The document summarizes an interview with Richard Wnek, owner of Executive Recruiting Company, a recruiting firm that provides qualified candidates for insurance industry positions. The company has been in business since 2004, providing prescreened candidates to fill open positions for its clients. Wnek started the company based on his 20 years of experience in the insurance industry and relationships developed over that time. He sees developing relationships as a critical success factor for the business.

1. Small Business Interview By, Alyssa Bufis Nichols College MGMT-100 02 Professor Fleury-Lawson

2. Introduction Interviewee: Richard Wnek Executive Recruiting Company Home run business out of Morristown, New Jersey Best friend’s father

3. Executive Recruiting Company is a recruiting company that provides prescreened and qualified candidates for open positions for a variety of clients in the insurance industry. Limited Liability Company: the responsibility of a business’s owners for losses only up to the amount they invest Why this structure? Easy to set up Easy to register in New Jersey Tax returns are not complex

4. Executive Recruiting Company Services: Provides qualified and prescreened candidates to company’s with open positions Been in business since 2004 Worked in the insurance industry for 20 years Prior, partner in another ERS company until it when out of business

5. Background of ERS Company Getting started: Had a consulting business and an insurance recruiter in New Jersey help him get his start Began the company without any loans because an office was already set up from the existing company

6. Background of ERS Why start? Three main reasons 1) Saw the need for recruiters in the industry 2) Saw a need in the insurance recruiting industry for an experienced insurance professional who truly valued relationships 3) Was able to leverage the prior developed relationships from past 20 years to the new company

7. Background of ERS Owner’s training: Learned recruiting while working on the consulting project for an insurance recruiter Attended National Insurance Recruiters Association in 2006 Attended online global training programs for recruiting firm owners Background in business: Master’s degree in management Active member in about 10 professional organizations

8. Background of ERS Beginning of Company Company Today Sole practitioner with one client Only able to work on a few open positions Support from NIRA Contracted with several experienced recruiters Clientele has grown

9. Successes and Challenges Successes Relationships with clients Ability to make candidates happier in their field Challenges Running a small business with the economic downturn Impacted the insurance industry and clients ability to hire staff

10. Most Challenging Aspect Ability to compete against larger companies with larger staffs Why? Because some clients feel that larger companies are due to a larger fee for a placement service, or they feel that a smaller firm cannot fill their position Overcoming this challenge Having relationships with a variety of managers Ability to express knowledge about positions

11. Critical Success and Fatal Flaws Critical Success Factors Fatal Flaws Constantly produce quality candidates for their positions Able to identify and submit qualified candidates before another recruiter if you’re the first recruiter Need to develop a professional relationship with clients Inability to differentiate their services from others Cannot handle economic downturns Small network of clients Non professional manner Not being able to leverage social media to enhance and increase the business

12. Future Plans The company with continue to grow and add more staff and clients ERS has been able to develop new clients when a senior manager leaves one company and joins another Planning on expanding the use of social media in attracting both clients and candidates in ERS

13. Other Questions After you retire, who will own your company? A family member might take over, the company might be sold or merged with another Why did you pick this certain area of business? Because there was a need in the insurance recruiting marketplace If you had the chance to open another company would you? Considering opening a professional writing résumé service

14. Advice for Future Entrepreneurs Advice What did I learn? Learn all that you can Develop as many relationships as possible Develop lasting relationships Leverage your relationships to both your advantage and your clients Ask questions Be confident in your ideas Take risks I learned that having a successful business doesn’t only mean have a good idea but developing relationships with other companies in order to help your own I also learned that in order to have a successful business you have to make sure there is a need for your service