Today’s episode is all about hiring your replacement and creating choices for yourself within the realm of your company. If you’ve ever thought about what it would be like to replace yourself from the day-to-day tasks in your company (your role, not your ownership) and don’t know where to start, this episode is for you. Whether you’re looking for a way to decouple yourself from the day-to-day so you can eventually plan for your exit or if you’re looking to have a bit of extra time to focus on other things, the tips and techniques you’ll learn today should be able to get you started. If done right, you can and will have a more valuable company that allows you the freedom to think.
I’m talking with Mike Frommelt, founder and CEO of KeyStone Search. He has spent his whole career working with and for the same thing. While he didn’t go into the business wanting to be a headhunter, he found that he was great at it. Today we talk about how to find a replacement, where you can find a replacement, preparing your team for the change, and what to do when the next generation of leadership isn’t quite ready. Mike shares his stories and expertise so he can help you find the right replacement.
A Note About the Podcast:
I’ve realized that--more than “life after business”--this podcast is about being intentional and growing your business so you can have more options and more freedom in your journey. So my question is, if the name of the podcast changes from “Life After Business” to “Intentional Growth: How to Grow the Value of Your Business with an End in Mind”, would that throw you for a loop? The topics and content would still be the same, the only difference would be the title.
Your opinion is so important to me. Please reach out to me if you have any questions or comments. You can contact me via email at firstname.lastname@example.org, on my LinkedIn, or you can call me at 612-720-6530.
What you will learn:
Who is Mike?
What Mike and KeyStone Search does for their clients
How to find the right person to work as your replacement
Where do you start the process and where do you look?
How to assess the matchmaking portion of this process
The Visionary and the CFO (the yin and the yang)
How to relay information to your team
Backfilling knowledge of candidates who you want to develop
Mike’s ideal clients and difficult situations
What happens when clients go to Mike but are not financially or emotionally ready?
What to do for temporary leadership while the next generation is being groomed?
“The first place that I like to start is making sure that I understand and they understand what it is that they’re really doing in the business.” - Mike Frommelt
“You want to incentify [the leadership team] to grow the business while you’re doing what you want to do, whether you’re becoming the chairman of the board or you’re on a beach somewhere.” – Mike Frommelt
“This is not about putting yourself out to pasture.” – Ryan Tansom
“I think that if you have too much operational and you leave the magic of the visionary aside, things can implode, which I think a lot of people will also see.” – Ryan Tansom
“Choices, choices, choices equals freedom, freedom, freedom.” - Ryan Tansom
By learning what you want, understanding how to build a valuable business with the end in mind, you can replace yourself with the best candidate (either internally or externally), hire your executive, build a valuable company, and be ready to transfer your roll but also be ready for any out-of-the-blue offers, so no matter what, you have choices.
KeyStone Search, website
Rocket Fuel by Gino Wickman, Amazon
ARKONA Boot Camp
Reach out to me if you have questions about the boot camp!
You can also reach out to me via email at email@example.com, on my LinkedIn, or you can call me at 612-720-6530.
Mike Frommelt Co-founded KeyStone Search in early 2002 based upon the belief something was missing in the search industry; A focus on cultural fit as a key indicator of executive success. KeyStone works exclusively with privately-held businesses who understand the importance of cultural fit. KeyStone also has special expertise working with companies who are employee-owned (ESOPs) as well as companies utilizing EOS/Traction.