THINKING BUSINESS
a blog by Chris Barrow

Millennial Mastermind Groups – thinking out loud

Over the years I have facilitated a number of Mastermind Groups both inside and outside of dentistry.

I’m thinking of doing that again in dentistry later this year, simply because I can see that (like a mountain to conquer) “it’s there”.

I’m looking at Millennial Dental Principals who are looking to accelerate their growth (as explained below).

I have the time, the money and the people to make that happen – and when it is done properly it can make a very positive difference to the members.

Over the years, I have to admit that I have also learned HOW NOT to run a Mastermind Group and this blog post is me thinking out loud and also welcoming any feedback from you.

The Framework of a Mastermind Group

  1. delegates meet on a Friday, four times a year

  2. location is either Central London or a series of regional centres

  3. membership is restricted to no more than 10 practices per group

  4. member practices are at a similar stage of their business evolution

  5. the primary objective is IMPLEMENTATION (to put it another way – getting stuff done)

  6. the facilitator is the facilitator, the members help each other

  7. at the start of each meeting, 90-day wins and losses are shared and discussed

  8. at the end of each meeting, 90-day goals are agreed and shared

  9. in between, each member shares SWOT with the group and gets feedback from the facilitator and the members

  10. there is 100% confidentiality on meeting proceedings

  11. if the members want to swap systems, ideas, training and visits between the meetings, that is fine

  12. the members have a private Facebook group where they can communicate between meetings

  13. the facilitator is available for virtual coaching at all times

  14. the Group stays together for 2 years and is then compulsorily closed

  15. the membership fee is £600pcm (inclusive of VAT)

  16. the members invest in their own travel, accommodation and catering, plus they share the cost of the venue

  17. members are allowed to bring spouses/partners who work in their business but not managers, team members from their business or spouses/partners who do not work in the business

  18. business partners in practice pay one membership fee per practice plus individual travel, accommodation and venue costs

How NOT to run a Mastermind Group

Here are some of the common mistakes I have seen and/or made:

  1. meeting at weekend to save billable time

  2. more than 10 members in the group – it becomes a training workshop

  3. members are at differing stages of business evolution – which means that the more evolved members get bored

  4. using each meeting to deliver more and more data and information (the first meeting can cover the basics of running a successful practice but after that, it’s about the members, not the facilitator)

  5. expecting each meeting to be a chance for the members to kick back, relax and watch Powerpoint whilst they listen to the facilitator enthral them

  6. inviting guest speakers on specialist subjects to “entertain” the members

  7. not leaving enough time to report back on or set goals for the individual members

  8. breaking the confidentiality of the group (ouch!)

  9. bringing spouses/partners who don’t work in the business

  10. only having one partner from a business partnership at the meeting

  11. bringing managers and senior team members to the group

So let’s make this absolutely clear.

THE PRIMARY OBJECTIVE OF A MASTERMIND GROUP IS FRIENDLY PEER PRESSURE TO SHARE GOOD IDEAS AND GET STUFF DONE

IMPLEMENTATION, IMPLEMENTATION, IMPLEMENTATION.

The decision I have to make is what type of members do I want – the evolved or the evolving?

My face to face daily work is with the evolved, who can afford the higher fees associated with monthly in-practice meetings.

In a Mastermind environment, I want to work with the latter group – members who are relatively new into ownership and have either bought their first practice(s) recently or opened squats.

Members who are probably on their way to their first £1 million in sales (and maybe at £300,000 – £600,000 in sales now).

Members who are probably Millennials (age around 40 or younger).

Millennials on their way to their first Million.

And so, here is my question…….

Is there an appetite out there for me to put a new Dental Millennial Mastermind Group together?

If you are interested, please send a no-obligation email to coachbarrow@me.com

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