A: Nick Diprose, founding partner of Holdsway, a provider of interim executives says: Yes this type of interim exists although they can be difficult to find. They’re always in demand, but the financial and operational results are worth it. Here’s how to hire an interim CFO for a restructuring situation.
There are hundreds of interim CFOs in the UK, although because they offer a range of services not all suit financial restructuring and turnaround work.
A strong profile to for this restructuring assignment would be an interim CFO who has been registered with me for over a decade – so plenty of hard and soft due diligence has been carried out for a long and ongoing period of time on him. Knowing someone like this derisks a critical hire which is inevitably done at speed. He’s a classic CFO for business restructuring – including debt management, with additional expertise in operational turnaround and strategic transformation.
Often genuinely hands-on, they are numerical problem solvers, with a holistic view of the business – across debits and credits. They can spot accounting holes, fixes and opportunities and know when financial models are likely to work or not. They are used to being pragmatic, questioning everything and offering views to boards with candour. Being experienced outsiders, they are used to joining businesses and giving straight answers to stakeholders.
This CEO is typical of board members who call me when they need to hire an experienced executive quickly to deal with a range of issues which must be addressed quickly and effectively.
There may be stressed or impatient investors where the thinking is “Value is leaking and we need it stopped now,” or “The numbers aren’t credible”. Lenders and investors want proof of control, not promises.
Boards could be facing a credibility gap where forecasts have been missed repeatedly, prior CFOs have lost trust (or left abruptly), and the financial narrative isn’t believed.
The board may be managing business transitions, not stability, between states of turbulence: pre- or post-acquisition, pre-refinancing or post-restructuring, pre-exit, carve-out, or divestment, or moving from entrepreneurial ‘chaos’ to institutional discipline.
A board under pressure — from debt, investors, or time — wants clear, decisive action from someone who can say “no” credibly and a finance leader who can stand up to and work constructively with founders, activists, and lenders alike.
When a business is financially stressed, and even when problems are operational and commercial too, hiring an experienced situational interim CFO – or chief restructuring officer (CRO) will get an approving nod from anxious shareholders. But hire carefully because this is no time for a steady-state CFO – for there are many of these for each experienced restructuring expert.
Restructuring and turnaround versions of CFOs bring an instant sense of urgency. They are hired when the story is broken, the numbers aren’t trusted, Capital is nervous, and survival, value recovery, or exit is on the line.
Don’t delay hiring because when it hits the fan, you won’t have finessed what you need to hire, but you know there’s a situation to address quickly. Interims are experienced in rapid discovery sessions, meeting and engaging with a board members to define assignments and schedules of work quickly.
Use your network because there may be someone you already know who you rate and trust to deliver change. However, personal networks often only generate one or two viable and candidates, and they may not be available just when you need them.
Professional services firms have networks but be clear you aren’t unnecessarily committing to an extended and potentially costly service offering.
The Institute for Turnaround’s panel of CFOs overlaps with the benchmarked turnaround panel we offer and it’s worth speaking to them if you are looking for a screened, assessed and proven situational CFO. Proven CFOs are in constant demand and availability could be an issue.
Talk to a specialist interim firm which focuses entirely on benchmarking and placing interim executives. It’s their job. The real value is that they will provide comparison candidates to allow you to make an informed choice. They should know their network well so that they can respond with a known shortlist quickly.
The key reasons for working with one of these specialist firms are time – if it’s urgent they should be able to find interims they know within a few days – and choice of quality candidates.
In this scenario I would select a restructuring CFO like Martin. He’s a high-impact CFO and Chief Restructuring Officer who gets hired when companies have serious financial, strategic, or governance problems that need fixing fast. When I look across all the assignments he’s delivered, there is a clear pattern of situations he’s great at sorting out:
Companies in distress or at a tipping point: he repeatedly steps into businesses that are: over-leveraged, post-insolvency, facing covenant pressure, liquidity stress, have weak controls or under scrutiny from investors, lenders, or regulators.
Broken or weak financial infrastructure: sorting out cashflow forecasting (often from scratch), integrated forecasting and reporting, sales and margin visibility, accounting clean-ups and governance fixes, cyber and systems remediation.
Investor, lender, and activist pressure (he acts as the financial diplomat between management and capital providers): managing activist investors, supporting shareholder consultations, debt-to-equity swaps, refinancing, exits, roadshows and rebuilding market credibility.
Complex restructurings and carve-outs (he is repeatedly trusted with technically hard, high-stakes transactions): disentangling assets and liabilities, post-acquisition integrations, carve-outs with transitional services, negotiating equity value improvements post-close, selling non-core businesses at strong multiples
Turnaround leadership when teams are fragile (he doesn’t just do spreadsheets — he stabilises organisations): filling management gaps, leading when morale is low, resetting expectations with boards and owners, and keeping teams functioning during uncertainty.
When a board urgently needs to hire an interim CFO, the briefing I receive is often short, to the point but best of all, clear. This type of top line briefing note helps me match interims very quickly. To hire an interim CFO for a restructuring situation demands the technical skills and the right personality…
“We need a proven financial operator who can restore control, credibility, and optionality without drama – and we need them yesterday.”
“This business might not survive without a credible financial reset.”
“Everything is on fire but results still have to land.”
“The organisation is stressed and leadership capacity is stretched.”
“Management is flying blind — decisions aren’t grounded in reliable numbers.”
“Capital providers don’t trust the story — and trust needs restoring.”
“The deal is done on paper, but the real mess starts after completion.”
Interim executives are often the guardians of business sustainability. They can be the difference between a business failing or thriving and transforming from good to great. There’s little doubt that acting with urgency and hiring the right expertise gives boards optionality they wouldn’t have by waiting.
For access to interims like this contact Nick Diprose for a confidential conversation about your situation and brief.
T: 0203 053 4438
E: nick.diprose@holdsway.co.uk
