April 16, 2024

Manufacturing Challenges 2024: Defining and Dealing with Them

Manufacturing Challenges 2024: Defining and Dealing with Them

Manufacturers are grappling with a number of significant challenges in 2024. Some of them are new, some are left over from the pandemic, and some have been around for years. Here we list the top challenges facing manufacturers and our executives’ recommendations for dealing with them.

Labor Shortages

Identifying, recruiting, and hiring skilled workers is often cited as the No. 1 manufacturing industry challenge for 2024. Baby boomers hitting retirement age, a skills gap in areas like automation, and millennials’ demand for flexibility and remote work options all contribute to the challenge of hiring the right people for the manufacturing jobs of the future.

Interim CEO Tony Evers says companies can overcome this challenge. “Always focus on capability potential as this is the basis for growth – personal and business,” he says.

There are some tried and true ways to do that, says Ed Trevisani, an interim executive with extensive experience in business strategy, operations, and transformation.

Those include:

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March 25, 2024

FAQs: Is an Interim or Fractional CEO a Good Fit for My Company?

FAQs: Is an Interim or Fractional CEO a Good Fit for My Company?

When we started matching companies in need with skilled interim executives 15 years ago, the main question people asked was: Why would an executive choose this career path? There’s absolutely no job stability. 

Fast forward 15 years. Now we’re in a gig economy. The idea that you can get specialized expertise for what you need right now is expected and common.

Despite that, questions remain. In this interactive webinar, InterimExecs CEO Robert Jordan and President Olivia Wagner go through the most frequently asked questions they hear from company owners, directors, investors, and managers. Or, if you prefer, scroll down for a written summary.

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March 15, 2024

Succession Conflict in Family Business: Pain is Unavoidable. Suffering is Optional.

Succession Conflict in Family Business: Pain is Unavoidable. Suffering is Optional.

When it comes to family business succession, pain is unavoidable. Even in the happiest, most loving families, there will be moments of disagreement and dissension. It’s unavoidable. That’s because the goal of a family is a loving relationship. But in business, goals must always include results, even if hard-fought. 

So the acknowledgement implicit in family business is: there will be pain. But suffering is optional.

That is the key message InterimExecs CEO Robert Jordan sends in this lively 7-minute video about family business succession conflict:

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February 28, 2024

Quality of Earnings Report: The Secret Weapon Buyers Won’t Tell Owners About

Quality of Earnings Report: The Secret Weapon Buyers Won’t Tell Owners About

Are you planning to sell your company in the next year or two? 

If so, think about commissioning your own Quality of Earnings report — BEFORE you go to market. Why? Because your buyer will commission one. And it could mean you’ll be leaving money on the table.

A QOE is the business valuation standard prospective buyers use to determine a final purchase price for target companies. If you haven’t commissioned your own, you’ll by necessity be relying on the one your acquirer commissions.

As InterimExecs CEO Robert Jordan said in a recent webinar (scroll down to watch the 8-minute video), consider a middle market business owner who has signed a letter of intent agreeing to sell the company to a private equity fund for 10 times earnings. He believes EBITDA to be $10 million and expects to close for $100 million.

Then the acquirer commissions a QOE to ensure this is a solid investment decision. The report comes back with an adjusted EBITDA of $9.5 million. BAM! The closing price just dropped by $5 million.

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November 28, 2023

When is a Fractional Hire the Right Choice for a Company?

When is a Fractional Hire the Right Choice for a Company?

In years of pairing executives with companies in need, we have learned that there are times when full-time is too much time. That’s when companies benefit from choosing a fractional executive. It’s a way to get top-notch skills for a fraction of the time at a fraction of the cost of a full-time hire.

On a webinar, InterimExecs CEO Robert Jordan laid out the 5 situations when hiring executives on a fractional basis makes the most sense for companies:

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