What is the purpose of interim management?

What is the purpose of interim management? 

Public companies often have two tier corporate organisation which consist of board of directors who protect shareholders interest and senior management who is responsible for day-to day operations and profitability of the company, including chief executive officer (CEO), chief operation officer (COO) and chief financial officer (CFO). When management is doing a good job business operations should run smoothly but as you probably know that is not always the case. In time of turmoil company can seek professional help in form of consultancy or more often by hiring an interim management whose job is to manage a company during a transition or crisis.

Interim management is modern troubleshooting management techniques that started in the mid to late 1970s gaining a momentum during the decades to come. Even though it bears similarity with management consultancy, interim management can deliver more effective solution in less time. In simple terms interim management offers you an opportunity to hire highly skilled and experienced executive who can manage a company during a hard times and produce solutions that will leave noticeable impact on your business. In time of crises timing is important so if you can't find anyone suitable within the company or if you can't find anyone on such a short notice interim management is the perfect solution.He or she can be appointed faster, speeding the process in that way and getting to what is really important, conducting and complete business related assignments. 

Interim management bears many benefits that makes it a popular solution. usually operating on a senior management brings  experience and knowledge that makes them highly productive, maximizing probability of success. Their abilities should be the only criteria when choosing the right person in a role of interim management. Having someone new taking care of business that can five you a fresh outside perspective is always a good thing. By doing a good job, effectively solving problem and cutting cost interim manager builds a reputation for himself so you can be sure that it is in your and his best interest to help company transitions during rough times. Being interim management not only advisory role but engagement in implementation, being fully responsible for the outcome. Working with your team under your control interim manager will add value by delivering solutions that come through deep understanding of your company's objectives.

Assignments for interim management can vary in scope and requirements depending on a situation, from crisis management, sudden departure or change in management to IPO's, mergers and acquisitions;number of possible situation is endless. Carrying out the implementation, analysis and implementation depends on the situation. In case reverse takeover when old management steps out completely and there is certain time to get the affairs in order and make company current Mina Mar Group steps in as an interim management "cleaning" the company, doing all late filings making sure that everything that will make company up to date and make it profitable again is done. After the assignment is done and objectives are reached new management can step in. But we don't stop there, we are always available to provide you with insight and guidance that come from our 20 year experience in the business. Contact us – MinaMarGroup.com