A meteoric ascent of Latino enterprises is reshaping the US economic landscape, and the figures are there to prove it. According to a recent study by the Stanford Business School, the United States is home to over 62.5 million Latinos, with an economic output of $2.8 trillion. There are nearly five million Latino owned businesses generating over $800 billion in annual revenue. Those stats are growing by the day.
Yet, beneath these robust numbers lies a deeper narrative — a saga of relentless determination and grit amidst an environment rife with challenges. Every budding entrepreneur anticipates setbacks, but the gauntlet can be particularly daunting for the Latino business community. Language barriers often form the first hurdle, swiftly followed by the elusive search for appropriate financing. Add to this the void of mentorship and a maze of US tax incentives and strategies that often confound even the most experienced business owner.
As if that wasn’t enough, there’s the navigation of laws, real estate intricacies, business operations, and the complex factors painting the current economic landscape, such as inflation, high interest rates and a talent shortage. It’s a shared journey, and yet it can feel like a very isolating one.
Recognizing these distinct challenges faced by the Latino business community, CBIZ, a respected player in financial services, established the Latino-Owned Business Service Team. Our bilingual team, well versed in Latino customs and business needs, aids owners and executives in maneuvering through complexities to achieve their goals.
Leveraging our expertise tailored to the Latino community, we’ve empowered clients to surmount cultural, linguistic and economic challenges. A case in point is a client who transitioned from a produce business to real estate investments, recently culminating in an event center. We provided pivotal support through tax guidance, cost segregation studies, and succession planning, turning around a business on the cusp of failure into a thriving venture.
As a director and CPA with a 27-year career with CBIZ, it was an honor to help develop and launch the Latino-Owned Business Service Team. For a significant period, I was the sole Latina in my office, and it was disheartening to witness my community’s needs being overlooked and underserved. The rise of Spanish-speaking professionals in accounting is exciting, as it ensures we have an increasing number of Latino staff to cater to the burgeoning Latino business demographic in the US. The vast scope of work underscores that one individual can’t shoulder everything; this evolution allows us to broaden our reach. Above all, my team’s prime goal remains to provide top-notch service to our clients.
Leveraging our expertise tailored to the Latino community, we’ve empowered clients to surmount cultural, linguistic and economic challenges.
While the Latino-Owned Business Service Team’s initial emphasis is on Southern California, our aspirations span well beyond these confines. In partnership with Kreston Global, we aim to assist Latin American clients eager to grow in the US and internationally. This alliance amplifies the resources at the disposal of Latino entrepreneurs and fosters cross-border commercial expansion, fortifying the economic bond between Latin America and the US.
We also plan to expand the Latino-Owned Business Service Team to the entire CBIZ footprint. By expanding geographically to cover more regions across the United States and by collaborating extensively with industry professionals, we aim to serve as a catalyst for the success and prosperity of Latino-owned businesses throughout the United States and beyond.
ENCOURAGING THE NEXT GENERATION
The need for more Latino accountants and finance professionals is growing daily, especially as the Latino business population grows. I was the first in my family to graduate from college, and when I started my accounting career, I struggled to find professional mentors.
I hope the current generation of Latino students will face fewer challenges in their professional journeys than before. There is a growing recognition of the need for recruitment and mentorship to increase Latino representation in accounting and finance roles. This is even more crucial now, as the retirement of Baby Boomers is leading to their positions being filled by Millennials and Gen Z. Notably, these two generations boast a significant Latino presence; the Pew Research Center has highlighted that 60% of Latinos belong to the Millennial generation or younger.
As companies like CBIZ actively engage with the Latino business community, they also foster and support the growth of Latino professionals, enhancing individual businesses and fueling the broader economy.
Veronica Quintana is a director at CBIZ. She can be reached at [email protected]. Learn more at cbiz.com.
