Why neither managing agents and fractional leadership quite solved the problem As SMEs grow, operations rarely fail loudly. They fray at the edges—missed handovers, unclear accountability, incidents handled reactively rather than systematically. Leadership feels the drag, but the solution is not always obvious. Most organisations respond in one of two ways: They appoint a Managing Agent (MA)  to “run operations,” or They engage a fractional Operations Director or COO  to prov