“The Mastermind may be defined as ‘Coordination of knowledge and effort, in a spirit of harmony, between two or more people for the attainment of definite purpose.’ No individual may have great power without availing himself of the ‘Mastermind.’”
– Napoleon Hill, “Think and Grow Rich”
Author and American impresario Napoleon Hill said it best; successful people belong to a mastermind group. Being a part of a mastermind group myself, I can speak personally to their advantages.
My mastermind group held our first meeting of the year at the beginning of May in Marina Del Rey, California. And it was an amazing event. We had 12 group members attend. Most brought their spouses or other practice team members, so there were 20 of us total. Our mastermind group has been together now for two years, and we’ve had an 80 percent renewal rate from year one. Every time we meet, I see our members experience monumental breakthroughs and moments of clarity.
It was such a great experience that I’d like to shout out some standout members. First, there’s Greg Nunn, CPA. His revenues were up 40 percent through April 30, compared to the same period last year. Darrin Mish, Esq, experienced a 54 percent revenue increase in 2015. Both successes are thanks, in part, to the mastermind group.
Other members are pulling seven-figure years with tax resolution alone, and those who are just starting out doing tax preparation are pulling $100,000 to $200,000 a year. Another member’s major breakthrough came when he decided he was sick and tired of his tax preparation business and wants to sell it to focus on tax resolution full time.
In our mastermind group, members have a sounding board of like-minded people around. That’s important because being a business owner or entrepreneur is lonely. At our meetings, they realize, “Wow! I’m not alone here!” At the end of our meeting one of the days, we gathered for a dinner at a restaurant near our hotel.
One of the restaurant patrons asked our waitress what business our group was in. Our waitress answered, “They help people with IRS problems.” As it turned out, the patron had an IRS problem of her own, so she was introduced to one of our members who gave her his card and set up a consultation right then and there. You never know where you’ll meet a potential client or connection!
In the end, the moral of this story is to always network and join a mastermind group. Instead of introducing yourself as a CPA, EA, or attorney, say what I say: “I fight the good fight and run an emergency room for people with tax problems.” It’s a conversation opener that works every time.
See you next time!