The #1 priority in every interim CEO engagement is to stabilize the ship, ensuring that valuable talent and customers are retained. This stabilization makes the company much more attractive to prospective candidates. Depending on the length of the engagement, we may be tasked to take the ship considerably forward. Eaglepoint CEO’s follow a methodology honed from countless interim engagements to make this happen.
Plan
Eaglepoint understands that interim situations demand absolute and immediate attention and great listening skills. Typically, working with the board, we workup a 90 action plan in the first days of our engagement.
Listen
We then execute on that 90 plan by listening. We look carefully throughout the company to determine if there inherent flaws in the underlying business. We spend massive amounts of time meeting with customers, employees, partners and vendors to get the best picture possible.
Assess
We compile our initial assessment for board review within 30 days of the assignment. Typically, our initial findings are directionally correct, if incomplete. With the board’s concurrence, we complete the analysis for their final review before any significant changes are made.
Drive
With the board approval of our plan, we begin to execute on the plan constantly communicating with the board and management team. Meanwhile the search for a new CEO is underway and we make every effort to grow the business and make the company attractive to new candidates.
Advise
Once the new CEO is hired, we are often asked to serve on the board or as an advisor to the CEO, especially in those circumstances where the CEO is a first-time CEO.
As former CEO’s, we understand the pressures of being a CEO. And we understand that our job is provide actionable insight quickly. No credenzaware. No massive studies proving what the CEO already knows. We bring crisp insight on an as needed-basis.
Consequently, Eaglepoint’a advisory services are typically compensated similar to board seat compensation — some mutually agreed-upon retainer and optional equity based on the time and effort desired by the CEO and board.
Eaglepoint Advisors is much more operationally experienced than an agency. We are all former CEO’s who have successfully started and or run various enterprises in a wide variety of sectors and industries.
- Agencies are populated by personnel who have not typically run or executed a P&L, much less a company.
- Agencies don’t run things. They don’t take responsibility for the execution. Eaglepoint can and does.
- Agencies don’t train or staff to replace themselves. Eaglepoint understands the importance of creating operational legacy so the client develops the capability internally.
- Agencies do not have broad networks to bring the best talent to the table. Their profitability hinges on leveraging less expensive full-time resources at higher billable rates. By contrast, Eaglepoint does not have a large staff to mobilize. We bring the best talent available to project.
Absolutely. As ex-CEO’s, we love having a stake in the action. Gainsharing puts us on the same side of the table. Your interests are our interests. Fully and mutually aligned.
Gainsharing can take the form of equity, shadow stock or performance bonuses — each of these instruments aligns our mutual interests.