How To Reverse Merge Into a Public Shell

When it’s time for a private company to go public, or fundraising is needed on a large scale, an IPO is not the only option. There’s also a less-well-known and, until recently, less-well-respected option: a reverse merger into a public shell oftentimes called an Alternative Public Offering (APO).

This process, which can be faster and cheaper than a traditional Initial Public Offering, is growing in popularity and might grow faster in our confusing coronavirus world.

Scott Jordan (no relation to InterimExecs’ CEO Robert Jordan), an investment banker and CFO who spent 30+ years working in biotech, engineered a reverse merger of a biopharma company in 2019. He says that while the virus has caused capital flow interruptions, investors in the private markets are still providing capital to companies with novel / scientifically validated biotechnology companies. That means reverse mergers and PIPEs (Private Investment in a Public Entity) can still raise money needed to complete their deals. He estimates that about 20 biotech firms debuted in the public markets last year as a result of reverse mergers and the number is on track to repeat in 2020, despite the virus.

But let’s back up a step and begin at the beginning.

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What is the Role of Human Resources During a Crisis?

Can “good” HR be a strategic advantage in a crisis?

Through the largest and longest bull market in history, many business leaders continued to dismiss the human resources (HR) function as an operational, and largely administrative function. HR’s activities can appear to be – and often are – disconnected from the “real work” of an organization. But effective HR leadership is so much more, and can be a strategic advantage as businesses deal with the COVID pandemic. Let’s unpeel the several roles of HR to better understand how it can contribute.

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Strategy Focused CEOs See Growth and Opportunity Even in Crisis

While many companies are facing new challenges and increasing volatility, we’ve found that most leaders’ responses and outcomes tend to be unique. While quarantined with COVID-19, Todd Herman, author of The Alter Ego Effect, decided to interview 29 CEOs to hear how they described their circumstances.  

Each company was experiencing a downturn. Herman analyzed each CEO’s word choice and language to see how they were reacting, noting the importance of a leader’s pronouncements: “words create reality.” He saw big differences in how executives were wired and reacted to the economic rollercoaster. His findings led him to divide the CEOs into three groups:

Fear-Focused CEOs – emotional, concerned, and overwhelmed. Tended to use negative future pacing words like ‘struggle’, ‘fear’, ‘hard’, or ‘difficult’. Spent the most time watching media or finger pointing rather than what could be done.

Unfocused CEOs – dismissive, uncertain, wait and see. Talked about getting a plan, but tended to use the word ‘plan’ in a negative or needs-based way.

Strategy Focused CEOs – take and use what’s given, focused on growth/opportunity. Positive. Spending time leaning into networks.

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A 5 Year Odyssey to Bring Better Healthcare to Sub Saharan Africa

It might be a challenge to develop a new medical facility in the United States. But it’s nothing compared to developing one in sub Saharan Africa.

That’s what Dr. Rodney Armstead learned on his 5-year quest to open the first specialty practice and minimally invasive surgery center in Accra, the capital city of Ghana.

LuccaHealth Medical Specialty Center has two campuses in Accra. One opened in November 2019 and the other in February 2020. Together, they will offer 11 specialties and minimally invasive (laparoscopic) same day surgery when LuccaHealth is fully operational at the end of 2021:

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Good CEO, Bad CEO: Leadership Lessons from InterimExecs’ RED Roundtable

Leadership was a prominent topic at InterimExecs’ latest Rapid Executive Deployment (RED) Roundtable event in Chicago. Panel experts discussed leadership early and often as they reflected on change initiatives, the impact of automation on executives and workforces, and the values that make great executive leaders. 

A recurring theme that cut across speakers and topics was the importance of having the right team in place, starting at the top. Executives set the tone for the entire company. Their values trickle down and play an outsized role in the organization’s success or failure. 

“The message from our perspective is that if we have the right team and the right value set, I think any company can find a position and outmaneuver the competition,” said Greg Jones, Managing Partner at the Edgewater Fund, who spoke on day two of the Roundtable with Brian Boorstein of Granite Creek Capital Partners. “I’m looking for someone who puts the organization and the values of the business ahead of their own,” added Greg. “If you don’t have that, it’s a disaster in any scenario.”

Brian also singled out selfishness as one of the least desirable executive traits. “The worst people are those that are really only concerned with themselves,” he said. “If we don’t have the right management team to start, we’re in trouble. We generally go to InterimExecs to find people to help us out.”

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V.U.C.A. Helps Companies Deal with Dynamic, Shifting and Challenging Situations

Our world, our universe is characterized by constant change. Stars are born and die, storms transform the landscape, nations rise and fall, people change over time. In the business world economies grow and collapse, business models evolve, industries transform and even the Top 100 list of leading companies completely changes in a matter of a few years.

But sometimes the speed and scope of change is extremely rapid, its consequences unforeseeable and unpredictable. This makes planning and decision making highly risky because it is so difficult to see what the future holds. “Everybody has a plan,” said championship boxer Mike Tyson, “until they get punched in the face.”

To help explain the often sudden, fluid, rapidly evolving and dynamic forces of change – that “punch in the face” — the U.S. Army War College created the term V.U.C.A. to describe and ultimately deal with highly dynamic, shifting and challenging situations.

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Why Most Change Initiatives Fail. And What to Do About It

“Write down a change you would like to make in an organization that you are currently with…or  change in the marketplace. Any kind. It can be a big change, it could be a small change – strategic, tactical, something you want people to start doing, something you want people to stop doing,” says Jeff Leitner as he looks around a room filled with CEOs, CFOs, CIOs, and other C-Suite executives at this year’s InterimExecs’ RED Team meeting. He continues “You’re change is absolutely, almost certainly going to fail. It’s not your fault. It has nothing to do with your particular genius – has nothing to do with your insights. Changes fail. They almost always fail.”

Jeff Leitner knows a thing or two about change and innovation. He spent the last 20 years improving organizations from the US State Department to NASA, Starbucks, Panera, and the Dalai Lama Center for Peace. In a world where innovation and disruption is key, the question is why does change rarely stick in organizations, markets, and society? Jeff has dedicated years to studying why change fails and in his most recent speaking circuit, is sharing what leaders can do to be more effective in leading change initiatives.

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Purpose Driven Leadership: A Better Leader, Better Business

It used to be that business was for-profit or non-profit, and never the twain shall meet. Companies were profit-driven or purpose-driven, but not really both. A survey of Fortune 1000 CEOs and C-suite executives found that 51% believe there is an inherent tension or conflict between a company being profit- or purpose-driven. Such thinking is now becoming outmoded and has reached something of a turning point.

This departure from long-held economic thinking could be a revolutionary change for shareholders, however, many investors are coming to see greater employee purpose and personal “why” working to support long-term success for the company, and in an altruistic sense, the world. Corporate America has taken a look around and some conscientious players noticed that resources were being stripped at an unsustainable rate and decided to alter the way they were doing business. Now, it’s commonplace for a company to have a defined corporate social purpose beyond generating a profit.

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How CEOs Drive Growth & Capture Markets With Interim Executives

Modern-day CEOs are taking on a barrage of new responsibilities in the age of rapid technological advancement and global expansion. Industry disruption seems to be an everyday occurrence and businesses are transforming at the speed of light. These new realities can pile never before seen challenges on a CEO’s plate that already runneth over.

How does a CEO conquer a growing list of to-do’s from establishing a strong organizational culture to developing growth strategies, and managing delicate political and stakeholder relations while forging ahead in this modern era? Opportunities to enter new markets and continuously innovate are top of mind in this day and age where technology has led to more competition and rapid change. The catch-22 is that a CEO is an army of one yet still are, charged with responding with agility and confidence to seize growth opportunities while ensuring organizational stability.

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The Healthcare Industry Leverages Interim Executives To Navigate Disruption

Modern healthcare is as complex as physiology inside our own bodies. The healthcare industry is now waist deep in an era of extreme disruption. The breakneck pace of technological innovation coupled with the increasing aging population and chronic diseases is a recipe for historic changes in healthcare.

In the healthcare ecosystem, some organizations will sink, and some swim as disruption occurs. From hospitals to clinics, to patients to pharmaceutical companies, to insurers to medical technology businesses no entity will be unaffected.

Leaders in healthcare say legacy providers must respond swiftly to the changes. The abrupt exit of critical leadership, gaps in capacity and expertise, or old systems that no longer work can quickly become problems. Because these factors are interwoven, health care organizations can find themselves unraveling if they don’t act fast.

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