One of the hottest trends in the hot market for interim executives is structuring interim engagements as a “statement of work” contract. Here, we take a deep dive into this trend and look at when it makes the most sense for a company to negotiate a statement of work contract, when it makes the most sense for an interim, and when it simply doesn’t make sense for either.
So you’ve decided to bring in an interim executive. Perhaps you need to temporarily fill a leadership role while you conduct a thorough search for a new permanent hire. Or maybe you need an experienced leader to spearhead a new initiative or helm the launch of a new product. Or maybe your company is in crisis and you need a turnaround expert to right the ship.
Whatever the reason you have chosen to bring on an interim executive, you are about to work with someone who works differently. That’s because interims are wired for action.
Here are 11 things to expect from an interim executive during their first 30 days on the job.
Hiring a fractional CFO is one of the smartest moves a growing company can make — especially when full-time overhead doesn’t yet make sense.
But what exactly does a fractional CFO do?
Whether you’re a founder, CEO, or investors, board member exploring financial leadership options, here’s a closer look at how part-time CFOs drive financial clarity, control, and strategy across all kinds of companies.
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.
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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