It seems like every company owner dreams of achieving major traction in the marketplace. That fast track growth, however, often comes at a cost. Things get taped together. There’s no process to speak of. Systems? Ha. Things go missing, including clients and team members. Lack of resources means that even the crown jewel, the company’s ability to out-innovate, may be put on hold just to keep up.
When a company grows faster than the capabilities of the leadership team, the end result is often a splat: the company hits the wall.
Smart fast-growing companies are combatting this with fractional or part-time executives.
All companies use information technology to some degree.
Great companies have CIO leadership on the management team to purposefully leverage information technologies in creative and sometimes disruptive ways – to grow business, produce faster than competition, enrich customer experiences, and make business transformation happen.
Many full-time CIOs dedicate their careers to one specific industry, and so their experience is vertically deep. Interim CIOs on the other hand, provide a unique perspective blending innovation and technology transformation across a variety of organizations and industries. They specialize in change, bringing an attractive depth-of-experience from a career of change management, while leveraging ever-evolving technologies. It is this change-leadership experience that is highly valuable to a proactive board or management team facing the challenge of business transformation, especially where information technologies are an enabling and differentiating factor.
Congratulations to InterimExecs RED Team members Damon Neth, Bill Mince, and Jim Treleaven on the publishing of their new book, X-Formation. Damon, Bill and Jim made a conversation we had a few years back into a reality, combining their expertise to create the comprehensive book on the unique makeup of interim leaders and how they transform companies and bring incredible results to organizations worldwide.
The InterimExecs team added insights on finding, assessing, and engaging interim executives, drawing from years of matching companies with interim leadership. Check out X-Formation on Amazon here: http://a.co/3S42UdS!
The world of mergers and acquisitions can be complex for owners focused on building their companies.
We’re often asked by owners about their options to exit and sell the company. Often, work needs to be done to prepare – in advance of any sale process – to ensure maximum value is realized. Owners may opt to bring in an outside perspective like an interim executive to provide an operational roadmap to improve operations and package the company for eventual sale. This process, however, typically begins with two types of targets in mind:
Strategic buyers (Strategics) are companies who are already operating in the field/industry where acquiring your business will be complementary to their business, expand their customer base, or give them a competitive advantage.
Financial buyers include private equity funds, family offices, and individual investors who provide their own equity funding and borrowing to acquire businesses as a path to future gains.
Let’s dive in to the difference between strategic buyers and financial buyers:
Corporations know that innovation is key to their continued growth, but what happens when serious product or service reengineering is not within the organization’s DNA? What if the company is just too successful or set in their traditional world?
That is exactly what happened when a multi-billion dollar construction company came to us with a software division they had launched internally. While the company was superb at architecting, planning, engineering and building major construction projects, developing software was a new ball game.
Non-Profit, Vision Share, is the consortium of eye banks that banded together in 1998 to get corneas ready for transplant, into the hands of surgeons around the globe. With 18 eye banks, the consortium provides a space to share best practices, help advance innovation and technology, and pool resources to reach surgeons fast.
After having a full-time CEO on board for two years, the board determined they were not getting the results they were looking for.
Companies that have sought out true interims will tell you that during initial conversations, the executive interviewed the company as much as the company interviewed the executive. Having jumped into everything from manufacturing to healthcare, to AI, interims are choosy about the assignments they take on. They are not shy about a challenge, but want to have major impact. The best interim execs have a finely honed internal screening check-list to decide what’s best to parachute into.
Cleve Adams is no stranger to high growth situations, having built a SaaS cyber security software company from pre-revenue to a $1B IPO in three years. As an interim exec and four-time VC-backed CEO, Cleve says there are four vital components to evaluating a company.
2017 offered daily excitement. The markets continued an unrelenting upward streak. While some debate the strength of underlying fundamentals, valuations public and private rose all year long.
In our business at InterimExecs, demand for interim management continued strongly while gaining momentum in the US. We had fun matching inspiring companies and executives together that were focused on growth, transformation, or taking on big initiatives and goals (see some of our favorite moments of 2017 here: www.interimexecs.org/2017-review).
Thanks to Peter Diamandis and the Abundance360 team, I now know 2018 will prove to be even better in all respects.
After two years of unrelenting decline and $6M in losses, the owners of Styrotek, a packaging manufacturer for table grapes decided they needed to bring in outside help to turn things around.
Styrotek was founded in 1973 by a group of grape growers who came together to produce boxes for their farming operations in the central valley of California. While manufacturing was not originally in the company DNA, the business got to the point of creating a consistent product and quickly grew along with the grape industry.
That was until 2014 when things started to go sideways. “The company was somewhat in disarray,” Chris Caratan, one of the owner’s of Styrotek said. “Our management team at the time was not working up to par and there were some surprises in year-end numbers.”
First-year Change Agent members have access to the Interim Institute’s 4 hour audio program on the Fundamentals of Interim Management, and a one-hour strategy session to help jumpstart their interim career.
*$200 additional charge for Accelerator Program only applies for first-year members. After the first year, membership renews at $485/year.