Drawing inspiration from the PezCo journey in the Minority Business Accelerator's Cohort '24, Black and Hispanic owned businesses are invited to attend the June 12th MBA Information Session at the Tampa Bay Chamber in Downtown Tampa. The 2-year program, now globally recognized, will be selecting applicants this fall for its next group. The companies in the Tampa Bay Chamber’s Minority Business Accelerator may be local but take a closer look at the cohorts and you’ll start to see traces of a mini-United Nations. Case in point is PezCo Aquafarming. They got their start in Colombia, just landed a new tilapia partner in Brazil, and a new buyer with customers from Canada to Carrollwood.
The two brothers behind PezCo got their big news in Boston, during the Seafood Expo North America (SENA) – finally hearing the coveted phrase to end any business deal, “Welcome to the family!”. Actually, it was more like Bem-vindo (in Portuguese), Bienvenue (French Canadian) and Bienvenido (Spanish, their native tongue). It’s a two-continent welcome Juan Carlos Libreros and Luis Ignacio Libreros worked hard to get for more than five months. Juan Carlos is the COO and Business Development Executive for PezCo. Younger brother Luis Ignacio is the CEO and Global Alliances Executive.
“It will be very similar to the structure that we followed when we were selling the Colombian product,” explained Juan Carlos, “We were working with pro Colombia at that time, which is a Colombian Trade Bureau. This organization in Brazil understood and recognizes that what we did to position Colombia as a source (for seafood) is very similar to what we'll do for them. So, we now have the supply and the support of the agricultural organization and the organization to help promote Brazil as a source of sustainable and reliable product.” For starters, PezCo will export 21-thousand pounds of tilapia per week from Brazil.
“They were looking for a partner to help them expand their reach outside Brazil and we are going to help them do that,” said Juan Carlos. “It was a real pleasure to know that our company was selected as their exclusive partner in the Americas!” added Luis Ignacio of the deal that will bring Brazil’s seafood to buyers across the U.S. and Canada.
In describing their big news, the brothers pepper their updates with two repeating phrases, “great fit” and “positive impact”. That’s not a coincidence. These are two key ingredients to the PezCo story. The Brazilians farm tilapia and that’s the fish prior generations of Libreros started with in Colombia.
In terms of positive impact: On the ecological side, PezCo’s integrated farms and vendors are certified by the Aquaculture Stewardship Council and the Global Aquaculture Alliance. The bio-secure floating enclosures and lakes they use for aquafarming are fed by mountain springs. On the human side, PezCo partners with family farms hiring persons with physical disabilities and single parents who are the sole breadwinners in their families. The employee benefits of PezCo’s integrated farms include health insurance, pension plans and education assistance.
The Brazil news was just the first update the MBA company in Cohort '24 shared with mentors at the Chamber last month. PezCo has been tapped by a big-box retailer with locations across North America. We can’t identify this retailer by name, per their agreement with PezCo, but suffice to say that 73 million households are card carrying members.
Their story is not one without setbacks. Like any entrepreneur, the Libreros have had their share of hardships, betrayals, and losses over the years, but being part of the Chamber’s Minority Business Accelerator has been a game changer during a recent unexpected downturn. Unlike before, Juan Carlos and Luis Ignacio say they have a network of subject experts and fellow MBA entrepreneurs they can count on for advice and support, in the business as well as the personal. “Having access to all those sessions allows you to be fully aware of what you need to successfully run your business,” he said. Asked for specifics, he explained it this way: “When we started the MBA program, we were thriving. The trout was moving, but then just a few months ago, a big client stopped purchasing from us. Our revenue shrunk to the point where the past three months we have had nothing but losses… If I didn’t have this network (of people), if I didn’t have the experts offered through the MBA, this would be harder… You get so ingrained in doing the day-to-day of the business that you don't take a moment to stop and think about things until they become a problem. And that might be too late. So, MBA gives you a ‘wakeup call’ making you aware of all the resources that you should consider. When you are an entrepreneur trying to build a sustainable business, without this information, the recipe is not a recipe for success… It’s hard for me to put into words.”
The 8 other businesses in his cohort know what he means, as do the 22 local businesses graduating from five MBA cohorts before them. The intangibles, they say, are as important as the tangible benefits they gain during the 2-year program.
The Chamber’s accelerator helps Black and Hispanic owned businesses prepare for growth. The curriculum is specifically designed to help businesses identify and overcome barriers, which often include limited access to capital, key decision makers, and information. Providing practical tools for change, the accelerator positions participants to increase capacity, create jobs and build wealth. It’s a globally recognized program, selected for presentation at the World Chambers Congress in 2023.
To learn more about the Minority Business Accelerator, attend the MBA Information Sessions on June 12th. The session is free. Online registration is required.