INTERIM – THE ULTIMATE GUIDE

Colin Hawkins reflects on his successful 16- year career as interim manager and 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 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? 3. How will being in on your own impact your family? You must have a buffer to withstand down time. When an Family support is important, otherwise stresses can evolve interim role ends there is no redundancy money to fall back which may later hamper your achievements, or impose on, so if you have a mortgage and school fees to service, strain on family life. then think carefully about interim as a career. 4. Will you miss being a ‘permanent’ part of a management team? 2. Can you cope with the loneliness of being on your own when in work and out of work? 5. Do you have the physical and mental fitness to cope with the ups You need to stay cheerful in the face of adversity. You’ll be and downs of interim life? best suited to interim if you’ve had a position of authority where you – and only you – have had to make the key decisions. 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 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! WHAT HAS CHANGED IN THE LAST 16 YEARS? > THE INTERIM MARKET Previously, most of your time in an initial interview was > INTERIM PROVIDERS spent explaining what interim management was all about, 16 years ago, there were just a handful of interim providers but now it is far better understood. There is still some and so you either made it onto their books or not. Now, there scepticism, which is understandable. Interims seem to be are possibly over 200 agencies and the scene is fragmented, able to flip between interim and permanent, whereas with many individuals moving around or setting up on their before, this would have been frowned upon. Sixteen years own. Several interim providers have re-organised themselves ago the dot com boom was in full swing, creating into teams dedicated to specific sectors. This undoubtedly demands for anyone who could write a business plan or meets clients’ perceived needs but makes it less attractive pretend to do so. Private Equity firms and banks were keen for the interim who prefers to move from one sector to to put in key turnaround guys and some interims flourished another, providing a range of non-sector-specific skill sets. without an interim provider, as workflow ensured a steady Some providers judge a candidate’s suitability based on stream of roles through just a few contacts. Although the sector experience rather than their character and skill set. number of interim roles has increased overall, and in spite of less turnaround work, there has been a greater increase “Interims are constantly learning, through in interims and interim providers. Competition to land the next role has grown. being thrown into new roles. You’ll develop your team management skills in varied > LINKEDIN This has changed access to the market. On the surface, circumstances and receive thanks for the it’s easier for the client to reach a potential candidate, but work done.” with no quality , the client will be less sure they find the right ones. > 3 INTERIM VS PERMANENT (continued…)

> INTERIMS > TAX 16 years ago, interims were far more maverick in outlook and The Government has always struggled to make IR35 work as it style. After all, you were going into the unknown and, like all should. It’s now resorting to budget and legislation changes explorers, probably possessed a more adventurous spirit than for clients and intermediaries to force its way, and there will most. Today, there is less distinction between interims and be unintended consequences for many genuine interims and permanents, which has likely been fashioned by changes in others totally unconnected with the interim world (or the ‘gig the market. economy’). The change in tax on dividends will adversely affect an interim’s net income. With pressure on fees and > TIME TAKEN TO LAND A JOB with tax changes, the financial benefits of interim work seem This has increased significantly. Previously, with fewer interims likely to be less attractive, so deciding to become an interim around, clients would hire anyone meeting 75% of the is going to be even more testing. 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.

> 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 “Anotherdriven by factors major other disadvantage than income. 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 1. Gaps between work: Some interims find this more troublesome providers, top-level directors, accounts teams, professionals than others, but for all interims it is something to manage and and other seasoned interims. some do this better than others. I have been fortunate in not having more than a few months out of work during these 16 2. Tasting a huge range of roles: From Consultant, to Financial years. You need a financial buffer, a cheerful disposition in the Controller (FC) to Group Chief Financial Officer (CFO) of a FTSE face of adversity, steely resolve to reject a job that is not right, 250 listed company. and support from those closest to you. My wife ran her own business and has experienced all the ups and downs that 3. Working in diverse sectors: From Business Services to Utilities, come with this: she told me confidently that the long wait will Waste Management, Telecoms, Media, Events Management, not be for long and something will turn up. She was right! Hospitality, Healthcare, Education and Property. Working with different types of – from PLCs, to Private Equity- 2. Financial reward: Interim work may or may not be better paid backed enterprises, to SMEs, charities and mutual companies. I than a permanent equivalent job. It is not going to make you would never have been considered for a permanent CFO particularly wealthy. Given that my family has had the same position of a FTSE 250 company; only interim allowed me to roof over its heads since I left a long-term, permanent role, I experience this senior position. can assume that the rewards are not that different from an equivalent position. Comparisons are not easy to make, 4. Constantly learning through being thrown into new roles: There however, and the headline rates, which make interim look well is no better way to remain mentally alert and learn more of life. paid, are misleading. Most of my roles were as Financial Director (FD)/CFO, but my two roles as Group Financial Controller, reporting to another 3. Part of the team: One major disadvantage of interim work is FD/CFO, taught me so much about how to be a good leader. 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 5. Developing team management skills: All situations demanded team for the long-term is important to you, then interim is skilful team management and enacting this in such varied probably not the right role. 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. 8. CAPABLE OF MAKING TOUGH DECISIONS You need to have experience of being a natural leader, Most situations will need some quick decisions which are capable of clear communication and be able to inspire never easy and can only be achieved by listening to the confidence. right people.

2. PROVEN TRACK RECORD 9. RESULTS ORIENTATED You need to be able to apply your experience to any The client will expect you to achieve certain goals by the interim situation or problem, and will need a number of end of the assignment. years’ experience in varied permanent roles. 10. CAPABLE OF PLANNING AND ORGANISATION 3. ADAPTABILITY TO DIFFERENT CULTURES Your experience should enable you to engage quickly with your new team. 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 4. HANDS-ON APPROACH 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 > Make sure your CV is consistent with your LinkedIn profile and Plenty has been written on how to write a CV; which is your start keep to just one CV at any one time. point. This is your brochure and your website in Word format. > Use a covering letter to bring out salient points about how you meet requirements, rather than constantly change your To add to the many pieces of advice on this subject, here are CV. Never cover these points in an email but always a my tips for interims: separate Word document. So often, the email going to the interim provider will not be sent on to the client and you may > Make sure the break between your permanent career and miss out on an opportunity. interim assignments is clear. > Keep it as short as possible. This is not easy if you’ve collected LINKEDIN a number of interim assignments, so describe your most Ensure your LinkedIn profile is complete and consistent with your recent roles, and just list previous positions with the role, CV. Provide your contact details so people can reach you company and dates. easily. Connect with as many people as you can and only > Avoid all waffle and statements like: “I am trustworthy and refuse invitations to connect with those of little or no value to hardworking”. Replace them with quantifiable achievements you. Make sure your photo is clear and relatively close up; a and hard facts. smiling face also helps. > Be sure to indicate the size of company you worked for (turnover or assets) and the number of people you managed Some people have brochures but I’m doubtful about their directly and indirectly. value. Similarly, I find individual websites less useful now that > Highlight the sectors in which you’ve worked – or want to LinkedIn is so prominent. 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 “LinkedIn has changed access to the market. On the because I had that ‘unusual CV’. 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 It can take many years to reap the rewards, but never give Once you’ve completed your CV and your LinkedIn profile, up. Here’s another cliché: “Every meeting is another where next? opportunity”. You have to keep turning over stones as you never know where the next job will come from – you’ll be The three main routes are: interim providers, your network and surprised how often this approach is fruitful. I landed two other organisations. roles from one association – the first was nine years after originally meeting a contact. > Interim providers: Sourcing interim providers from the IIM survey is possibly the best way to start, but it helps to have someone I tried networking in the Private Equity sector, which is a tough point you to the right person in any firm. If you have strong area to penetrate. I nearly landed a job with one Private sector experience and want to stay in this area, you’ll benefit Equity firm in this way, but it’s very tough and most firms you from working with firms that divide their into approach won’t even acknowledge the receipt of your sector-based teams. If you have a range of sectors then email and CV. these firms are less likely to help you. Remember that interim providers are inundated with CVs; you need to have > Other routes: There are myriad organisations to plug into. There something they can sell. It also helps to get on well with the are turnaround panels run by the banks and panels run by interim providers, as they are the main route to the market. PwC, Deloitte and EY. Interesting people run these groups but Keep the relationship simple, make life easy for them and, jobs are few and far between. There are other organisations above all, be open and honest. such as the Institute of Chartered Accountants in England and Wales, Business Growth Fund PLC, local societies and, for > Networking: Networking is hard work and needs an outgoing finance people, the Finance Executive Network Group, as ever-confident approach to keep going. As the Chinese well as turnaround specialists and memberships. proverb rightly states: “He who sits at home stays on bottom”. 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 You get used to the predictable questions and answer them telephone call. I have pro-forma sheets which track all with such persuasion that you know you’ve hit the mark. You conversations and I find the work in completing notes pays off become very adept at turning negative situations into positive because I use it to follow up possibilities and remain up-to-date ones and generally leading the conversation or remaining in when meeting people after a long gap. It’s easy to see who’s control. 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 BE PREPARED TO TURN A JOB DOWN for other network contacts. If you enjoy meeting people then some interviews end up as interesting conversations with outcomes you can’t predict. As Looking for a job is a job in itself, and you need breaks from it to an interim, you must be prepared to advise the client that your remain fresh. Always ensure that you balance this by enjoying a services may not be suitable. People hiring interims are often in sport or activity that you love without feeling guilty, even in the a state of panic and their view of what they want is blurred, to middle of the week. You will more than catch up when you land say the least. You need to guide them to the best solution. the job. When you do work, do so methodically, covering the whole market. Keep an open mind, as jobs come up in the most I can recall at least five occasions when the need was not for surprising way. an interim at all, but a management consultant, an interim of a different calibre or, in a couple of cases, the job would clearly You need to focus on how you can build up your CV, how the be almost impossible to complete. Being honest and walking markets are moving and where you want to be. For example, a away from an opportunity is sometimes the right thing to do, but few years ago, I could see that healthcare was going to be a not easy if you haven’t had a job for a long time and are in good source of interim work. With some distant record of working need of income. 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.

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 FEES client is not sure what they want – or thinks they know what Setting fees is really important and is best done by comparing they want but needs to be persuaded otherwise! One small but against fellow interims. Most will be happy to share their views. Be successful contract catering company wasn’t sure if they wary of some interim providers as their websites can be misleading needed a Finance Director or a Financial Controller. By the end or erroneous. 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 I set my rate at a level that I believe to be fair, but will reduce it if what might be best. 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 On one occasion, a bike importer wanted finance support but not vary the rate if I work via an interim provider as I believe the their way of being financed depended on their sales and client is getting two distinct services. From the interim provider, they imports. It was apparent that their model was flawed; I could get advice and a selection of candidates. If I contract directly, see no point in being too closely associated with the business then it is to their financial advantage, but of course they don’t as I couldn’t understand how they could pay my fees or remain have a choice of candidates. solvent in the condition in which they found themselves. You must stand firm on rates. Over the years, it has been a real On another occasion, the client wanted an interim but they struggle to keep or increase my rate, even though my growing needed a top-level consultant, if anyone at all. Their business experience means I am undoubtedly offering a far better product model was not set up and they needed long-term finance. I or service. The market has been weak and you have to go with the could see there would be many hours’ work and little to show market. for it, especially as they lacked immediate funds. It was clear this was one to stay away from. “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 People will be looking out to see how you react to things at the However thoroughly the client has described the assignment, outset; they will be assessing your . You need the challenges and the desired achievements, there will be to let them do so, there’s nothing wrong with that and it will give something fundamental they’ve missed – and you’ll find this out them confidence to know your type. This is especially so when very quickly. You need to stay focused in those early days. I you are stepping into recently vacated shoes. People will have believe you have around one week to make a mark which will to adjust. If the former job-holder was let go, the level of determine whether the assignment is a success or failure. 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 1. Within one week, set objectives and agree them with the have the answer off-pat. It is a good question and you need to person you report to. It is easy to skip this at the outset, but it be able to demonstrate your management style at the outset. 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 My stock answer was that I was firm but fair. To be honest, after be complete. As the job progresses, new objectives will many years I reverted to a fuller explanation, which was to say appear and others become less important; it will never be that my management style followed my horse-riding style. “If static. Showing these objectives to your team may also be you are riding a horse you’ve never ridden, it will be assessing wise and help define some direction. Sharing it with your you from the start. You need to make your mark and evaluate boss will ensure that he/she knows what you have the horse at the outset too, and your initial reaction to its understood and they can provide any changes needed. behaviour is vital for the future.” Usually he/she then feels the tasks are in good hands; it provides reassurance and confidence.

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 “Youexperience need should to have enable experience you to identify the of risk beingareas and a natural leader, capableavoid them. 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 Leading the organisation through a difficult or transitional period relations with people swiftly and let employees see your can make you very fond of it, and when it is time to go you management style at the outset. If you are a quiet type then naturally feel sad at saying goodbye. This is undoubtedly the you may need to push yourself to be more extroverted and live biggest drawback of interim work, in my experience. A outside your comfort zone for a while. Almost invariably, when permanent person will continue to be part of the team and starting out on an assignment, there will be a lack of doesn’t necessarily experience this sense of loss when changing confidence within the team and your role is to restore that positions. If you are coming to the end of the assignment and confidence and provide a sense of direction and leadership. there is no clear handover, then departure can be a bit messy. That’s what interim management is all about. You need to keep Sometimes the client wants to keep you on a part-time or your spirits up as it is lonely, but if you can inject a sense of consultancy basis. These roles can be difficult to manage, rarely humour and build camaraderie, then you’ll be surprised by how deliver value for the client and can block your return to much you can achieve through positive leadership. marketing yourself for the next role. So, flattering as they may be, consider these offers with some caution. THE MIDDLE PERIOD When you’ve been in the role a few weeks, the relationship With all assignments, it’s always best to offer an after-sales issues should have died down and the long list of objectives will service and be pleased to help out with the odd phone call or await you as the mountain awaits the climber. This is the time to brief meeting, post-assignment. The client always appreciates get down to solid hard work. Sometimes you see little progress, the offer. You are in business on your own account and not an but with hard work you will get there. Inevitably, new things turn employee; best customer relations practice leads to future up which can’t be foretold and you may think the whole opportunities. organisation is rotten. It is best to keep these negative thoughts to yourself, unless you come across a massive problem that Looking back, one of the most rewarding features of interim threatens the whole organisation. If you’re working away from work has been the very fulsome thanks I’ve received from home it seems that, after six months, you reach a pain barrier as clients and the teams with which you’ve worked. There may be you get bored with the itinerant lifestyle. no bonus or financial reward, but the enthusiasm and kind words received makes all the hard work very worthwhile. You just have to work your way through this bad patch and keep focused on the light at the end of the tunnel. Assignments which have gone well typically end with thanks in the form of farewell speeches, cards and restaurant meals. After THE END OF THE INTERIM ASSIGNMENT you’ve left an assignment, you’re often curious to know how life When you’re handing over an assignment to an incoming and events panned out for the organisation afterwards. You get permanent employee, the end is in sight and you have a clear so involved and yet you are no longer a part of the picture. role to hand over as best as you can. Your legacy will be judged on the quality of your handover. “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 GETTING INTO THE PRIVATE EQUITY (PE) SECTOR I was in the office of the same interim agency firm as before The interim agency liked me but was concerned that my PE and the interim provider was scratching his head. The client, a experience was too limited for the client and that fee rate was FTSE listed company, had turned down three of his candidates too high. He suggested I go along and the client could choose for an interim group CFO role. I suggested that, because I had between me and the other candidates, who were younger, less just completed a business plan in one of the areas in which they experienced and cheaper. The role presented a number of were investing heavily, I should go along and see what they relationship challenges and it must have appeared to the PE wanted. The CEO was unusual, I was willing to cut my rate and firm that my experience might count for more than just the cost point out that I’d written a business plan in the area he was and my immediate record. It is only in the interview that you win investing showing him that I was very hands on; something these battles; the trick is to get into the interview in the first which was clearly important to him. The meeting went well and I place. This is when you need a savvy interim provider who got the job. knows you, has really grasped the client’s needs and is prepared to take some risks. The job involved hard work, with On paper I would never have been considered for the job. My the added risk of an abrupt end if the PE firm’s purchase of CV was building up nicely; an interim CFO role in a FTSE another business fell through. In the end, the assignment lasted company always looks good. Two jobs later, I landed a role 10 months and was one of my most rewarding. because the turnover of the FTSE company was the same as the business for which I was then applying. “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.“ > 13 SOME STORIES FROM MY INTERIM LIFE (continued…)

Any conversation regarding the fee rate disappeared instantly Jobs come from surprising sources: networking is hit and miss. I and I proved my technical accounting knowledge with regards joined an angel investors’ group back in 2000. Based in Oxford, to PE-backed businesses. All parties were pleased and this it sought people interested in investing in a range of somewhat reflected upon the recruiter in the most favourable way. Having risky ventures, mainly in the science field. I never thought PE experience on the CV helps you win roles in and out of that seriously of investing in these ventures. What the meetings area. provided was a means of connecting with advisers and new business owners. A chance meeting with a lawyer led to a MAKING NETWORKING WORK meeting with his client and a job in developing a business plan The rewards from networking can take a long time to come in a telecom/technical field. This was a decent job, but what through and you need to be careful and patient. I was a amazed me was how it emerged purely through networking: member of a finance executives’ network but wondered why I none of the people I talked to really knew me or my bothered as nothing seemed to come of it. Well, after nine capabilities. 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 Being referred to someone for a role is a good and safe route: seven months with a PE-backed media business. During this being recommended for a job and working previously with time, I was called by a firm looking for an interim, which I passed clients is probably the best way to achieve a role. This has been over to another colleague in the network – and then two years the case in around one-third of my jobs across 16 years. later another job came up via that same network. Nine years is However, you do need to watch out. One role I had was a a long time to wait, but as one of the routes to the market, nightmare to begin with but ended well. One Thursday, I was networks do work. 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’”.

> 14 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 PE-backed 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 BY COLIN HAWKINS 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 If you are interested in becoming an interim manager, and would have to write off the time. During the interview, it’s usually apparent like some further advice on this, please call our consultants on from the beginning that the client has made his or her selection. 01753 303 600.

Try to find out how many candidates are being interviewed as E: [email protected] some clients use multiple interim providers and agencies. Find out who and how many agencies and candidates are involved. You W: www.etonbridgepartners.com need to know your odds of winning. For one assignment, the client had gone to four different agencies, all used to handling roles well TRUSTED PARTNERS below the level of the role on offer. The client was swamped with Eton Bridge Partners collaborates to combine the strength of both CVs, none of which were likely to be suitable. Executive Search and Interim Management for the benefit of our network. We partner with a wide range of clients from start-ups, to You can win in these situations but you need to tread carefully. This SMEs, to global blue-chip organisations across all sectors. 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.