During a discussion on global expansion at Doing Business Globally in Dallas, panelists emphasized the importance of building and maintaining strong relationships with individuals in target markets.
The conversation was moderated by Baker & McKenzie partner Michael Santa Maria, and panelists included Baker & McKenzie partner Jayshree Gupta from Dubai and in-house counsel from the aeronautics, restaurant and transportation industries.
Panelists offered guidance for companies undertaking or considering global expansion:
- Companies will often benefit from having a partner in the region. Know exactly what you need from a partner and look for quality.
- Do your due diligence. Get involved and interview counterparties. Be comfortable with your business partners.
- If timing and resource issues limit expansion, find small stepping stones to establish a presence in the market.
- To protect your brand, guard against risks to quality and reputation.
- Nothing replaces face-to-face interaction.
- Be aware of language issues. Train executives to adapt to local customs and formalities.
- Exiting can often be the most difficult part of doing business overseas.