Mistake # 1. Failure to hire the right team of professionals (lawyers/CPAs/financial advisors/banking and financing professionals/cross-border tax advisors)
SMART PEOPLE use the talents and experience of other SMART PEOPLE to give themselves every possible chance of a successful outcome to the task at hand. Would you have a complicated medical or dental procedure done by a classical musician or a barista? OF COURSE NOT! That person might be the greatest violinist in the world, or might make the most delicious specialty coffee of all time, but you would never have them perform your heart bypass surgery. Why should it be any different in the international business world?
Most business leaders are not experts in the many social, governmental, economic and legal aspects of cross-border business transactions. Expertise in all of these areas is essential in identifying and developing new markets in foreign countries. Even the most experienced and sophisticated business leaders in the world regularly use cross-border consultants to provide crucial planning advice and development guidance.
When investing across borders, it is critical to work with a trusted advisory firm that is able to:
- Assess an organization’s future activities in foreign markets, such as opening a new facility or identifying a new business partner.
- Work closely with management and executive teams to develop strategic plans for both existing and emerging markets.
- Collaborate across disciplines within an organization, including accounting, legal, human resources, IT, market research, and other business-line leaders.
Complicated business issues such as choosing the most advantageous business structure, understanding home and abroad tax issues, and evaluating crucial legal and immigration business factors all require professional and experienced guidance. The right international business consultant can focus on the red tape, rules and regulations that are integral components of business success, and free you and your managers up to RUN YOUR BUSINESS and/or MANAGE YOUR CROSS-BORDER REAL ESTATE INVESTMENT PORTFOLIO!
Article Series by Lauren Cohen, Cross-Border Lawyer & Real Estate Expert
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