When he started his search firm, Vince was told that you would make 100 grand in year one if you’re lucky. In his first year, he did more than $600k in revenue! Was that just a lucky year? Definitely not. He would not even consider his 12 years in business his best year. What are Vince’s key strategies in achieving this phenomenal result? In this episode, he shares two things: his belief system and his hard work.
Vince Dunne is the President of Dunne Search Group, an executive search firm based in South Carolina. For the last 12 years, he’s specialized in recruiting salespeople for the biotech industry and has helped build some of the most important companies in cancer testing.
Episode Outline and Highlights
- [01:56] How Vince got into recruiting and how he was able to shorten his learning curve.
- [10:26] Transitioning from a top recruiter to a recruitment business owner.
- [14:27] Overcoming the scarcity mindset: would you be friends with a close competitor?
- [16:34] Pulling off $600k in his first year of business.
- [25:51] How Vince set up 210 interviews to land 70 monthly placements.
- [35:10] Discussion on Retain vs Contingent?
- [36:53] Vince reveals his team size and structure.
- [42:10] How to pitch an exclusive search arrangement with your client.
- [45:25] Topic on tech stack and approach to reaching out to clients and candidates.
- [56:03] How to “make a name for yourself.”
- [59:12] The biggest adversity Vince faced in his career.
Pulling off $600k Revenue in His First Year
Vince and I talked about his motivation to transition from being a top recruiter to launching his search group. “But I noticed I was getting my clients. Nothing was handed to me, and I thought it was because ‘Vince will figure it out. You know, he’s. He’s doing well. He’s rookie of the year.’ I’m hitting all my numbers every quarter… So I was getting my clients anyway. So why am I splitting my business? And so I felt like I was ready. I’ve got enough clients out there of people that want to do business with me.” Knowing that he was ready, he took on the challenge of becoming a recruitment business owner, leveraging the skills he learned and the relationships he built over the years. Remarkably, he was able to make more than $600k in revenue in his first year!
I wanted to dive deep into the causal factors of this phenomenal success. Vince believed that he was just lucky. But you will find out as we continue our conversation that there are two main ingredients for his secret sauce: his belief system & hard work. Vince was really competitive and strictly adhered to his no-fail mindset. He would reach out to ten people before 9:00 AM daily to generate leads. These traits enabled him to shorten his learning curve when he was just a rookie and surely contributed to his success as a business owner.
How to “Make a Name” For Yourself
Another topic that resonates with me is Vince’s emphasis on building a reputation and making a name for yourself. Vince’s niche is in the Biotech industry, a very competitive circle, which means that your reputation is a huge deal. Vince shared insights on how he makes a name for himself and that people know him within the sales biotech world.
- Reputation Through Results: Vince builds a strong reputation by consistently delivering results, making successful placements, and ensuring client satisfaction.
- Client Focus: He emphasizes the importance of caring for his clients, going above and beyond, and even working late hours to meet their needs.
- Referrals: Vince actively asks for referrals during and after a project to expand his network and connect with more potential clients and managers.
- LinkedIn Recommendations: He sometimes asks clients for LinkedIn recommendations to build credibility and visibility.
- Personal Connections: Vince maintains relationships by sending personalized gestures, like Christmas gifts, and ensuring he remains in his clients’ minds for future opportunities.
Building Relationships is Always Better in the Long Run
Vince shared an insightful take on building relationships versus burning bridges. If you have been unfairly treated by a client before, you will most likely relate to his story. I asked Vince about the biggest adversity in his career, and he shared that it was learning not to burn bridges. His aggressive, competitive nature sometimes led to conflicts with clients, particularly when he felt he wasn’t fairly compensated or recognized for his work.
Vince acknowledges that, in hindsight, there were times he should have taken the high road instead of standing his ground, which ultimately damaged relationships with some clients. He overcame this challenge by realizing the importance of choosing his battles wisely and maintaining long-term relationships, even if it meant compromising on smaller issues. He now prioritizes staying loyal to clients who treat him well, even if it means turning down business from competitors.
A key takeaway is that maintaining a positive image and strong relationships is crucial in the long run. Vince balances his competitive nature with a more strategic approach, focusing on clients who value and respect him while still holding onto the principles that have made him successful.
