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Tapping the Power of the Mastermind

By Stephen Tweed

Uncommon Friends Mastermind - Thomas Edison, Henry Ford, Harvey Firestone, Charles Lindbergh, and Dr. Alexis Carrel.

Uncommon Friends Mastermind – Thomas Edison, Henry Ford, Harvey Firestone, Charles Lindbergh, and Dr. Alexis Carrel.

I’m writing to you this morning from Orlando, Florida where Elizabeth and I just presented the opening keynote for the Home Care Association of Florida. Our topic was “The Head and the Heart of Home Care.”  We then led an interactive CEO Forum to discuss leadership in home care and the importance of developing the next generation of home care leaders.  Our focus this fall is connecting leaders in the top tier of home care with one another, and conducting our Home Care CEO Leadership Study.

Later today we will be attending a presentation by our long time professional speaking colleague, Barry Banther.  Barry will be talking about People, Performance, Profit – 3 Secrets of Home Care Success.  Talking with Barry before his presentation reminds me of the Power of the Mastermind. One of the things that has contributed to our success and significance over the past three decades working in home care and hospice is what we have learned from our professional speaking colleagues in the National Speakers Association.  Not only do we learn by attending conventions and workshops, but from participating in Mastermind Groups. Over the past 30 years that Elizabeth and I have been in NSA, we have been members of three or four different mastermind groups. The lessons we have learned from the mastermind has not only helped us grow as professional speakers, but has given us ideas that have turned into millions of dollars of revenue that we would not have had otherwise.

You Can Be Part of a Home Care Mastermind

In 2012, we brought the concept of Mastermind Groups to the home care industry by forming the $5 Million Mastermind Group – five company CEOs and COOs who began meeting on a semi-annual basis to share ideas, solve problems, and support one another.  That original group has grown to ten companies, and three of the original members have sold their businesses for millions of dollars.

In 2015 we started the second mastermind group, The Strategic Growth Group.  These are companies between $1.5 and $3 million in revenue and who want to grow their businesses to $5 million.  That group has eight members (and we have room for two more).  If you are the owner or CEO of a private pay home care company in this size range, you may want to consider being part of the Strategic Growth Mastermind Group. The next meeting of the Strategic Growth Mastermind will be held October 16, 17, and 18 in Brentwood, TN.  The group will be on a “field trip” to visit Senior Solutions at Home, a member of the $5 Million Mastermind.

Two New Groups Forming

The success of these two groups has sparked a great deal of interest from other home care company CEOs and COOs, so we are in the process of forming two new groups.  After speaking at the Home Care Association of America in 2014 and leading a panel of our $5 Million Mastermind CEOs, other companies came out of the woodwork and and asked to join.  The group, which is limited to ten members, quickly filled up and we had a waiting list.

This year, we decided to form another group of companies in that size range, so we set up the Top 10% Mastermind Group.  If you look at the 2016 Home Care Benchmarking Study from Home Care Pulse, you will see that companies at the 90th percentile generated a median top line revenue of  $4,541,244.  This new group will have members who lead companies that range from $3.5 million to $7 million in revenue.  We currently have eight member companies and we have room for two more.

The first meeting of the Top 10% Group will be held in Baltimore, MD on September 11, 12, 13, 2016.  If you are the CEO or COO of a company in this size range, you may want to consider becoming a member.  The group will meet twice a year face to face, and then have live video meetings in between to keep in touch and to discuss hot topics and major issues facing the industry.

The $15 Million Mastermind

The other spin-off of our presentation at the 2014 HCAOA conference was a group of owners who approached us about forming a mastermind of much larger companies.  After two people approached us about this group, we began to actively look around, and discovered that there are a few companies generating more than $15 million in private pay home care.  This group will be forming in the very near future.

If you lead a  company of this size, or you know of someone who leads a company of $15 million or more, we’d love to hear from you.

The Mastermind is NOT for everyone

While we welcome anyone who fits the size group to consider becoming a member of one of our mastermind groups, we realize it is not for everyone.  There are some folks who just want to do it on their own.  They feel like they know how to grow their business and the don’t need to talk about it with others.

The CEOs who are best suited to being a mastermind member are those who have a clear vision for the company they want to grow, they have a plan to get there, and they know what they don’t know.  That is, they are leaders who are learners and they recognize that as their company grows they will run into issues and challenges that they don’t know how to solve. But they recognize that a group of ten companies coming together to work on challenges and solve the problems is more likely to succeed.

Here’s what some early Home Care Mastermind Members have said about being part of a group:

The Rules of the Road for Masterminds

To make these groups work, we have had to establish some basic rules to operate by:

  • There are no members in the group who compete with other members
  • Members agree to attend two face to face meetings per year
  • Members agree to participate in live video conferences in between meetings
  • Members agree to share information and ideas openly
  • Members agree to keep their conversations confidential outside the group

If you are a CEO or COO of a company in one of these size ranges, you have a vision for the company you want to grow, and  you want a group of other leaders with whom to share ideas and solve problems, then explore the Home Care Mastermind Groups from the Home Care CEO Forum.  

If you have specific questions or need more information, call or email Jill Scott, our Manager of Member Services at 502-310-0999.

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