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.
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.
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.
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.
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.
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.