Get to know Ryan Magee, Partner in our Toronto Private Enterprise team

Ryan Magee is a Business Advisor and Partner with MNP’s Private Enterprise group in the Greater Toronto Area. Ryan has a decade-and-a-half of experience in public accounting, providing assurance, advisory and tax services to clients across a broad spectrum of sectors, including manufacturing and distribution, consumer business, construction, and private equity.

Learn why Ryan works with these clients, how he’s seen the industry change over his career, and how organizations can overcome their key challenges in this Q&A.

What inspired you to work with manufacturing and distribution businesses?

Manufacturing and distribution businesses are core to the Canadian economy. This industry turns an idea into a real product. Working with organizations that are creating tangible products is something that has always interested me.

I also enjoy the ability to work directly with the business owners and leaders. Working with manufacturing and distribution clients allows me to collaborate with the decision makers and really understand the challenges they face.

How has the manufacturing industry shifted during your career, including the last year?

This industry is unique because it covers such a wide range of companies. In some areas, we’ve seen a lot more offshoring of work. However, in other areas, we’ve seen a significant increase in North American and Canadian production, especially over the last year.

The past 18 months have been challenging for everyone in some respect. I’ve been impressed by the approach and resilience of many organizations in this space because they’ve remained optimistic and many have pivoted to find and create new business opportunities. This resilience and continued drive forward has resulted in many businesses further positioning themselves for success and growth in the medium to long term.

What are the key challenges manufacturing businesses face today?

There is no shortage of challenges, but this also presents opportunities for the organizations that can react and adapt quickly.

One of the top challenges manufactures and distributors are facing today relates to their supply chains. Many players in the industry are recognizing the more you own your supply chain, the more control you have. Over recent months, organizations are seeing dynamic changes to raw material and input costs and they’re forced to pay more or find substitutes. If you own those parts of the supply chain, you can have more cost certainty and flexibility. This increased notion of owning your supply chain has led to increased mergers and acquisition activity in many sectors across the country.

Another major challenge for many continues to be is talent management. This is a two-part challenge: How do you attract people to work for your organization? How do you ensure you retain them? There’s a variety of solutions to this challenge but it’s something that every organization needs to reflect on and play close attention. Developing a robust strategy to retain your people, one of your most valuable assets, is mission critical.

In the big picture, technology will be the next major challenge. Many manufacturing organizations have delayed investing in technology and risk falling behind. That has started to change significantly over the past 18 months as businesses refocus. It’s critical to start looking into the opportunities that technology provides and will set your organization up for long-term success by adopting new operation methods.

What’s the future of manufacturing and distribution look like?

I believe the future is bright. There’s no shortage of demand for products. In many sectors, supply constraints have continued to drive up prices as demand continues to outpace supply.

The last 18 months have taught us that in many industry sectors it is critical to have a sufficient domestic manufacturing. There’s been some recognition over the last 18 months that having home grown Canadian goods is more critical than ever. A potential “Buy Canadian” movement will have huge potential to create opportunities for Canadian manufacturers to grow over the coming years.

To learn more about the opportunities ahead for manufacturing and distribution organizations and how you can take advantage, contact Ryan Magee, CPA, CA, Partner, Private Enterprise, at 416.613.3120 or [email protected].