What happens when your 15-person agency runs out of cash and you have to start over from scratch?

On this week's episode of The RAG Podcast, I’m joined by Philippa Smith, founder of Silver Swan Recruitment, a luxury staffing agency for ultra-high net worth individuals.

After growing her team to 15, COVID and poor cash flow caught up with her. In August 2024, she made the entire team redundant and scaled the business back to just herself.

Nine months later, Philippa is now generating more than £1 million in pro-rata EBITDA. She's happier, more focused, and running a business built around lifestyle and profit, not just headcount.

In this episode, we cover:

• How she pivoted her model to charge upfront and improve cash flow
• Why personal branding has transformed her client relationships
• The emotional cost of scaling too fast
• How she’s using podcasting and community to drive inbound growth
• The upside of running a smaller, more agile agency

If you’re questioning whether scale is really the goal, this episode will give you a new perspective.

Chapters

00:00 Introduction to Silver Swan Recruitment

02:04 Philippa's Journey into Recruitment

07:52 Transition to Silver Swan Recruitment

10:00 Growth and Challenges in Recruitment

18:22 The Impact of COVID-19 on Business

22:01 Navigating Revenue Challenges

24:05 Strategies for Business Development

24:17 Building the Team: Structure and Challenges

25:08 The Turning Point: Running Out of Money

27:19 Facing Reality: Making Tough Decisions

30:01 The Aftermath: Adjusting to Change

32:10 Rebuilding: A New Business Model

34:12 Commitment to Change: Charging Upfront

39:04 Success Redefined: Filling Roles Effectively

41:21 The Power of Personal Branding

46:47 The Power of Podcasting in Recruitment

49:00 Building Communities for House Managers

52:58 Creating Value Through Events and Networking

56:58 The Balance of Work and Personal Life

01:01:02 Lessons Learned and Future Aspirations

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