Justifying an Interim Executive As An Investment For Your Business
The experience that comes with an interim executive can save and make you money in the long-term, but some companies are reluctant to sign the contract because it can be expensive. This episode discusses how interim executives justify the expensive contract.
Matthew shares his thoughts on the topic:
“We are worth what you pay us to do for you. And I think that if I were hiring if I were a CEO in a startup situation and I was hiring a head-of-sales in marketing because that is where my focus was. And the fact that this executive is going to cost me more than if I went to the marketplace to hire somebody. One of the things that we tend to forget is our executives, almost every one of them has been in the marketplace in a very senior position for 20-plus years. And with that, they bring a not only a depth of the knowledge of what their discipline is but a breath of other knowledge because they’ve been in large corporations or they’ve been in large organizations where they’ve seen more than just their discipline. Many of them have been exposed to acquisitions, divestitures, startups. They know what to look for in addition to just their discipline.”
Kristen has some words of wisdom for executives mulling over the costs of hiring an interim executive:
“What are you looking for your executives to accomplish? You can have a part-time executive accomplish it in a shorter period of time, and that’s actually going to cost you a lot. Is it more expensive than the do-nothing option in the short-term? Yeah, if I do nothing. I don’t bring an executive in, and I go with my assistive team, just remember their thinking is limited to the handful of companies that they’ve worked with. They’re likely not going to all of a sudden jump in expertise and have the answers that you need, or the expertise that you need for the next couple of weeks, or the next couple of months. And that’s by design a double-edged sword.”