Finding an interim manager for your firm

Nation's Business, May, 1997 by Roberta Maynard

Hiring an interim executive for a defined period could be just the right move for a small company that has a specific short-term need but does not have the talent on staff to meet it.

The principal reasons for bringing in such a management specialist are to convert or upgrade computer systems, consolidate financial processes, relocate manufacturing, implement productivity programs, or redesign human-resource functions.

The experience can be good for the business and the executive, provided a few pitfalls are avoided, according to John Thompson, CEO of IMCOR, Inc., an interim-management company in Stamford, Conn. He offers this guidance:

* Evaluate the result you want to achieve. You'll pay a premium for such short-term work, and you'll be charged an agency fee. Will the result outweight the cost?

* Use a written contract that spells out the terms of the arrangement and exactly what is expected of the interim executive.

* Take the opportunity to use the executive as a mentor to employees.

* Regardless of how long the management specialist is to be with the company, take steps to remove concerns among other employees that the manager may be a threat to them. Inform employees of the specialist's credentials and mission.

* Be prepared to give the person the freedom to get things done. Otherwise, results will be disappointing.