“Just-In-Time-Executives” for Uncertain Times
While speaking recently with the CFO of a Fortune 500 company, it became clear that the need for just-in-time-executives is everywhere no matter the size of the company. Temporary executives are a great solution to fill the part-time need or full time gaps. Since we can’t predict the future and as unstable as the economic and political environment continues to be, it helps to have a flexible temporary solution at the leadership level. It never seems to surprise us the various types of situations company owners and executives find themselves faced with and are able to turn to a temporary executive for assistance. Here is a sampling of some we have come across recently:
- $2.6B Healthcare Providersuddenly had no CIO and an IT department operating far from expectations and little coordination with the other business units. Our temporary executive was able to reduce the IT budget, bring all projects in on time and under budget and give the company ample time to find the right permanent candidate. The new CIO was able to walk in and make further improvements rather than spend the first six months fixing what had continued to deteriorate in the absence of the right leadership.
- $30M Hi-Tech manufacturerthat had just been purchased by a $2.9B parent company in Europe added to its already difficult situation of post-M&A integration with its VP of Sales going out on medical leave. With a quick turnaround and the right engineering expertise, a temporary executive not only stepped in and closed a $3M deal but also brought a non-biased outside perspective to the integration and was able to help bridge the cultural gap and prevent high potential for turnover in sales. As the VP of Sales returned, it was a seamless handoff as he transitioned back into his position.
- $17M Family owned manufacturing business found itself lacking in leadership when the father suddenly passed away. With the assistance of a temporary executive acting as Interim President, the company was able to recover from its losses, add to the bottom line through 50% decrease in scrap and 78% decrease in overtime. It also gave the family time and an outside perspective of how to proceed in the long term and put in place the right succession plan.
- $25M Nuclear services companywas in jeopardy of losing its line of credit and had minimal visibility to its financials. A temporary CFO was able to step in a few days a week to establish a solid banking relationship but also got the line or credit increased and found areas to decrease costs such as insurance. The owner eventually decided to take an exit and the company was successfully sold with credible finances and maximized cash proceeds at sale to the owner.
Just-In-Time isn’t just for goods and products and temporary isn’t just for exempt employees anymore. There is a rise in the need and availability of superior temporary executives and we count ourselves lucky to be working with some of the best.