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Globalization has been tough on mid-size companies all over the world. Latin America is not immune to this reality. Liberalized trade, growing foreign investment, sudden financial crises, and traditional family management styles have all combined to devastate the mid-size enterprises of the region. Erstwhile market leaders have been forced into bankruptcy or been gobbled up by foreign competitors. Their managers have been cast aside and thrust into the world of self-employed consultants. As predictable as this shakeout of the Latin American corporate structure over the last five years may have been, it caught many local players off guard. Workers, investors and governments were equally unprepared. Nimbler operators, mostly multinational enterprises, were able to act quickly to take advantage of the one-shot opportunities that opened up. Foreign competitors are now overrunning the region, which was formerly considered frustratingly difficult to break into. Hard-nosed international competition has all but devastated an entire class of mid-size entrepreneurs whose egos and capital have shrunk accordingly.