How to Rescue a Failing Start-Up – an Interim Manager Success Story
A success story from our iCEO Steven Lund, Interim Manager
Steven Lund tells in this success story how he turned around a failing start-up company and brought it to a successful exit being hired as an interim manager.
Company: You Take Control
Industry: Health Care
Position held: Interim CEO
Responsibilities: Worldwide Sales, Marketing, Service, Support, Business Development
How hired: I met the founder at a conference and he hired me to come in to grow the company
Company status when started: Burned thru $300K with no product, no partnerships, no channels for distribution and no cash to run the company.
Step 1 – evaluated the current state of the business
- Who to keep, who to let go
- Who was good at their jobs including the current executives
- What did they think were the problems?
- Did they have any solutions
- Product, Quality of the product, Pricing, Reliability
- Is it a win-win for them
- Software development, engineering resources, cost of testing and QA
- Service and support, Policies
- Financial condition, Balance sheet, P&L, revenues, expenses, investors
- What did they think were the problems, would they put in any more investments
Step 2 – put together a plan and get buy in
- Worked closely with the founder and developed a plan
- Got buy in for the plan with the executive team
- If executive team did not support the plan then we let them go.
- All the team supported the plan
- Met one on one with the team
- Presented the plan to the entire company
Step 3 – …