EB5 Investors Magazine English Edition Volume 6, Issue 2 | Page 75

TOP ECONOMISTS ISMAEL FERNÁNDEZ GREENGATE CONSULTING | FOUNDER & PRESIDENT Ismael Fernández, originally from Madrid , S pain , is the founder and president of Greengate Consulting, an Atlanta - based consultancy firm. With a PhD and MBA from Georgia Tech, Fernández, an author in the technology valuation field, extended his career into EB-5 as an economist, given his experience in financial modeling. Prior to founding Greengate, Fernández was a senior manager at General Electric, leading a global team forecasting demand for gas turbine parts — a $1 billion business. Since 2010, Fernández has assisted hundreds of firms to get established in the U.S. and secured dozens of I-526, I-924 and I-829 approvals for his clients. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? The EB-5 industry was a natural extension to the practice I founded when leaving GE. Given my background and origin, I fit well in the shoes of foreign investors looking to migrate to the U.S. for business purposes. My practice aimed for families who were seeking to start their business in the U.S. I quickly learned about the requirements of the EB-5 regional center program and got really excited about economic modeling in 2012. Since I was accustomed to building complex financial models for engineering decision making, I found EB-5 economic models a natural extension to my education and skillset WHAT NEW TYPES OF PROJECTS AND TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? I try to be optimistic about the market despite the environment. After all, the U.S. continues to be the world’s largest economy and a magnet for business. I think the age of large regional centers controlling the market might be reaching and end due to the increased cost to market. Smaller projects, in which developers can secure personal relationships abroad, are going to have a competitive advantage when it comes to funding small projects. I also think that manufacturing hasn’t really taken advantage of the program yet, and that is a change that I see in my portfolio of clients. AARON GOFORTH BAKER TILLY CAPITAL LLC | PRINCIPAL Aaron Gofor th, principal of Baker Tilly Capital, LLC, the wholly owned FINR A broker dealer subsidiar y of Baker Tilly Virchow Krause, L L P, i s a n i n d u s t r y l e a d e r in preparing economic analyses and business plans for regional centers working with the EB-5 program. Goforth has broad experience in helping clients and organizations identify, prioritize and execute on strategic goals to drive top-line growth. Prior to joining Baker Tilly, Goforth served as president of Wright Johnson. During his tenure as the president, he consistently facilitated exponential year-on- year growth. Goforth is well-regarded in the industry and sought as a speaker for EB-5 conferences. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? Initially, I became involved in the EB-5 industry because I was intrigued by the concept and opportunities associated with employment-based immigration. Yet, over time, I have thoroughly enjoyed the interplay between the personal stories of EB-5 investors and the social and economic impacts those individuals and their investments have brought to the United States. EB-5 investors obviously contribute to job creation based on their investment. However, they also enrich our society by bringing their ideas, families and culture to the United States. WHAT NEW TYPES OF PROJECTS AND TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? Increased geographical diversity of EB-5 investors, as well as a decrease in the overall total number of investors, has resulted in more diverse projects going to market and being funded. While the majority of projects I see are still real-estate based, the overall capital stack of such a project as well as the corresponding EB-5 component is much smaller than even two years ago. Another approach I am seeing is the “friends and family” deal, meaning a U.S. entrepreneur of foreign descent will recruit friends and family living in a different country to invest into their project. These types of opportunities have produced more diversity in the EB-5 market. EB5INVESTORS.COM 75