Sequence it so the United States entity holds enforceable rights before it trades under the mark and before the application represents those rights as already granted. Preparation may begin while terms are being resolved. No universal rule requires agreements to be executed at a particular stage, but unsigned drafts and undated versions weaken the record. Counsel should confirm the order that suits this structure.
Work backwards from the launch date
List the steps that must be finished before the doors open: entity formation, the sublicence, the lease, permits, supply agreements, and staffing. Then note which of them require the other party's cooperation, since a related Canadian licensor may still need board approval. Build slack for document collection and questions. Processing outcomes and dates cannot be promised, so avoid commitments that assume a specific approval week.
Record the deposit, cash paid at closing, outstanding balance, collateral, guarantees, cancellation rights, and consequences if the visa is refused. The requirement is that funds are already irrevocably committed and at risk, so an application filed while the money is still recoverable is filed against incomplete facts. The sequence should be chosen after reading the escrow, franchise-approval and financing terms together, not before.