INTERIM MANAGEMENT THE ULTIMATE GUIDE
Colin Hawkins reflects on his successful 16-year
career as interim manager and consultant after
working in a permanent role for the first part of his
working life. He shares insights gained as he
progressed from Auditor at a Big Four firm, to
Financial Controller at a quoted PLC, to Board
level Finance Director of medium sized
international group.
Colin is now a part-time director of two companies
trading and investing in property. He wrote this
feature to share his advice and experience with
those who are looking at moving into the world of
interim management.
CONTENTS
Why go into interim management?............................ > 2
What makes a good interim manager?................................. > 6
Interim vs Permanent……………………………….….... > 3 - 4
How to market yourself and land the right interim assignment ... > 7 - 12
The best and worst features of interim management….. > 5
Some stories from my interim life…………………….………….. > 13 - 15
Interim Management & Executive Search
Board l Business Transformation & Technology l Finance l Human Resources
>1
WHY GO INTO INTERIM MANAGEMENT?
It is easy to fall into interim work without thinking too much about the decision. Most people end up working as an interim due to a
redundancy. Even in this situation, you need to ask yourself if interim working is right for you. The best test is to find every reason not to
do it and then, if you remain convinced, it’s probably right for you.
You need to ask yourself these questions:
1. Can you cope with the lack of financial security?
You must have a buffer to withstand down time. When an interim role
ends there is no redundancy money to fall back on, so if you have a
mortgage and school fees to service, then think carefully about interim
as a career.
3. How will being in business on your own impact your family?
Family support is important, otherwise stresses can evolve which may
later hamper your achievements, or impose strain on family life.
2. Can you cope with the loneliness of being on your own when in
work and out of work?
You need to stay cheerful in the face of adversity. You’ll be best suited
to interim if you’ve had a position of authority where you – and only
you – have had to make the key decisions.
5. Do you have the physical and mental fitness to cope with the ups
and downs of interim life?
4. Will you miss being a ‘permanent’ part of a management team?
To be a success, you need to have confidence, enthusiasm and energy to
involve yourself in the world of interim. It is not just a holding game until
something better happens.
“At the end of all interim roles I have received thanks
for making a difference and contributing to the
business. The thanks from fellow workers and
management have been so enthusiastic and fulsome
that it makes it all worthwhile.”
>2
INTERIM VS PERMANENT
As an interim, although you may have a title like CEO, CFO or FD with the word interim stuck in front you have a different role from the
permanent equivalent. You are independent, yet work from the inside. You provide far more advice and consultancy from a wide range
of experiences. Your time with any organisation is brief and generally for a clear specific purpose or project. This means it’s right that you
have a different status from a permanent equivalent: you are there to make changes quickly and you are hired for your change
management experience.
As an interim, you provide consultancy services as part of the package, but you are not a consultant. The old adage that “a consultant is
someone who borrows your watch to tell you the time, whereas an interim fixes it and improves it” is very true.
Seasoned interims are maverick and independently-minded. Some might say they could never survive in a corporate world, but actually
they have seen it all before and are happy to live next to it but not in it!
 INTERIM PROVIDERS
16 years ago, there were just a handful of interim providers and so you
either made it onto their books or not. Now, there are possibly over
200 agencies and the scene is fragmented, with many individuals
moving around or setting up on their own. Several interim providers
have re-organised themselves into teams dedicated to specific sectors.
This undoubtedly meets clients’ perceived needs but makes it less
attractive for the interim who prefers to move from one sector to another,
providing a range of non-sector-specific skill sets. Some providers judge
a candidate’s suitability based on sector experience rather than their
character and skill set.
 THE INTERIM MARKET
Previously, most of your time in an initial interview was spent
explaining what interim management was all about, but now it is far
better understood. There is still some scepticism, which is
understandable. Interims seem to be able to flip between interim and
permanent, whereas before, this would have been frowned upon.
Sixteen years ago the dot com boom was in full swing, creating
demands for anyone who could write a business plan or pretend to
do so. Private Equity firms and banks were keen to put in key
turnaround guys and some interims flourished without an interim
provider, as workflow ensured a steady stream of roles through just
a few contacts. Although the number of interim roles has increased
overall, and in spite of less turnaround work, there has been a
greater increase in interims and interim providers. Competition to
land the next role has grown.
“Interims are constantly learning, through being
thrown into new roles. You’ll develop your team
management skills in varied circumstances and
receive thanks for the work done.”
 LINKEDIN
This has changed access to the market. On the surface, it’s easier
for the client to reach a potential candidate, but with no quality
control, the client will be less sure they find the right ones.
WHAT HAS CHANGED IN THE LAST 16 YEARS?
>3
INTERIM VS PERMANENT (continued…)
 INTERIMS
16 years ago, interims were far more maverick in outlook and style.
After all, you were going into the unknown and, like all explorers,
probably possessed a more adventurous spirit than most. Today, there
is less distinction between interims and permanents, which has likely
been fashioned by changes in the market.
 TIME TAKEN TO LAND A JOB
This has increased significantly. Previously, with fewer interims around,
clients would hire anyone meeting 75% of the requirements. There were
rarely any written job descriptions and decisions were made quickly.
Now, there’s insistence that candidates meet all requirements. Clients
have more choice and more than one interview is typical, which means
decision-making is slower. Maybe this risk averseness has resulted in
some interim assignments being more successful, but it comes at a cost
to all. The interim world, like many others, is now more process-driven
and less free-spirited. It may be more professional but it’s a lot less fun.
 TAX
The Government has always struggled to make IR35 work as it should.
It’s now resorting to budget and legislation changes for clients and
intermediaries to force its way, and there will be unintended
consequences for many genuine interims and others totally unconnected
with the interim world (or the ‘gig economy’). The change in tax on
dividends will adversely affect an interim’s net income. With pressure
on fees and with tax changes, the financial benefits of interim work
seem likely to be less attractive, so deciding to become an interim is
going to be even more testing.
 DAY RATES
These have not increased in recent years. The relationship between day
rate and annual salary, or ratio of day rate compared with an
equivalent permanent salary, has worsened over the last 10 years. It is
now a far less attractive option for the interim, and so the increase in
interims must be driven by factors other than income.
“Another major disadvantage is that, just as you bed into an
organisation, you find it’s time to leave. If being part of a
team for the long-term is important to you, then interim is
probably not the best choice.”
>4
THE BEST AND WORST FEATURES OF INTERIM MANAGEMENT
BEST
WORST
1. Meeting a huge number of interesting people: From interim providers,
top-level directors, accounts teams, professionals and other seasoned
interims.
1. Gaps between work: Some interims find this more troublesome than
others, but for all interims it is something to manage and some do this
better than others. I have been fortunate in not having more than a few
months out of work during these 16 years. You need a financial
buffer, a cheerful disposition in the face of adversity, steely resolve to
reject a job that is not right, and support from those closest to you. My
wife ran her own business and has experienced all the ups and downs
that come with this: she told me confidently that the long wait will not
be for long and something will turn up. She was right!
2. Tasting a huge range of roles: From Consultant, to Financial Controller
(FC) to Group Chief Financial Officer (CFO) of a FTSE 250 listed
company.
3. Working in diverse sectors: From Business Services to Utilities, Waste
Management, Telecoms, Media, Events Management, Hospitality,
Healthcare, Education and Property. Working with different types of
businesses – from PLCs, to Private Equity-backed enterprises, to SMEs,
charities and mutual companies. I would never have been considered
for a permanent CFO position of a FTSE 250 company; only interim
allowed me to experience this senior position.
4. Constantly learning through being thrown into new roles: There is no
better way to remain mentally alert and learn more of life. Most of my
roles were as Financial Director (FD)/CFO, but my two roles as Group
Financial Controller, reporting to another FD/CFO, taught me so much
about how to be a good leader.
2. Financial reward: Interim work may or may not be better paid than a
permanent equivalent job. It is not going to make you particularly
wealthy. Given that my family has had the same roof over its heads
since I left a long-term, permanent role, I can assume that the rewards
are not that different from an equivalent position. Comparisons are not
easy to make, however, and the headline rates, which make interim
look well paid, are misleading.
3. Part of the team: One major disadvantage of interim work is that, just
as you bed into an organisation, you find it’s time to leave which can
be a disappointment. If being a part of a team for the long-term is
important to you, then interim is probably not the right role.
5. Developing team management skills: All situations demanded skilful
team management and enacting this in such varied circumstances
provided the best learning experience. In all assignments, solving
challenging personnel issues was key to the success and, when in FC
mode, technical skills were tested to the full.
6. Receiving thanks for the work done: At the end of all interim roles I
have received thanks for making a difference and contributing to the
business. The thanks from fellow workers and management have been
so enthusiastic and fulsome that it makes it all worthwhile.
>5
WHAT MAKES A GOOD INTERIM MANAGER?
Most interim providers publish a list of the qualities needed to be a successful interim manager on their websites.
Here are my favourite 10:
1. LEADERSHIP
You need to have experience of being a natural leader, capable of
clear communication and be able to inspire confidence.
8. CAPABLE OF MAKING TOUGH DECISIONS
Most situations will need some quick decisions which are never easy
and can only be achieved by listening to the right people.
2. PROVEN TRACK RECORD
You need to be able to apply your experience to any interim situation
or problem, and will need a number of years’ experience in varied
permanent roles.
9. RESULTS ORIENTATED
The client will expect you to achieve certain goals by the end of the
assignment.
10. CAPABLE OF PLANNING AND ORGANISATION
3. ADAPTABILITY TO DIFFERENT CULTURES
Your experience should enable you to engage quickly with your new
team.
4. HANDS-ON APPROACH
Even if you excel in all the above, you’ll need good references to support
you, and good luck to land the right job at the right time. But at least you’ll
be on your way.
5. RESILIENCE AND INDEPENDENCE
You need to be used to working alone.
6. QUICK TO GRASP KEY ISSUES
A new CEO is said to have 100 days to prove him or herself; an
interim has just 5.
7. USED TO CHANGE
You need to be used to living outside your comfort zone.
“There is no better way to remain mentally alert and learn more
of life than becoming an interim manager.”
>6
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT
YOUR CV
Plenty has been written on how to write a CV; which is your start point.
This is your brochure and your website in Word format.
To add to the many pieces of advice on this subject, here are my tips for
interims:
 Make sure the break between your permanent career and interim
assignments is clear.
 Keep it as short as possible. This is not easy if you’ve collected a
number of interim assignments, so describe your most recent roles, and
just list previous positions with the role, company and dates.
 Avoid all waffle and statements like: “I am trustworthy and
hardworking”. Replace them with quantifiable achievements and hard
facts.
 Be sure to indicate the size of company you worked for (turnover or
assets) and the number of people you managed directly and indirectly.
 Highlight the sectors in which you’ve worked – or want to work.
 Use key search words that enable your CV to be found easily. For
example, instead of saying “Brazil” use “emerging markets”, as the
latter will be used by someone looking for someone with emerging
market experience.
 Have a clear top line statement explaining who you are and what you
offer. Two sentences will be enough.
 The first page is vital – few people read beyond it.
 Try to find something which makes your CV memorable. Remember,
interim providers see masses of CVs; yours needs to stand out from the
crowd. Even something quirky can help. In my time, I worked in the
bloodstock and horse-racing world, which meant many interim
providers knew who I was because I had that ‘unusual CV’.
 Make sure your CV is consistent with your LinkedIn profile and keep to
just one CV at any one time.
 Use a covering letter to bring out salient points about how you meet
requirements, rather than constantly change your CV. Never cover these
points in an email but always a separate Word document. So often,
the email going to the interim provider will not be sent on to the client
and you may miss out on an opportunity.
LINKEDIN
Ensure your LinkedIn profile is complete and consistent with your CV.
Provide your contact details so people can reach you easily. Connect with
as many people as you can and only refuse invitations to connect with
those of little or no value to you. Make sure your photo is clear and
relatively close up; a smiling face also helps.
Some people have brochures but I’m doubtful about their value. Similarly, I
find individual websites less useful now that LinkedIn is so prominent.
“LinkedIn has changed access to the market. On the
surface, it’s easier for the client to reach a potential
candidate, but with no quality control, the client will be less
sure they find the right ones.”
>7
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT (continued…)
NETWORK
Once you’ve completed your CV and your LinkedIn profile, where next?
The three main routes are: interim providers, your network and other
organisations.
 Interim providers: Sourcing interim providers from the IIM survey is
possibly the best way to start, but it helps to have someone point you to
the right person in any firm. If you have strong sector experience and
want to stay in this area, you’ll benefit from working with firms that
divide their consultants into sector-based teams. If you have a range of
sectors then these firms are less likely to help you. Remember that
interim providers are inundated with CVs; you need to have something
they can sell. It also helps to get on well with the interim providers, as
they are the main route to the market. Keep the relationship simple,
make life easy for them and, above all, be open and honest.
 Networking: Networking is hard work and needs an outgoing everconfident approach to keep going. As the Chinese proverb rightly
states: “He who sits at home stays on bottom”.
It can take many years to reap the rewards, but never give up. Here’s
another cliché: “Every meeting is another opportunity”. You have to
keep turning over stones as you never know where the next job will
come from – you’ll be surprised how often this approach is fruitful. I
landed two roles from one association – the first was nine years after
originally meeting a contact.
I tried networking in the Private Equity sector, which is a tough area to
penetrate. I nearly landed a job with one Private Equity firm in this way,
but it’s very tough and most firms you approach won’t even
acknowledge the receipt of your email and CV.
 Other routes: There are myriad organisations to plug into. There are
turnaround panels run by the banks and panels run by PwC, Deloitte
and EY. Interesting people run these groups but jobs are few and far
between. There are other organisations such as the Institute of
Chartered Accountants in England and Wales, Business Growth Fund
PLC, local societies and, for finance people, the Finance Executive
Network Group, as well as turnaround specialists and memberships.
Some organisations and interim providers charge a fee for membership.
Although others have been impressed, I have no experience of them and
am sceptical of their modus operandi.

“Networking needs to be done from the start of your interim career.
As you build up your track record, it becomes easier because your
primary main source of work is often from people you worked with as
an interim. From my first interim role, I achieved four more roles over
the course of five years. In some ways, these are the best roles.”
>8
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT (continued…)
I strongly recommend keeping notes of each meeting and telephone call. I
have pro-forma sheets which track all conversations and I find the work in
completing notes pays off because I use it to follow up possibilities and
remain up-to-date when meeting people after a long gap. It’s easy to see
who’s contacting you with specific jobs, and so you can build up a list of
favourites. I keep two files; one for interim providers and one for other
network contacts.
Looking for a job is a job in itself, and you need breaks from it to remain
fresh. Always ensure that you balance this by enjoying a sport or activity
that you love without feeling guilty, even in the middle of the week. You will
more than catch up when you land the job. When you do work, do so
methodically, covering the whole market. Keep an open mind, as jobs
come up in the most surprising way.
You need to focus on how you can build up your CV, how the markets are
moving and where you want to be. For example, a few years ago, I could
see that healthcare was going to be a good source of interim work. With
some distant record of working in private healthcare, and after a huge
amount of work, I managed to land a role in healthcare that boosted my
rate and provided three more lucrative roles in this sector.
You get used to the predictable questions and answer them with such
persuasion that you know you’ve hit the mark. You become very adept at
turning negative situations into positive ones and generally leading the
conversation or remaining in control.
BE PREPARED TO TURN A JOB DOWN
If you enjoy meeting people then some interviews end up as interesting
conversations with outcomes you can’t predict. As an interim, you must be
prepared to advise the client that your services may not be suitable.
People hiring interims are often in a state of panic and their view of what
they want is blurred, to say the least. You need to guide them to the best
solution.
I can recall at least five occasions when the need was not for an interim at
all, but a management consultant, an interim of a different calibre or, in a
couple of cases, the job would clearly be almost impossible to complete.
Being honest and walking away from an opportunity is sometimes the right
thing to do, but not easy if you haven’t had a job for a long time and are
in need of income.
INTERVIEWS
As with writing CVs, there are plenty of people who can advise on
interview technique. After 16 years of interim work, one’s interview
technique becomes so finely tuned that you have to stop from over-selling
yourself. This is not a boast, but just an occupational hazard to be wary of.
“Clients have more choice and more than one interview is
typical, which means decision-making is slower. Maybe this risk
averseness has resulted in some interim assignments being more
successful, but it comes at a cost to all.”
>9
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT (continued…)
Some interviews or meetings are speculative. You find the client is not
sure what they want – or thinks they know what they want but needs to be
persuaded otherwise! One small but successful contract catering company
wasn’t sure if they needed a Finance Director or a Financial Controller. By
the end of the meeting I had dispensed some advice and the outcome
was that I was not a good fit, and they had a good idea of what might
be best.
On one occasion, a bike importer wanted finance support but their way
of being financed depended on their sales and imports. It was apparent
that their model was flawed; I could see no point in being too closely
associated with the business as I couldn’t understand how they could pay
my fees or remain solvent in the condition in which they found themselves.
On another occasion, the client wanted an interim but they needed a toplevel consultant, if anyone at all. Their business model was not set up and
they needed long-term finance. I could see there would be many hours’
work and little to show for it, especially as they lacked immediate funds. It
was clear this was one to stay away from.
FEES
Setting fees is really important and is best done by comparing against fellow
interims. Most will be happy to share their views. Be wary of some interim
providers as their websites can be misleading or erroneous.
I set my rate at a level that I believe to be fair, but will reduce it if the role
adds to my CV – and I’ll increase my rate if I think the challenge of the role
warrants it. My rates for a job sourced though my own contacts are the same
as that via an interim provider. I do not vary the rate if I work via an interim
provider as I believe the client is getting two distinct services. From the interim
provider, they get advice and a selection of candidates. If I contract directly,
then it is to their financial advantage, but of course they don’t have a choice
of candidates.
You must stand firm on rates. Over the years, it has been a real struggle to
keep or increase my rate, even though my growing experience means I am
undoubtedly offering a far better product or service. The market has been
weak and you have to go with the market.
“I strongly recommend keeping notes of each meeting
and telephone call. I have pro-forma sheets which
track all conversations and I find the work in
completing notes pays off because I use it to follow up
possibilities and remain up-to-date when meeting
people after a long gap. It’s easy to see who’s
contacting you with specific jobs, and so you can
build up a list of favourites. I keep two files; one for
interim providers and one for other network contacts.”
> 10
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT (continued…)
STARTING THE ASSIGNMENT
However thoroughly the client has described the assignment, the
challenges and the desired achievements, there will be something
fundamental they’ve missed – and you’ll find this out very quickly. You
need to stay focused in those early days. I believe you have around one
week to make a mark which will determine whether the assignment is a
success or failure.
People will be looking out to see how you react to things at the outset;
they will be assessing your management style. You need to let them do so,
there’s nothing wrong with that and it will give them confidence to know
your type. This is especially so when you are stepping into recently
vacated shoes. People will have to adjust. If the former job-holder was let
go, the level of sensitivity will be greater and the need for people to feel
secure is heightened.
I have found there are three rules you need to follow to keep you focused:
One of the most frequently asked questions at interviews is: “what is your
management style?” Experienced interims will have the answer off-pat. It is
a good question and you need to be able to demonstrate your
management style at the outset.
1. Within one week, set objectives and agree them with the person you
report to. It is easy to skip this at the outset, but it will cost you later.
Even if your employer gives you what they think is a list of tasks, do
your own because theirs will never be complete. As the job
progresses, new objectives will appear and others become less
important; it will never be static. Showing these objectives to your
team may also be wise and help define some direction. Sharing it
with your boss will ensure that he/she knows what you have
understood and they can provide any changes needed. Usually
he/she then feels the tasks are in good hands; it provides reassurance
and confidence.
My stock answer was that I was firm but fair. To be honest, after many
years I reverted to a fuller explanation, which was to say that my
management style followed my horse-riding style. “If you are riding a horse
you’ve never ridden, it will be assessing you from the start. You need to
make your mark and evaluate the horse at the outset too, and your initial
reaction to its behaviour is vital for the future.”
2. Don’t say: “when I was at…I did…”. Although you may be tempted to
let everyone know who you are and what you’ve done in your life, it is
best to say very little. It’s best just to listen at first. Your experience will
become apparent as you progress through the assignment.
3. Keep out of office politics. As an interim, it is great that you have no
need to be involved in the politics, but you need to be aware of the
games going on. Your antennae and experience should enable you to
identify the risk areas and avoid them.
“You need to have experience of being a natural leader, capable of
clear communication and able to inspire confidence.”
> 11
HOW TO MARKET YOURSELF AND LAND THE RIGHT INTERIM ASSIGNMENT (continued…)
It is important to find some quick wins, develop the right relations with
people swiftly and let employees see your management style at the outset.
If you are a quiet type then you may need to push yourself to be more
extroverted and live outside your comfort zone for a while. Almost
invariably, when starting out on an assignment, there will be a lack of
confidence within the team and your role is to restore that confidence and
provide a sense of direction and leadership. That’s what interim
management is all about. You need to keep your spirits up as it is lonely,
but if you can inject a sense of humour and build camaraderie, then you’ll
be surprised by how much you can achieve through positive leadership.
THE MIDDLE PERIOD
When you’ve been in the role a few weeks, the relationship issues should
have died down and the long list of objectives will await you as the
mountain awaits the climber. This is the time to get down to solid hard
work. Sometimes you see little progress, but with hard work you will get
there. Inevitably, new things turn up which can’t be foretold and you may
think the whole organisation is rotten. It is best to keep these negative
thoughts to yourself, unless you come across a massive problem that
threatens the whole organisation. If you’re working away from home it
seems that, after six months, you reach a pain barrier as you get bored
with the itinerant lifestyle.
You just have to work your way through this bad patch and keep focused
on the light at the end of the tunnel.
THE END OF THE INTERIM ASSIGNMENT
When you’re handing over an assignment to an incoming permanent
employee, the end is in sight and you have a clear role to hand over as
best as you can. Your legacy will be judged on the quality of your
handover.
Leading the organisation through a difficult or transitional period can make
you very fond of it, and when it is time to go you naturally feel sad at
saying goodbye. This is undoubtedly the biggest drawback of interim
work, in my experience. A permanent person will continue to be part of
the team and doesn’t necessarily experience this sense of loss when
changing positions. If you are coming to the end of the assignment and
there is no clear handover, then departure can be a bit messy. Sometimes
the client wants to keep you on a part-time or consultancy basis. These
roles can be difficult to manage, rarely deliver value for the client and can
block your return to marketing yourself for the next role. So, flattering as
they may be, consider these offers with some caution.
With all assignments, it’s always best to offer an after-sales service and be
pleased to help out with the odd phone call or brief meeting, postassignment. The client always appreciates the offer. You are in business on
your own account and not an employee; best customer relations practice
leads to future opportunities.
Looking back, one of the most rewarding features of interim work has been
the very fulsome thanks I’ve received from clients and the teams with which
you’ve worked. There may be no bonus or financial reward, but the
enthusiasm and kind words received makes all the hard work very
worthwhile.
Assignments which have gone well typically end with thanks in the form of
farewell speeches, cards and restaurant meals. After you’ve left an
assignment, you’re often curious to know how life and events panned out
for the organisation afterwards. You get so involved and yet you are no
longer a part of the picture.
“A new CEO is said to have 100 days to prove him or
herself; an interim has just 5.”
> 12
SOME STORIES FROM MY INTERIM LIFE
Sometimes you just need good luck to find the first job and build a good start to your interim career. However, you’ll only be able to
benefit from luck if you put yourself in a position to receive it. For my very first interim job I travelled to London to meet the interim
provider. At that time, I didn’t know him well. He was one of the older types and a former interim himself. He had a cheeky disposition
and, on arrival at his office, he gleefully told me that an internal candidate had been given the job. He had a laugh at my misfortune
and we had a coffee. I put the meeting down to experience. Next day he phoned to say the internal candidate had turned it down.
They needed someone, anybody, urgently, and could I get to Elephant and Castle in three hours? I duly obliged and so started my
interim career.
After about six months I was asked back to the client via the interim provider for another role. Then secured four more assignments
through contacts and topped the interim provider’s leader-board of candidates.
BUILDING MY CV
I was in the office of the same interim agency firm as before and the
interim provider was scratching his head. The client, a FTSE listed
company, had turned down three of his candidates for an interim group
CFO role. I suggested that, because I had just completed a business plan
in one of the areas in which they were investing heavily, I should go along
and see what they wanted. The CEO was unusual, I was willing to cut my
rate and point out that I’d written a business plan in the area he was
investing showing him that I was very hands on; something which was
clearly important to him. The meeting went well and I got the job.
On paper I would never have been considered for the job. My CV was
building up nicely; an interim CFO role in a FTSE company always looks
good. Two jobs later, I landed a role because the turnover of the FTSE
company was the same as the business for which I was then applying.
GETTING INTO THE PRIVATE EQUITY (PE) SECTOR
The interim agency liked me but was concerned that my PE experience
was too limited for the client and that fee rate was too high. He suggested
I go along and the client could choose between me and the other
candidates, who were younger, less experienced and cheaper. The role
presented a number of relationship challenges and it must have appeared
to the PE firm that my experience might count for more than just the cost
and my immediate record. It is only in the interview that you win these
battles; the trick is to get into the interview in the first place. This is when
you need a savvy interim provider who knows you, has really grasped the
client’s needs and is prepared to take some risks. The job involved hard
work, with the added risk of an abrupt end if the PE firm’s purchase of
another business fell through. In the end, the assignment lasted 10 months
and was one of my most rewarding.
“It is important to find some quick wins, develop the right relations with
people swiftly and let employees see your management style at the outset. If
you are a quiet type then you may need to push yourself to be more
extroverted and live outside your comfort zone for a while.“
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SOME STORIES FROM MY INTERIM LIFE (continued…)
Any conversation regarding the fee rate disappeared instantly and I
proved my technical accounting knowledge with regards to PE-backed
businesses. All parties were pleased and this reflected upon the recruiter in
the most favourable way. Having PE experience on the CV helps you win
roles in and out of that area.
MAKING NETWORKING WORK
The rewards from networking can take a long time to come through and
you need to be careful and patient. I was a member of a finance
executives’ network but wondered why I bothered as nothing seemed to
come of it. Well, after nine years, I called one of the members in my
search for a job and my call landed at just the right time. I acquired a
good job for seven months with a PE-backed media business. During this
time, I was called by a firm looking for an interim, which I passed over to
another colleague in the network – and then two years later another job
came up via that same network. Nine years is a long time to wait, but as
one of the routes to the market, networks do work.
Jobs come from surprising sources: networking is hit and miss. I joined an
angel investors’ group back in 2000. Based in Oxford, it sought people
interested in investing in a range of somewhat risky ventures, mainly in the
science field. I never thought seriously of investing in these ventures. What
the meetings provided was a means of connecting with advisers and new
business owners. A chance meeting with a lawyer led to a meeting with
his client and a job in developing a business plan in a telecom/technical
field. This was a decent job, but what amazed me was how it emerged
purely through networking: none of the people I talked to really knew me
or my capabilities.
Being referred to someone for a role is a good and safe route: being
recommended for a job and working previously with clients is probably the
best way to achieve a role. This has been the case in around one-third of
my jobs across 16 years. However, you do need to watch out. One role I
had was a nightmare to begin with but ended well. One Thursday, I was
recommended for a role by a former client and asked if I could be 250
miles away by Monday, and become the FD of a company? They hadn’t
fired their current FD, but they wanted me there because they didn’t trust
their FD. I arrived on Monday, introduced myself and found they had
forgotten to tell the incumbent FD that I was turning up. What followed
was one of the most “interesting” meetings I have had…
“Networking is hard work and needs an outgoing
ever-confident approach to keep going. As the
Chinese proverb rightly states: ‘He who sits at home
stays on bottom’”.
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SOME STORIES FROM MY INTERIM LIFE (continued…)
When you don’t get a job despite the interview going well, it can be very
frustrating. It can be upsetting to go through a long interview and not get a
role you really want, despite believing you’re well suited. This is usually
because there’s something the client has seen in another candidate, rather
than being due to your own weakness. Sometimes it’s because you may lack
just one attribute that stops the client from ticking the box, so you can’t quite
get it over the line. It happens to everyone and you need to try and evaluate
why it occurred. I interviewed for a role with a legal firm and another with a
large membership organisation. Both roles would have been great and I
wonder why I got neither. Another lost opportunity involved working with a PEbacked healthcare group. The interview was tough and lasted over two hours,
and then I didn’t get the job. At least I came away feeling that the experience
was valuable, if punishing at the time.
DON’T BE STRUNG ALONG
You can be invited to an interview and then find that, without the knowledge
of the interim provider, the client has interviewed other candidates who are
contacts of one of the non-executive directors or the Chairman. Be wary!
However good you are, the chances of landing the job have suddenly
vanished. This has happened on a couple of occasions; it is frustrating and
you just have to write off the time. During the interview, it’s usually apparent
from the beginning that the client has made his or her selection.
Try to find out how many candidates are being interviewed as some clients
use multiple interim providers and agencies. Find out who and how many
agencies and candidates are involved. You need to know your odds of
winning. For one assignment, the client had gone to four different agencies,
all used to handling roles well below the level of the role on offer. The client
was swamped with CVs, none of which were likely to be suitable.
You can win in these situations but you need to tread carefully. This happened
with me, despite the job coming from an agency from which I never thought I
would have success, yet it was my longest role. This shows that you need to
turn over every stone to find out what is underneath.
Interim Management & Executive Search
Board l Business Transformation & Technology l Finance l Human Resources
BY COLIN HAWKINS
If you are interested in becoming an interim manager, and would
like some further advice on this, please call our consultants on
01753 303 600.
E: [email protected]
W: www.etonbridgepartners.com
TRUSTED PARTNERS
Eton Bridge Partners has built a reputation as experts and allies in
Executive Search and Interim Management. Our four specialist
practices of Board, Business Transformation & Technology, Finance
and Human Resources each understand the required skills,
experience and chemistry needed to source and secure the right
people for the right role.
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