Mike was a co-founder of one of the earliest and largest Interim Management Companies
in the country. He has completed over 200 interim executive searches and is one
of the country’s most experienced executive recruiters in this field.
Whether you need a specialized skill set, have a high-level project to complete or
find yourself with an unexpected hole in your organization, finding the right Interim
Executive requires a diligent process, not a just a key word search on a database.
Our Interim Executive Search Methodology is a rigorous and systematic process designed
to bring you candidates who will deliver the specific results you need.
Our Five Step Methodology
1. Define Success. The single biggest key to getting the right interim executive
is defining specific expectations over the desired time frame. Like-accomplishments
are the greatest predictor of future success for an interim executive. We utilize
our SOAR methodology to make sure your position spec clearly defines expectations,
timetables and deliverables.
2. Sourcing Strategies. In ten years and thousands of searches we never got the
request for the “general manager” because no client ever had a “general problem”.
Interim Executive Search is just that, a search. We source candidates through
a wide array of networks, data bases and contacts. We find the candidates who have
the specific accomplishments in their background so they can solve your specific
problem. We don’t bring you a generalist who will have a steep learning curve.
3. Identify and Verify Successes. Using our success based interviewing process
we will probe each candidate for the 5 key predictors of success. We will put each
of their accomplishments under the microscope to determine if they have had like
accomplishments to the goals you need achieved.
4. Candidate Profiles and Success Driven Interviews. The strong candidates’ qualifications,
assessments and résumé’s are standardized and summarized for your review. The Qualifications
Summary reveals each candidate’s unique value, strengths and points that may need
to be overcome to ensure a successful assignment.
5. Negotiate, Validate and Verify. Once a final candidate is selected, we help negotiate
compensation and contract terms Interim executives may be hired as employees or as
independent contractors depending on the nature and length of the assignment. We
perform deep reference and background checks that validate and verify that the candidate
achieved what they claim in their resume.
Fees for an Interim Executive Search are a combination of small retainer and monthly
installments. A $3000 retainer is required to start the process. When the executive
starts, a fee of 30% of the monthly cash compensation of the executive is due each
time the executive is paid. You only pay for the time the executive is in the position.
No additional fee is due after the executive has been in the position for 12 months.
Should the executive convert to a full time position, a conversion fee of 33.3%
of the total estimated annual cash compensation, less any fees paid to date, will
be due upon the conversion date.
Six Things to Know When Hiring an Interim Executive
1. No one ever has a “general problem”.A “generalist” is rarely the right fit
for an interim assignment because companies don’t have “general problems.” Be wary
of providers who have a “bench” of executives ready to jump into your company. They
may require a steep learning curve to accomplish what you need. Industry experience
does not always translate into the specific problem solving experience you need for
your company. Hiring an interim executive or project manager is not the same as
hiring a temporary A/P clerk.
2. It’s not the size of the “inventory”; it’s the caliber of the recruiting process.Interim executive search is just that, a search. An interim executive search firm
should have a clearly defined process designed to find the interim candidates who
will deliver results you need. A large database is meaningless without a defined
recruiting process. Look for a process that will ensure you see candidates who have
solved similar problems to the ones you face, not just have right key words in their
resumes from a database search. Beware the company who promise candidates in days.
You will end spending more time interviewing candidates who can’t deliver what you
3. Be Prepared to over-hire:Most interim assignments are a result of a problem
or an opportunity for a company that they don’t have the internal resources to handle.
An interim executive or project manager will need to be able to quickly get their
hands around the situation and start making decisions. A more senior executive is
usually able to get up to speed faster.
4. Career consultants rarely are good interim executives.Interim management assignments
require that executives make decisions and execute on those decisions. Most career
consultants have spent their careers advising, but have not been held responsible
for results. Line executives make better interim executives because they are “doers”,
5. Don’t pay consulting rates for an interim line manager. You should be prepared
to pay a premium for an interim executive, but it should still be closer to what
the position would pay if it were a full time job, not an hourly consulting rate.
Consultant rates are based on shorter increments of time and on only being billable
an average of 50% or less. An interim executive will most likely be in a position
full time for several months and an hourly rate could get cost prohibitive. Additionally,
there is a good chance you may eventually hire the interim executive for the position.
You don’t want to start off with the executive being paid way above the salary range
and have to negotiate a substantial cut in salary.
6. It’s Not a Marriage, it’s a tryout. One mistake companies make is to put too
much emphasis on an interim candidate’s “fit” in the organization. That should be
a low priority. You are hiring this person to solve your problems over a short period
of time. Whether they are a fit for your organization can be determined over the
course of the assignment.