Last week, the Rutherford Cross interim team hosted their first in-person roundtable lunch with experienced interim CFO, Bill Power. The theme of the lunch was ‘Navigating the World of Interim for Senior Finance Professionals’ and we were joined by 12 senior finance professionals, all of whom are either currently interim contractors or are curious about what an interim career could offer.
We posed four main questions to Bill, as well as the wider group. Bill was able to give some thought-provoking insight into and stimulated a fantastic conversation around the table.
1. What were your motivations for starting a role within the interim market?
Bill stressed the importance of being selective of the assignments that you choose (including the fact that you can work with people you like!). In Bill’s experience, he applied for roles that would have a positive impact on society and good morals behind the business.
Following an interim career path can enable you to prioritise your ‘work-life balance’ due to the flexible nature of interim roles and being able to decide exactly when you want to work. The table also discussed the accelerated learning that comes from working across different businesses and taking best practice from each of them. Moreover, it was highlighted that interim roles are preferable for those who enjoy a challenge or project (such as supporting a distressed business in a time of need) as opposed to a steady-state role, as well as for those who enjoy working throughout the winter months, but like to travel during the summer or in between assignments.
2. What advice would you give to enable others to make an impact in the early stages of an interim assignment?
The ‘nugget of wisdom’ from Bill on this topic was to ‘find out what the burning platform is.’ These ‘burning platforms’ can be for a variety of reasons, and getting to the bottom of how to fix them (this is likely to align with why they need an interim) is key to making a positive impact. This could relate to the business having cashflow issues, a project / system implementation or covering an essential BAU role during maternity leave.
Conversations around the table also led to the fact that interim contractors can bring a fresh perspective to a finance team. These fresh perspectives can often be valuable, but equally long-standing teams may not be receptive to new ideas or ways of working. In an interim role, you are likely there to solve an ongoing issue and make an impact.
3. There is often uncertainty in operating in the interim market. What advice would you offer to mitigate this?
Bill advised that you should never stop looking for new opportunities, even when you are fully engaged. This includes keeping an eye on what might come next during your current assignment. Never turn down a coffee chat or a meeting, as it may lead to an opportunity further down the line. We would always recommend committing and completing your current assignment, but remaining mindful of your future.
Engaging with specialist interim recruiters, such as the team at Rutherford Cross, as well as cultivating relationships with the banks and PE houses was also discussed. These relationships will open doors and a strong network will allow you to broker introductions with businesses who need an interim contractor.
4. What are the key attributes to being successful in the interim market, and what skills will be required for the finance professional of the future?
Bill argued that an established interim finance professional requires the same attributes as those required in the early days of the profession, and it is often understanding the basics and using general common sense that will matter most when undertaking a new assignment.
It was noted that you shouldn’t be afraid to charge your worth, as working as an interim can often come with a hint of uncertainty, but will also come with the excitement of a challenge you may not get in a permanent role. Looking to the future, it is key that finance professionals are receptive to modern technology and utilise the likes of Chat GPT, and Power BI.
Rutherford Cross was delighted to host the first instalment in this new event series for interim contractors, and events will be run in both Glasgow and Edinburgh. If you are keen to get involved in the next session, or to find out more about the senior interim finance space, please get in touch directly with the team.
Derek Lauder (Senior Appointments – Scotland): [email protected]
Christina McLean (West / Central Scotland): [email protected]
Euan Bodie (West / Central Scotland & Aberdeen): [email protected]
Mollie Rogerson (East of Scotland): [email protected]
