Interim executives, by definition, come into difficult situations, assess them quickly, and create a plan for success. That means they have a front-row seat to the most common business mistakes companies make in the areas of leadership, operations, human capital, strategy, business finances, and change initiatives.
Focusing on these fundamental business needs is a good starting point for any struggling business.
AHIMA, a nonprofit whose mission is to ensure that health information is accurate, complete, and available to patients and providers, had a big idea: To expand by buying a for-profit business.
The acquisition target, HCPro, was an industry leader in integrated information, education, training, and consulting products and services in healthcare compliance and revenue cycle management.
The combination, AHIMA CEO Amy Mosser believed, would broaden the reach of both organizations.
But, first came the challenge of the acquisition process – performing due diligence, planning for the integration, and setting a course for the future.
To do that, she needed help in three key areas: financial due diligence, workforce integration planning, and content licensing.
As the Greek philosopher Heraclitus is famously quoted as saying: “Change is the only constant in life.” And 2024 will bring a torrent of change!
As we deployed InterimExecs RED Team members throughout 2023 and talked with interim executives, company owners, and private equity investors, we saw five common themes emerge.
Based on that research, these are the interim executive trends for 2024:
So you’re looking for an exit strategy and the sale of your business seems like the best approach. But how do you get the most for the business you have built? Start right now preparing your company for a sale.
The good news for sellers: It’s a seller’s market. There are not enough assets in the world for the amount of investment banking cash that is sloshing around in the markets, as InterimExecs CEO Robert Jordan said in this recent webinar:
Private equity firms have a simple recipe for making money: They identify companies they believe are undervalued, improve those companies, then sell them for far more than they paid to buy them in the first place.
Knowing how private equity firms work can serve as a roadmap for any company looking to improve operations and maximize value.
Start with these 3 things PE firms do following an acquisition in the lower middle market ($2-$15 million in EBITDA) to improve your own bottom line, whether you plan to continue operating your business or want to ready the company for a future PE investment.
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:
Fractional executives are the hottest thing in the C-suite. Once a rarity, fractional executives have gone mainstream, especially since the pandemic. Companies across the spectrum, from start-ups to Fortune 500 firms, are considering hiring fractional or part-time executives.
During a webinar, InterimExecs CEO Robert Jordan took a look at the trend and some situations when a fractional leader might make sense for your company.
What is an interim executive? It’s a highly knowledgeable and deeply experienced C-suite executive ready to step into a company in need of superior leadership.
As veterans of the interim business, we know that pairing the right interim executive with the right company is a delicate balance. After all, private equity funds or venture capital funds get one use of their dollar. Just one. Fund managers have a sacred charge of evaluating opportunities and investing the funds they’ve been entrusted with by their limited partners in hopes of maximum returns.
Likewise, we get one chance to make a great match. We must identify the interim executive with the right skills and experience and catch that executive during the brief period of time they are in between assignments assessing the next opportunity they want to take on.
So how do we best deploy genius leadership when we only get one chance every day to maximize everyone’s time, unique skillset, and results? We start by being selective about our clients.
Cash flow mismanagement is a common problem among small and mid-sized businesses. But many owners do not have the experience to precisely pinpoint where cash flow mismanagement has occurred, nor the background to develop plans designed to counter those cash flow issues.
A typical small or mid-sized business owner can spend hours examining the company’s financial statement and nevertheless fail to see the underlying causes of cash flow problems, whether they be mismanagement of receivables, problems in pricing strategy, erosion of margins, escalating operational costs or other cash flow problems.
When it’s time to step away from the business you’ve built — because you’re ready to retire, you want to pursue another opportunity, or for some other reason — what’s the right way to exit your business?
The short answer is: It depends.
Here, we lay out five examples of exit strategies and look at who should consider each one.
Association Membership Application
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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