Interim Executive

 
Most Interim Executive assignments result from the need to fulfill a company’s special needs within a specified period.  Interim Executives are commonly used to provide crisis management, turnarounds and re-structurings. 

A typical turnaround involves all three of these activities.  Most businesses that require a turnaround are in crisis, due generally to having run out of working capital.  A typical turnaround candidate requires the Interim Executive to do an initial assessment and situation analysis of the business to determine whether in fact it can be turned around.  If the Interim Executive determines that the company can be turned around he/she must stabilize the business by working it through and out of crisis mode.  Thereafter, the Interim Executive must craft a plan of re-organization and implement it.  Most corporate senior executives have skills different from those required in a turnaround situation.  The Interim Executive can provide the necessary skills to work through the crisis, turnaround and re-structuring.

The Interim Executive must:

a.       quickly assess and decide on a course of action;

b.       act decisively based on limited information;

c.       quickly gain the confidence of all stakeholders including employees, vendors and shareholders; and,

d.       achieve improved financial and operating performance

The Interim Executive’s ultimate goal is to leave the company in a position to achieve long-term growth and prosperity.