E518 | The Real Power Of Mastermind Groups

Why would someone want to be a part of a Mastermind group? What is the value in it? Simply put, it's just a group of people that get together, share what is working in their field, and try to move forward. That is it in a nutshell, but I wanted to dive a little deeper into the real power of a mastermind group. Enjoy!

• Plugging in proven systems
• Paying to keep the wrong people out
• The massive compounding effect of being a part of a group

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Podcast Transcript

Danny: So one of the best ways to improve your customer experience, which we know will dramatically improve your business, is to have clear lines of communication with your clients. And that's something that can be really hard with these multiple channels between email and text. And what you really need is to centralize that in one place.

And that's something that we've been able to do as we switched over to PT everywhere within our client's accounts. We can actually message right back and forth with them. They can manage their home exercise plan within there, and it allows us to really compartmentalize the communi. That we have with those clients, instead of losing an email in the inbox or missing a text and then you're, it's very hard to dig yourself outta that hole because they feel like you're not very responsive, with them.

And for us, it's made a really big difference. It helps make our staff more efficient. It helps us not miss things as much with the volume of people that we're working with. And it's a really smart way of really compartmentalizing your communication with your clients so it doesn't interfere with the rest of the channels.

You have communication with family and friends and things like that. So I think it'd. Huge for your practice to centralize it the way we have. Head over to pt everywhere.com. Check out what our friends are doing over there. I think it's really cool and I think you really. So here's the question. How do physical therapists like us who don't wanna see 30 patients a day, who don't wanna work home health and have real student loans create a career and life for ourselves that we've always dreamed about?

This is the question, and this podcast is the answer. My name's Danny Mate, and welcome to the PT Entrepreneur Podcast.

What's going on guys? Doc Danny here with a PT Entrepreneur podcast, and today we're talking about what is the value of a mastermind group? What's the true value? What do you get out of that, and why would someone want to be a part of something that sounds real weird to be a part of? I'm not sure who came up with the idea of a mastermind.

But it makes me think of Pinky in the brain, which some of you may have no idea who that is. Cartoon, back in the day, these two lab rats would get together or maybe they were mice. They were mice and they would, every night they would come up with a plan to take over the world and it would never work out.

But every night they would do that. And it makes me think of a mastermind. It's a group of people getting together, trying to figure out a plan to take over the world. And in actuality, it's just a group of people that come together to, to, to share what's working, to to network with people that are other high achievers, to learn in many cases, specific information and develop a network and skillset.

In, in that specific kind of lane, whatever it might be. And and to be around other group of people that are, really trying to progress and move forward and view themself as a vehicle they want to invest in. And I have been in some variation of a mastermind group now for the last seven years.

I've been in four different ones. I've been in my the last one that I'm in now for a year. I just actually signed up for my second year with the group that, that I'm a part of. And I've been actually actively running a mastermind group now for right around five years. And, I'll, I'm gonna talk to you a little bit about what that is and what benefits come from that.

And this isn't necessarily a plug for our mastermind group by any means. Yeah, of course. I have one and run one. And I think it's pretty awesome. I'm very biased, there's no doubt about that. But it's a really good place for, performance based clinicians that run a cash or hybrid model.

If that's not you, it's not the place for you. And that's fine, because I'm sure there's a place for you. There's a organization that exists for you. But that is the group of people that. Serve and that we work with, and that we bring together and vet and that's our network. My experience with running these businesses is really, within that very narrow scope.

I'll share with you what I can, but I wanna share with you my journey as someone who has been a part of mastermind groups, not necessarily somebody who has run mastermind groups, because I think it's very different in terms. What I can share and what I've learned and what I've come to realize in terms of investing the kind of money that I do to be a part of these groups and part of this is spurred on.

By a message I got from one of our mastermind members. And it was just a cool message. And he sent me a message and he was like, Hey man, I was talking to this other member in our group and he said something about I know that we are paid friends, but I'm really glad that we're friends and that we got a chance to meet.

And I started laughing because in one sense it's true, It costs money to be in a mastermind group. And there's some, there's obviously some inherent benefits for why people do that and they view it as investing in themself. And the ROI should be there in a number of ways.

But I'm somebody that I felt the exact same way early on with the first mastermind group that I joined. And I remember thinking, first of all, I was never. In a fraternity in school. I I never even thought about it, to be honest with you, and. No offense to anybody that was, I think there's some inherent benefits as I look back on it, especially at as far as the alumni network is con concerned and the ability to help, get jobs and get connected with other people.

I think that can be very powerful. But I frankly just viewed it as I do not want to pay dues to hang out with people, I want to hang out with people cuz they want to be around me. And I was very offput by the idea of paying money to have friends and, that was just my view of it.

And I felt the same way about mastermind groups. Whenever I got out of. The Army and I started my business, you start to realize, oh wow, there are these things where people get together and they business, they have business networking and events, and sometimes it's very broad and sometimes it's shared, it's shared information in a specific niche, what we do.

And I think that the difference with us, if I was to break these out is like the vast majority of mastermind groups, General networking sort of groups with within, some sort of industry, maybe like a mastermind group that's specifically, let's say like real estate related. For us the way that we do it is it's very much more like a white labeled.

Franchise light in regards to the systems that we already have built out that can be plugged into businesses because all the businesses are very similar. They're run very similar. It's almost more like a licensing agreement plus a mastermind than it is just get together and, and.

Hang out a couple times a year and build your network. It's yeah let's do those things and let's let's have the benefits of that, but let's also have you run proven systems and plug 'em right into your business where you don't have to recreate the wheel. And also without us owning any of your business.

Cause when we looked at it, we felt the franchise model was a bit unfair to the consumer. It was a better deal for us. And so for us, we basically have that level of education and systems minus owning any. Equity in any of the businesses that we work with. So that, that what I, that's where I think the biggest difference is.

Between what we're doing and what the vast majority of of mastermind groups are that are out there. Because the ones that I'm in, these are not like, it's not like they have, I'm not in a mastermind for, running a healthcare consultancy. Doesn't exist, not that I know of at least.

And that would be awesome because it would be really helpful to, to have some of these business model. Elements built out from businesses that were ahead of where we're at, but that's not that common within industries. More, more often than not, it's just people that, are coming together with certain loose connections or they wanna learn about something specifically.

So the first group that I was in was actually a it was a digital business group of all things. So I, I wasn't joining it to start a digital business. I was joining it to learn digital marketing, and I felt that I was very weak as far as marketing was concerned. And I wanted to learn, how people that are running.

And all digital business are leveraging, search engines, social media content, all of these variables online. And I felt if I could learn that, then I could apply it to my brick and mortar practice and that, that would give us a distinct advantage as far as marketing was concerned.

So I spent a year in a digital marketing group and Very helpful. It wasn't what I thought it was gonna be. It was actually a, it was very difficult for me to adapt what they were doing. With digital businesses to a brick and mortar business. But even just like loosely finding success with that, and not even like cracking the code very well.

I still, it still was very beneficial for our practice because I learned a ton that I was able to apply in a setting where very few people actually, have a distinct marketing plan, especially a digital one. And that was super, super helpful for our. After that I joined another group, and this one was mainly a just, it was a business group that had local element to it as well as a a broader sort of group, like it's inter international group and they on general business skills, so general business curriculum and.

And, it wasn't as specific as digital business. It was very broad, mainly more for service-based businesses. And interesting thing about this one was they had it actually broken up by the amount of revenue your business made. And I actually thought that was a really good way of going about it because I got to be around businesses that were similar size to myself and that had.

Inherent benefit to it as well. And I built a lot more of a network locally because there was, there were some, there were other local businesses that were in it. And I got a lot out of that. And then the other thing I got was, Time with entrepreneurs that were far more successful than me, where I started to realize that they were no different than me.

I think that's one of the most powerful sort of conclusions you can come to. And you have to, in most cases, do this in person. I think this happens with people when they meet me and they realize This I am missing a lot of shit. I'm not as organized as I should be. I can easily lose my train of thought and just go off on a tangent.

I. I'm not necessarily the most s socially, dialed in person in big groups. I'm far skinnier than you probably think. And like these things I thi I hope people see this and they're like, oh shit, this guy. This is who's running this. And not in a bad way.

I hope you just, they realize this, that I'm just like, I'm just a normal person. I'm not any different. I'm not any smarter, I'm not willing to work any harder. I think the only variable that I've seen between, people at different stages in business, Is their willingness to work on something for extended periods of time.

It's the timeline for some people starting out is I'll give it six months. But people that are really successful, they're like, I'm gonna give it a decade and let's see where we're at. Before I deviate and do anything else, this is an area that I, as far as patience is concerned that I'm.

Still working on, but me being around these business owners, and I remember I was next to this guy that he had, his company was doing like 20 million a year. It was a local service company. He was a painter and this guy just was, he just was like the most unorganized person, is the most forgetful person, just shocked me that he was as successful as he was. And but his superpower. This painting business he was crushing it and he had a lot of really good people working for him. He had good systems in place, but I just was not impressed and I would've thought oh my God, this guy's like Richard Branson.

But I bet if I met Richard Branson, I'd probably think, what the hell, man? This guy's barely knows what's going on, right? There's just every. Has, their chink in the armor and nobody is perfect or is like a superhero, or you think you're gonna meet this avenger of an entrepreneur, but it's not a case.

And for me, what that did was it just, Let me realize wow, I can probably do a lot more than I thought I could do because look at these people, and not in a derogatory way, but just as a way of leveling the playing field by meeting people that were far ahead of me as far as business is concerned.

And I was in that group for three years. In that group for three years. I took a break for a year as I was just, working on what we wanted our business to look like and figuring out what I actually needed help with. And then I've been in this I'd take it back.

I spent six months in another coaching program in a year, in a different coaching program, which I actually don't think those are the same thing. Coach I look at coaching programs for specific skill sets. They typically involve you. Direct kind of work with somebody. I, we, I did six months where I was basically looking at just operations, organization of the business and really being able to tie that all together with a virtual workforce, which is something that we had not done before.

So I did that. I don't consider that a mastermind that is coaching though. Which is I think is very different. And and then I've been in this other mastermind group that I just referenced. The one that I'm in now I'm in my second year of that. And this group is a little different.

It's actually it's really not related to business at all. It's more related to investing and as well as like balance really living a well-rounded life, being healthy, having strong relationships with your spouse and your kids and your family. Being charitable and giving back and understanding what things align with you in those aspects.

As well as the creation of long-term generational family wealth and understanding. The difference between being an entrepreneur and an investor, very different in mindset, very different skillset. One is aggressive and risk taker. The other one is a complete opposite of that.

So you have to understand the transition that needs to occur with, depending on the type of work you're doing. So for me, that's what I'm focusing on now and. I wanna tell you a story that sort of relates to what this person brought up about. I have these expensive friends now with the dues that, that mastermind groups cost.

And I was sitting next to a guy on a bus at this last mastermind event that I went to a week ago, and we're sitting there and I was chatting with him about, masterminds and how long he'd been in them. He'd been doing 'em for about 10 years. He'd been in the group that I'm in now for about five.

And he goes, dude, I used to think that I was paying for my friends. And that used to really bother me because like the guys that I met, we're awesome at this event. Super cool. I, a number of 'em I could reach out to if I'm in their city and I've only, I only met them for two or three days, right?

But I could reach out to them. We'll go grab dinner, we'll talk shop. It won't be weird at all because we have so much in common. We have similar values alignment. And what he said to me was a couple things. He said, number one, I'm not paying for my friends. I'm paying to keep the wrong people out of this.

And I sat there for a second and I was just like, whoa, that basically could have made my event right there. Like sometimes you have these little nuggets of things, these things that hit you at the right time. And that may make no sense to, some of you may be like, what the fuck's he talking about?

But there are so many people that are, they're. They're energy vampires. They are lazy. They are all about talking about things that they're gonna do, and they have no action. They don't act on things and they will distract you from what you actually need to do. And what he said was this is the admission necessary to keep the wrong people out of this room so that I can focus on going deeper and having more relationships and improving my network with the right people.

It's. Pay for friends. It's paid to get the wrong people out of there so that I can actually meet the right people. And I thought that was genius. And for me, as someone who runs a mastermind, we are very picky about who we let in. And then, yes, the business alignment needs to be there, but also the core values of that person need to be there.

They have to align with. Our, own values of integrity and hard work and openly willing to share what we're doing with other people. Being a servant based leader and really being a strong leader for your people and building a culture of a business where people wanna work.

And if we have people, and we've turned down many people culturally now, has nothing to do with them having the money or them having the business credentials to join. It's a cultural thing, and we don't let those people in because it ruins the. So that admission is really the exclusion of other people.

The other thing he said is, I've never found a better investment than when I pay to be a part of these groups, because when I pay attention. He's I could listen to any number of podcasts on similar topics to maybe some of these guest presenters. And he's maybe I could network with some of these people on my own.

Locally or get connected with them somehow. But he said, when you pay and you use not just your money, but we're all using our time, Which three days on the trip where I flew across the other side of the country, away from my family, away from his family, away from our businesses, away from, the things that we that we have, that we're doing locally and the people that we want to spend the most time with, we're giving that up to go somewhere to be around a specific group of people.

And when you pay attention. The amount of effort and attention that's put into that goes up dramatically because of the investment, and it wouldn't be the same, and you wouldn't get the same outcomes if it wasn't for that. And the last thing that he said, That I thought was really interesting was the idea of compounding.

So everybody's understands compounding as far as investing is concerned. It's an interest rate compounds on itself over, however many years you have that in. So you put a hundred dollars in and it's a 10% interest rate. At the end of that a hundred dollars, at the end of that year, that a hundred dollars worth 110, right?

And then after that, that a hundred tens compounds again at 10%. And then now, $11 more that you've gained. So it's slightly more each year and it snowballs. And there's like this period in time when that compounding effect is just like astronomical and it usually takes a lot of years for that to happen.

And what he said was that your skillset and your network compound as well. So the longer you that you stick to, personal development business development, improving your skillsets and improving your network, the more that compounds because you have. Relationship equity, you have more of a network of really solid people that can be mutually beneficial to each other in a number of ways.

And it doesn't have to necessarily be sending business to each other. It could be as simple as referring somebody to an attorney that's the right fit for a specific, issue you're having at that. It could be a book that they recommend, that just hits you at the right time for a problem that you're having.

And you're close enough with somebody that you're willing to have a conversation about something that maybe is creating stress in your life, and the compounding effect of the depth of those relationships as well as the the network itself expanding as you then start to become a connector of other people.

Is a massive compounding effect that I don't think people really they don't factor into the equation of these type of groups because it takes your time, it takes your money, it takes your effort, but it also takes you being openly willing to share and help other people and. If you're doing that, then you're developing true relationships the right way by bringing value instead of just asking people for things.

So I, I thought that was, probably the best representation of why I continue to be a part of groups like this. And it wasn't even me that said it. It was this a chance encounter with a guy I sat down next to on a bus. We were coming back from a dinner that they had back to the hotel.

It was literally probably a 15 minute conversation and it was very impactful to me. And it made me realize I am doing the right things. It, it does feel sometimes like a big expense, both financially and time, but. Every time that I go to an event, every group that I've been a part of, I, I'm just not gonna waste the money that I'm investing in.

It, it hurts. It's enough to where I'm like, shit, I've gotta do something with this. And I do. And the people that I meet, it's always surprising. You never know when that's gonna what leads to what, it's like this person's cousin does this and then they know this person and boom, all of a sudden this is who we've been looking for.

And it's just through your network somehow. So those are the big things that, I think are the reason. I'm a part of mastermind groups and we'll continue to for as long as I have a business, and the message that I got from our Mastermind members just made me laugh because, I used to think Yep, I know.

I'm just. I'm just paying for friends. I'm paying to be around these business owners so I can become friends with them. But really what I was doing was, and have been doing, is paying to exclude the wrong people. Paying to be around the right people, that have the same values, that value that as well and want to limit the number of people there so that we can really develop, long-term relationships.

When you pay attention. So you're gonna be more effective with the information you get and you're gonna have compounding skillsets and networks that develop. And those in their own right I think are worth exponentially more than what I've put into these type of groups over the last seven years.

So that's it. That's why I think masterminds are awesome, and obviously we have one if you guys are interested and you fit the bill of a performance-based clinician, you like to help people move better. And you have a, defined niche that's, within that of some sort, where let's say you work with runners or CrossFitters or let's say you're like performance-based women's health and you're helping women get back to exercising postpartum, or any number of niches, within that, we crush it.

People like that with businesses like that, and you can go learn more, go to physical therapy biz.com. You can go to our programs and look at the Mastermind and get a better idea of what that is and the people that we work with and see if it's the right fit for you. If so, pick a time to chat with our team and they can give you all the information about it and see if you are the right fit.

See if it makes sense or if it doesn't, if it. We'll let you know and we'll give you an idea of like, all right, what maybe is the next best step for you? Or what group maybe should you look at? Cause I really do think everybody could benefit from some sort of mastermind group if they're in business for themselves.

Anyway, guys, thanks so much for listening. I hope you enjoy this one, and as always, I'll catch you next week.

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So this is a one-way channel. I'd love to hear back from you. I'd love to get you. Into the group that we have formed on Facebook. Our PT Entrepreneurs Facebook group has about 4,000 clinicians in there that are literally changing the face of our profession. I'd love for you to join the conversation, get connect with other clinicians all over the country.

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