An Afternoon of Networking and Education
Saville hosted its seminar titled “Doing Business in Mexico: What Executives and Business Owners Need to Know” last Thursday at the Plaza of the Americas in downtown Dallas. The event was attended by close to 50 clients, business owners and executives from across Texas and leading strategists and consultants from Mexico.
“Why Mexico?” From Consul De La Torre
The agenda for the day centered primarily on “how” to do business with our neighbors to the south, and the recently appointed Consul General of Mexico in Dallas, Francisco De La Torre Galindo, opened the discussions with the more important question of “why?” His focus on the country’s compelling culture, financial benefits and opportunity set the tone for the day. Consul De La Torre concluded with a measured perspective on the more challenging aspects of doing business in Mexico and the mutual responsibility of both the US and Mexico in making it a mutually strong and beneficial relationship.
Strategic Choices of Doing Business in Mexico
The Consul was followed by Javier Mazón, President and Managing Director of Group Lamerica who echoed the Consul’s earlier thoughts on why business owners should consider expansion into Mexico and further emphasized the inherent opportunity in the country. Javier reinforced the cultural characteristics a business owner should be cognizant of prior to expansion into the country, and the three strategic options business owners must consider when choosing a business partner and getting set up. These three options are outlined in the image below. You can learn more about Group Lamerica here.
Tax & Accounting Considerations from Saville’s Global Tax & Advisory Group
Leaders from Saville’s Global Tax & Advisory Group were next on the agenda outlining the cross-border accounting and tax issues for US companies expanding into Mexico. Rather than a form review and jargon-jousting match that’s as high-level as a jet heading to Cancun, Saville Managers Robert Smith and Billy Bob Messer held a practical session for business owners and advisors to run through common scenarios that affect US-Mexico businesses.
A Thoughtful Keynote Presentation
The keynote for the day was offered by Luis Florentino Elizondo Lopez and Octavio Lara Hernández, President and Vice President (respectively) of the International Consortium of Business Advisors (ICBA), an integrated network of over 300 global firms, helping companies build better businesses in Mexico. While their presentation focused heavily on the regulatory environment in Mexico, they spoke passionately of the cultural aspects of how businesses will thrive in the future especially as it relates to working with Millennials in Mexico.
An Open Discussion of Key Insights for Business Owners & Executives
The day of discussion ended with a panel, where the speakers were accompanied by Trainor Evans, a Saville client from Mercedes, Texas. Trainor’s company, Rios of Mercedes sells hand-made cowboy boots all over the world under four different brands which emphasize artisanal craftsmanship and impeccable quality. At one point during the panel he passionately emphasized that you cannot be a guest in another country and show up with an air of arrogance. Also, if you aren’t willing to learn the language and acknowledge the culture, to not even try doing business there.
The panel was moderated by our emcee and Partner-in-Charge of Saville’s Global Tax & Advisory Group, Mike Frank. He touched on perspectives of doing business in Mexico through the years and how todays current environment of reform offers a new era of business growth.
The day concluded with a reception with sips, bites and good conversation in the tradition of Texan and Mexican hospitality.
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