How can PE funds best introduce interims into a live environment? Once an interim is appointed, an initial challenge a PE fund has to navigate is how they’re introduced to the business. This will vary in difficulty depending on the circumstances of their appointment – in some cases, an interim can be seen as an ally, but in others they might encounter a management team that views them as a threat. When we asked interims how PE funds could support a good introduction, the top answer was funds emphasising their credibility (37%), with just over a fifth (21%) stressing the importance of engaging senior leaders.
The FRP view
How the fund introduces an interim can have significant bearing on the success of their appointment. Some management teams will be suspicious of outside influence, others will embrace help with open arms. In every case, it’s critical that PE funds show that they’re confident in the appointment and communicate the value and experience that the interim brings. Funds might even be able to get management teams on board with the interim’s credibility early by involving them in the interim search process. While this won’t always be appropriate, I’ve seen instances where PE funds have narrowed down a shortlist of candidates that they’re comfortable with, and then sought the existing management team’s input on who they see as the best fit – naturally gathering support behind the interim when they take up post. Another important thing that funds said they wanted to prioritise when making interim introductions was empathy – a factor echoed by the interims we polled. Ultimately, any interaction needs to be respectful of, and accommodating to, the people involved at what could be a very challenging time.
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