By and large, Latin Americans do business with people they like. An executive in the United States may be required to deal with the lowest bidder, or need to produce some other documentation to justify the selection of a business partner. In Latin America, an executive needs no more than a gut instinct to justify his or her decision. Once you establish a favorable first impression, the relationship is built more on a social than business basis.
Time becomes the most important ingredient towards building successful partnerships.
A foreign businessperson who never has lunch or dinner with a Latin executive will rarely establish a strong relationship. Every opportunity to build rapport should be taken advantage of, especially invitations to social events such as parties and celebrations. Gift giving can be part of establishing successful business relationships. Blades represent the severing of a friendship. Some Latin Americans have an entire folklore about elephants.