Whether you have built up your business over decades, or your business has developed quickly, selling a business can be a tricky process. It may have taken you five years or twenty years, but either way, starting and growing a business to maturity is an all consuming proposition.
Many times, the sale of a business can set up your retirement if you can realize enough value from the transaction. But how do you begin?
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In a country as politically divided as the United States is currently, a unanimous Supreme Court decision speaks volumes. On January 27, 2017, President Trump signed Executive Order 13769, Protecting the Nation From Foreign Terrorist Entry Into the United States, which aimed to put into place different protocols for vetting foreign nationals from entering the country, who originated from six "Countries of Concern" which is a US State Department designation. The six countries relevant to EO 13769 were identified and designated during President Obama's second term. Detailed analysis can be found here.
Unsurprisingly, there were multiple and almost instantaneous federal lawsuits filed in the west coast federal courts aimed at blocking the implementation of EO 13769. Rapidly, the President issued a second order, EO 13780, also titled Protecting the Nation from Foreign Terrorist Entry Into the United States, which was aimed at addressing the concerns raised by the litigation.
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Summary
On January 27, 2017, President Trump signed an Executive Order (the “Order”) entitled “Protecting the Nation From Foreign Terrorist Entry Into the United States.” It is a densely worded document, but the Order does the following:
- Requires “the Secretary of Homeland Security, in consultation with the Secretary of State and the Director of National Intelligence, [to] immediately conduct a review to determine the information needed from any country to adjudicate any visa, admission, or other benefit” under the Immigration and Nationality Act;
- Requires the Secretary of Homeland Security to submit a report to the President within 30 days of the date of the Order (in other words by February 26, 2017); and
- Temporarily “suspend[s] entry into the United States, as immigrants and nonimmigrants, of such persons [from Iraq, Syria, Iran, Libya, Somalia, Sudan and Yemen] for 90 days from the date of this order (excluding those foreign nationals traveling on diplomatic visas, North Atlantic Treaty Organization visas, C-2 visas for travel to the United Nations, and G-1, G-2, G-3, and G-4 visas).”
Analysis
The Order could have an impact on any employer or business with employees, contractors or consultants who are foreign nationals of the Countries of Concern as defined herein.
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