Franchisor approval usually comes first, followed by a binding purchase agreement and either completed expenditures or deposit into a qualifying visa-contingent escrow. The investment must be committed before the case is decided, but the purchase need not always close before adjudication.
Commitment before certainty is the structural discomfort
Applicants dislike this sequence because substantial funds must be committed before there is certainty of status. Franchising adds a step at the front, because most franchisors run their own approval process for prospective operators and that can take weeks. After approval, the agreement is signed and the initial fee paid, or a binding purchase can be funded through escrow for release upon E-2 visa issuance.
Premises, build-out and equipment follow as the transaction requires. The case is then presented with evidence of actual expenditures and any qualifying escrow rather than mere intentions. Buyers manage the exposure by doing commercial diligence and by asking an adviser to review the structure before signature rather than after.
Allow several months, and check current processing times when filing.