Many companies are starved for effective leadership, and as a result the demand for great interim executives who will come in and do the work is increasing. Consider this passage from the book Traction:
The inability to make a business vision a reality is epidemic. Consider it a new take on an old quote: Vision without traction is merely hallucination. All over the world, business consultants frequently conduct multiple-day strategic planning sessions and charge tens of thousands of dollars for teaching what is theoretically great material. The downside is that after making you feel warm and fuzzy about your direction, these same consultants rarely teach you how to bring your vision down to the ground and make it work in the real world.
We’ve been thinking recently about GT Dave, an entrepreneur who dropped out of high school and founded GT’s Kombucha at age 17. His parents swore by the health benefits of Kombucha tea and while GT’s homemade recipe was the foundation for a new company, what he actually did was create an entirely new category. GT Kombucha holds an estimated 60% of a $600M market, and it’s still growing strong.
Creating a new category requires two things above all else: an unwavering sense of mission, and devotion to quality. The challenge is that paving a new path does not always translate to instant success and understanding. At the Association of Interim Executives we believe in the power of interim executive management and have taken on a mission to be the voice of the specialty and to help companies around the globe succeed because of access to world class executive talent.
Interim executives benefit companies dramatically: high-level expertise drops in quickly to do the tough jobs — powerfully and without bias or politicking — to help a company improve. Soon after, they ride off into the sunset to the next assignment. Think of an interim executive as a modern-day John Wayne without the cowboy hat.
Mark Sullivan, founder of Lineage Capital Investment, knows how it works. His private equity firm recently dropped an interim CFO into a manufacturing business amid a turnaround. Monetary villains — so to speak — threatened the corporate ranch and outside help was essential to clean out the threat.
When do you bring an interim executive in to a company? In this video two veterans, John Collard, Chairman of Strategic Management Partners and Robert Jordan, CEO of the Association of Interim Executives, give a quick description. Do interims always replace existing management? Decidedly — no. Many times interims complement the existing team