Frequently Asked Questions

For Clients

Question: What is Interim Management?
Interim Management is a fast and cost-effective way of bringing specific, senior management talent into your company for a limited time to implement projects, manage change or fill management gaps.

Question: What are some common situations where Interim Management is useful?
Interim Managers can be used to address a variety of challenges. These include:
Unexpected or sudden loss of a key management individual
Negotiations with lenders
Turnaround
Downsizing
Crisis Management
Implementing specific change initiatives
Business Start Up
Mergers and acquisitions

Question: How long does a typical Interim Management situation last?
The engagement period for Interim Managers varies, but often assignments are 3 to 6 months. During this time period, the Interim Manager will work to achieve the objectives of a clearly defined set of tasks. The Interim Manager reverts responsibilities to the client in a managed way at the end of the assignment, however in certain instances the Interim Manager may play an ongoing role.

Question: What is the difference between an Interim Manager and a Consultant?
Consultants identify problems, suggest solutions and rely on the client to implement the work. Interim Managers are hands-on executives with real-world experience who become part of the business for the duration of the assignment. They work to specific objectives and take responsibility in executing the strategies that are required to achieve results.

Question: Isn’t it less expensive for me to hire a full time Executive?
Most Interim Managers are utilized for a set period of time, not for long-term tenure as with a full time employee. When weighing the cost of an Interim Manager against a permanent hire, the following should be considered - recruitment costs, cost to the business of orientation and training (learning curve), bonuses to salary, health insurance and benefits plans, retirement plans, perks such as club memberships, car allowances, stock sharing, severance costs, outplacement, etc.

In the case of an Interim Manager, all costs are fee-based. Only those additional pre-agreed expenses such as travel, etc., will be invoiced to you.

Question: How are Interim Managers selected? How do I know the Manager will be a good fit for our company?
Prism has developed a network of professionals who have years of experience working as executives within corporations, or as entrepreneurs operating their own businesses. Our Interim Managers have been interviewed, screened and evaluated to ensure that they are qualified to address the specific needs of our clients.

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