CHAPTER 8Niche Mastermind Groups—A Radical Idea
The Niche Mastermind idea can be likened to a Reese's—when two good things blend together, something great comes of it. Combining chocolate and peanut butter in a bite was brilliant. Tying a Niche with a Mastermind Group is, well, effective and efficient.
So how did these two forces come together? I was coaching an FA who wanted to know more about creating a Mastermind Group. We went over the who, why, what, and how of a Mastermind Group, and he was on his way. He went to his CPA to say he was setting up a Mastermind Group and ask if the CPA would like to join.
The CPA declined the invitation but offered for the FA to join his group. The CPA went on, “We have a group focused on helping physicians sell their practices to hospitals.” In the group were a realtor, a business broker, a CPA to do the business valuation, and an attorney to write up legal documents. The only one needed to complete their Mastermind Group was a financial person to deal with the proceeds of these business sales. The CPA offered that the average sale was $5 million.
The FA was thrilled! He couldn't wait to tell me all about it. He said joining the group wouldn't have happened if he hadn't asked the CPA about the Mastermind Group. Then it struck me: this whole group was a Mastermind Group focused on a niche! What a great idea! This was the first time I had ever seen the two strategies put together to complement each other. It was a great marketing and service ...