The Five Times PE Funds Use Interim Executives | IE Consulting LLC

Many private equity funds hear the term “Interim Executive” and think that the only application is turnaround or short-term maintenance. But for PE funds looking for great returns, they look interim for their unique abilities to create and transform companies.

Here are five major use cases for interim executives in PE-owned portfolio companies:

Interim Executives in Diligence:

Most funds are expected to spread their wings – work beyond industries where they have already succeeded in looking at new industries where acquisitions can produce lower costs and higher returns. They move forward, and require expert leadership removed from prior operational teams. While diligence work is not a strict definition of interim, which includes operating roles with the decision-making authority, many interim officials are happy to help for nominal fees to help both investors and sellers make good transactions if circumstances come under warrant conditions. The primary goal for the interim is usually the closing after a leadership role.

Interim Executive In Process Improvement And Upgrade Mode:

When a professional fund acquires a company, it is not necessary for the company to have a lack of process and timely reporting to the required standard. Perhaps it was a family business or a private company that could live with a lot of informality, but the new owners would start upgrading as needed. Funds will look intermittently on a project basis or in some cases to come up repeatedly with bar management.

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Interim Executive in Closing Mode:

Although a permanent search can take upwards of six months, one would like to see transactions slowing down for lack of an important role – hence the effective use of interim – to close stronger deals, establish better systems and controls and recruit strong leaders. A good interim will put in place a plan, system, and procedures that can be assigned fundamentally.

Interim Executive in Growth Mode:

While most interim engagements last 18 – 24 months, it is not uncommon to hear that an Interim CEO has decided to make his tenure match the goals of a PE fund, especially if the fund sees a possible exit within three years. In this case, the fund periodically makes an interim demand for their unique skills in manufacturing and selling companies. There are change agents with an interim background that includes corporate spinoffs and successful exits. The CEO is forced into this role when his track record already has multiple wins and already gets out from under his belt.

Interim Executive In Crisis Or Turnaround Mode:

Many funds are familiar with the need for experienced operating executives, when leadership roles occur when things go south with a portfolio company. Perhaps a surprise gave rise to the post acquisition. Perhaps heritage management could not be on board with a larger future. The good news, despite the circumstances, is that the world is now a resource rich with talent who are able to deal with the toughest projects in experienced situations regardless of external circumstances.

Click at IE Consulting LLC and get the best Interim Services to improve your business growth.

Contact us:

Email: info@interimcsuiteservices.com

Phone: +1- 202-258-5376

Know About C-Level Executives & Priorities | IEC LLC

CEOs will occasionally push you down, but mid-level managers will rarely join you. If you do not start at the top, there is a steep climb to get there that puts relationships in your path at risk.

Knowing the employees of the company, their rank and level can prepare you when you start entering the business.

As a sales representative, you should know that you should strive for your C-level decision-makers as soon as possible. That way, you don’t have to put a lot of effort on someone who is not part of the decision-making process to talk about your sale.

Also, it is better to get direct rejection from C-level Executives. If you get one from the lower-level management, you’re always stuck wondering if you can get a yes from the higher-ups instead.

Interim C Suite Services

Forget the Features:

The facilities are great for an operations person, but the higher you climb, the more your interaction should be tied to the benefits of their organization.

People in C-level positions constantly think of ways to improve their company. If you can solve the company’s challenges and offer benefits, these executives will be more accessible and may be more ideal to talk to.

C-suite Executives look at their company’s issues from a more perspective, so you should focus on the solutions you can provide. When you list your features one by one, it is not meant to attract anyone up the corporate ladder.

They are always going to be a lot smarter. Also, these business leaders are thinking: “What’s in it for me?”

Thus, you should answer that question before they ask it.

Understand the Priorities of C-Level Executives:

The performance of an Interim CEO is linked to increasing revenue, improving margins and boosting the bottom line. They will spend their time in conversation which will help them to achieve these objectives.

Remember that you should modify your sales pitch to accommodate for the person you are talking to. Therefore, for those within C-level Management, you should not ask basic questions about their company.

In fact, you should already know enough to get straight to the point. If you ask questions about their company’s goals and background, they probably won’t think much of you.

You have to be armed and ready and able to show your understanding of the company’s goals and needs, before they have to say what it means to you.

Let’s connect and share requirement at info@interimcsuiteservices.com.

It’s Never Been Lonelier At the Top | IE Consulting LLC

“It is lonely at the top” is a common saying between CEOs and business owners.

In many cases, you are the head of the organization and you do not have any peer inside the company with whom to talk. Ironically, once you are in that role, you have things to talk about more than ever – vision, strategy, what you want to do next with the business, personnel issues, major challenges, And the list goes on and on.

There is no question, this issue has never been more prevalent.

At IE Consulting LLC, we have recently seen a very large increase in requests for business advisors. I quite often asked why I think this is happening.

My answer, “As the leaders of a company, we are more alone than ever, we do not have all the answers, sometimes feeling like we don’t have visibility into what the future holds, and just need someone to talk to us, be on top for a while and bring their point of view and vision. ”

Interim-Executive-Consulting-LLC

The next question I get is, “What kind of consultants are CEOs looking for?” My response varies depending on the situation, but below are some examples to help answer that question.

Scenario 1:

A mid-to-large-sized company with a business growth in an industry or business sector is not familiar or comfortable. Interim CEOs are expecting a 50% increase again this year and are unsure what their organizational structure should look like at that point. It has no ratio or compensation benchmark for other companies in the industry as it is a fairly new industry for it. The CEO is looking for someone with a deep industry background to tell him/her what she/he knows and does not do around plans for profitable growth.

Scenario 2:

Small family-owned businesses that seek to focus not just on growth but on business value. The CEO has received an offer to buy the company but it is “not enough to retire.” There are some long-term business relationships that are potential catering. The owners are looking for someone to help them figure out what the roadmap options are, so that an increased assessment can be obtained and they can be trained through the mines.

Scenario 3:

The interim CEO has a long-term employee who aims to help the company manage and reduce its workload. Unfortunately, none of this is happening. S/He knows s/he needs to replace the employee but there is also a long-term connection. S/He is then not sure if s/he needs to move forward and how best to replace the person. The CEO is looking to reduce his/her workload and reduce expenses. She/He is looking for a mentor to help guide in completing both.

In each of these situations, the head of the company had no one who could provide advice  internally and needed someone who could step in in that capacity.

As difficult as it is to get beyond our four walls (metaphorical company walls or office / home office walls), it is now more necessary than ever.

Here are some common options for gaining perspective or finding like-minded people and building a credible relationship with them.

 

Industry Events, Roundtables

CEO Peer Groups

Networking

Growth Consultants

If you feel that you don’t have time for these or are a little too familiar with the above examples, you can bring expertise.

Here are some examples of how to get help within your four walls without hiring someone for long term.

Business Coach

Business Advisor

Advisory Board

Expert Roundtable – Specific to Your Company and Business Issues

Part Time Interim Executive

Interim Executive

There are several options for transferring a conversation from one person to two or more within a trusted and confidential setting. If you do not have it internally with your leadership team, then it is easy to find someone who is suitable for the time you need. Let us know how we can help.

How An Interim CEO Brings Stability & Profitability To Healthcare?

Healthcare spending was projected to increase 5.4 percent annually from 2017 to 2022 according to the US and Global Health Care Industry Outlook. This is more than $10 trillion by 2022.

The United States continues to outpace other countries at projected spending – in both public and private health services – from 2017 to 2026, estimated at a total of $ 5.7 trillion. Yet positive health outcomes are worse, with spending almost double that of similar countries.

Healthcare organizations that want to remain competitive must deliver positive results while running sustainable, profitable businesses. Many healthcare providers are now outsourcing the expertise of Interim CEOs to try to lead them towards a healthier financial future.

“Many organizations bring me in to provide an unbiased view and make recommendations before bringing in a permanent CEO or controller,” explained an interim CEO, who has worked with many health systems, critical access hospitals and clinics around the US . For him/her, which often means meeting and learning from everyone in the department, looking at production, completing monthly statements and addressing issues in the underlying financials to ensure consistent reporting to the board.

An Interim CEO is a proponent in strategic planning and brings hands-on experience to the table. They first help healthcare organizations understand their current financial situation and then guide them in making informed accounting and investment decisions about their healthcare practice or business.

Every healthcare organization faces financial challenges, from hospitals to clinics, from health tech companies to laboratories. Whether their financial problems are revenue-driven, competitively based, or revolve around patient outcomes, it is difficult to prioritize which issues to solve. An interim CEO knows how to understand all those moving parts, and to take swift action.

Interim CEOs are no strangers to challenging situations. The interim CEO helped a small-town hospital that had terminated its full-time CEO by training its controller.

Some healthcare providers simply require basic guidance with their financial statements, while others require an in-depth analysis of how well or how their financial systems operate. Other organizations need to determine if their financial capabilities are on par with their new business goals, does that mean improved levels of care, expansion or merger due-diligence and integration. In any case, an experienced interim CEO can quickly identify what financial issues should be done first, and whether the fire should be put out immediately.

An interim CEO empowers healthcare providers, not only to develop and implement a strong financial plan, but also to ensure that the healthcare provider is well positioned for development. In turn, health organizations can then make confident decisions that enhance financial stability in the future.

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Benefits of Interim Management For Tech Companies? | Know with Us

Is there ever a time when it is the right thing to hire outside senior executives for short term assignments in a software or hardware company? If you are based in the US, technical company boards and senior leadership do not seem to have the most specific response to the question of using interim management.

There are obviously many exceptions to this statement. But in most cases when an executive position opens, the next person in that role hires another permanent executive. Much of the idea of ​​too short the time of reflexion is given to some other possible solution.

In small cases where someone is designated in a role with the tag “interim”, it is usually someone from inside the company. In the case of an interim CEO, it is often a current board member.

Let us look at some areas where a senior interim executive should be hired:

Gaps covered with interim management:

This is probably the most common reason for using C-level interim management. One executive has left the company – voluntarily or not. The team needs leadership. You can try to fill this gap by temporarily putting the team under another functional area manager or more junior executive, but of course this is not optimal. Bringing in an experienced interim can often be a great solution allowing you to move the momentum in the area of ​​concern in the right direction, while allowing the company to take the time and a careful, thoughtful hiring process for the next permanent executive.

Change agents:

There are many different reasons that a company may benefit from the use of a change agent. One of the more common scenarios is a company undergoing financial pressure. Although a new permanent freight may take the necessary steps, sometimes it may be beneficial to use an interim manager such as a fleeting change agent to take these steps. An interim can step in and work fast, while the right permanent fare can take a very long time in situations where time is important.

Interim management can serve as change agents in tech companies:

Sometimes a situation arises in companies where conflict over policy or personality is tearing the company down. In these cases, bring in an interim manager with a previous “dog in the hunt”, who may allow him to be in the role of an impartial, honest arbiter to bridge the divide between the warring factions.

Manage a specific project:

The ultimate common reason for retaining senior interim management executive officers in a technology company is the ubiquitous “special project”. There are many good reasons to bring a temporary senior resource for special projects. Sometimes a project is very, very challenging, and it makes sense to bring the most efficient, experience expertise to lift the odds of success.

International Executive Consulting LLC provides C-Level interim executive services to software and hardware companies, in addition to core management consulting services. If you would like to discuss the potential need for an interim executive, contact us using the information below.

Follow Cyril Moreau and International Executive Consulting LLC via Twitter, LinkedIn. Contact Cyril directly at info@interimcsuiteservices.com.

Advising the Wise – Advantage of Interim C Level | IE Consulting LLC

A mid economic upheaval and increasing challenges, what is the best source of sound, applicable counsel available to the CEO? This is a simple question, but of great importance for the development of small and mid-size businesses (SMEs). At different times a leader may want to use specialized expertise, generate a strategic decision or strengthen discussion around business development. There are many possible sources of professional advice; the executive team, shareholders, peers, professional advisors, family, etc. each have its pros and cons, but an Interim C-Level Executive can certainly provide the kind of results Leaders of small and midsize businesses can expect from their chosen soothsayer.

By working with many CEOs over the years on several specific projects, many clients understood C-Levels to be a higher level and strategic guidance of a more general nature. There seems to be a growing demand for such comprehensive high-level advice, which is not available to any one person. This contemporary body of research was sponsored and shared. This gives a staggering revelation of the kind of impact that experienced consulting business can have on productivity and profitability.

Although large organizations often have a board of directors, many SMEs are not in a position to use the benefits of such a formal structure, for several reasons. However, it is well within the capacity of a small to medium-sized organization to employ the services of an advisory board. It is a relatively straightforward way of accessing expertise, know-how and depth of experience, and yet it is a far more flexible approach, especially if the leader of an organization is focused on getting further perspectives and guidance, as opposed to rear-view oversight which was practiced by most corporate boards.

The outstanding feature of the BDC methodology is their use of metrics to determine the value of the use of advisory boards. Two major highlights of the research found that organizations with an advisory board reported that they enjoyed 24% higher sales and 18% higher productivity than the higher board less’ control group. 86% of these SMEs were also “respondents who benefited from the advice of their advisory board and believe that it had a significant impact on their company”. Those results speak volumes. So far BDC reports that only 6% of American SMEs have formed advisory boards to assist them. The study concludes that “the role, operations and benefits of this governance tool should be highly promoted to American business leaders to help them better manage their company’s success.”

Based on this trailblazing study, and by tapping into the depth and breadth of the talent pool at C-Level, we have developed a consistent approach to help clients actively establish their own advisory board. This approach reduces time, effort, and risk; and provides immediate direction by focusing on upcoming major issues; be it vision, profitability, increased sales, strategic initiatives or enhanced transactions.

Have you considered the benefits of an advisory board? Care to see the findings of the entire BDC research? Potential benefits are indisputable.

Contact us.

Get Innovative Solutions to Complete Your Business with Top Interim CEO

Day by day, the business world is becoming highly competitive. Therefore, businesses must ensure that they have the latest technologies and software to meet the needs at the workplace, to provide quality solutions to customers, and must definitely be ahead of the competition.

With the constantly changing technological trends in the industry, it is quite difficult for businesses to make strategic plans and adopt these technologies. This is where the role of an IT consulting firm comes into play. Interim Executive Consulting LLC helps in making informed decisions with proper and effective management of all the components while handling all deadlock in companies, especially in times of disasters. Therefore, companies hire an IT Consultant to monitor and maintain your company’s network for system upgrades and network-development.

In an increasingly competitive market, many companies are turning to business change consultants to help them keep their business ahead of the competition. These business advisors have the expertise and knowledge to get into a business and recommend the best ways to achieve the goals that will improve the business.

The following are the methods of imposition of business transformation consultancy:

Business Analysis Process Each leading management consulting performs the following steps while inspecting the company’s existing business processes.

Interim CEO Business Analysis

Analysis of Situations or Challenges – During this move, the company analyzes its internal and external industry challenges. Based on these challenges, business change consultants suggest how a company’s strengths can be deployed to meet each of these challenges.

Identifying Opportunities – After analyzing the challenges, business change consultants conduct research on areas where the company can experience growth. In addition, external partnerships, internal improvements and maintaining alliances (to enhance the company’s stance) promote the company’s growth.

Determination of Weaknesses and Gaps – Now, consultants determine all areas where the company is lacking. Once a company’s weaknesses and shortcomings are analyzed, only a consultant can create a road map to improve the internal processes of the business.

Strategic Cancellation – The company’s current strategic positions need to be determined. Later, the advisors suggest to the company how and why it needs to strategically transform itself. For strategic recycling, the company must prioritize its efforts; Management consultants also assist the company’s leadership to prioritize its efforts.

Implement and Evaluate – After formulating the strategies, the consulting firm with the client company implements strategies, initiatives and newly formed processes. Once the strategies are implemented, their performance is evaluated. These consultants have a range of tools and methods to measure the performance of these implemented strategies and initiatives.

Know More – Where to Look for & What to Ask an Interim CEO

As an often-underutilized resource, interim executives for portfolio companies and CEO’s should be used in ways that further your company’s goals. In our final part, we will discuss where to find interim CEOs when you’re in need and what to ask in the interview to ensure everyone’s on the same page.

Where to Look

If your business is in a bind, you have options. There’s a variety of spots on the web and services you can employ to ensure that you get the help you need quickly and efficiently. Maybe you’re new to this and need some guidance. Below are just some options and ideas that you can look at when you’re in need of an interim CEO.

Social Media:

Social media is no longer just a way for old friends to connect over the internet. Businesses use social media to promote themselves. Professionals use social media to get jobs. LinkedIn, in particular, is one of the top most popular social media platform.

Specialized Staffing Companies:

If you do a Google search, this is likely the most common way that you’ll be able to connect with interim CEOs or interim management. Specialized staffing companies like the three listed below work directly with qualified candidates to ensure they are matched with a suitable company.

  1. Interim Partners
  2. Eton Bridge Partners
  3. International Executive Consulting LLC

What to Ask

Past performance is the best indicator of future performance, and as a result, you’ll want to ask your potential interim executive the right questions to ensure that they have the correct experience to help you. Here are some of our recommended questions to ensure you select the best interim executive for you.

In your own words, can you tell me what we do?

This question will not only catch a serious candidate but will also catch candidates who know what they’re doing. You want a candidate who has done research on your company, not only because that’s good practice before an interview, but also because the interim executives for portfolio companies CEO who is quick to learn, understand, and analyze your company’s situation will be more apt to help your company succeed.

What is the most grounded quality that you bring to the table given our current situation?

This is as much a strength question as it is a culture question. You can have a great interim executive who doesn’t fit with your company culture and it won’t make much of a difference. Depending on what the candidate names as their strongest attribute will determine what their impact on the culture is, what approach they will take, and how effective they will be.

What do you offer to us that we cannot do ourselves?

Most companies require a fresh set of eyes and ears as well as stability in order to be successful. The next level of growth comes with something different than what you already possess as a company. What makes this candidate unique from your management’s current skillset? This is your potential interim executive’s opportunity to show you what they can do for you.

Tell us about a time that you resolved a situation?

If your interim executive doesn’t have the necessary skills to navigate the challenges of your specific company, they’re likely not the best fit. You’ll be able to tell which candidate stands out if someone has specifically dealt with a situation like yours before. Someone with a proven track record will be able to jump in and assist your company immediately unlike someone with no experience.

Describe your exit strategy in an interim role like this one?

The nature of an interim role is that your CEO will be there for the short-term only. Having an individual who understands what their presence means and how they will potentially extract themselves will be an asset to your company. How they enter and exit the company will impact your company culture and your business success. Neither of you should forget about how transition plays a part in this period of time.

Visit us for more information at International Executive Consulting LLC or give us a call at +1 202-258-5376!

Why a Large Number of Professionals Choosing to become Interim Managers

Who doesn’t want to take complete control of their work life? Freelancing workforce is growing at a much faster pace than traditional workforce. If the growth remains consistent, more than 50% of the US population will be working as freelancers by 2027, according to a survey results published by Forbes.

A large number of employees today are looking for careers that can provide them freedom, flexibility, independence, variety and most importantly security. This is driving employees to choose interim management as a career and collaborate with the interim C suite consulting services providers.

Advantages of Working as an Interim Manager

A better work life balance and flexibility to choose preferred challenges is found to be the main reason executives are choosing to do interim consulting work.  Being an interim executive was thought to be a post retirement thing. However, it isn’t anymore. According to a management survey published by Senior Management WorldWide, more than 50% of the interim managers are baby boomers. They are taking up the position of CEOs, marketing and sales managers and other senior executive positions to help businesses thrive in critical times.

Interim managers have the possibility of taking up to 3-4 assignments a year with different companies. Their objective thinking allows them to see that others may not be able to. Tackling challenging projects helps executives leave a mark. This helps a professional achieve an impressive portfolio in business experience, while enhancing their knowledge and expertise.

Businesses Relying on Interim Management

Interim managers are experienced executives with niche skills. They are hired by businesses for a set period of time. They can take up advisory roles or work in leadership roles within the organisation.  Companies are taking advantage of hiring an interim manager to leverage on their highly specialised skills in critical times.

Being an interim manager spares an executive from corporate politics, minimizes the risk of stress. As a result, these freelance executives enjoy higher job satisfaction which is reflected in their work. These result oriented individuals are driven to make a difference. Their full commitment to the client helps them come up with business strategies that are unique and can ensure long term growth.

To find the best interim managers, companies can contact the reliable interim C suite consulting services provider .