Empanada Empire: Pilar Guzmán's Journey & Partnership Tips | Wealth Wednesday

The Latin Wealth

Welcome to a new weekly series we are launching on the Latin Wealth platform, Wealth Wednesday! On Wealth Wednesday, we will be discussing trending news, Latino culture and topics surrounding business, host by @chrisbelloso and @ricoramirez86. Today, we have an exciting lineup of topics to discuss, including historic political developments, health insights, and groundbreaking technological advancements.
Topics Covered:

• How to Develop Successful Partnerships
• Meet a Female Entrepreneur Bringing Empanadas to an Airport Near You

Entrepreneur Spotlight: Half Moon Empanadas Co-Founder Pilar Guzmán

• Started with one store, almost went bankrupt, and restarted with a food cart.
• Now runs an empanada empire with over 20 locations, including airports in Miami, Denver, Fort Lauderdale, Nashville, and Chicago.
• In 2023 alone, the company sold three million empanadas.
• Guzmán was featured in Inc. magazine's 2024 Female Founders 250 "most intriguing" entrepreneurs.

Challenges and Resilience:

• Initially struggled, losing money and nearly going bankrupt.
• Relocated to a kitchen in Miami and began again with a cart at the University of Miami.
• Faced an economic crisis for seven years without earning a salary.
• Guzmán attributes her resilience to her personality and determination to overcome challenges.

Developing Successful Partnerships: Step 1: Identify and Align Goals

• Clearly define your own goals and objectives.
• Research potential partners with aligned goals, values, and missions.
• Ensure mutual benefits, shared vision, and complementary skills.

Step 2: Build Trust and Communication

• Be transparent, reliable, and uphold integrity.
• Maintain regular communication and actively listen to your partner.
• Establish clear communication channels and protocols.

Step 3: Define Roles and Responsibilities

• Clearly outline roles, responsibilities, and contributions in a written agreement.
• Set expectations regarding performance, deliverables, and timelines.
• Define authority, accountability, resource allocation, conflict resolution, and key performance indicators (KPIs).

Step 4: Monitor, Evaluate, and Adapt

• Regularly track progress against defined goals and KPIs.
• Implement feedback mechanisms and conduct periodic performance reviews.
• Be flexible and willing to adapt roles, responsibilities, and strategies as needed.
• Identify opportunities to scale and expand the partnership.

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