Due diligence and deal structuring come first, then the application, with the purchase money placed in escrow to be released on approval. Applying before the business and the funding are documented is the common mistake.
Structure the deal so approval and closing can happen in the right order
The tension in every E-2 acquisition is that the capital must be committed and at risk before the application is decided, while the buyer reasonably does not want to hand money over for a business she may not be permitted to run. Escrow conditioned on approval resolves it, and it has to be written into the agreement rather than added at the end. Before that, Anouk needs enough time for due diligence: the accounts, the management contracts and the payroll take weeks to review properly.
After filing, processing depends on where the application is made and varies. Anouk should also confirm what happens to the purchase agreement if the application is refused or delayed, and negotiate a long-stop date that reflects real processing rather than an optimistic one.