Why Hiring an Experienced Interim Manager?

As an independent external resource, interim managers bring a fresh perspective to an organization. They give an objective view on what is best for a business and are able to contribute honestly without being seen as a threat to incumbent management teams.

Advantages of hiring an Interim CFO?

An interim Chief Financial Officer (CFO) can proactively assess the financial health of a company, develop a financial strategy, and implement a plan to put procedures and policies in place to ensure a strong financial future.

An Interim CFO is a financial expert who provides financial strategy services on project basis. He can help a company resolve challenges such as cash flow issues, raising capital, solving tight margins, implementing more efficient systems, or preparing for growth.

Every organization undergoes periods of transformation at some point. As a company expands, growing pains often result. Financial reporting issues, accounting errors, or maybe lack of systems and process altogether can negatively impact an organization.

Advantages of hiring an Interim CEO

Basically, an interim CEO is an executive that is hired by the corporation’s Board of Directors (for-profit or nonprofit) as a temporary person to fill that role until a permanent replacement is hired.

One reason for hiring an interim CEO is because that person suddenly left that role due to serious illness or death. Concurrently, the organization did not have sufficient succession planning to deal with that crisis. Another reason is that the CEO had to take a leave of absence, which had a high likelihood that the person would be returning in a matter of months, for example, less than a year. Yet another reason is that the Board has decided that the organization needs a different set of skills in the CEO role. For example, the organization might need to undergo a major change and needs a CEO will strong skills in guiding successful change, and it is clear that the current CEO does not have — or cannot soon develop — those skills.

It should be noted that the vast majority of information about interim CEOs is applicable to both for-profit and nonprofit corporations. Major differences between organizations depend on the current life stage of the organization, its culture and its current strategic priorities — much more than differences between their missions. For example, a small nonprofit is much more like a small for-profit than a large nonprofit. Key differences between the role of CEO in a for-profit compared to nonprofit might be more in regard to whether the for-profit is a publicly listed business and, thus, has strong priorities about satisfying shareholders.