In October 2021, during an unseasonal rainstorm, the Compania Azucarera Valdez management team met to discuss the implications of a fundamental decision it needed to make: whether to end 20 years of sustainable sugarcane production using a unique biological control model and move to an integrated pest control model that included chemical insecticides. Gabriel Hernández, director of agriculture, stated that the change would increase profits by raising yields and reducing costs, and that the current biological controls were not as effective as they should be. Conversely, Paula Chacón, sustainability director, said that it could destabilize the ecosystem and generate more economic losses than benefits. Mario Goncalves, commercial director, mentioned the impact this could have on the company's brand positioning and its "de- comoditization" strategy, and the work they would need to do on the commercial side of things to offset these changes. He did, however, recognize the need to improve the company's financial results and invest in improving agricultural practices and strengthening the brand. The next board meeting was drawing near, and the management team needed to produce a concise proposal on how the company would be managed from 2022 onwards, and how it would increase its income by 2025.

In October 2014, José Alberto Vélez, a member of the Board of Directors of Cementos Argos, met with the company's management team to discuss future steps. Two of its largest global competitors, Holcim and Lafarge, had decided to merge, and the decision drove them to disinvest in some key markets, opening up a range of opportunities for Cementos Argos. Vélez proposed an ambitious objective to the Board: expanding from US$2.5bn (hereafter $) to $10bn in revenues by 2030. The Board accepted the idea enthusiastically but questioned how to pursue such challenging growth targets. Several options were on the table, but all involved overseas expansion. "We have to enter new markets", Velez pointed out. "There is no way we can grow if we just stay in the markets where we are, and why should we just defend our position? Let's be ambitious." After a long brainstorming session, the Board decided to take some time and re-adjourn to make a decision within a week. Directors needed to decide whether or not to expand, if so, into which countries and through what means: organic growth or acquisitions. While various markets had been flouted as suitable options, most Board member's minds were focused on four markets: Brazil and Mexico, in Latin America, or the United States and Canada, further North. The company needed to study its alternatives carefully, as its choices would call for substantial resources - capital infusions in the order of hundreds of millions. Such an investment would condition the company's future for several years, for better or worse. Moreover, price wars were common in this industry: a faux pas would leave Argos vulnerable to retaliation by powerful incumbents -a painful scenario which could destroy massive shareholder value.

Grupo Argos, the third-largest business group in Colombia, was dedicated to cement production, energy, coal extraction, port management, and real estate development. The President of Grupo Argos was to meet his team to analyze whether its five subsidiaries had the necessary means to increase revenues and reduce portfolio uncertainty. The group considered deepening their core businesses so that by 2023, 80% of EBITDA would be generated by core businesses, 15% from experimental scalable businesses, and without risking the portfolio, the remaining 5% from emerging markets. The goal was for 50% of its revenues to come from operations outside Colombia, 10% from new businesses, and for the cement business to reach revenues of USD 10 billion. The executive committee questioned whether it was best for Grupo Argos to maintain its current portfolio or whether it should divest.