A simultaneous bear hug is common between close male friends. When it comes to business, the proper practice is a handshake, regardless of gender. A kiss or a hug can be acceptable among business associates who have developed a personal relationship. Status Mexicans are very status conscious. They care about what you wear, what car you drive.
Professional titles are also very important.
Do this even if you know that your business partner is not a licenciado. The telephone is a useful tool to set up appointments and ask some general inquiries, but deals are never closed over the phone. The telephone is considered an informal means of communication. Cellular phones are pervasive in Mexico. Fax machines are also very common.