Global · · 3 min read
Currency, Time Zones and Trust: How I Approach Cross-Border Acquisitions
A deal that looks great in one currency can look very different in another. Going global taught me that the spreadsheet is only half the diligence. The other half is people.
The global chapter of my career started with a simple realization: the same discipline that built a luxury fleet in Scottsdale could travel. Spending time in Business Bay, Dubai, around real estate and automotive opportunities showed me how much is possible outside the markets I grew up in. It also showed me how many new ways there are to get a deal wrong.
Today my focus includes global acquisitions alongside land and new construction. I want to share the framework I use when an opportunity crosses a border, because it's different from evaluating a deal at home.
Currency is part of the price
When you buy an asset in another country, you're also taking a position on the currency. A property or business can perform exactly as planned in local terms and still look different once you convert results back. I always look at a deal in both the local currency and in dollars, and ask what happens if the exchange rate moves against me.
Some currencies are pegged or historically stable, others aren't. Either way, it belongs in the underwriting, not in a footnote.
Structure before excitement
Every jurisdiction has its own rules on foreign ownership, entity setup, taxes and how money moves in and out. Before I get attached to an opportunity, I want to understand how it would be held, who the local counsel is and what it would take to exit. If the structure doesn't work, the deal doesn't work, no matter how good the photos look.
I rely on qualified legal and tax professionals in each market. That's not optional when you're working across borders.
Local partners are the real asset
In Dubai, I saw quickly that relationships move faster than paperwork. The right local partner knows which developers deliver, which neighborhoods are genuinely growing and which numbers are marketing. The wrong partner can make a strong market look easy right up until it isn't.
I evaluate partners the way I evaluate a renter for a Lamborghini: carefully, consistently and with references. Track record, transparency and how they behave when something goes wrong matter more than how they pitch.
Time zones change how you operate
Running anything across a ten- or eleven-hour time difference forces you to build systems. Decisions can't wait for you to wake up, so you need clear authority, written processes and reporting you can trust. The good news is that this is the same discipline that lets Royal Rentals run across Scottsdale/Phoenix, Charlotte and partner markets without me in every conversation. Global deals just raise the stakes.
The questions I ask on every cross-border opportunity
- How does the deal look in both currencies, and in a weaker exchange-rate scenario?
- What ownership structure is permitted, and what does it cost to set up and maintain?
- Who are the local partners, and what is their verifiable track record?
- How do funds move in and out, and how long does that take?
- What is the realistic exit, and who are the likely buyers?
- Can I visit, and what do I learn on the ground that I couldn't learn on a call?
Patience is a strategy
Global opportunities often take longer than domestic ones. Approvals, introductions and trust all move on their own timelines. I've learned not to force it. The deals I'm most comfortable with are the ones where I had time to visit, meet people in person and see the market through local eyes.
Who I want to meet
I share this publicly because I want to connect with the right people: land owners, developers, operators and investors who value disciplined, hospitality-minded partners across markets. Any specific opportunity is discussed privately, only with appropriate parties and only through proper documentation.