Thoughts from an interim - Gavin Bridges
Gavin, people get into Interim Management for a variety of reasons. How did you start and what were you doing beforehand?
I was an Executive Consultant with Ernst & Young. I left when the E&Y; consultancy was bought by CAP Gemini. Going Interim has been the best thing I have ever done - I can now charge a rate which enables me to do longer term projects & turnarounds, work at the coal face and make a real difference.
You have a broad experience of working in challenging pharmaceutical businesses. What skills do you think are particularly relevant in the pharma industry?
The pharma industry is full of chemists and pharmacists. Also pharma companies have been cash rich. The increase in generic drugs and natural remedies has highlighted the need for Operations & Supply Chain skills imported from other industry sectors.
What would you say are the critical elements of getting to grips with a distressed business and a successful turnaround?
Three:
- Experience: to get up to speed very quickly and formulate the turnaround plan
- Identifying the "Willing and Able" people who will form the turnaround team
- An excellent accountant to manage the numbers
What do you think are the main drivers and differences in a pharmaceutical business compared to other industries that you have worked in?
The regulatory environment and increasingly the EU directives. Other industries have regulations (eg aerospace), but pharma is more strict - for example trying quickly to re-source contract manufactured product is very difficult.
What do you consider your biggest achievements in interim management?
Changing mind sets and developing the people who will run the business after I have left. Three assignments come to mind:
- A plastic extrusion company,
- A field operations company, and
- A paint manufacturer
In all cases the financial savings ran into £millions, but the satisfaction I got was going back a year later to find that the people were now much happier, working more effectively, and up-skilled enough to continue with the improvements.
Clearly we are facing a difficult period given the state of the economy and the continuing pressures on pharma business from generics, legislation and the after effects of the credit crunch. How do you see this affecting the industry in the future?
Until liquidity returns to balance sheets, cash will be tight. This means that investment in new products, process and people will be constrained leading to lack of growth in the future.
What do you enjoy outside of Interim Management, and how do you manage the work/life balance?
I am afraid my work life balance is not good. However, I like to go for a blast on my catamaran on Grafham Water or relax listening to a wide range of music.
What advice would you give to someone thinking of a career in Interim Management?
Three main ones:
Get in with a good agency - ones who interview you and will actively promote you. Avoid the body shoppers with a large data base.
Be bold in your assignments - the pace of turnarounds mean you will have to make decisions on incomplete data, “roughly right” is OK
Build your CV - its better to demonstrate high utilisation and growing experience, than to pick and choose jobs.