Interim management (Latin ad interim ‘meanwhile’, ‘for the time being’) is a temporary type of business management. “Management auf Zeit” is an occasionally used German translation for interim management.

Interim managers take responsibility for the results of their work in a line position or on a project. They leave the company or the role they have filled as soon as the problem has been solved, for example once a stable new corporate or divisional management team has been established, or once the project in which they were involved has been completed.

Overall, commissioning an interim manager can be of great benefit to companies. An interim manager can help to overcome difficult tasks, fill gaps in leadership or expertise and capitalize on opportunities. By working with an experienced interim manager, a company can be able to achieve its goals more effectively and faster and return to long-term success.

The duration of interim mandates depends very much on the individual situation. I have worked on interim mandates for various clients for a period of between 5 and >12 months.

As a rule of thumb: For mandates with a term of >9-10 months, the client is well advised to carry out a comparative business calculation. From a project management perspective: No project longer than 9 months. Short project durations produce better results.

Interim managers are usually very experienced executives with broad knowledge and extensive experience in their respective fields.

Successful interim managers usually have a wide range of skills and qualifications. The most important of these include experience in management positions, industry expertise, knowledge of general management, finance, restructuring and sales as well as the ability to act quickly and solve problems.

A successful interim manager must also be able to work well with all stakeholders such as clients, employees, customers and suppliers to maintain clear communication. In addition, an interim manager must have the ability to motivate and inspire employees to achieve the organization’s goals.

There are various reasons why a company should consider assigning an interim manager. One of the main reasons is if the company is facing a difficult task that cannot be handled internally. This may be the case, for example, if a company needs to set up a new business unit, launch a new product or overcome a corporate crisis. In the event of a corporate crisis in particular, I recommend acting immediately, as the room for manoeuvre decreases as the crisis progresses.

Another reason for hiring an interim manager maybe if there is a management or skills gap in the company. In this case, an interim manager can be deployed as a temporary executive to lead the company through the crisis or to further develop the company.

Finally, an interim manager can also be helpful if the company needs to act quickly to capitalize on an opportunity. This may be the case when investing in or acquiring a company. 

In this case, an interim manager can be assigned quickly and start work immediately to capitalize on the momentum.