Interim Management

Temporary company management in Korea

A while after the establishment of your subsidiary in Korea, you realize that things are not going as planned and you experience unexpected challenges that require immediate action. You’ve come to a point where you need external management support. The reasons for this can be extremely complex — from the unexpected dismissal of the local manager, whether due to accident, illness or death, to the lack of expertise or illegal actions of the local management. In such situations, your subsidiary should continue operations as smoothly as possible, which requires a reliable partner.

Nowak & Partner will assist you through interim management by taking on the role of managing director of your Korean subsidiary for a limited time. We take care of the operational management of your organization and act on your behalf until you have found a permanent solution.

Your goals

• Your Korean subsidiary is in the start-up phase and you want your first steps to be controlled by locally experienced management.
• You would like to have your subsidiary administrated by external management for one of a variety of reasons.
• You are facing unexpected circumstances and challenges, such as:
  
  
  1. Your country manager has resigned unexpectedly.
  2. The local manager of your Korean company has had an unfortunate accident or has to step down due to an abrupt severe illness.
  3. You have been informed that local management has been doing illegal activities, thereby requiring immediate external managerial support until you find a suitable replacement to keep daily operations unaffected.
• Your subsidiary therefore needs external management at short notice until a new permanent manager becomes operationally effective.

Our service

Nowak & Partner offers you a fast and proven interim management solution to one of three usual scenarios:

1. You need a general manager to set up your subsidiary in Korea.
2. You need someone to oversee and administer your company in the long term.
3. Your business is going through a crisis and you need a short-term interim manager for turnaround management or the sale or liquidation of your company.

Through our interim management service we take on the management of your company in Korea until the appointment or re-appointment of a permanent managing director. Above all, securing your company’s material and financial resources and its ongoing business operations are the top priorities.

The interim management service is personally led by Elias Peterle, a trained industrial engineer, interim manager and CEO with deep Korean experience, assisted by our skilled Korean staff. This tandem strategy is proven to increase efficiency and significantly reduce costs.

The staff involved in the project will be selected according to the situation, with the interim manager working on a part-time basis, constantly on stand-by and ready to act when needed. As a result, only fees for the actual worked hours incur, while the reaction time is comparable to full-time management.

If required, the interim management team can also be supported by additional staff and other services from Nowak & Partner in order to quickly and professionally control and resolve challenging situations while minimizing potential damage to your business operations.

Solution

As an appointed general manager, we officially manage your subsidiary in Korea. Not only do we bridge the time until the appointment of a new managing director, but also strengthen interpersonal relations within your team across national borders.

After preliminary consultation, we create a viable schedule for the interim management period and support you in handling difficult situations by sharing our longstanding expertise.

Simultaneously, we investigate the local structure, work on suggestions for improvement for your subsidiary and — if you wish — implement them during the interim management project phase. The interim management period provides you with an ideal solution enabling you to emerge stronger and ready to get into full swing with your operations.

Here at Nowak & Partner, we fully understand your perspective and always keep your needs in mind. You may contact us anytime about concerns or questions.

Due to our extensive Korean expertise and competence and our proven Korean team, we have a full understanding of your Korean employees. The overall way of life, expectations and behaviours of Koreans differ immensely from Western counterparts and this is why empathy — or a deep understanding of the local culture — plays an important role when talking to the employees. We are able to build or re-establish trust on both sides and assist you in solving problems and minimizing potential risks.