A Business of Legacy, Reimagined
MustaphaRaj’s journey dates back to 1985, when Ralph’s father, Dato’ Jeyaraj Ratnaswamy, started the firm—then called Raj & Associates—together with Ralph’s mother, who still helms the company’s secretarial division.
Over the years, the firm evolved through different names and structures before being named MustaphaRaj in partnership with the late Mustapha Mohamed in 2000.
In April 2022, MustaphaRaj Chartered Accountants joined MGI Worldwide, a Top 20 international accounting network with over 8,000 professionals in more than 100 countries. In May 2025, the firm unveiled its new brand identity as MGI MR, with “MR” denoting Malaysia Regional.
< Ralph Ravin Ratnaswamy, Managing Partner at MGI MR
This strategic shift unites ten local partner firms across Malaysia under one banner, signalling a commitment to delivering globally connected, partner-led advisory services for Malaysian businesses. He added, “With deep local roots and global standards, we hope to help clients thrive by bringing structure, strategy, and integrity to every engagement.”
The Pivot From Investment Banking to Audit—and Back to Family
Ralph didn’t always plan to join the family business. Born in Kajang and educated in New Zealand, he flirted with the idea of becoming an investment banker. He completed the Chartered Financial Analyst (CFA) Level 1 and toyed with other career paths until one December break brought him back to Malaysia.
“I was just bumming around,” he laughed. “And my dad told me to get off my butt and come to the office.”
It was a nudge that changed everything. What began as casual exposure turned into a genuine interest in understanding businesses from the inside out. He shifted tracks, pursued the Institute of Chartered Accountants in England and Wales (ICAEW) and dove into audit and assurance from the ground up—eventually becoming, at the time, the youngest dual license holder in the country with both audit and liquidation licences.
Building With the Next Generation in Mind
Ralph’s view is straightforward: businesses are facing more complexity than ever before, from climate-related risks to rapidly evolving regulatory landscapes. What they need isn’t just a service provider—they need a partner.
“We want businesses to focus on their business. Let us take care of the rest,” he said.
This “rest” goes far beyond accounting. Today, MGI MR’s portfolio encompasses corporate advisory services, ESG compliance and a range of additional offerings. But Ralph is clear—offering services is one thing. Professionalising them is another.
“Anyone can do bookkeeping. Anyone can file paperwork. But if an SME client comes in and says, ‘Do you know someone who can help me with insurance or immigration?’ we want to be that first call,” he emphasised. “That’s our value.”
It’s not just what the firm does, but how it does it that sets it apart. Every proposal goes through multiple partners. Critical feedback is encouraged. A flat hierarchy ensures everyone is heard. And most importantly, every job is partner-led.
“You get a partner from day one,” Ralph assured. “That’s how we scale without losing our culture.”
Why Succession Is a Strategy, Not an Event
It’s easy to assume that Ralph’s journey into the family business was seamless. It wasn’t.
Like many second-generation business owners, he had ideas he was eager to implement. But not everything could be changed overnight. “In the early days, I’d say, ‘We should do this, or that,’ without understanding why things were done a certain way,” he admitted.
What he came to realise is that change requires context and humility.
“There’s a reason why those systems exist. They’ve been built from years of mistakes, iterations, and corrections. You have to respect that,” he said.
Still, with time and trust, Ralph introduced new approaches—most notably a push toward paperless systems long before the pandemic struck. By the time COVID-19 forced businesses into lockdown, the firm didn’t miss a beat.
Today, he works closely with his parents and his youngest sister, who recently joined the firm. Their daily rhythm includes breakfast briefings, lunchtime reviews, and dinner debriefs—punctuated by updates in the family WhatsApp group.
“Some people say, don’t mix family and business. But for me, I want to spend time with the people I love most. This gives me that opportunity,” he reflected. “When that day comes, I’ll know I spent enough time with them.”
What Makes or Breaks a Family Business
When asked what advice he has for other second-generation owners, Ralph doesn’t flinch: “You have to understand why things were done the way they were. Then build from there. Slowly. With respect.”
And for founders? “Plan your exit. Too many build the business but never prepare to hand it over. They take their secrets to the grave.”
He has seen firsthand what happens when succession is left to chance: family disputes, assets split across unstructured wills, and businesses dissolved in the absence of leadership.
“It’s not just about having someone to take over. It’s about protecting the business through structures like trusts. That way, the company can outlive any one person,” he advised.
Ralph recalled an old saying: First generation starts it. The second generation builds it. The third generation spends it. “But maybe that’s because no one set it up properly to begin with,” he added.
A Business Qualification That Trains You to Be a Hairdresser?
Ralph credits much of his perspective to ICAEW, a qualification he described as “not just for accountants, but business leaders.”
His final case study involved the hairdressing industry. “Before the exam, I had to learn every detail—what clippers are used, how salons price their services, what the cost structure looks like. Everything.”
So yes, he joked, “I learned how to be a hairdresser.”
But more seriously, the experience sharpened his ability to see businesses holistically—something he considers indispensable for advising businesses today.
The Future is Interconnected
The decision to join MGI Worldwide wasn’t made to inflate the firm’s ego or presence. It was a strategic move rooted in what Ralph sees as the future of businesses, especially SMEs support—global, connected, and people-first.
Just days before our interview, a client based in Sri Lanka asked for legal assistance in Dubai. Within 24 hours, Ralph had tapped into the MGI network, activated its affiliated legal arm, and secured an appointment for the client with a firm in Dubai.
“Do I earn anything from that? No. But the client does. And that’s why they stay,” he said.
A Family with a Purpose, A Firm with a Vision
In many ways, Ralph’s journey mirrors that of the clients he serves. Second generation. Building on legacy. Navigating growth. Holding close to values while moving boldly into the future.
And if his story proves anything, it’s that proper succession isn’t about handing over a title. It’s about carrying forward a vision with clarity, culture, and genuine care.
