International Business Venture: Jackson Wealth Management in Luxembourg

1 Global Partner Summary Hailey Jackson The University of Arizona Global Campus BUS 638: International Business Instructor: Moustafa Ahmed June 12, 2023

2 Introduction Peng (2023) defines international business as "(1) A business (firm) that engages in international (cross-border) economic activities and/or (2) the action of doing business abroad”. The question is, what is important about international business? Dau et al. (2022), answer that question elegantly, “International business (IB) creates opportunities for teaching and research across business fields and disciplines, across countries, across levels of analysis, and over time. IB as a field is thus uniquely characterized by context, connection, and complexity.” The international venture will take place in Luxembourg, it is a country that offers stability and a wide range of financial services. Jackson Wealth Management also completes acquisitions of other firms, which could be a topic of discussion because there are quite a few located in Luxembourg as it is. In this paper, the new international venture I have chosen will be summarized to include an analysis of utilizing the host country resource partner found, there will be two SMART objectives discussed for the business venture, and a formal outline will be created. New International Venture The new international venture is Jackson Wealth Management; wealth management companies provide comprehensive financial advice to clients that possess higher net worth to help grow and protect their wealth as well as reach their financial goals. One may ask “What is the significance of wealth management?”, the answer to that is it reduces financial stress and arranges financial choices according to time constraints. Advisors consider all financial factors while establishing goals, which occasionally aids in the organization of finances.

3 The Jackson Wealth Management company is in several states in the United States, Switzerland, Denmark, Canada, and the United Kingdom. This new international venture will take place in Luxembourg. This country has been selected due to the offering of stability and a wide range of financial services. There are no restrictions on non-resident bank accounts, making it one of the easiest places in Europe to open an account. Investment banking has been a core focus for the banking industry, and the country is known for exceptional investor protection. Luxembourg is an ideal country to do offshore wealth management in if one is looking to grow assets in a safe place (SafeKey, 2020). It fits the standards of Jackson Wealth Management. Resource Partner A host country resource is an important part of considering an international venture. The benefits of choosing someone who lives or works in said country will be able to provide insight that would be more valuable, detailed, or valid rather than done by researching online where information could be outdated or inaccurate. The chosen host country resource is a woman named Tarja Valkeinen who lives in Luxembourg currently and works as a Senior Relationship Manager at NPG Wealth Management. Tarja is an ideal resource partner as she lives in the country and works for a current, well-established wealth management company. She will be able to provide insight on how the country and wealth management pair together in a number of aspects such as location, marketing, language barriers, potential acquisitions and more. Tarja will be an amazing asset to the creation of a Luxembourg located Jackson Wealth Management. SMART Objectives

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4 There are two objectives that Jackson Wealth Management will need to meet for this venture to be successful. They are SMART Objectives which is an acronym for the following, “Specific: The goal you set should be specific, and you shouldn’t be able to misinterpret or confuse it, Measurable: The goal should allow you to track your progress, Attainable: The goal needs to be realistic, Relevant: A relevant goal relates to your values, dreams, and ambitions, and Time-bound: There needs to be a target date for completion, such as four months or one year” (Wooll, 2022). SMART Objective 1: To create a Jackson Wealth Management location in Luxembourg. Specific: Open a Jackson Wealth Management location in Wiltz, Luxembourg due to the scarce distance between wealth management companies. Measurable: The goal is to have a meeting each month to discuss progress on planning and findings. Attainable: We have created a location in other countries. Relevant: To expand services globally. Time-bound: The planning process will begin next spring (2024), with a desired completion date of January 30 th , 2026. SMART Objective 2: To acquire an already established wealth management company in Luxembourg.

5 Specific: To acquire Matthias Schmitt Finanz due to the location being near other wealth management companies and the success and ratings of the company. Measurable: The goal is to become more acquainted with the company over a period of minimum 1 year, maximum of 2 years. Attainable: We have acquired established companies in other countries. Relevant: This is the main source of expansion. Time-bound: Acquisitions will begin to take place after two years in Luxembourg. Formal Outline I. Introduction A. Summary about international business. B. Thesis II. Executive Summary A. Company overview B. Service description C. Proposal of expansion D. Statement of host country III. Host Country A. Overview of the environment B. SOAR C. PESTLE

6 IV. Overall Business Strategy A. Marketing Strategy 1. Company Website 2. Word-of-Mouth Referrals 3. Email Marketing 4. Social Media B. Financial Strategy 1. Budget 2. Cost-Benefit Analysis 3. Foreign Money Fluctuations & Exchanges C. Human Resources Strategy 1. Recruitment 2. Selection 3. Parent-Country Nationals 4. Third-Country Nationals 5. Host-Country Nationals V. Corporate Social Responsibility Actions VI. Conclusion Conclusion In this paper, I have completed the new international venture summary and included an analysis of utilizing the host country resource partner found, two SMART objectives were discussed for the business venture, and a formal outline has been created. To reiterate, I chose Luxembourg because it is an ideal country for offshore wealth management due to its stability,

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7 wide range of financial services, and investor protection; it is also a safe place to grow assets. Furthermore, Jackson Wealth Management completes acquisitions of other firms to continuously expand globally, which can be accomplished in Luxembourg as there are quite a few located in the area.

8 References Dau, L. A., Beugelsdijk, S., Fleury, M. T. L., Roth, K., & Zaheer, S. (2022). What Makes International Business Unique and Important as a Field? The Three Cs of IB. AIB Insights, 22(2). https://doi.org/10.46697/001c.33698 . Peng, M. W. (2023). Global business (5th ed.). Cengage Learning. SafeKey. (2020, January 13). The 6 Best Countries for Offshore Wealth Management. Retrieved from https://selfkey.org/best-countries-for-offshore-wealth-management/ Wooll, M. (2022, August 5). 10 SMART goal examples for your whole life. Retrieved from https://www.betterup.com/blog/smart-goals-examples

Week 1 Global Partner Summary BUS638

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