American businesses eying Cuba could certainly expect manifold opportunities with President Barack Obama’s announcement last December that the U.S. is normalizing relations with the Caribbean island country. All eyes are now on whether the 54-year-old U.S. trade and investment embargo against Cuba will be lifted. But even if the sanctions go away, U.S. businesses will have to earn their place as they compete with Cuba’s existing business firmament and relationships, thanks to its friendly relations with numerous other countries, according to Mark Entwistle, former Canadian ambassador to Cuba and founding partner of Toronto-based boutique merchant bank Acasta Capital. “There is a view that when U.S. businesses can return [to Cuba], there will be a gold-rush bonanza return,” said Entwistle. “Some people may even have sugarplums dancing in their minds — sort of a return to the good old days.…