Lynn Mawdsley is a qualified turnaround finance director with five years experience as an Interim Manager. Here, she shares her experiences on a very different kind of assignment: a pro bono position within a start-up charity and offers advice to anyone considering a voluntary position. She also explains how you can put your skills to good use and by becoming involved in this worthwhile project.
What is your background?
I’m a qualified ACA (PwC) with over 20 years post qualification experience, operating at FD level for a number of major blue chip Plcs. Five years ago I decided to broaden my skills and experience further, working as an interim FD and Turnaround Director in both public and private sector. I am also a member of the Institute for Turnaround.
What kind of assignments have you worked on?
I’ve have had some great assignments over the last 5 years. The kind of roles I have undertaken are as FD leading financial turnaround or change transformation programmes within very large organisations, in any sector, though particularly technology, telecoms and the public sector. However, unusually, my most recent piece of work has been totally different - in a start up philanthropic venture at pre launch phase.
What role do you play in this voluntary assignment?
I’m FD – but as with most start ups, get involved in pretty much everything. Working closely with the CEO, we have developed a strong financial plan, business model and fundraising proposition which has been well received by potential funders. Collection and distribution of charitable donations requires strong financial operations, risk assessment and governance – so I’ve been heavily involved in planning the operational “back office”, as well as assisting the CEO in “selling” to funders. So, a wide variety of activities.
What does the organisation do?
The Pennies Foundation aims to benefit millions of lives in the UK by creating and building the world’s first “electronic collection tin” that will allow everyone to donate just a few pennies at a single press of a button to help improve lives. It’s about applying technology within a simple consumer proposition to create major benefits in the not for profit space. Consumer market research tells us people love the simplicity of the offering and are really enthusiastic.
How did you come across this piece of work?
I had just completed an assignment when I received a chance call from Veredus, who asked whether I’d consider “helping a start up on a pro bono basis just for a short while............?" I like to offer help when I can – and loved the Pennies concept. The rest is history!
Why did the client choose you?
I was free! (Laughs). Seriously though, start ups are hard work - what matters is the team chemistry, commitment, experience and a "can do" attitude to drive momentum. I was honest from the start that whilst I was happy to help and bring my skills, experience and commitment, I could in effect be gone by the next week if another assignment presented itself. The CEO and I were very clear on the basis of my engagement, and as a turnaround FD I was used to working at pace to deliver results and add value from day one. This was no “soft” assignment or “hobby”– the whole start up team are professionals who work incredibly hard, with long hours and long days, all pro bono. You have to give it everything especially if you don't know how long you can offer your support.
What attracted you to this assignment?
The people, the size of the challenge, the blank canvas and the urgency to launch. And also, conceptually it’s an amazing idea that really deserves to succeed.
What do you feel you have achieved both personally and professionally from this assignment?
In a start up everyone plays a critical role – you have to be able to deliver results with no supporting infrastructure. I knew I could make a significant difference during this critical pre launch phase and wanted the personal satisfaction of knowing I played a part in creating something that hopefully in future will be a household name. From a career point of view, it’s expanded my experience in terms of organisational size and sector, given me a taste for running my own business, and created a whole new network of contacts, in the not for profit and private sector. It’s also been great fun, and a real pleasure to “give something back”.
What advice would you give to interims who might be struggling to secure work in this climate?
Within a week, it became very apparent that getting Pennies through the first 4 months with a clear business plan, finances and funding was critical and my commitment was such that despite approaches for paid work I declined these - and I never thought I would! So the advice I would give is that you make your own luck – get out there and offer your services where you can make a difference, think laterally about what doors it might open, and give 100%, even if it’s pro bono work. You never know where it might lead – many organisations are struggling in this recession, need support, and won’t forget your efforts. If nothing else, it will keep your skills up to date, expand your network and maintain your marketability, energy and enthusiasm.
Any final message?
I’ve contributed 5 months to The Pennies Foundation and it’s an appropriate time to handover the baton to the next person. If anyone reading this is interested in offering their services pro bono please phone Veredus – we are seeking finance, project management and operational skills relevant to a start up environment. We’d love to hear from you.
For more information on the role, please email karen.camilleri@veredus.co.uk the interim management team.