Holli Fernando: a move to the mountains and a new outlook

This month, we caught up with Holli Fernando, who recently joined Mountain Equipment Company.

I joined MEC just two weeks before it was officially acquired by [Los Angeles-based] Kingswood Capital, so it gave me a great opportunity to find out what it’s like to work for a company that’s winding down and see a new company rise from the ashes of an old one. My EY experiences prepared me for this transformation. I learned how to pivot and take on new and uncomfortable situations. I said to myself just take a breath, relax, you can do this.

It was very interesting working with people with project management and change management experience. What’s been most exciting is the acquisition side and the startup of the new company, and the new processes I’ve been a part of implementing. It has been great to explore what wasn’t working for them and what we could do better.

EY: What drew you to the MEC position?

HF: COVID-19 made it a tough year for everyone, of course, and I felt it personally. It was the first time I’d ever done an audit completely remotely, and it was a steep learning curve for me and my team, with long days spent on MS Teams. I realized we can effectively do our jobs from home, but it was really draining. It dragged on into the summer, with one thing after another.

While I wasn’t actively looking for a change, I was perusing jobs on LinkedIn. I just wanted to test the waters, and I saw the MEC position. My university undergrad degree was in Human Ecology, which is similar to what’s traditionally called Home Economics, with a focus on the clothing and textiles industry, so MEC was an attractive prospect for me. I’d been a member of the co-op for years, so it wasn’t hard to wrap my head around what they do and the seasonality of the business. I applied, not really expecting to hear back, and when they replied, I figured why not just see what they have to say, and whether it might be a good fit. I met with the controller, who said it was an “interesting time” in the business — it was before they announced the company’s CCA bankruptcy and acquisition by Kingswood — but she alluded to it being a good learning opportunity.

So I leapt at the chance. It wasn’t because I didn’t enjoy audit work or because I wanted to leave EY, but I saw this as a new challenge. As much as I loved my clients, I wasn’t feeling the rewards of a good challenge. I took it as an opportunity. I was fortunate to have the time to process what I was getting into. I had conversations with the partners I worked with and members of my family, and ultimately came to the conclusion that this was an exciting chance.

I’m not really a big risk-taker, but I had to listen to my gut. I took time to look at where I was in my career and figure out my life goals. Did I want to be a partner at EY? Do I have the commitment it takes? One of the great things about working at EY is learning to ask better questions to get the information you need. The soft skills, the non-technical skills I developed in my time with EY were invaluable.

EY: Have MEC’s customers considered outdoor apparel and gear something of a luxury when compared to essential needs? Or with the repeated lockdowns, are you finding that people are eager to get away from home and explore the outdoors in a safe environment?

HF: People are definitely looking to get out there and enjoy the great outdoors. They’re buying a lot — I mean a lot — of outdoor equipment now. My husband and I are planning a camping trip this summer and we went to MEC in February to buy a water-heating gadget. A few weeks later we went back for the fuel, but they were completely sold out. It just flies off the shelves. Bigger-ticket items like fancy stoves might stay around longer, but items like coolers sell out all the time.

We live literally across the street from the local MEC store, and I could see the lineups around the block during the pandemic. People have shifted to the mentality that, OK, this year we’re not going to Hawaii or Mexico, so let’s enjoy the local scenery. It’s come to the point that if you want to buy a bike you’re going to have to wait until 2023, they’re so in demand.

What differentiates MEC from other retailers is how knowledgeable the staff are about all their products. The people on the floor are tenured staff — a lot of them have been there for 10+ years, so they know their stuff and have real-life experience in the outdoors. Even at head office, some people have been there for more than 20 years!

EY: What has your experience been with the Kingswood acquisition of MEC? There was some controversy among the co-op’s membership that an iconic Canadian organization was being sold to a US firm — were there any issues in terms of corporate culture alignment that made the transaction more difficult than it would have otherwise been?

HF: The new executive team came in with fresh eyes and refreshing ideas on how to make a profit while still maintaining the core values that make MEC unique and compelling to its members. We’re building something meaningful that’s going to continue to grow. It’s different, but it’s a good different.

EY: You were a boomerang at EY. What drew you back to the firm after you left the first time? Were there any particular people who were instrumental in your EY experience?

HF: The first time I left, I had just passed my CPA exams. I remember [then-Vancouver Office Managing Partner] Fiona Macfarlane had individual chats with the new CPAs about what they wanted to do, and I told her I hadn’t really had time to think about it. She advised me to go and sit on the seawall and meditate on it, but I never did. Looking back, I now realize that was great advice.

I went to a small ad agency. I was drawn to the creative nature of the work, but it was a small owner-managed business, and I realized on the job that I didn’t like working for a small organization without a corporate structure or vision. I left after just three months.

Things started to fall in place after that. I joined Lululemon in their Financial Planning and Analysis (FP&A) group, and I met some wonderful people there. But I felt I had spent so many years getting my CPA and I wasn’t making the most of it. I had an epiphany on the job.

There were things I felt I needed to learn that I knew I could at EY, so I reached out to Ian Scott. We had a coffee and he asked if I still wanted to be working in industry, whether in FP&A or Financial Reporting. In Vancouver, the EY family is fairly small, and word got around that I was interested in coming back. I reached out to Mal Grewal, who said I would be most welcome to return. I felt I had more to add to my toolbelt. Mal gave me great advice — stay a manager for two years and then start thinking about career moves. And because I ignored Fiona’s advice the first time, I listened to Mal, and it was definitely the right decision.

EY: Any additional thoughts you’d like to share with your fellow alumni?

HF: I have a dog named Ralph, and during the pandemic he’s been my coworker every day. I’m going to miss that when I return to the office, and I don’t think I’m the only one who feels that way. I think corporate culture is going to need to embrace pet-friendly policies. That question kept coming up in townhalls when I was at EY when they asked for input for the new EY tower being constructed in Vancouver.

I also want to give back in any way I can to people who are still at EY. Based on my experience in my professional career, I’ve learned it’s OK to make mistakes with regards to job positions and career moves, as long as you learn from these experiences and use them as an opportunity to figure out what you do like.