Interim profile
Candidate ID: 1303097
Year became an Interim Manager: 2008
Functional Focus: Finance
Corporate Career Summary:
Qualified Chartered Accountant with a wide range of experience in a range small and medium sized enterprises, listed in London, Nasdaq, and private companies.
- A desire to run my own business.
- Particular experience in Healthcare and Biotechnology
- Specialise in acquisitions, restructuring and divestment of substantial assets often involving complex agreements.
- Successfully developed a Medical company with two others from start-up to successful commercial organisation, raising approx. $15mil. Company is now a listed Plc.
- Restructured AIM listed company closing down 2 divisions to focus strategy on growth areas of the business. Raised finance to support growth, and stayed as a Non-Exec for two years to follow plan through.
- Significant involvement in five >£10mil acquisitions at small pharmaceutical company. On each occasion, I led financial due diligence, developed financial aspects of agreements and public documents.
- Acquired a $23mil product, set up a US subsidiary sales and distribution office and put in place low mark-up agreements to substantially reduce effective tax rates.
- Significant involvement in structuring several out-licensing deals, to maximise tax revenues.
- Negotiated two future royalty/ loan swaps with different US companies raising $90mil for Vernalis.
- Designed and executed agreements for sale of US subsidiary and certain UK intellectual property to a French Pharmaceutical company.
“What made you decide to become an Interim?”
I was made redundant and decided I wanted a break from corporate politics, whilst still doing interesting work.
“Any regrets?”
Sometimes during the quiet times when I don’t do enough with the free time that I have, due to focusing on my next role.
“What are the upsides to being an Interim?”
- Spending time with the kids
- Having a clear focus on a particular project
- No politics
“What has been the high point of your Interim career so far..?”
I completed a four month assignment acting as interim CFO between one leaving and a new one joining. During that time, I successfully reorganised their reporting system, significantly improved the plan, and brought them visibility of costs and cash life that they just didn’t have.
“And the biggest challenge?”
Convincing myself that I can network, and present myself to people, as it is not something that comes naturally to me and most accountants.
“What do you enjoy the least?”
Emails in the evening to keep the network going (ask my wife)!
“Contractual must do/must have”
“Any strong words of advice on contractual ‘must do/must have’?”
- Professional Indemnity Insurance using a broker. (Don’t do it on the internet unless you really know what you are doing, as you may not be covered.)
- A friendly lawyer to help you get a quality contract
- Direct debits for payments if possible, or interest clause
- Make sure limit of liability is matched by your insurance
“How do you cope with the ‘feast and famine’ nature of interim work?”
The feast is easy to cope with. The more that there is to do, the more time you can make.
The famine is difficult. I do not know how days pass so quickly sometimes when it is possible to achieve so little. You have to have the confidence to believe that the next contract is just around the corner, and you never know where it is coming from, so keep in contact with everyone.
“What networks would you recommend that keep you in touch and are useful to you?”
I like the Oxfordshire Bioscience Network. Lots of people say that Linked in is the best and I have decided that I will sort out my profile and start using it properly.
“What is the ‘buzz’ that keeps you interimming?”
Talking to my wife who works full-time for a big corporate! Never knowing where the next contract is coming from, and the fact that I can play golf tomorrow.
“How do you set a day rate?”
It will vary according to the job, and how much I want it. I like to think that wherever I go they will save a lot more than my fee.
“What top tips would you give an aspiring interim manager?”
- Find a group of like minded interims that you can network with as you can all help each other. Do not pick people that you directly compete with, but people who get jobs from the same people. E.g. Regulatory Director.
- Meet a good networker and take them out to lunch to find out what they do
“What basic housekeeping things are important (set up as a Ltd company, get PII, find a good accountant, business cards etc.)?”
- Do all of the above!
- Make sure that you are disciplined with your own accounting. Keep personal and work receipts separate, record all of your mileage and deal with a small accountant who knows how one man bands operate