Redefining business development in Latin America: From relationships to strategic international alliances

by Prof Sergio Guerrero Rosas

For decades, business development in Latin America has been deeply rooted in one fundamental value: personal relationships. Trust, face-to-face meetings, and long standing family or professional ties have traditionally driven deals, shaped alliances, and built market presence and reputation. This relationship-based culture worked well especially in environments where legal frameworks and institutional systems were still evolving.

Today, however, firms that seek to compete and grow can no longer rely solely on their local network. They need to build alliances that allow them to offer comprehensive, sophisticated, and complementary solutions with a cross-border perspective. In this new paradigm, business development is no longer an informal activity based on individual trust. It becomes a structured strategy that combines technical expertise, international collaboration, and long-term vision.

Strategic international alliances enable law firms, accounting practices, and consulting firms to tap into specialised expertise in other countries, better understand the risks and opportunities of multinational clients, and deliver added value through coordinated, multijurisdictional services. This enhances a firm’s competitiveness, and also raises client perception of quality in an increasingly demanding market.

But joining an international network or signing a cooperation agreement isn’t enough. For an alliance to work, it must be alive. It requires a real willingness to collaborate, share knowledge, build trust, and launch joint initiatives. That includes co-branded presentations or webinars, collaborative content creation, international events, cross training, and a mindset focused on collective growth.

In my experience, the most effective alliances are not necessarily the largest or the most impressive on paper. They are the ones where there is genuine human connection, an openness to share real experiences, and a true commitment to solving client challenges together. They are the partnerships where, beyond the logo or brand, there is a timely call, a frank and fast conversation, and a genuine desire to contribute.

Today’s true differentiator is no longer who you know; it’s how you structure your service offering to solve complex problems in an increasingly interconnected world. Firms that understand this new logic and dare to professionalise their business development processes by integrating technology, data analysis, and international collaboration will set the pace in the region. Those which cling only to their local connections, no matter how strong, risk falling behind.

The conclusion is clear: business development in Latin America is shifting from being a matter of relationships to becoming a matter of strategic alliances. Firms that succeed in building smart bridges across countries, teams, and knowledge bases will be better positioned to take advantage of the full potential of this vibrant, complex, and opportunity-rich region.

In this challenging yet promising environment, it’s not enough to merely have contacts in different places – it’s crucial to forge meaningful connections, and build shared vision, and joint capacity to create value for our clients’ businesses. That is the new language of growth in Latin America.

Prof Sergio Guerrero Rosas, Managing Director at Guerrero y Santana, has over 25 years’ experience advising companies from SMEs to multinationals, as well as individuals, on tax and estate planning. He is also Global Vice Chair of the GGI Trust & Estate Planning (TEP) Practice Group.

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