Interim Executives: Short-Term Relationships for Long-Term Success
When a company enters into a challenging time of transition – such as downsizing, turnover or rapid growth – there’s frequently a need for an interim executive to help steer the ship. All too often, I see this need ignored. But I firmly believe a CEO advisor working with a company through tumultuous change can deeply impact the ultimate outcome of that change.
An interim executive steps in during a company’s time of need to perform any of the following functions:
- Prepare a plan for transition to ensure things run smoothly
- Oversee day-to-day operations and the in-house team when the business owner or existing CEO has too much on his plate
- Prioritize activities that need to take place for the transition to be a success
- Fill a gap when an executive departs
- Help with hiring new talent
- Provide support for existing executives who could benefit from a partner in brainstorming, decision making, project oversight and more
The difference between a company in transition going it alone and a company in transition utilizing an interim executive could equal the difference between shuttering the doors or expanding the company to keep up with booming demand. It’s just that important.
Interim Executives Come to the Rescue
Unlike the process of hiring a permanent CEO, which can take months of research, interviews and negotiations, an interim CEO can be on the scene almost immediately when you need him. Two of my favorite aspects of SharedCxO’s interim executive services are the flexibility and scalability of the service. We can have a highly experienced interim executive at your disposal, briefed and ready to go very quickly.
And when our interim executives encounter the all-too-common fears for their jobs that employees tend to experience as a knee-jerk reaction to major company changes, they’re fully able to put their minds at ease. Getting your workforce focused, back on track and worry-free is an invaluable benefit for business owners who can’t afford for things to come to a halt.
Interim Executives Clean up the Mess
I’m sure you can imagine the following scenario: a company’s CEO resigns or is let go right in the middle of a crucial time in a company’s history. Maybe the business is not performing as expected due to poor guidance, or maybe the CEO has simply found a job that’s more appealing to him, leaving his former employer in a lurch. Even four weeks’ notice isn’t enough time to tie up every loose end, complete every strategy or project or provide notes for the CEO-less interim. It’s certainly not enough time to undo any damage done by a less-than-stellar CEO. So what does a business owner do when faced with this situation?
The smart decision, I believe, is to hire an interim executive to work on finishing up anything the former CEO left undone or fix problems, big or small, that have cropped up during the former CEO’s tenure. This is where our CEO advisors really shine. They’re able to nimbly enter into a company’s landscape, ascertain the issues that need to be addressed with a totally unbiased perspective, and get to work – inspiring the in-house talent in the process.
The unappealing alternative is for a business owner to let the loose ends remain sloppy and the mistakes remain unfixed, possibly growing into larger, more severe problems, while he conducts a search for a new permanent CEO. I can’t imagine any owner feeling that’s the best way forward.
Interim Executives Aren’t Afraid of Tough Decisions
Because they arrive with no preconceptions and no existing personal ties to the company, interim executives like our CEO advisors can make difficult decisions without emotional baggage, fears of upsetting staff or stakeholders, or concern for company politics. Our interim executives are solely concerned with the success of your business, both short-term and long-term. That’s not to say they’ll be unpopular, because they’re experienced enough to know how to take action with tact. But they’re never afraid to be honest and upfront, or to tackle tricky situations with confidence.
I believe this is the mark of a true leader, and I’m proud to say that it’s a quality our CEO advisors all possess. In fact, it’s one of the criteria we consider when selecting our CEOs. We want to know that they have to what it takes to be firm when needed, act gracefully when required, and keep the client’s best interests at heart at all times.
Interim Executives Keep Things Moving
One of the worst things that can happen to a company in any transition period is a slow-down of processes and productivity or a disruption of day-to-day business that becomes costly – in time, money or reputation. But a talented interim executive keeps everything running full steam ahead, even while his responsibilities may include creating a strategy for change. And when a good CEO advisor identifies a need for alteration, you can rest assured he’ll make the change as seamlessly as possible so that your business isn’t needlessly disrupted.
Interim executives also ensure existing leaders stay focused even if things get complicated. And with our CEOs’ fearless nature, leadership will be held accountable, as well.
The interim executives we employ a SharedCxO actually actively work toward bringing their engagement with clients to an end. Why? Because that means the interim has passed, and our job has been done. While we’re happy to continue to work with clients on a longer term or consultative basis, our “mission accomplished” comes when your company emerges from transition or when your new permanent CEO is in place and up to speed.
Interim Executives are Becoming the New Norm
I say there’s never any shame in needing the assistance of an interim CEO. The need is often vital and pressing for mid-market businesses, but many major players are working – very publicly – with interim executives.
Blackberry, AstraZeneca, Mozilla, the New Mexico Lottery Board, Crocs, the LA Clippers, Carnegie Mellon University, Avis Europe…corporations in all industries around the globe have, at times, relied on the temporary leadership of an interim executive. And while these are enormous organizations, don’t all businesses, at heart, yearn to play in the big leagues? So owners shouldn’t be afraid to embrace interim executives for as long as they’re needed.
The Bureau of Labor Statistics has predicted that within the next several years, approximately 20% of American businesses will utilize staffing of some sort, which naturally will include interim executive solutions.
Ready to Hire an Interim Executive?
If you think the time is right for you to bring an interim executive on board, we invite you to get in touch to discuss your needs or view our membership packages. You can also find more information about our interim executive services on our CEO advisory and outsourcing page.
