*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***CUTTING EDGE INTERIM MANAGEMENT| VIIMore organisations are turning to business ‘doctors’ for a cure. Lisa Sewards reportsThere is seldom such a thing in business as a lost cause... that is the philosophy of seasoned turnaround expert Ian Gray, former chief executive of Tottenham Hotspur Football Club. Last year he revolutionised the finances of Epsom and St Helier University Hospitals NHS Trust with strategies that converted a predicted £9.5 million deficit into a £3.5 million profit within five months. Commercial skills that can quickly pinpoint the weaknesses of an organisation and transform its fortunes are increasingly sought after, particularly during the current economic downturn. “Many businesses, large or small, public or private, across all industries, hit all kinds of trouble, from short-term losses to serious concerns about long-term growth, for many reasons,” says Gray, who has also undertaken chief executive and chairman roles in retail, textiles, biotech, food manufacturing, leisure, media, electronics and communications. “But most businesses can be saved if the right solutions are implemented in time.” Gray, a Fellow of the Institute for Turnaround (IFT), formed by the Interim Management Association, is currently working with ailing High Street hardware retailer Robert Dyas. He acknowledges that it is often difficult for those closest to a business to identify — or admit — a company’s failings. “We go in to achieve specific objectives,” explains Gray, a director of Baronsmead Consulting Ltd. “The most important thing is to ensure that the permanent staff can continue to implement, operate and achieve what you’ve targeted by themselves.” Gray began his career as an accountant and was later a finance director before going into turnaround management by accident as chief executive of Tottenham Hotspur. He turned the club’s losses into a £2 million profit in one year. “The achievement was so satisfying it gave me the taste for turnaround,” he says. Gray’s first foray into the public sectorwas as turnaround manager at Mayday Healthcare Trust in south London, where he eliminated a predicted £9 million deficit between March and November in 2006. “At Mayday, we corrected weaknesses in recording financial activity; this revealed £300,000 per year spent on carrying out blood tests, for which the Trust was not being paid,” he recalls. “At Epsom and St Helier, theatre efficiency was increased from 75 per cent to 95 per cent by closing four operating theatres that were not fully used and therefore not cost effective. “We also improved the efficiency of patient pathways through the hospital, such as pre-booking physiotherapy instead of doing it ad hoc.” Turnaround managers work on either a success or day-rate basis, with top professionals charging up to £5,000 per day. “Turnaround managers are good value for money as a business can potentially save 20 to 50 times their fees,” says Gray. Christine Elliott, chief executive of the IFT, explains: “It is only in recent years that turnaround has been recognised formally as an area of expertise.” There is no specific career route. Many come from professions such as accountancy, law, banking, business management and finance. Others may be working as interim managers as part of a turnaround team, or they could be specialists in marketing or human resources. The London Business School now offers the study of turnaround as a subset of its MBA degree and, for a £50 annual fee, the IFT also offers access to its meetings, annual lecture, newsletters and personal mentoring services for those with an appetite for this type of work. “Turnaround is a form of extreme management which has great intellectual, emotional and physical demands beyond any average day job,” adds Elliott.The healing touchTHREE WAYS TO GET UP TO SPEED1THE COURSE: INDUCTION WORKSHOP FOR PERMANENT EXECUTIVES LOOKING AT INTERIM MANAGEMENT WHERE: Central City Training Venue,2THE COURSE: LEARNING AND DEVELOPMENT FOR CAREER INTERIM MANAGERS3THE COURSE: CREATING AWARENESS AND MEETINGS MASTERYCONTACT FOR ALL THREE COURSES: David Harries, IMA, OR TRY THIS...0151 346 1488, or www.ima-institute.com2 East Poultry Avenue, Smithfield, London EC1.WHERE: on-line via the Interim Management Association Institute in partnership with the Open University. QUALIFICATIONS NEEDED: none, just a desire to improve your skills. completed in your own time.WHERE: Central City Training Venue, 2 East Poultry Avenue, Smithfield, London EC1. QUALIFICATIONS NEEDED: none, just a determination to start your interim career well.QUALIFICATIONS NEEDED: None, just a desire to become a career interim manager. attendees make an informed decision on becoming a career interim. Runs twice a month.EXPECT: a hands-on, full-day workshop to helpEXPECT: 20-hour online modules that can be SPECIAL FEATURES: directed development to improve core competencies of interim management.Finding the remedy: Ian Gray, left, and the St Helier Hospital, above right, that he helped to resuscitateEXPECT: to hone specific skills to become a successful interim manager seeking to exploit market opportunities. Two half-day sessions. SPECIAL FEATURES: course focuses on the ability to identify and secure meetings with decision-makers with real and urgent needs, and turning those meetings into assignments.The Institute for Turnaround, a leading professional body for high-quality accredited turnaround executives, hosts regular conferences led by skilled interims and invites students to develop their turnaround careers. For further information, visit www.instituteforturnaro or contact Christine Elliott on 020 7324 6216SPECIAL FEATURES: intensive training on how to market yourself, make a fast start and avoid costly mistakes.The new Telegraph.co.uk iPhone applicationGet the latest news, finance, sport, travel, motoring and much more on your iPhone. Visit the App Store on your iPhone and search for ‘Telegraph News’, select the App and install it straight to your iPhone.in association withVisit the App Store and search for Telegraph NewsALAMY
*** ****** ***FOCUS ONThe Daily Telegraph Wednesday, April 29, 2009 jobs.telegraph.co.uk/caInterim managementProduced byTelegraph Create Special ReportsTHE BUSINESS WORLD’S ANSWER TO THE SAS RIDING TO THE RESCUE PAGE 2HAVE YOU GOT WHAT IT TAKES TO BE A SUCCESSFUL IM? THE CHALLENGES: PAGE 3NORTHERN R
*** II*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT OVERVIEW ANDY MARTIN/HEART|***The Daily TelegraphThe trouble shooters Whether you call them company ‘doctors’, change consultants or turnaround specialists, interim managers are in the business of converting loss to profit
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***The Daily TelegraphTHE CHALLENGES INTERIM MANAGEMENT| IIIHave you got what it takes? If you have years of business experience and thrive under pressure, interim work could be for you, says Gabrielle Collett-WhiteThe bank is on the brink, th
*** IV*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPH|***
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***The Daily TelegraphSUCCESS STORIES INTERIM MANAGEMENT GETTY| VSorting out a right royal mess King George VI unwittingly and reluctantly became an interim manager long before the term became fashionable — and he did an excellent job. Natasha
*** VI*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT WORK PATTERNS|***Women ponder work-life equation More mothers are becoming interim managers. But just how easy do they find it to juggle working lives and family commitments, asks Natasha MannANDY MARTIN/HEARTSATISFACTION
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***CUTTING EDGE INTERIM MANAGEMENT| VIIMore organisations are turning to business ‘doctors’ for a cure. Lisa Sewards reportsThere is seldom such a thing in business as a lost cause... that is the philosophy of seasoned turnaround expert Ian Gr
*** VIII*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT EXECUTIVE PROFILE|***The Daily TelegraphHOW THE NORTHERN ROCK SAGA UNFOLDED JULY/AUGUST 2007: Banks become reluctant to lend to each other owing to fears over potential losses on high-risk US “sub-prime” mortgages. SEPT
