll.'

The payroll is pretty complex because you have to withhold certain monies for the Feds, for the local, for the state, for many different things. You make a mistake in depositing the money for those withholdings; you make a mistake today and this is filling out a bubble in the deposit receipt.

You are going to know it two years down the road.

You are going to have to pay back taxes and fines and the whole thing... and then figure out when and where you made the mistake.

So I advise the buyers with more than one employee to hire a payroll service, an employee leasing company. Choose the one you want, they are all good and you are going to pay 1-2% of the payroll for their services.

You don't have to do withholdings, you don't have to pay workmen's comp, you don't have to pay social security, it's all included. So they hire the employees, they are technically and legally your employees but the payroll part of it is their responsibility. 

Yes there are many different things that I can advise buyers on.

Nfbb.com.

Tom: That marvellous. That's great. Thank you for your time today Roy.

Roy: Thank you.

It's been a pleasure.

A real pleasure.