In business, interim managers come in all shapes and sizes, and are not restricted to working in any particular market sectors. They are business professionals, who use their own abilities, disciplines and expertise, complementing or temporarily replacing the existing management of a viable business. Interim Managers are often ex-senior management themselves, who may have previously sold their own business, and undertake Business Interim Management assignments because they like to keep in touch with the marketplace, keep their skills sharp maintain an active link with their business network and contacts. Often they are turnaround specialists, who can create impressive results in the short to medium term, deploying transferable skills and knowledge, together with their extensive contacts, and comprehensive understanding of their clients’ situation, needs and wants. This combination often delivers excellent results, quickly, which is why Interim Managers often command very high consultancy day rates of between £800-£1500 a day. The assignment brief can be scant of detail, sometimes simply to get the best financial and operational performance out of the existing business, given the specific circumstances the business is in, its situation regarding its present product ranges and services, and in terms of competition, available resources (cash position, cashflow, banking facilities etc) and the skill and availability of its staff.

Perhaps understandably sometimes, during the normal management of the business, a gap appears between ‘what was expected or even agreed’, and what is delivered or provided. The difference in client expectations (in this case I refer to the shareholders or business owners who have engaged the business consultant) and the Interim Manager themselves and their fulfilment of these expectations can sometimes be very wide indeed, especially if results or progress is slow. This gap is something that can happen when providing any form of support or business intervention as a Business Specialist. Disgruntled or aggrieved shareholders, or business managers, can take the form of legal action in an attempt to get satisfaction. This can seriously knock-on effects, like undermining the interim manager’s confidence, threaten their personal earnings from the assignment, as well as create negative pressures on the financial situation of the business, even to the point of jeopardising the business’ future. For situations such as this, PII specialists have designed Interim Management Professional Indemnity Insurance cover.

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