Continued ……….
Some of the best IT successes have come about after a turnaround, but just like second marriages the odds are stacked against rather than for. The challenge for the VC must be to find a co-investing entrepreneur, a team from a previous success or to retain some essence from the original founding team who can spread the belief. But what about interim management?
An Interim finance director (or interim FD as they are more familiarly known) can add significant value to both the VC and the company in a turnaround situation because they have the experience and ability to deal with difficult situations objectively. At Isosceles we do this for a living. In a turnaround situation we can act swiftly and decisively providing a dispassionate analysis of costs and potential returns. And because our FDs like what they are doing and are not looking for “a better permanent option” they stay long after the successful turnaround to keep the company on track.
Mike O’connell, CEO, Isosceles Finance
Tags: Finance Director, Interim FD, Outsourced accounting, Outsourced finance
