2020 Year In Review
5 Highlights from InterimExecs
2020 was a year of change. The COVID pandemic put many businesses into survival mode, while testing the ability of others to scale as consumer demand moved online. Leaders were posed with new challenges from managing cashflow to implementing safety standards to adapting to a virtual environment.
But, interim means action and results, so here are just a few ways InterimExecs and the RED Team took on 2020:
We Surveyed 600+ Interim Executives
From 2019-2020, we surveyed over 600 executives from 29 countries, reporting on results in the 2020 Interim Executives Survey. We saw that most interims average 10-20 years of executive experience and see interim as its own career calling with 78% reporting having taken on three or more interim, fractional, part-time and/or contract roles.
A few other highlights:
> 79% have fixed a failing organization or reorganized a company or division
> 84% have helped an organization grow to the next level
> 75% have replaced an executive who suddenly left
> 61% have worked for one or more private equity funds
> 62% have run a family-owned business
I can leave a place in a better or improved position than when I was brought in.
-Interim Executive Survey Response
We Deployed the RED Team
InterimExecs worked with private equity funds, boards, and management teams to connect them with the right leadership. Through the Rapid Executive Deployment program, we deployed interim executives who jumped into action to drive growth and turnaround in companies across many industries such as:
An Interim CFO upgraded the finance function at a PE-backed plastics manufacturer, ensuring accurate monthly financials, reporting, and projections.
Biotech / Pharma
A Fractional CFO strengthened the finance function of a pharma company with a leading edge immunotherapy treatment and prepped for a fundraise.
IT Service Provider
An IT services provider brought in an executive team to lead new technology developments to expand their footprint and engage with customers.
A part-time CIO deployed online education platforms and strengthened systems from ERP to the ecommerce function at a quickly growing industry trade association.
There are no impossible obstacles; there are just stronger and weaker wills.
We Helped Owners Turn Company Troubles Into Big Opportunities
Beginning in March, we started getting calls from companies telling us their revenue virtually went to zero or they had to make staff changes to weather the initial hit from COVID. But with trouble on the horizon came a lot of owners and management teams who were optimistic. They transformed a downturn into an opportunity to make change and upgrades that they wouldn’t have normally been able to do if they were stuck in the day-to-day minutiae.
InterimExecs RED Team provides operational roadmaps, where over a 2-week to 30-day period, we do a deep dive to look at what’s working, what’s not, and then create a plan that can immediately be put into action.
Not finance. Not strategy. Not technology. It is teamwork that remains the ultimate competitive advantage, both because it is so powerful and so rare.
We Strengthened the Team
In July, our annual in-person meetup of RED Team executives went virtual. We gathered as a team Zoom style to dive into many topics from:
> what we are seeing in the interim space
> trends and industry outlooks (such as cybersecurity threats, improper training for remote work, e-commerce sales growth and brick-and-mortar retail decline, hospital and healthcare cost restructuring, move to telehealth)
> how COVID has altered the way interims are working with clients
> what it means to be RTR – RED Team Ready
> approaches and ways to be a resource to struggling companies
Not everything that is faced can be changed, but nothing can be changed until it is faced.
We Supported the Development of Future Leaders
In our world, strong leadership matters. While we have focused on building a team of executives around the world, we also believe in the importance of developing future leaders. InterimExecs has supported Brave Initiatives through the years, matching the deployment of interim executives with an investment in Brave camps, a five-day camp focused on building core competencies, skills, and confidence in girls.
On March 6, InterimExecs President, Olivia Wagner, was featured as Brave Initiative’s 2020 Honoree at the annual Brave Bash, sharing her thoughts on the importance of developing and empowering women leaders. We are looking at additional organizations in 2021 to support the development of women leaders worldwide. Any suggestions of organizations that you hold dear? Please contact us!
Genius is in the idea. Impact however comes from action.
That’s a Wrap!
Wishing You Much Joy & Success in 2021
-The InterimExecs Team
Explore the Benefits of Interim
- Access to top executives wired for challenge
- Skip the long executive search process
- Backed by a team and wealth of knowledge
- Fresh thinking and best practices
- Action and results – not just advice!
- Proven process to look at your unique needs
- Flexible contracts
- Mentorship and development for your team