Interim executives come in many flavors, according to functional specialties and industry specializations. They bring experience from companies of different sizes and in various stages.

Their ultimate mission, however, is often much the same: to leave a company in significantly better shape than it was upon entry.

Here are 15 solutions interims provide:

Fifteen years ago I ran into a friend at a conference who was about to hand me yet another business card. As I took the new card, I tried to crack a joke, asking him “Can’t you hold down a job?” Then I read:

Philip Monego
Interim CEO
Yahoo

Yes, the card actually read Yahoo and Philip really was the first CEO.

While interim execs have come into their own as a highly skilled professional calling, individuals sometimes apply to the Association without valid credentials.

Just like any other specialty, great professionals tend to produce great results. And unskilled labor could easily, well, mess things up. We’re big believers in Michael Collins’ principle from Good to Great: first get the right people on the bus.

Here are the three problematic mindsets in the marketplace and that we seek to avoid for membership:

More than 250,000 middle market businesses are in trouble. Their survival may depend upon how quickly and how vigorously a course which will generate financial and human capital is pursued. But, usually, by the time this warning is sounded, performance has deteriorated sufficiently to jeopardize lending relationships, customer contracts, credit ratings and employee confidence. An antacid may relieve the symptomatic heartburn but fail to find and treat the cause(s).

As times become critical, managers may react to improve liquidity. But the drain in working capital continues unless a tourniquet is applied to stop the bleeding. Even then, without a valid prescription, the corporate organism continues its natural daily battle with competing forces. The problems can be resolved only through changes in the manner by which the enterprise is managed.

An outside director is a member of the board of directors or advisors who is not part of the executive management team. These professionals are sometimes referred to as independent or non-executive directors. They are not employees of the company and are differentiated from inside directors, who do serve as executive managers and/or corporate officers.

Outside directors are advantageous because they rarely have conflict of interest and they often see the big picture differently than insiders. While corporate governance standards of public companies require a certain number or percentage of outside directors because they are more likely to provide unbiased opinions, private companies are normally left alone — but, I highly recommend that unbiased advice.

In today’s business environment, smart organizations frequently seek outside expertise. Traditionally, companies invited advisors to join their board of directors. There is now, however, more risk to these directors based upon recent legislation (Sarbanes-Oxley). While there is formality (shareholder reporting, responsibility, risk, liability) and more expense (D&O insurance, etc.) to a board of directors, there is a budget friendly alternative in the form of a ‘board of advisors’ who is beholden to management. The main difference is in where the fiduciary duty lies: to the shareholders or to management.  Regardless of which vehicle you use, there is great value to be obtained by hiring an outside director.

Although in a globalized economy business practices become increasingly standardized, entering into global business relationships provides unique challenges.

Here’s the definition of one interim executive’s recent employer: The Dutch-owned company with significant U.K. and Belgian investors had U.S. and Canadian leadership and was doing business in Germany.

For global ventures, especially amid mergers and acquisitions, the differences must be minimized. It’s not your culture, it’s not my culture: it’s our culture. To create that new culture, an early focus on communication styles is essential.