Special Report
Do you need an interim finance director or any interim for that matter? Our latest special report proves to be the definitive guide to selecting the right interim.
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What makes a good interim executive? |
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| Special Reports | |
| Written by Nick Diprose, Managing Director BIE Interim Executive | |
| Friday, 31 July 2009 | |
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Page 2 of 2 Interims are not concerned with personal status and can take that necessary step down in responsibility level easily and willingly. The ability to operate at different levels and to demonstrate flexibility is essential in a change situation, where the goal posts can move from the day one steps into the assignment. Equally important is the need to adapt quickly to different cultures, sectors and organisations. Interims with a private sector background may step into a role in the public sector where an injection of commercialisation is needed. An increasing number of assignments require a track record in international projects, including substantial globalisation programmes. Fluency in foreign languages and understanding of business and cultural issues, especially in European and North American countries, are particularly useful and widen the opportunity for assignments. Stepping into an organisation on day one, high-calibre interims will establish immediate credibility – particularly important as the sponsoring client may have made a brave move in introducing the first interim executive into the organisation at or near Board level. Equally, the organisation may have already used interim management resources very successfully and the expectations are high when the next appointee arrives. The interim will take the team with them very quickly, establish themselves with their peer group and generally sell the concept of why they are there on arrival. Exceptional interpersonal skills and positive attitude should be immediately apparent and their “over-qualification,” combined with a touch of humbleness, ensures quick integration.
A sense of humour, especially when working under pressure, cannot be underestimated. Other recognisable traits of true interims, who are likely although not exclusively to be in their mid-forties or fifties, are good self-management and keeping fit to maintain high stamina levels. Apart from the usual range of sporting activities, running marathons, biking over the Andes and long-distance trekking are not unusual. Interim work is very demanding and frequently requires long hours and substantial travel – with little time at weekends to relax. Also, the ability to manage stress, both within the role and whilst waiting for the next assignment, is important. Choosing the right time to go independent is critical.Financial security and fulfilled permanent career ambitions are key requirements. The new interim executive is, in effect, undertaking a business start-up with all the associated risks. If financial security is lacking, the executive will have his or her eye on the permanent job market and will be an unsuitable candidate for true interim executive roles. If there is still a hankering for that next move up the career ladder, interim management would be the wrong route and would negatively impact the career builder’s CV, as over skilling within the interim role is essential. Developing their own business plan for their new company helps potential interim executives to think through the implications of taking a major change in direction. Previous start-up experience is particularly helpful. The ability to be flexible regarding location is very important.When the opportunity of a well-matched assignment materialises, interims must be ready to move quickly and show willingness to be away from home on many occasions. This will also require strong support from those dependent on the interim or anyone else affected by the interim’s absence. As the work is very demanding, it is often better for them to be near the client location rather than undertake a long commute. The majority of interims are usually away through the week and back home at weekends unless working a substantial distance from the UK. The work is intensive and the hours are long. There must be a willingness to do what it takes and this often means at least a ten to 12-hour day. Typical senior level interim finance executive profiles1. Martin has been a professional interim for the last four years. He is 54 and married with two grown children. As a finance director, at both divisional and group level of private companies and plcs, his permanent career provided him with the experience of successfully undertaking a number of major change programmes. In particular, he has integrated several major acquisitions, restructured his organisation and been a key player in two significant turnaround situations. He speaks fluent French and German and has a good understanding of the culture of a number of European countries. His experience covers both service and manufacturing industries and his skills are transferable across a wide variety of situations. To date he has undertaken six interim assignments, typically lasting six to eight months, and is now well established in his independent career. There is a high demand for his availability, but he chooses to work with one or two top-level interim providers or through his own contacts. 2. David is an interim CFO and turnaround professional whose interim work over the last nine years has been recognised by him winning two prestigious industry awards. Fluent in German and French, he undertakes projects all over Europe, working with both private equity-backed businesses and public companies. His entire career is characterised by variety: having spent his early years in publishing, banking, stock broking, shipping and property, he then moved to mining conglomerate Anglo American, where he spent nine years as the CFO of its industrial minerals business. Latterly, his interim career spans retail, chemicals, private equity, packaging, supermarkets, real estate and manufacturing. Currently working for shareholders to prepare a Germany-based medical products distributor for eventual sale, he says ‘a good interim director is a highly effective way to kick start and implement change and improve business performance.’
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