Finance Under Fire: Leading PE-Backed Transformation Without Breaking the Business

In a private equity-backed environment, there’s no gentle onboarding. You arrive on a Monday, and by Tuesday, you’re signing off cash forecasts, fielding investor calls, and trying to make sense of a reporting pack that doesn’t tie. The client can’t afford the luxury of contemplation — they need traction now.

That’s where instinct comes in. It’s not theory; it’s judgement built over years of seeing what happens when things go wrong. You recognise patterns — the early signs of weak cash control, the misplaced optimism in a forecast, the cultural fatigue that signals a team that’s been “transformed” too often. True interims can read that environment immediately. They’ve lived through the acquisitions, the carve-outs, the tired systems and the spreadsheets held together by habit.

Creating Order at Speed

At one of my recent assignments, I joined a large, fast-growing group in the middle of a refinancing process and an ambitious expansion drive. Within weeks, it was clear the finance function wasn’t equipped to support the level of growth the board was targeting. Headcount wasn’t the issue — systems were.

We rebuilt reporting from the ground up, introduced BI-led dashboards, and replaced static spreadsheets with real-time analytics, giving site leaders visibility they’d never had before.

That shift meant we could forecast cash and capacity accurately enough to underpin confident growth and informed lender discussions. When refinancing talks began, the quality of our data became a point of strength, helping secure improved terms and renewed stakeholder trust.

That’s what “finance transformation” really looks like — not slide decks or slogans, but better information, faster decisions, and fewer surprises.

The Human Equation

Data alone doesn’t fix culture. In another PE-backed business, morale was flat after years of underinvestment and churn. My job wasn’t just to professionalise the numbers; it was to rebuild confidence in them. We introduced daily stand-ups, set visible, achievable targets, and linked financial performance to operational outcomes — such as days of working capital released or invoice cycle time.

I don’t believe in heavy-handed change. The best shifts happen quietly: you explain the “why,” make it simple to follow, and soon the new way becomes normal. That’s the art of influence — fast change that doesn’t feel forced.

Doing More with the Same

AI and automation are now central to how I lead transformation. We’ve adopted a simple mantra: AI won’t replace accountants — but accountants who won’t use AI will be replaced. In a data-hungry business, technology lets finance move from hindsight to foresight. During one growth phase, machine-learning models predicted demand spikes that our production teams couldn’t yet see — giving us a head start on both pricing and procurement.

That’s how you deliver more with the same people: by equipping them to make better calls, not asking them to work longer hours.

Beyond the Project Mindset

Most of what I do isn’t a “project” at all. It’s about creating stability — making sure the finance function works as business-as-usual, quietly and reliably. Sometimes that means resetting controls, managing a lender relationship through a challenging period, or bringing some composure to a leadership team under pressure.

In those situations, instinct and experience matter more than process. You know which issues to tackle, which can wait, and which will resolve with time. That’s the value an interim brings — not noise or disruption, but consistent, capable leadership that keeps progress moving when everything else is changing.

About Karen Sands

Karen Sands is a seasoned interim CFO and finance leader with more than 25 years’ experience across private equity, listed, and high-growth environments. She has delivered 30 M&A transactions, four IPOs, and multiple exits for funds including Bain, Montagu, Triton and Core Equity. Through MDIS, she works with investors and leadership teams to deliver finance transformation that drives performance, stability, and long-term value.