Business In Latin America: Prepare Your Appetite, Your Patience and Good Sense of Humor

I love to write about the way we do business in Latin America, especially because there’s no one Latin America, but as many Latin Americas as countries in this beautiful region. I chose some friends with whom I network, who live and work in different countries in this region, and asked them one simple question: What does someone coming to do business in your country need to know?

They all agreed on one thing, Bring your patience to Latin America!

In general, Latin Americans are known for arriving late at meetings. Except for Chile and Costa Rica (where schedules are very much respected), Latin Americans do not usually bother to call or send a text if they are going to be late. They assume you’ll be late, too. And not only that. If you are arriving at your clients’ office in Latin America, you may well be left to wait around 20 or 30 minutes before you are invited to come in to a meeting. So it is important, always, to confirm and reconfirm your appointments at least seven days in advance. And you probably want to make a call the same day, just to make sure everyone remembers the appointment.

Latin Americans love to chat for a long while before starting to actually “talk” about business. Personal relationships are really important for Latin Americans, and you may find yourself chatting about children, sports (mainly soccer in South America and baseball in Central America), culture, food and wines (in Chile and Argentina) for a long time. It may even take you several meetings before actually starting to talk about an agreement.

In Mexico and Panama, working breakfasts are very common. These are meetings that start around 8 a.m. and can last for a couple of hours. Lunches in top restaurants are very common in all of Latin America, and they are the preferred way of starting a business relationship.

Meetings in Latin America tend to last longer than in the U.S., where you tend to get to the point. Do not force any situation, because usually the pace of business in the region is slower, and you will want to dedicate as much time as needed to create a strong “bond” with your Latin partner or client. Latinos usually need several meetings to make deals.

The first time you arrive at your client’s office in Latin America, you may find a troop of people from different departments attending the meeting, too. This is because, even if decisions are made at the highest level, executives will want everyone in her team and other teams to know you – and then give her an impression about you. So make sure that whatever your speech is, you bring enough energy and data to answer questions ranging from technical to environmental issues.

Depending on the country you visit, you may want to avoid sensitive topics such as politics (in Venezuela) or immigration (in Mexico). If you are fluent in Spanish, read local papers at least a month in advance so you have the latest news and developments of the country you are visiting. If you are not fluent in Spanish, read local news in English. The local chapters of the American Chamber of Commerce in every Latin city are the best source of information for Americans traveling to the region.

Your business presentations, brochures and business cards will have to be translated. Business people coming to Latin America usually use two-face business cards: one side in English and the reverse with all the contact information in Spanish. Be sure to present your business card in every introduction.

Women’s presence in business and executive positions in Latin America is definitely not the rule. Depending on which industry you work in, you’ll find your counterparts in Latin America are mostly men. This is more evident in Mexico, Brazil, Chile and Central America, and less in Venezuela, Argentina and Panama. Expect men to be polite and escort you to your chair (in restaurants and meeting rooms).

When packing your clothes, remember to include business casual and business formal attires. A cocktail dress is also an intelligent choice. If you are visiting several Latin cities in the same trip, remember to check the weather forecast before you go. We have several weather conditions in the region, so even if it is summer in the U.S., there’s very cold weather in Argentina, Chile, south of Brazil and mostly all of the South Cone. Central America and the northern countries of South America are very hot in July and August (like Miami).

Latin America is very competitive for business and investments at the moment. Entertainment, technology and software, food and basic industries are among the top sectors. But you should consider committing long-term resources and time when coming to Latin America. A budget should include multiple trips to the region and intensive contacts with clients and partners. Also, consider bringing your partners and clients to your headquarters and offices in the U.S.

Special thanks to Rosana Chama, a Panamanian real estate professional, for her collaboration in this article.
By Lara Bersano