Five Question Friday: Mike Frommelt

Today, we’re joined by Mike Frommelt, Principal and Co-Founder of KeyStone Search in Minneapolis. With over 20 years in the recruiting and search industry, Mike brings extensive experience. Previously, he was Vice President at a top executive search firm in the Twin Cities and a Senior HR Generalist for a prominent local services company. Mike has led numerous senior-level placements in executive management, operations, sales, IT, engineering, and HR, specializing in closely held and employee-owned businesses (ESOPs).

1) What’s the biggest growth area in your business right now?

We have a strong niche in the small to midsize business sector, especially with privately held, family-owned, and employee-owned companies (ESOPs). Demand from these clients has been huge. Additionally, our non-profit sector remains steady, but the for-profit side is really booming.

2) What’s currently the biggest challenge for your business?

Right now, it’s all about bandwidth. There just aren’t enough hours in the day to keep up with demand. But I’m not complaining—these are good challenges to have.

3) How do you define success?

Success, for me, is when an executive we’ve placed drives significant growth or improvement within an organization. Hearing from a client a few years after our work together, and learning that they’ve exceeded their goals because they have the right leadership in place, tells me we’ve done more than just fill a role—we’ve genuinely helped solve a business challenge.

4) How have you cut costs or improved profits during tough times?

During the recession, we focused on working with the “right” clients—those who value cultural fit as a key to executive success. When we stray from that focus, it makes us less efficient and, ultimately, less profitable. We also concentrated on delighting our existing clients, and as the economy recovers, we’re seeing the rewards through increased referrals.

5) What technology do you find indispensable?

I got my first iPhone a few months ago, transitioning from a BlackBerry, and it’s been a game-changer. The time it saves me is incredible—I can’t imagine going back.