Brexit and Your Business: Making Sense of Events
The British are not coming but they may be going, or Brexiting if you will, quitting the European Union. The referendum is being voted on today and if they don't remain, this will impact business internationally, including here in the US.
But there are a lot of factors that influence the economy, and isolating which precise event caused what outcomes is impossible. In fact, that is why the British are voting on exiting the European Union despite reports that partnership has led to prosperity and that Brexit could be a headache. Let's try to make sense of it all, to the extent possible.
Many events impact the markets worldwide and there is no doubt that if the British vote to quit the EU, it will mean something here. But what? An article in Forbes attempts to make sense of the impact of Brexit on US businesses, pointing to the disruption of trade agreements across Europe and banking uncertainty. These could lead to less lending for small businesses in the US. But Brexit is hardly the only factor impacting financing locally.
Many American companies have bases in Britain for obvious reasons, language and cultural ease, but if it isn't in the EU, this could significantly shift the value of the location of operations for outsiders. The Washington Post predicted Brexit could send shock waves worldwide and reported that the International Monetary Fund sees negative and substantial results.
But because no one really knows what will be -- how Brits will vote or what that will mean, either way -- it is impossible to say what this event will mean to your business. You can be sure, however, that disruption to the markets leads to failure for some and opportunities for others. The key is to stay aware of what happens. We will all know more soon.
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If you do business internationally, or have considered it, and you're concerned about Brexit or other international situations, talk to a lawyer. Get guidance and advice that can help you thrive in turbulent times.
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