What makes a good Interim?

"I tend to overhire: you must have someone who is demonstrably going to succeed quickly in the role. they need to be particularly sharp, adaptable, have great team skills, and also have an understanding of how private equity works: especially around cash and speed" Joe Sinyor, ex Operational Managing Director, Terra Firma Capital Partners.

The profile of the professional interim is still a mystery to many. Interim managers are frequently asked why they take on such an uncertain way of life and why they have chosen this route at a time when others choose to relax, having fulfilled their career ambitions and achieved financial security. It is almost a calling – interims are hungry for the challenge of changing the state of things and know they can do it because they have successfully done so on many occasions. They may be called consultants – but they are not, nor are they “temps” just filling a gap.

Having reached a point in their business career where circumstances allow them the choice of going independent, these men and women, who have typically reached senior management level, strike out on their own – and this is the first clue as to their suitability for a very demanding way of life. Interim executives are a rare breed Until they have undertaken their first assignment, potential interims have a burning need to prove to themselves that they have taken the right course. However, there are few to whom they can refer as the true number of experienced interims in the UK numbers just a few hundred, with many more aspiring candidates waiting in the wings for their first opportunity.

The qualities of a good interim executive

Substantial change and transition implementation experience and the personal attributes to make it happen are essential. Without strong interpersonal and communication skills, gravitas and team leadership capabilities, interims are unlikely to succeed, however strong their technical background might be. The demonstration of these qualities is paramount, especially when an interim is parachuted into a crisis situation requiring a fast turnaround.

Interim executives will have a track record of at least five to ten years at board level within companies with £20m to £2bn turnover. They will have held a senior general management position, for example chief executive, and/or have been a head of function – finance director, IT director, sales and marketing director, human resources director, manufacturing director, logistics director.

Many interims are also strong project or programme managers. Their CVs will show that they have progressed on the basis of achievement within major change environments and not purely by political manoeuvring. Typically they might have gained hands-on experience within a mix of blue-chip and smaller organisations; they are less likely to have worked only for one organisation or to have moved a lot without evidence of solid achievement in their permanent career.

Typical change implementation experience would include turnarounds, restructurings, acquisition integration, mergers, heavily backed start-ups, downsizing and preparation for sale or closure. The involvement of an interim would have been hands-on, with a proven successful outcome and on a multiple basis in testing situations – both within the permanent career and ongoing interim assignments for those already launched.

Personal attributes will indicate a high achiever – someone who is proactive, results-orientated, positive, prefers a hands-on approach and makes things happen. Someone who is politically sensitive without being drawn into the politics, understands the need to stay objective and will not go “native,” particularly on an extended assignment. Someone who can stick their neck out and say it how it is, using fine judgement.

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 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 overskilling 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 most 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 interim profiles

Jim has been a professional interim for the last four years. As a finance director, at both divisional and group level, of private companies and plcs, his permanent career provided him with the experience of undertaking a number of major change programmes in which he played a significant role in ensuring a successful outcome. 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.

Helen has just left her role as HR director of a retail operation following the take-over of her company. She is based in London with her partner, and feels that this would be a good time to start her own business as a professional interim executive. Having spoken to other interim HR directors, she feels that market conditions in her field are right and, backed by her financial security, has decided to fully commit to setting herself up as an independent. She is mentally prepared for a period of downtime whilst marketing unless the right opportunity comes along quickly. Having researched her routes to market well and given a clear message as to her strengths in change management implementation, opportunities are beginning to come through and she has been put forward for two roles, one of which is in Scotland for six to eight months. She is prepared to accept the first offer regardless of location in order to secure that vital first assignment. Also, her experience in public sector transformation programmes will open up further opportunities.

Peter has just completed his first year as an interim managing director with turnaround experience. He decided to take the interim route after his previous company was sold, leaving him both financially secure and hungry for another challenge. It took him a few months to find the right interim role while he was also exploring MBI opportunities. He is currently in the process of completing the sale of a venture capital-backed, medium-sized manufacturing operation following a rescue. Whilst still keeping his options open regarding investment opportunities, he is fully committed to looking for his next assignment after taking a well-earned but brief holiday (which he will book a week or so before he is due to finish). If necessary, this trip will be postponed if he is immediately required to start the next project.

Conclusion

Good interim executives have a special combination of qualities and are hard to find. They must be able to run their own business, manage themselves (in and out of assignment) and successfully satisfy demanding clients with high expectations of immediate results – where others may have failed and the situation is critical. When the right candidate is identified and available, wise clients move quickly to secure the interim’s interest in undertaking the challenge, taking them on board immediately to avoid the risk of another client putting an offer on the table within hours. True interims are a rare breed and always will be enticed by the opportunity to prove yet again that they can make a difference.

What's New?

What makes a good interim?

The essential qualities that make an effective and successful interim manager

The qualities of a good interim executive

Typical interim profiles

Conclusion