Premierehire Executive Search & Staffing
Growth Requires Fair Capital
- Debt refinance, payroll financing, receivables financing
Custom Lending Package:
- Credit line up to $250,000 at 14.99% APR
- Paid off existing debt
- Replaced painful factoring
- process with convenience
- of a revolving credit line
- Freed up time to focus on the business, doubling sales year over year
Executive Search & Staffing Services
Premierehire is a Carlsbad, CA-based executive search and staff company that aims to create mutually rewarding career placements for individuals and organizations alike, helping each party find the right fit. The company follows a specialized SmartStart hiring and onboarding process to maximize individual potential, team synergy, organizational return, and employee retention. Premierehire was founded in late 2011 by Leanne Abraham and her husband, both of whom had previously been very successful business leaders (wrapping up overseas work prior to moving to Carlsbad, CA). Knowing that building teams was their strength and passion, the couple set out to help other business leaders do the same. Leanne noted the overarching goal of Premierehire:
“Our goal was to help leaders attract, recruit, and retain top performers. We also knew we could add more value to this process with our expertise in HR, assessments and executive coaching. In mid-2012 we opened our office in Carlsbad, CA, attracted some key professionals to our team, and began serving clients.”
While the business experienced what looked like overnight success – tripling in size in 2013 alone – founder and president Leanne Abraham faced her fair share of challenges.
Leanne noted that one of the largest struggles Premierehire faced (and still faces today) is the “lag” period between paying their contractors and receiving payment from clients when they take advantage of the contract or contract-to-hire model:
“We have a lag period anywhere from 15-45 days (sometimes more if a client runs into cash challenges), so that’s where we needed help. The more we grow, the more money we need. We tripled our business over 2013, but needed additional money to keep growing.”
To fill the need of additional capital, Leanne decided on a local factoring company, which at first seemed promising, yet turned out to be what she describes as a “nightmare”:
“The administrative burden working with the factoring company drove me crazy. It drove me so crazy that we actually sold our house so that I wouldn’t have to deal with it. It was just a nightmare. They had to approve every new client – I had to have my clients sign their paperwork, and each contract was factored independently.”
Leanne spent hours on end working with the factoring company to make sure that money was transferred properly. In the end, she was spending the majority of her time on administrative tasks instead of working to build her business, so she brought her relationship with the company to an end.
Earlier Premierehire had been awarded a small business loan from Accion and, since banks wouldn’t even talk to her until her business was 3 years old, she approached them to help her get a much larger amount of capital to cater to the growing needs of her business. Accion referred Leanne to the team at Dealstruck, who worked with Leanne and Premierehire to extend its credit line to $250,000. Leanne explained:
“Since we started with Dealstruck, we’ve almost doubled our business again, and we’re able to continue to grow with them as our lending partner. I was also very relieved to find out that Dealstruck took a look at my business as a whole to decide what product best met my needs. So now, instead of spending one full day out of the week (like I did with the factoring company), I’m spending the time it takes for two clicks on Dealstruck’s platform. And, a big plus, the process is seamless to my clients”
Leanne and Premierehire felt that Dealstruck’s empathy for small business owners separated their service and products from others out there. With the help of Dealstruck, Premierehire was able to double sales in 2014, for a second year in a row. And that’s a track record worth celebrating.