Situation: A unique and novel medical device product and service company had grown slowly and steadily in a multi-state area in the Midwest. Founded by leading physicians in their field, they had succeeded in developing the company from start-up to a profitable, multi-million dollar enterprise. Virtually overnight, the founders realized they were rapidly succeeding beyond their capacity to manage the company. They were, in fact, hemorrhaging money and seeing an unknown percent of their profits sucked into a black hole of waste and mismanagement. After all, they were trained as physicians and not executive managers. Statistically, they had grown 30% in size, but profits were holding steady to slightly declining.
Action: A search was undertaken to thoroughly understand the actual situation and causes of the inefficiency in order to craft a position profile. This profile identified precisely what skills were absent from the organization and what the requisite background and experience would be to correct the situation.
The process road map included companies, known for high efficiency in their operations and finance management with success firmly grounded in sophisticated and contemporary management techniques.
Solution: The slate of candidates presented had common backgrounds, proven success in large companies, training in and knowledge of the medical device and health care service field, with broad finance and operations skills. A finalist for the COO position was selected; an offer was presented and accepted.
Result: Within six months, substantial realignment of resources and assessment of operations were completed, resulting in the correction of multi-millions in loss and waste. The cost of the search, the salary and bonuses of the COO, including all of the incentive bonuses, were paid for literally 10 times over in the first year as a result of this hire.
Situation: A Medical Device company in start-up phase is struggling to get their proprietary technology products through the design/development process. After half a decade the company had grown slowly and had a stalled product development process. Morale at the company had begun to slump and people were beginning to leave in the absence of R & D leadership.
Action: We went through the issues at hand to understand exactly the barriers to getting products pushed through the development pipeline to a full commercialization. The company had evolved from the early start-up days of being a "pure play" R & D organization, in contrast to the current necessity to move into a commercial manufacturing and marketing organization. The skills and abilities of the incumbent were apt and appropriate for the early stage of evolution. However, a new set of technical and management skills were needed in order to more efficiently focus and coordinate resources. Additionally, central to the hiring profile were leadership and charisma, to energize the technical team, boost morale through successes and get the product commercialization pipeline flowing again.
Solution: After a slate of finalists with directly applicable technical and leadership skills were interviewed, a finalist emerged who personified the leadership and charisma to turn the area around.
Result: Very rapidly, design controls and quality systems were restructured. The tide of employees leaving for other companies was stemmed, investor confidence was renewed resulting in an 8-figure cash infusion and ultimately, an initial public offering.
This is what clients are saying about JP Boyle & Associates:
Thank you for the help in bringing on Greg for V.P. of Manufacturing. Hes working out terrifically!. . .fit in like a glove."
Thank you for following up and keeping the process moving—you and your firm are true professionals."
Thank you for finding Eric for Director of Marketing. We had been looking for over six months before we began working with you to get us the right fit. Congratulations on doing it with the very first resume, too—saved us a lot of time." S.C.-Dir Human Resources for an International Marketing Firm
Thank you for the help in bringing on (Senior Director of Manufacturing). . .Hes working out terrifically!. . .he has exceeded out expectations." J.H.-Sr. VP for a Publicly Traded Robotic Surgical Device Firm.
Thank you for following up and keeping the process moving —you and your firm are true professionals." F.A.-VP of Product Development for a Medical Products Start Up.
By survey, many companies over the past four years have trimmed support staff and rely on external resources to perform various services, with an "On Demand" model.
JP Boyle & Associates has been a valuable partner to many emerging technology firms, as well as established organizations seeking to reach top performers in their field.
If you think we can help you, please, contact us to discuss the possibilities.