The RAG Podcast - Recruitment Agency Growth Podcast Season 7 | Ep42 Diane Prince on receiving a $10m payout within 6 yrs of launching her recruitment agency!
Diane started the business with her husband without ANY experience in the industry. But what she did have was the vision to build a scalable and sellable business. And in this episode, she shares how she did it.
Diane saw the value in focusing on one staffing niche; in this case, they decided on title insurance and mortgage. Listen as she tells how they grew their team, why they hired people with industry-specific experience and their steady expansion into new regions.
The goal was always to exit the business. Diane achieved this in just 6 years!
In this inspiring conversation, Diane shares her experience of scaling and selling her recruitment agency and gives you an honest look at everything she’s learned in the process.
Key takeaways
- Why starting a business with the intention to sell requires a clear vision and strategic planning
- How hiring industry experts can be more effective than hiring experienced recruiters
- Pay people well to attract and retain top talent
- Building a scalable and sellable business requires a rinse-and-repeat model
- Avoid distractions and stay focused on what works
- Do less but do it better to achieve greater success
- How to prepare your business for sale
- Building a strong executive team is crucial for scaling and preparing for an exit
- Be aware of the emotional and financial challenges involved in the exit process
- Consider the lifestyle and personal goals you want to achieve before starting a new business
- The impact the money had on Diane’s life (it's probably not what you would think!)
So, if you're launching a business and know you want an exit, you need to take notes!
Chapters
00:00 Introduction to the RAG Podcast and Diane Prince's Story
03:07 Realizing the Value of Knowledge and Experience
04:05 Starting a Business with the Intention to Sell
08:24 Building Relationships and Getting Business
10:39 Determination and Execution: Growing the Business
12:32 Expanding Geographically and Opening Branches
19:36 Finding Niche Markets and Achieving Growth
21:01 Building an Executive Team for Growth and Exit
23:26 Aligning Personal Goals with Business Goals
24:23 Scaling and Managing Branches in Different Locations
27:37 Seeking Support and Advice for Success
27:55 The Importance of Niche Focus and Building a Strong Team
29:22 Mistakes Made: Starting a School and Venturing into Different Areas
30:51 Staying Focused and Doing Less, but Better
34:39 Challenges and Emotions in the Exit Process
41:57 Preparing Your Business for Sale
45:11 Considering Lifestyle and Personal Goals in Business
__________________________________________
Episode sponsor: Untapped
Safe to say, last year was tricky for the recruitment sector globally. Many have had to operate through uncertain times, making tough calls and streamlining where possible.
However, accessing lower-cost resources internationally has proven to be the 2023 cheat code for business performance. But anyone who has tried it knows it’s not easy to get right. That’s where Untapped comes in.
Untapped is one of the hottest companies in the market right now, helping agencies in the UK, US, Middle East and Australia transition to the new world, leverage elite remote individuals and even build whole offshore sourcing and recruiting teams.
They source from the most exciting talent pools on the planet for recruitment staff and embed elite talent into your company to improve diversity, productivity and the cost of your teams. Your UK team will also love the help with some of the repetitive, time-consuming work that lands on their desk, improving their job satisfaction.
They put around 3000 candidates per month through an intense 4-stage interview and online testing process to find the top 1% and secure these people roles in UK agencies doing research, marketing, finance, sourcing, end-to-end recruiting, coordination and account management.
All candidates are benchmarked against UK competency frameworks and are tested for the highest level of communication and language skills.
It’s a simple process: You pay a deposit to kick off the search, they provide a candidates shortlist in 14 days. You can also put people through your own process and then hire perm or on a freelance basis, depending on your needs. They are totally transparent with salaries. Typically, your global talent will earn 30% more than their local benchmark, giving you high levels of motivation and work ethic, but you’ll still pay 70% less than a UK equivalent support. It’s a no-brainer to complement existing teams to handle surplus demand or to ease cost pressures.
If you’re not using this time to rip up your business model and rebuild it with global resources, you are going to fall behind those that do. Due to demand and capacity restraints, they are operating a waiting list at the moment, so be quick to get in touch: www.tryuntapped.com
__________________________________________
Episode Sponsor: Hoxo
Ready to find 25+ warm leads within 7 days on LinkedIn?
As a recruiter, most of the working day is spent chasing people via cold outreach on LinkedIn.
This method is super time-consuming and most people don’t reply because they simply don’t know or trust you.
But it can be different...
If you follow the process in this document you will hack the LinkedIn Algorithm in just 15 minutes per day and drive warm leads whenever you want them.
A warm lead is a person who you can 100% guarantee knows who you are, and what you do and has shown interest in you and/or your services in the past 48 hours.
Over 5000 recruiters around the globe are following this process daily and the results have been amazing!
You can have this too!
Access the Hoxo 20:10:5 guide here: https://bit.ly/3PLjaJY
If you’d prefer to consume this information directly from our Co-Founder & CEO Sean Anderson (the creator of 20:10:5), you can join our free training course now!
Get access to:
- 4 bite-sized training videos that can immediately help you boost business on LinkedIn
- Exclusive access to Hoxo 20:10:5 warm leads tracking template
Free support from the Hoxo team to help you implement the process and get the results
This course is part of the hugely successful Personal Brand Bootcamp which has seen over 5000 recruiters graduate and drive millions of warm leads and £££ in revenue as a result!
Get free access to the course once you’ve downloaded our guide.