Case Study 1 – A Time of Crisis
Due to the abrupt resignation of the incumbent CFO, a Melbourne- based ASX listed transport organisation required a replacement at short notice. Concurrently the company was going through a difficult time with a significant reduction in its share price and numerous internal crises.
After discussing the situation with the Chairman and CEO, the gravity of the situation demanded the company quickly find a highly skilled and experienced CFO with listed markets experience together with respect from bankers, equity analysts and other significant stakeholders. The reality of the company’s situation was also such that it would be near impossible to attract the right person to be the full-time CFO.
As a consequence of the above and after discussion with Conari Interim Solutions, the Chairman and CEO decided the best strategy to be to procure an exceptional Interim CFO for 6 to 9 months to stabilise and then turn around the financial position of the company, reinspire market confidence and provide a platform from which to hire a fulltime CFO.
Within four business days Conari Interim Solutions provided the company with a choice of four interim CFOs. After consulting with their bankers and others, and after appropriate reference checking, a very senior, highly regarded, skilled, experienced and disciplined CFO was decided upon. After a short amount of negotiation of contract terms an initial six month interim contract was commenced within ten days of the company’s decision to use Interim as a solution.
The company then commenced its path to recovery with a platform set to commence an executive search strategy for a fulltime CFO.
Case Study 2 – How Interim Management and Executive Search can work together
A Utility company approached Conari Partners to undertake an executive search strategy for a new CFO. Upon discussion with the CEO of the utility company it quickly became apparent that the skills and experience being sought was inconsistent with the desired remuneration package.
After further discussion with the CEO and a more detailed analysis of just what a new CFO was required to do it became apparent that what was really required was a senior (and expensive) CFO to join the organisation for 4 to 6 months as the driver and implementer of change within the finance function. Once completed an appropriately qualified full-time CFO could be employed at the desired remuneration level.
CEO embraced this strategy engaging Conari Interim Solutions to find a senior CFO for a 6 month period; concurrently, a strategy was developed with Conari Partners to commence an executive search for the appropriate fulltime CFO three months hence with a view to that person commencing towards the end of the interim CFO’s contract.
Conari Interim Solutions provided the utility with a high profile, vastly experienced and capable interim CFO within seven days, with the person commencing within 14 days of strategy implementation. At the expiry of the contract period the CEO had achieved all desired objectives and with a new, high quality finance platform established, a new CFO could begin to operate effectively.
Case Study 3 – The Business Sale Process
A mid-sized private company had some years previously introduced an innovative model that used global resources and the various respective time zones to solve a long standing industry problem. The organisation had built a significant business with both solid growth and margin and operated across a number of global markets. Due to its success and a range of other issues relevant to the shareholders, it was decided that the opportunity was right to market the business for sale both locally and overseas. Once a decision was made by the shareholders, it was decided that prompt action was required and whilst some work had been done regarding potential suitors, the directors felt that it was appropriate that they ensure their sale process was “best practice” and they were not leaving themselves exposed to missing potential opportunities to maximise the outcome.
Conari Interim Solutions was contacted to ask if we could provide a skilled resource who in the first instance could assess the sale process the company was embarking upon and whether there were deficiencies or areas that were missed. Conari Interim Solutions provided four candidates within three business days, all available and with significant experience in the sale side process of these types of transactions. The board selected their preferred candidate and that candidate was immediately engaged to carry out a review. That review was done very quickly and provided great insight into the full ambit of a business sale process. The board were extremely happy with the work done and the candidate was further engaged for future months to assist the organisation through the sale process to ensure the best possible outcome.
The company have gone forward into the process assured that they are operating at best practice with a view that they will now achieve the outcome they envisaged.