InterimExecs CEO Robert Jordan sat down with two seasoned finance veterans, Mitch Cohen and Lawrence Firestone to talk about the critical moment public companies face when the Chief Financial Officer job is vacant and why an interim CFO is the best way to fill the role until a new permanent hire can be brought on board.
Both Cohen and Firestone have extensive experience as permanent and interim CFOs for public companies.
This is an edited transcript of their conversation:
CFOs at private companies may come and go with little fanfare or long-term damage to the organization. But the sudden departure of a chief financial officer from a publicly traded company can send a tidal wave of worry through investors, employees, and stakeholders alike.
The CFO is the financial compass, the strategic partner, the place where the buck stops when it comes to fiscal responsibility and reporting.
And when the CFO role at a public company is vacant, the urgency to fill the void is paramount. “Later” simply isn’t an option. Let’s delve into why a public company needs a strong CFO, and needs them now. And then we’ll explore why many companies turn to an experienced interim CFO to bridge the gap.
As the OG interim executive search firm — we have been doing this work since 2007 — we’ve seen the game change a lot. Our estimate is the number of executives seeking our interim and fractiona work has expanded hundredfold, but yet the vast majority don’t really know what it means to be an interim at it’s core. No disrespect here…it just comes with learning something new.
One of the most challenging aspects of this work is that even if you are successful, it’s lonely at the top. And many interims are solo operators. We’ve invested many years into building the RED Team of top interims from around the world, but there is another 99% of executives out there trying their hand at this work and we want to see them succeed.
So we’ve launched a new series on Instagram (@InterimExecs) digging into the ins and outs of how to succeed in the interim and fractional space, how to up your game as a leader, and what we are seeing in this growing industry.
In talking to thousands of you – interims, fractionals, CEOs, boards, investors – we’ve learned a few things that will resonate:
What impact could a potential increased customs tariff of 25% have on Mexico, assuming all exports from Mexico into the U.S. will be affected similarly?
Let’s do some simple math. If the cost of goods sold is about 50% (+/- 10%), multiply that by 1.25 to reflect the increased cost under a 25% tariff. It could make these goods 10-15% more expensive for U.S. consumers.
That has the potential to result in significant inflation. Not good for U.S. economic growth since the price increases will not be considered GDP growth. What happens then? The U.S. administration, facing backlash over double-digit inflation rates, will call for the Federal Reserve to cut interest rates.
How will the markets for stock and crypto react? If we take goods that are pure imports from Mexico (no final manufacturing or assembly in Mexico), the price hike would be closer to 25%. I do not think significant price reductions are possible to reduce this burden unless manufacturers significantly reduce quality – a concern for consumers and a time lag on the entire market.
The consequences of such a burden would be evident immediately. Case in point: Consider recent events, when the US administration announced tariffs on Mexico and Canada and then postponed them the next day.
True call, came in just now:
Caller: “I’m a lawyer in California with a client in XW (redacting state name so goons don’t come after us). We need a manager for an LLC. Do you have a COO who could sign a member LLC agreement?
InterimExecs: “You mean an interim COO? Do you have existing operations?”
Caller: “No, it’s a startup.”
InterimExecs: “Ok, well, what kind of operations are planned, how many employees, what kind of funding?”
Caller: “We need someone to sign because the state requires a member signature and they’d have to sign in all the places. In the construction industry.”
InterimExecs: “But this is an operational role?”
Caller: “No, The CEO does not want to disclose his identity.”
When’s the last time you felt betrayed?
I’m talking about deep, dark, soul-crushing betrayal.
If you remember it vividly, your stomach might be tightening as your heartbeat quickens just thinking about it. Betrayal can be heartbreaking and enraging all at once.
Once upon a time, I had an agreement with a statewide organization. (I won’t name the state, but let’s just say it rhymes with “Flexas.”) The head of the organization called me to apologize. Apparently, their written rules, which I had meticulously followed, didn’t matter anymore.
She admitted that despite attending all the trainings, earning all the certifications, and investing in my business with a website, business cards, and marketing materials, I wouldn’t be awarded any contracts. Ever.
Resumes are for job seekers. But you’re not a job seeker. You’re an interim executive wired for driving value, creating wealth, and scaling up. Your focus as an interim and fractional executive is on problem-solving. So stop blanketing the world with your resume.
Instead, master your pitch. Craft a compelling pitch that highlights your expertise and the value you can bring to an organization in need.
Identify pain points and opportunities within organizations and present solutions.
Remember: The perfect elevator pitch is not about your past experiences; it’s about the future you can create.
InterimExecs has joined the WIL Group (Worldwide Interim Leadership) as the exclusive U.S. partner. This collaboration is a strategic move to leverage a global network of expertise. It marks a significant step in expanding InterimExecs’ reach and service offerings, bringing greater international opportunities to U.S.-based clients and executives.
“We were intrigued to learn about a global organization of interim management firms, and now we can expand our service offerings and collaborate on a global scale,” said Robert Jordan, CEO of InterimExecs.
InterimExecs’ WIL Group partnership comes at a time when the U.S. interim management market is poised for significant growth. As interim and fractional leadership solutions become more widely adopted across industries, the ability to offer global resources will be a key differentiator.
“The U.S. is a strategic priority for the WIL Group and its future growth. The concept of interim management is growing and expanding exponentially in the U.S. and becoming a key business solution alongside management consultancy. For five years, we have looked for the right partner in the U.S. and we finally found it in InterimExecs, Olivia Wagner, Bob Jordan and team,” said Jason Atkinson, Director and Co-Founder Member, WIL Group. “We spent time together in London with Bob during the summer (2024) in order to build trust and ensure alignment with values and value proposition. We wholeheartedly welcome them to the WIL Group.”
Core values are the fundamental beliefs, principles, and ethical standards that guide a person’s actions and decisions. They define what is important and provide a sense of purpose and direction. Understanding our own core values and how they impact our decisions and how we interact with others is critically important to understanding how we approach our daily lives and why we make the choices we make.
In the workplace, that means understanding how we react to others, how we manage employees, and why workers who feel the organization’s policies and expectations run counter to their core values suffer “moral injury.”
InterimExecs CEO Robert Jordan invited his business coach, Brett Morris, to sit down for a chat to learn what a core value is, why they are non-negotiable, why our core values are unique to us, what happens when our core beliefs are in conflict with those of other people, and what happens when we believe someone has violated our core values.
Melissa Harris is a newspaperwoman-turned-marketing-exec who has perfected her elevator pitch and wants to help you perfect yours as well.
InterimExecs Chief Executive Officer Robert Jordan knows that the thousands of interim and fractional executives he has spoken with over the years need this. In fact, Jordan needed it himself. So he invited Harris, CEO of M. Harris & Co. to a Zoom chat during which she offered a Master Class on how executives can be far more effective in talking about themselves.
Here’s her 3-step approach to introducing yourself in a short, powerful, memorable way.
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First-year Change Agent members have access to the Interim Institute’s 4 hour audio program on the Fundamentals of Interim Management, and a one-hour strategy session to help jumpstart their interim career.
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