One of my clients is in deep financial trouble and has asked me to temporarily step in as CEO to help the company get profitable again. Is this a good idea?
It's a great idea ... if you:
- feel you can turn the company around based on your personal analysis;
- are willing to move strongly, boldly and make powerful changes quickly;
- have the necessary leadership and negotiation skills (you will likely have to negotiate with banks, creditors, etc.); and
- have the creativity to make it all happen.
If you have never done this before, this is a one-of-a-kind opportunity that can gain you stature as a "turn around specialist".
WARNING: It's not going to be easy. The odds are all against you.
Time is your enemy (and friend). The company is bleeding. The longer you let it bleed, the more difficult the job.
You want to be amply and generously rewarded, largely based on results (stock, percent of profits, etc.).
P.S.Your personal/social life will be back-burnered for a while.