In this episode of Independence by Design™, I sit down with Mike Frommelt, the co-founder of Strategic Talent Partners and a seasoned expert in executive search and leadership development for privately held businesses. We dive into the critical role of talent assessment and leadership development in scaling a business beyond the founder’s personal capacity. Mike shares his unique insights on how to assess a company’s leadership team, the challenges owners face when transitioning from day-to-day operations, and the importance of aligning leadership talent with ownership goals.

Mike explains the differences between hiring internally versus externally, and why sometimes promoting from within isn’t always the best option. We also explore the strategic role of a CEO or president and how to identify whether someone has the capacity to think strategically and lead teams effectively. Mike's framework for evaluating leadership potential and his holistic approach to aligning talent with business goals will leave business owners equipped with actionable steps to start building a leadership team that can thrive without their constant involvement.

Mike Frommelt is the is the co-founder of Strategic Talent Partners, a national executive search and leadership solutions firm. With over 20 years of experience, Mike specializes in C-level executive search and leadership development for privately held businesses. He helps companies transition from founder dependency by recruiting and integrating leadership talent aligned with ownership goals. Mike's expertise ensures organizations grow sustainably while equipping teams to thrive. Learn more at www.strategictalentpartners.com.

Chapters:

• 00:00 – Introduction
• 01:20 – Mike Frommelt’s Journey and the Creation of Strategic Talent Partners
• 05:00 – The Challenges of Founder Dependency and Leadership Transitions
• 08:30 – Assessing Your Leadership Team: Internal vs. External Hires
• 14:15 – The Role of Strategic Thinking in Leadership
• 25:00 – Joel Trammell, CEO’s, and finding candidates
• 39:00 – Developing High-Potential Leaders from Within, What Traits to Look for in Future Leaders
• 42:00 – Growth Leadership Model, Assessments
• 51:10 – Compensation
• 1:00:01 – Compensation of C-Suite vs. size of company
• 1:11:00 - Advice for Business Owners, Final Thoughts and Call to Action

Ryan Tansom is a seasoned entrepreneur, speaker, and the founder of Independence by Design™, a transformative ownership framework for growth-oriented business owners. After turning around and selling his family business in an eight-figure exit, Ryan spent over a decade dissecting the lessons learned from his journey. His mission is to help other business owners avoid the pitfalls he encountered by providing them with the tools and knowledge to align their business operations with th...