What is an Interim Leader?

An interim leader is an accomplished operating executive, highly skilled from extensive training in corporate or entrepreneurial environments. Interim leaders focus on helping companies through periods of change, transformation, or transition. Assignments can run anywhere from a few months to two years, but the executive is usually focused on helping a company get to the next stage of growth or turnaround.  Examples of when an interim may be brought in include:

  • Turning around a company from decreasing or stagnant revenue
  • Putting processes, systems, controls, and operational improvements in place
  • Ramping up a company’s growth to prepare it for investment or sale
  • Increasing sales, brand positioning and awareness

Interim executives engage around the world with client companies ranging from startup to growth mode, private to public to nonprofit and NGO, multibillion dollar robust multinationals to struggling or failing businesses, products and divisions.
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How Much Does An Interim Executive Cost?

Once owners, board members and investors figure out exactly what an interim is and how an interim can help them, the next question is invariably, how much does an interim executive cost?

The short answer is: there is no off the shelf rate card for interim execs. Or more precisely, it doesn’t exist for the best interims in the world. There are a couple reasons rate cards don’t exist, at least not amongst our RED Team, an elite group of interim, project and fractional executives who have been selected because of their track records creating incredible results in companies.

Company Situations Vary Greatly, So Scope of Work is Always Unique
Your company is your baby and your baby isn’t like anyone else’s in the world. As such, the caliber of leader you need and the process and deliverables necessary to achieve the best outcome is a tailor-made solution – not an off the rack, one size fits all experience. Continue reading →

We Fix. We Optimize. We Grow. We Lead.

Interim Execs works with companies, board members, and investors to match them with C-level talent wherever needed. And it’s not just about title – our Rapid Deployment Program looks at where you are at, and where you want to go.

Maybe there is a leadership gap, or maybe you are trying to get the business to the next level – expanding overseas, acquiring and integrating other businesses, transforming technology and operational processes. Maybe you see trouble on the horizon if you don’t make changes fast.

Interim executives specialize in quickly assessing your business, creating a strategy moving forward, and actually executing on it. Yes, that means doing the work. This is not consulting. We don’t deliver long reports that you can’t act on. We fix. We optimize. We grow. We lead.

Companies Watch Out for These 5 Fake Interims

Faker
Most executives who approach InterimExecs are not initially qualified for membership on the RED Team. We take a long time – usually years – to get to know great interims as they build their track records of successful engagements and happy clients, teams, customers and investors.

Occasionally someone shows up with zero experience as an interim, convinced they have the same mindset as a battle-tested interim who’s successfully killed it five or ten times before in project, interim or fractional roles. We turn away these executives, along with around 98% of applicants that approach us. Why? Because even accomplished executives can easily trip up if they haven’t been held accountable for high-impact work before, where failure would be at the company owner’s expense.

We often hear of companies bringing in executives disguising themselves as interims, which usually does not have a happy ending.
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Private Equity Investors Tap Interim Executives to Transform Portfolio Companies

“No duty the executive had to perform was so trying as to put the right man in the right place.” -Thomas Jefferson

Private equity fund managers aren’t in the caretaking business. They are in the business of sparking change within companies that can be grown or turned around to produce big returns for their institutional investors. And that change can’t be just incremental. Fund managers strive to be in the business of transformation.

Sometimes, along with capital, transformation means bringing in solid, experienced leadership to help take a company to the next level.
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Executive Search May Be Long, But Interim Execs Deploy in 48 Hours

There is no question that the executive search process is long. When a C-level executive bolts or an organization is going through a transformation – acquisition, product launch, market expansion, etc. – the right leadership needs to be in place, and needs to be in place now.

Vision Share, a consortium of eye banks, experienced this firsthand. Their mission, ensuring corneas be sent worldwide for transplant by eye surgeons, was hampered by organizational problems. The board of directors knew a new CEO was needed, but “the permanent search was estimated to be 6-9 months and came with a guarantee of a year’s employment,” Cindy Reed, Board Member at Vision Share said. “We really felt like we needed more than that.”

The board went to the Association of Interim Executives’ Rapid Executive Deployment Program to bring in Gregg Steinberg as Interim CEO to stabilize the organization, achieve immediate growth goals, and prepare them to hire the permanent CEO.
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When Business Improvement and Transformation Is Needed, Look to Interims

Today companies operate in a complex global economy which is more diverse, connected by the Internet, and not very predictable. Many companies still pursue classic business approaches (inside-the-box thinking) with a focus on short-term results. Failure to focus on business improvement and adapting to the new business environment can cause many issues and eventually lead to delisting from a stock exchange, bankruptcy, or liquidation. How many of 1960’s “Fortune 500” companies still exist today?

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NPR Discusses the Rise of Interim CEOs

npr-logoIn a recent NPR story about the rising demand for interim executives, Association of Interim Executives CEO, Robert Jordan shares that a temporary CEO is not a babysitter, but rather a specialized surgeon. “It creates a bias in favor of action and against playing politics,” Robert said, then commenting that Interim CEOs are “trying to solve a problem and work themselves out of the job.”

Association RED Team Member and Interim CEO, Richard Lindenmuth, is also interviewed sharing about his turnaround of Styrotek, an agricultural packaging company in California that contacted the Association in the midst of a 3-month drought and big financial losses. Dick was able to parachute in as Interim CEO and get the company quickly back to profitability. He says “you really have to listen – the solutions are generally within the company.”

Listen to the Story: http://www.npr.org/2016/03/04/469149268/interim-ceos-passive-placeholders-or-rented-fixers 

7 Turnaround Tips From an Interim CEO

I’ve done it for three decades, turning around companies from agriculture (such as Styrotek) to telecommunications giants (such as ITT). As interim leader, I have to parachute in, quickly gain trust and respect from all levels, determine a course of action, and unite everyone to stay that course—all within a limited timeframe.

It takes leadership strategies far beyond business and managerial chops, though certainly those are necessary. You can’t lead effectively without a connection to the people in the company; emotional intelligence is a must. Think of it as ‘strategic empathy’—being sincerely focused on the individual, but always with the big picture top of mind.

Whether you are an interim or a permanent CEO, these 7 tips for using strategic empathy bear relevance for anyone in a leading role.

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