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This article was originally published in L'Actualite Alimentaire and has been reproduced with permission.
Since MNP’s beginnings in Western Canada almost seventy years ago, Food & Ag manufacturing has always been one of the firm’s primary areas of expertise. Today, MNP remains very knowledgeable about the industry. The Food & Ag manufacturing industry teams across Canada are dedicated to the comprehensive study, both regionally and internationally, of the factors that help MNP stay on top of the issues, challenges and trends that its clients must face.
“MNP continues its tradition and is proud of its LEADERSHIP position as a firm specializing in ACCOUNTING, CONSULTING and TAXATION services.”
With a team of 3,000 professionals working in 80 offices across Canada, including more than 200 staff members in Montréal, MNP continues its tradition and is proud of its LEADERSHIP position as a firm specializing in accounting, tax and consulting services. MNP provides a wide range of services.
A BROAD RANGE OF SERVICES
The firm’s many services lines include assurance, corporate finance, investigative and forensic accounting and taxation. MNP’s tax experts have developed specific expertise in Quebec, Canadian and American regulations. As well, a specialized business valuations group supports clients throughout business transaction processes and a team assists entrepreneurs with corporate succession planning. MNP’s services also include business consulting. From strategic planning and market research to economic impact studies and sector and market development studies, MNP experts from across Canada work to ensure that the needs and concerns of clients are properly addressed.
FIRST RATE CLIENTS
The firm’s clients include businesses of all kinds and sizes; nonetheless, considerable attention is given to small and medium-sized organizations. In terms of Quebec’s Food & Ag Manufacturing sector, MNP works with many manufacturers and distributors. At the same time, the firm is involved with organizations (groups, associations, etc.) that support the food industry. By supporting these organizations through its national network of professionals, MNP is committed to ensuring that they have the proper resources and expertise to assist Food & Ag Manufacturing sector entrepreneurs.
A DISTINCTIVE CULTURE
MNP can provide quality service to its clients in all aspects of running their business thanks to its team members’ significant level of expertise and the corporate culture that shapes their environment. Entrepreneurship and collaboration are the key words that describe the firm’s distinctive philosophy. Ms. Lucie Chouinard, Senior Manager, Consulting, commented that in this regard MNP fosters the development of an entrepreneurial mindset within the firm: “Several members of the team have been entrepreneurs themselves, which for us is a value added dynamic within MNP. The spirit of collaboration amongst colleagues helps create relationships of trust with our clients. Our team members truly understand the needs of entrepreneurs by being close to them and their business reality.”
A COLLABORATIVE SPIRIT
The firm’s entrepreneurial culture is enhanced by a solid collaborative spirit, making it possible to consistently capitalize on the strengths of all MNP team members across the country. Accordingly, a Quebec food manufacturer, for example, works through MNP with his regional business partner, who not only has region-specific knowledge and skills, but also collaborates on an ongoing basis with the rest of the National Food & Ag Manufacturing teams. As a result, the firm is able to position itself as “national in scope and local in focus,” said Mr. Henry Rosenblum, Senior Advisor, Assurance, and member of Quebec’s Regional Food & Ag Manufacturing niche team.
FOOD & AG MANUFACTURING CHALLENGES
Mr. Rosenblum and Ms. Chouinard, both of whom maintain a strong and active presence in the Food & Ag Manufacturing sector, highlight several challenges currently facing the industry as well as MNP’s clients. Essentially, they must carve out their own niche, find ways to differentiate themselves from the competition to increase their market share and increase their revenues in an ever changing market. “I provide training to clients who want greater control over marketing strategies that will help them drive their sales. We have identified a significant need in this area,” said Ms. Chouinard.
ADDRESSING THE CHALLENGES
Although local competition is strong at all levels in the food chain, it has also increased globally, driven by a growing number of international trade agreements. It has become critical for businesses to be well positioned in this vast market and to leverage their added valued distinctions. In this regard, MNP truly helps clients improve their profitability and break new ground at every level of their value chain.
One of the many challenges facing all players in the Food & Ag Manufacturing industry is succession planning. Exclusively, MNP offers its clients the ExitSMART™ program, which enables entrepreneurs to effectively manage the various stages of planning business succession. In Quebec, distribution is an especially daunting challenge. MNP professionals help to ensure that their clients are well positioned in the market and that they maintain their value-added positioning. Quebec businesses also face many demographic challenges that tend to shape the regional market. Population aging and multiculturalism, for example, require businesses to adjust to these realities in order to remain profitable and competitive. MNP’s experts guide their clients in the process of adapting to change.
Lastly, with seven decades of expertise in the Food & Ag Manufacturing sector as well as a wide range of services tailored to regional characteristics, embedded within a national knowledge network, MNP understands the needs and concerns of small, medium and large industry players and knows how to address them. As both Mr. Rosenblum and Ms. Chouinard point out: “Our entrepreneurial culture and collaborative spirit remain our greatest assets!”
Well aware of the challenges to owner-managers brought on by corporate succession, MNP has leveraged its seventy years of expertise in the area to create ExitSMART™, a specialized succession planning program. Program directors provide clients with personalized service by following a process that ensures the owner that his exit will be positive for him as well as achievable for his business. The ExitSMART™ program is comprised of seven components: 1) Developing a vision as well as short- and long-term transition objectives for the owner and the business; 2) Preparing structured tax and corporate succession plans based on the owner’s exit strategy; 3) Understanding the current value of the business and the factors that will enhance or maintain its value in the future; 4) Weighing the options and setting up an owner retirement plan; 5) Creating a business value enhancement plan to ensure the future success of the operation; 6) Evaluating and reviewing the governance structure to help with the transition by ensuring that the right people make the right decisions; and 7) Identifying key positions in the operation and implementing retention strategies to ensure that key operational staff stay with the business as part of a smooth transition to new owners. In a nutshell, the ExitSMART™ program covers all facets of a successful succession!
Client Groups:Food ＆ Beverage Processing
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