Interim profile
Candidate ID: 1302835
Year became an Interim Manager: 1990
Functional Focus: Change Management & Human Resources
Corporate Career Summary:
5 years in the car industry, followed by 7 years in the IT/High technology sector culminating in the role of Personnel and Property Director of a PLC listed IT business. Stumbled into the life sciences sector through a head hunter introduction in 1996!
“What made you decide to become an Interim?”
The IT business, of which I was a Director, was acquired by another company, and I felt I had one or two opportunities where I could make money on an independent basis. My first invoice was raised based on saving a client a significant amount of money on a commercial property transaction – a long way from Human Resources! – but that got me started.
“Any regrets?”
None whatsoever.
“What are the upsides to being an Interim?”
Flexibility and variety. I’ve never been one who could be satisfied with a steady state role with little changing in the organisation or the role. An interim career provides continuing challenges as you look to hit the deck running in whatever project you take on next.
“What has been the high point of your Interim career so far..?”
There have been a number of high points – after all my years of being an independent / interim I can look back on several major change assignments on which I have been engaged.
I have particularly fond memories of 18 months with Oxford Asymmetry International including the full listing of OAI on the LSE at a valuation of £120m only some 6 years following spin out from Oxford University. OAI was subsequently sold for £312m to Evotec just 2 years later.
“And the biggest challenge?”
I’d like to think my assignments are all “big challenges” – I tend to avoid any which just appears to be a “gap fill” requirement. Of note would be one assignment with an IT reseller (£100m turnover)– led by a self made businessman – who had taken a VC investment in return for a 25% stake in his business, and had then been at loggerheads with his VC backer ever since. Rebuilding that relationship, and the board & executive team in the business, and seeing the organisation going from strength to strength leaves a great feeling of satisfaction from 9 months engaged on the project.
“What do you enjoy most about being an Interim?”
- Variety and challenge – you can make an impact – and are expected to make an impact quickly
- You are not burdened by the politics of the organisation
- You can speak openly and frankly as you are not worried about damaging your own career in that organisation
- You don’t get bogged down in any routine, boring “stuff”
“And least?”
Struggling to answer this one – there is not much that I don’t like about being an interim. If things go quiet then that is probably the hardest time as you struggle to find the next assignment – 2009 saw a lot of underemployed interims.
Some would say that it is a fairly lonely & independent career path, although I have to say that when on assignment, I find sufficient team connections to match my relationship needs.
“Contractual must do/must have”
“Any strong words of advice on contractual ‘must do/must have’?”
- Set out your stall well so you know exactly what you can offer and always operate with a commercial edge
- Find a decent contract template that you can put forward if needed. This will often be determined by the other party but it is good to be prepared for any clients where you are engaged directly
“How do you cope with the ‘feast and famine’ nature of interim work?”
I’ve been very successful in running a portfolio of part time interim roles coupled with occasional short term consultancy assignments – that way you don’t have all your eggs in one basket. When one assignment closes you still have at least a couple of days engaged elsewhere – if you can work that way, then it is very efficient.
The majority of interims work flat out on assignment and never have time to look for the next one. When you do have down time, however, remember to enjoy it! – You’ve earned it. Stay fit and healthy in the breaks and try not to get pre-occupied about the lack of invoices being generated.
“What networks would you recommend that keep you in touch and are useful to you?”
- I’d advise everyone to work hard on their personal networks. Assignments don’t necessarily come from interim agencies – only 3 of my assignments have come from interim providers.
- I am always happy to share a coffee with anyone who contacts me if the geography permits – you never can tell when that time investment may produce a return.
- Don’t fall into the trap of becoming the professional networker – someone who has a very full diary of meetings but nothing is ever invoicable!
- Find what works for you by way of associations - I am a member of CIPD but that is it for me on professional associations, and I have about 3 or 4 informal networks with whom I interact from time to time.
- I am a late convert to LinkedIn, but it looks to be the best professional networking site.
“What is the ‘buzz’ that keeps you interimming?”
- Day 1 with a new client is always a highlight as you start to grapple with the next challenge, and of course it is great to look back with satisfaction on completing an assignment
- It’s always good to do the invoices at the end of the month
- Business referrals are always nice
- Make sure you use the flexibility that interimming can provide – my golf handicap has come down by 5 this year to 11, and I have won “golfer of the year” at my club. Now that’s an achievement!
“How do you set a day rate?”
Simple – two things
- What the market will bear. Know your sector and current rates, and hence your value.
- How interested are you in the project? If it really appeals then be prepared to be flexible.
I’ve always operated that it is better to be engaged at £500 a day for a week, than spend a week searching for the £1000 day rate.
“What top tips would you give an aspiring interim manager?”
- Set out your stall and know what you are offering
- Engage with other interims and listen and learn
- Getting started is always the worst time – although some say year 2 is the worst, as year 1 can often include some work for your previous corporate employer
- Don’t expect the earth from agencies –but do get on their databases and meet selective consultants
“What basic housekeeping things are important (set up as a Ltd company, get PII, find a good accountant, business cards etc.)?”
- Don’t waste a fortune on set up costs – you can set up on a shoestring quite effectively
- You can operate initially as a sole trader if you can find clients directly – however, if you are relying on agency introductions then you will need a limited company from the outset
- VAT registration and Professional Indemnity Insurance add credibility to your interim status
- By referral, find an accountant who is skilled in the SME / Independent sector
- A web site these days does not cost a fortune, and will add credibility to your marketing approaches. Having said that – I don’t have one myself!!