How Afternoon Tea Built a Multimillion-Dollar International Business

We have all read the sensational headlines of major global banks collapsing, lending is frozen, and that the banks that are still standing are only doing business with Fortune 500 companies. Much of this is true; however, banks are what help move money to where it wants to be  ‑ earning a return on where it is placed. Therefore, the lifeblood of any emerging business is your bank relationship and how you leverage it to finance and expand your business internationally.  

Banks are an important ingredient in a company’s domestic operation and essential if you choose to go international.  Your bank will help establish your company’s presences in the local market and become the stepping-stone to achieve the success you want with your international business. But going international is not for the faint of heart.  And it will require a great deal of time, money, and travel to establish your international banking relationship.

As a U.S. citizen, you cannot just walk into the local branch of a bank in a foreign country and open a bank account. Due to the restrictive laws on money laundering, anti-terrorist acts, and the skepticism to allow a foreigner to have a bank account in their country; it is a long, grueling process. But that is not to say it is impossible.

As I have emphasized in my earlier blog posts, success in business and especially international business is about your relationships. And without the relationships I have overseas,,  I would never have been able to establish and build the international presences I have today.   

As the headline states, “Afternoon tea built a multi-million dollar international business”.   Yes it is true, and here is how:

After working for many, many months with my managing director (MD) located in the UK and who is also a UK citizen, I was able to finally establish a UK corporation 100 percent in my name. (More on how to set up an international corporation in another blog or feel free to email me directly to discuss.)  My MD asked for me to fly over to have a meeting with her local bank branch manager.   

So I hopped on a flight on Virgin Atlantic (my favorite airline) to Heathrow in London.  Then I took a two-and-a-half hour train ride up to Sheffield, UK, where my MD was based. Sheffield is a charming city but not your typical hub for international business.   So here I am on a typical overcast, wet morning in England, sitting in the office of my MD. 

After a brief meeting she invited in the local branch manager of a major UK bank. We did the typical introductions; I explained the nature of my business and my intentions of the type of business I wanted to launch in the UK and my banking needs.  After a few hours of talking, cookies, and drinking traditional English tea we shook hands and went on our way.   

Upon my return to New York, I received a call from my MD letting me know the bank would be happy to work with us on my request for a bank account, and shortly thereafter I had an international business checking account. 

If it was not for a few hours of face-to-face time over tea, I would not have the financial institution backing and endorsement I needed to further build the infrastructure, distribution, and sales and marketing channels I needed to launch and grow my business international.

Today, I do business in over seven European countries, have the ability to take customers orders in their respective currency (GB Pound or Euro), and my international business now accounts for over 80 percent of my revenues and 100 percent of my business growth.