Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Michael Gionta

Michael Gionta (mike@theRecruiterU.com) is sought out by owners of recruiting firms, both solos and offices with recruiters, that are frustrated; passionately wanting more from their business. More clients, more time, more revenue and more freedom. Mike's unique systems and processes have helped dozens of firms grow their client and revenue base while removing obstructions. Mike has ranked as a top-10 billing manager three times, ranking as high as second with cash in on his desk in excess of $2 million and his company was ranked the eleventh fastest growing IT search firm in the country.

Articles by Michael Gionta

For Managers

Why You Should Be Seriously Thinking About Succession Planning NOW , Part II

by 3 weeks ago


keys

The KEY to Growing a Great Business That Commands Top Dollar When You are Ready To Leave…. Even if Your Time Horizon is 10 or More Years Out

Last week I wrote about what many believe to be the first step in a successful exit plan from this business. That step requires you to have a clear vision for yourself as to a) “what’s next?” in your life and b) how much money you have to have put away to finance that lifestyle.

As I stated last week, the absolute best time to begin an exit plan is five, ten, or more years before you plan on leaving the business. Why? Because it takes time to put in place and then master the right systems and strategies to maximize your firm’s valuation. The more systematic your recruiting business, the more likely you will sell it for the highest amount possible.

What if you are not sure you EVER want to leave the business? Keep reading. Here is what I discovered in building a firm with the objective of maximizing its value to a buyer:

The way to grow a great business is to set it up as if you wanted to sell it. 

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For Managers

Why You Should be Seriously Thinking About Succession Planning NOW — Even if Your Time Horizon is 10 or More Years Out!

by 4 weeks ago


keys

Most of us dream of the string of days where we won’t have to deal with clients and candidates ever again. The day where we sell our firm for millions, buy a small yacht, and tour the Caribbean.

The problem is that most recruiting firm owners are ill-prepared for anything close to this reality for several reasons. In this two-part article I hope to share some insights to help you prepare an exit strategy for your business even if your time horizon to leave this business is a decade or more out.

As a matter of fact, the longer your time horizon the better off you are simply because you have time to implement the right systems and structure into your business that will make it the most attractive to a potential buyer. Additionally, you have time to really do some introspection on what life will be like after you leave your firm.

In part one of the series, I will tackle helping you define the next steps AFTER you transition out of this business, and in part 2, next week, I will outline the things you can do NOW to begin to maximize value of your firm and some ideas on structuring the deal.

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The Business of Recruiting

The Attitude of Gratitude and How It Can Lead You to Prosperity!

by on Nov. 23, 2011


gratitude

One thing you should be truly excited about is the possibilities for having an outstanding business in 2012. The recruiting firm owners I have coached this year have seen increases in their business from 20% to 118% so far. Most owners I speak with are seeing a NICE surge in business. It even appears the recovery (for us as recruiters) is stronger now than coming out of the last recession in 2002.

I know you are reading this around Thanksgiving and we should all be grateful we survived and are poised for another large increase in our businesses the next few years. You see, gratitude is an attitude that attracts abundance.

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Entrepreneurship, The Business of Recruiting

Fear + Doubt + Worry = Your Personal Slave Drivers

by on Jun. 15, 2011


stress

I received an email with this title from David Neagle, a wealth and mindset coach whose products and services I have invested in frequently. That title REALLY made me stop and read more.

David’s column was more on “manifesting” things in our lives and while I fully believe that when we focus on having things in our lives the way we want them we significantly increase the likelihood that we will get them, this is not what struck me about the article. What struck me big time was the title. Why?

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For Managers, How-To

What You Focus On EXPANDS!

by on Feb. 21, 2011


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I was taught long ago that “whatever you focus on expands,” and I wish I could credit the teacher. You have probably all heard something similar in the past. In this article I am going to do my best to put this concept into practical terms for the recruiting industry.

Based on many conversations and my own personal observations, the recruiting industry is coming back nicely. Many of my clients had their best quarter, not in years, but EVER! Companies are beginning to re-invest in their growth and operations. However, some recruiters are still stuck in “fear” mode and are focusing on scarcity right now, still thinking the business is in recession mode.

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Business, Relationships, TFL archives

When Expedience Trumps Excellence In Recruiting

by on Jan. 10, 2011


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A few weeks ago, some friends and I went out to dinner. and when we left we agreed: “It was OK.” Translation: we were slightly disappointed. There wasn’t anything wrong. Just nothing noteworthy or exceptional. Just little things like the fact that the table wasn’t clean when we sat down, that we had to summon the waiter several times, and we weren’t attended to as frequently as we’d like, etc. Nothing singularly mind-blowing, just a combination of mediocre events.

Since there are many other restaurants to choose from we probably won’t go back there. On the other hand there is a restaurant I frequent and take different friends to all the time. Why? The food is pretty good, but the service is exceptional. If the owner is working he makes a point to come out to all the tables, he remembers his regulars by name, and he sometimes buys us a round of drinks or gets us a dessert in appreciation. Do we get free drinks every trip? No — that’s not the point. His manner and appreciation combined with the service orientation of his wait staff enhance the dining “experience.” You feel special. You come back — again and again!

Do your clients feel special? How about your employees? Clients can choose from hundreds of recruiters to fill their needs; why should they choose you? What do you do for them that they do NOT expect? What do you do that makes them feel good about themselves? Where are you excellent? 

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Business, The Business of Recruiting

Recruiting Lessons I Learned Managing a Political Campaign

by on Nov. 2, 2010


election-day

Editor’s note: today is Election Day in the US. Make sure to go to the polls today and let your voice be heard!

One of the advantages of building a recruiting firm that can manage itself is that it allows me to “step away” for a few days here and there to pursue other interests. For the past few months I devoted about 75% of my time to managing a political campaign for someone running for US Congress in a tightly contested primary. One of my clients asked me recently what parallels I can share from running a successful recruiting firm and running a successful political campaign.

I shared the answers and thought it would be a great topic for an article. I am not going to share the name of the candidate or their party affiliation because how one manages a campaign in a primary would vary little depending on the party.

By implementing the strategies I will share below, my candidate won her primary election and was the ONLY candidate not endorsed by her party to win in the primaries in our state out of nine contested races. These strategies will help you “win” in building your office, hiring and training recruiters, getting clients, recruiting candidates, etc. 

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Uncategorized

Are You Managing Your Day or Is Your Day Managing You?

by on Jun. 3, 2010


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“…but Mike, I don’t have enough time,” says the anonymous, struggling owner with about $400,000 in office revenue as we discuss strategies he agrees he needs to implement to grow his business.

This is a common lament among the many owners I coach and mentor.

Let’s face it: As recruiters, we are salespeople. If you own your own firm, you are an entrepreneur. Is there no more perfect recipe for short attention spans, lack of planning, and focused effort?

Here’s the big problem.

Most of us (me included when NOT planned) REACT to incoming calls, issues with our employees, incoming emails (this one is huge), the shortage of staples in our office, etc. in the MOMENT instead of having a system of handling these issues.

When we react, we diffuse our attention. When we react, we are by default unable to be PRO-active.

Here are some ideas on how to fix that.

1. Before you leave the office Friday night (or if you prefer, on Sunday night), invest 30 to 45 minutes and answer the following questions:

  • What do I need to accomplish next/this week?
  • What is the best use of my time this week?
  • What will I start to do on Monday and what time?

2. What is the payoff of the above to complete the above activities?

  • What can be delegated? (Tip: if you are managing your database, your computers, ordering office supplies or doing data entry, delegate these tasks to an assistant or hire someone part time to do them.)
  • Train someone to do those tasks like research that take up much of your time.

When asking the above questions you need to answer them in the context of the vision for your company and your annual business plan. Are the answers to the above questions moving you closer to your annual goals or not? If not, why are you doing them? You would be surprised how many times I ask that question and get the “deer in the headlights” look and response of “I don’t know!”

This is what being proactive requires. It REQUIRES you to look at your annual plan (some of you may need to write one first!) and chip away at the objectives one week and one day at a time.

But where do you find the time when your recruiters are asking questions, candidates are calling and you need to order staples to keep the office running?

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Uncategorized

Onboarding New Recruiters

by on Jan. 14, 2010


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I constantly hear the lament of “Why don’t my new hires get it? Why won’t they do the work?”

They often feel they have hired the wrong person.

Frankly, sometimes they have.

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Uncategorized

Recruiters: When Was the Last Time You Weeded Your Garden?

by on Dec. 16, 2009


fordyce-default

Have you ever planted dandelions? Do you have a special garden for them? No? Then why do they show up? Why does any weed end up in your garden if it is not planted?

Weeds, like negative thoughts, spread quickly. The people we talk to, both clients and peers, spread them to us. We then spread them to our team. They are watered every day by more negative thoughts and conversations. Just like invasive plants need to be pulled from a garden, negative thoughts need to be manually removed from your mind.

I was reminded about this when I had the privilege of speaking with over 30 owners of recruiting firms in a 30-minute strategy session about setting a vision in their business.

With the exception of one person, the good news is they are all seeing nice increases in their businesses. Some even saying they are getting a consistent flow of call-in job orders for the first time in months!

Despite this uptick in the business, a few of the folks were a bit “beat up” by the economy over the past year. This is quite understandable. However, I challenged them and I challenge you to “tend to your mind.”

Let me explain with a real example from a client conversation last week.

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