EP 418: Executive Recruiter Made $1.1M 2015, Super High Profit Margin with Matt Schwartz of MJSearch.com

Matt Schwartz, the president of MJS Executive Search –a 13-year old, New York based retained executive search firm that specializes in placing transformational talent to global Fortune 500 companies. His clients are included but not limited to Pepsi Co, American Express, Fidelity, New York Life, Equinox, and Pitney.

Famous Five:

• Favorite Book? – Profit First and Rework
• What CEO do you follow? – Gary Vaynerchuck
• Favorite online tool? — Send Later and Trello
• Do you get 8 hours of sleep?— I do
• If you could let your 20 year old self know one thing, what would it be? – Don’t follow the herd.

Time Stamped Show Notes:

• 01:44 – Nathan introduces Matt
• 02:44 – Why MJS Executive Search is different
  • 02:51 – The trends have changed
• 03:45 – The roles placed for Pepsi Co
  • 04:30 – Engineers for reinventing equipment
  • 05:30 – We are there to tell the story
  • 05:40 – The pitch MJS delivers
• 06:42 – How MJS make money through placing people on roles
  • 07:41 – Our competition bills the entire fees in 90 days
• 08:15 – Founded MJS Executive Search in 2002
• 08:32 – First year revenue was $85,000
• 08:45 – Matt left Heidrick & Struggles with an $280K salary including bonuses
  • 09:24 – They changed the complain significantly
  • 10:35 – “I had nothing to lose.”
• 11:01 – MJS’ revenue in 2015 was $1.1M
• 11:14 – Revenue goal for 2016 is $1.4M
• 11:39 – Working with a team from Less Doing’s Virtual Assistance Services
• 12:19 – Nathan hates humans
• 12:40 – Matt spends $700 to $1000 monthly for a virtual assistant
• 13:17 – Bottom line profit in 2015 was $600K
• 13:31 – What the entrepreneur does to create wealth for himself
  • 14:00 – Meeting with Michael Michalowicz
  • 14:25 – I struggled with not knowing where my cash wash
  • 14:34 – Bank balance accounting
  • 15:57 – Matt wants to make sure he has security, funding, and business health
  • 16:23 – Nathan’s struggle with his investments
  • 17:04 – Matt can save up to $53,000/year from his bank balance accounting
  • 17:24 – All on the profit first
• 17:43 – The average contract value from $80K to $100K
• 18:05 – Working with an average of 5 to 6 customers per year
• 18:21 – MJS is competing with the largest firms in the world
• 19:06 – Connect with Matt thru his email address and website
• 21:25 – The Famous Five

3 Key Points:

1. We are there to tell the story.
2. Struggling without knowing where your cash is at.
3. All on profit first.

Resources Mentioned:

• Toptal– Nathan found his development team using Toptal  for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to quality of Toptal
• Host Gator– The site Nathan uses to buy his domain names and hosting for cheapest price possible.
• Freshbooks– The site Nathan uses to manage his invoices and accounts.
• Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
• Profit First and Rework – Matt’s favorite business books
• Send Later and Trello – Matt’s favorite online tools
• Connect with Matt thru his email address and website
• Show Notes provided by Mallard Creatives