“Why is working with PE-backed firms so difficult?” is a question I've heard often. 

But it's not that working with them is difficult, but rather the communication and objectives aren't always well set out. 

Earlier this year, FRP's Transition Director, Susan Moor, commissioned research into how PE funds and interim directors prefer to work together. The report explores what drives successful partnerships, and what can derail them. But, most importantly, it highlights practical ways to improve collaboration and unlock greater value.

For me, the key standouts are: 

• Speed matters: Quicker understanding of the situation is critical. NDA's are important, but so are clear insights into business performance, objectives, and company context.
• Introductions count: Confidence demonstrated by the PE fund in the interim is key. Where appropriate, involving management in the selection process can build trust and alignment.
• Open communication is essential: Interims need autonomy but regular check-ins (weekly or bi-weekly) and agreed KPIs help keep everyone aligned.

At the end of the day, both sides need to have confidence in each other, with an Interim being clear about what they feel the chance of success is, whilst the PE Funds need to be transparent about the challenges and any changes to the plan. 

A full copy of the report is available here: 

Or click here.