Interim Management

The Challenge of Replacing Key “C”-level Executives or Upper-level Management

Occasionally, events will occur from time to time that indicate a need for full or part-time supplemental management expertise. These events could include:

  • As the cost of doing business becomes more expensive, one less costly way to still get the work done is by outsourcing. This is particularly true for non-line-of-business planning and management projects where the expertise required is specialized and focused on a specific project or problem.
  • Temporary or permanent loss of a key executive. Whether in response to retirement or life events, the business may need a temporary replacement executive while a permanent replacement is being recruited and employed or the original executive returns.
  • Starting or growing a business. A new or growing business may need the skills and experience of one or more “professional” executives on a part-time basis until the business grows large enough to afford and recruit its own full-time management team members.
  • Selling or substantially altering the ownership of a business may cause one or more of the current management team to leave; thereby necessitating experienced stand-ins until permanent replacement managers are employed.
  • Bankruptcy. Once a business decides to declare bankruptcy or undertake liquidation, many key management positions will become vacant, unfortunately, the expertise required by those positions needs to be temporarily filled to enable a turnaround or smooth wind-down of operations to ensure the existing valuation is optimized.
  • Initiation of a large-scale project. Projects that are larger in scope than ones normally undertaken, or which involve special expertise may require providing or supplementing management skills and experience that doesn’t exist or is in short supply at the company.

We have the required skills and experience available on a per hour or per day project basis to help companies respond to these events as follows.

Executive Rental/Leasing

  • Engage temporary “C” level executive (e.g. CEO, COO, CFO, CIO and CTO) assistance to operate a company, manage a project, substitute for a sick manager, fill vacant positions or provide on-demand, part-time executives for startup companies.

Program and Project Management

  • Combine one or more of the following skill sets/services to assist with Program Development or Project Management: – Methodology and Tool Selection and Use – Planning and Control – Scope, Task, Financial, Schedule and Resource Development – Risk Management – Team Building – Issue Tracking and Resolution – Quality Assurance – Documentation Management – Stakeholder Management – Communications and Status Reporting – Change Management – Benefits Tracking

The following are descriptions of engagements where we have provided interim management for our clients.

Interim CFO - Private Equity Financing

Acted as CFO for an established online, pre-publishing company servicing the scientific and medical society and pharmaceutical markets. Responsibilities included becoming an active member of the senior management team, guiding them through the planning stages in preparation for rapid growth, assisting in the completion and marketing of a $5 million Private Placement Memorandum, providing financial leadership, and establishing the infrastructure for the company. Result: Built a new finance team and implemented financial controls and policies that would enable the company to grow fivefold over the next four years. $5 million Private Placement Memorandum was completed and marketed.

Interim CEO - Product Management, Service Management and Process Reengineering

While acting CEO, led the acquisition and restructuring of a national interior décor and high-volume art manufacturer and distributor. Assignment included analyzing product and service profitability, identifying and eliminating obsolete inventory, rearranging the placement of raw materials and finished goods inventory within the warehouse and reengineering sales, manufacturing and fulfillment processes. The sales function was also enhanced by expanding the responsibilities of the account managers to include sales calls to non-clients; instituting procedures to manage the sales funnel and initiating sales to new industries.

Result:  Liquidated obsolete inventory, increased warehouse capacity by 20%, reduced warehouse and production staff by 40% using downsizing and replacing permanent, low-skilled employees with temporary labor, re-priced some service offerings producing a 20% lower breakeven point. In just eight weeks generated new proposals equal to 30% of annual product and services sales.

If you would like help filling a need for supplemental management expertise please Contact Us.