Usually neither purely. Commit the funds through escrow or a closing conditional on visa approval, apply, and complete the transfer when the visa issues. Closing first with no visa risks the money; applying with nothing committed fails the at-risk test.
Use escrow so commitment is real and the downside is capped
Hypothetical example: the seller wants to retire by year end and the buyer wants the visa before paying. The usual bridge is an escrow arrangement: the buyer deposits the closing funds with an escrow agent under instructions to release them to the seller on visa issuance and return them if the visa is refused, with the purchase agreement signed and conditional only on that event. Consular officers accept this as irrevocable commitment because the buyer cannot walk away for any other reason. Timeline: agreement and due diligence, then the visa application and interview at a consulate, then closing and travel. Build in the state licensing question and the seller's consulting handover. If the seller cannot wait, the buyer may close outright and apply afterwards, accepting that a refusal leaves them owning a U.S. business they cannot run in person. That risk should be priced, not ignored.
Hypothetical example: a salvage-electronics reseller signs a lease that begins immediately, but its consular appointment is months away. The investor must decide whether the commitment can remain contingent only on visa issuance or whether operating losses before travel are acceptable. Sequence the deal so entity formation, source-of-funds collection, executed contracts, and operating commitments are complete before the visa application, while avoiding unauthorized work in the United States. At intake, identify dates that cannot move, such as a seller's closing deadline or a licence application. Cases become difficult when the investor tries to keep every commitment reversible, or when the business is bought outright without a plan for who lawfully runs it if the visa is refused.