Roland's Favorite Way to Get Deals

How much more successful would you be if you had lunch once a week with insanely successful entrepreneurs who share their biggest secrets on how they think and achieve success? Grab your seat at the table because this is business lunch with Roland Frazier and Ryan Dice.

All right, so this is kind of an opportunity to talk about one of my favorite ways to get deal flow to source relationships and things like that. And, and it's, it's through masterminds. There's a tremendous opportunity here with these masterminds. And, and I think networking, I, I've, I shared with you guys in the decks that networking is one of the absolute best ways to get deals. And if you don't have a network or if you really want to position yourself to, to be the head of something that causes people to want to bring you deals, there's just nothing quite like a mastermind to do it. And it's really simple to put them together as well. So that being said, just for those of you who don't know, you know, what is a master really? The way that I like to define it is it's a group of people. And here are the elements, this is how we do it in law is there'll be a sentence and you have to break down the sentence to say what are the elements of this legal claim? What are the elements of this mastermind thing? It's a group of people that have similar interests. So it's important that there is some connective tissue between all of the people. It could be as broad as we're entrepreneurs, it probably is not good enough to be we're all humans. Okay. So as we go through, I'll show you several examples of the masterminds that we've got and where the connective tissue is and that'll help you. And then at the end we'll do an exercise where you go through and start building your own so that you can ask for feedback. So this group people, group of people with similar interests, they're meeting regularly and regularly just means that there is some continuity to the relationship. So there's some formalized way for them to connect on a regular basis. And why, why are they doing it? They're doing it to improve their businesses in this case and their masterminds about non business things. But in our situation, we're really focused on business to improve their businesses. And then the typical things that you're doing in the mastermind is you're solving a challenge. So you're coming in with whatever challenges you have and you're looking to the Power of the group's experience, Direct experience, ideally. And you'll see when we facilitate how we do that. But who's already had this problem? Not everybody. Here, give me all your ideas, which are basically worth nothing, right? I don't want your ideas. I want to be in here with people that have got direct experience, having done and solved, face the challenge and solve the challenge that I've got right now. So that's thing one is solving the challenges and then sharing wins. Because we can all learn so much seeing what other people are doing successfully, right? Because you'll hear what other people are doing and then you'll be, oh, I didn't even know you could do that. Or that's great. Or even just dag on it. They keep doing it. Why am I not doing it? I got to get off my butt and make this happen. So wins are really important. And then best practices, which are the how to do certain things that we've done that we find have been very effective for us in our business. The other thing is that they're going to hold each other accountable. So the fact that you're saying you're going to do something and committing it to it in front of that group of people causes you to do more. Because now you're going to be embarrassed if you come back to the next meeting and you didn't do it. But I was a member of the War Room Mastermind for like 3 years before I. Before I got wheedled my way into an equity deal and acquisition. And there was this guy who is a super nice guy, and he would totally be cool with me telling you this, but he would come in and he owned this toner cartridge company. And this was, I don't know, gosh, 15, 16 years ago now. And so toner, like printers and and such were kind of still there, but definitely not needed to the extent they were. And he kept. Every time he'd come in and be like, man, sales are down. I don't know. And we'd be like, how about if you go online? And he's like, yeah, I got to go online. What are you going to do? I'm going to build a website and I'm going to do this. Okay, great, fantastic. We'll see you next quarter. And then we go next quarter and be like, so, what's going on, man? Sales are down. I really should build that website. Yeah, how's that going? And he was accountable every single time. He never did build the daggone thing, but he was embarrassed that he didn't you know, normally if you're not him, normally after a couple of those times you're like, you know what? I gotta build that thing. I got four days before the next meeting and if I don't have something done, these people are just going to give me such a hard time. I think he might have just enjoyed getting the hard time. So, accountability and last but not least, the ability to network and with your peers. Right, Network with your peers. So this is really what it is. And I give you this because it's not obvious that this is the definition of it. And I think that when you're designing your mastermind, you want to think about these as the essential components. Similar interests, regular meetings, improvement, mindset, solving challenges, sharing wins, best practices, accountability, and networking among your peers. So there's nine elements. If I was in law school dissecting this and trying to write an essay on it, right? That's what you want your mastermind to look like. Famous masterminds. Just so you know that this isn't, this isn't any terribly original thing. The Vagabonds was one where some total losers like Thomas Edison and Harvey Firestone and Henry Ford got together on a regular basis. The Inklings was JRR Tolkien, the Lord of the Rings dude, and CS Lewis and several other authors who would just get together and kind of share. They were all world builder authors, which was kind of interesting. They were all creating their own worlds like Narnia and, and the, the Lord of the Rings environment and all of that. So it's kind of interesting that that that wasn't really a business thing. That was just to help them hone their craft and bounce ideas off of. And then even Benjamin Franklin, the Leather Apron Club, which is also called the Junto, and, and he got together and what he did was it was just business owners like, like he decided he wanted to have a diversity of business owners like a cobbler and a PR and so forth, so that they could share business ideas, network and talk about clients. Right. Pretty cool. So some pretty decent support here for four masterminds. Why would you want to do it? There's just a ridiculous amount of benefits. So I want to sell you on doing one because you're going to get so much out of it. First off, they can be very profitable. Our combined masterminds are about a $5.7 million a year boon to us. Right. That's. Every 5.7 million helps. That's something you should write down. It's very important. Every 5.7 million a year helps. They're very low effort. Very low effort. Members create value, right? The members are creating the value. You don't have to come in and create a course or have 16 bits of content to put on TikTok every day. To do a Mastermind, you don't have to do anything except show up with good people that you've assembled and then they create the value. Because as you'll see when we go through, how do you facilitate. You're basically having them say, well, the thing that I'm having a big challenge with is right now, blah, blah, blah, blah, blah. Okay, great group. Can we help them? Yeah. Okay, great. Next thing, what are your big wins? I did this. This, this. That's awesome. Great. You know, and anything else that we can do to help? No, I don't have anything else. Fantastic. Next person. That's kind of how a Mastermind works. So it's amazingly easy to do without having to have a lot of time. It's also. There we go. It's also a low commitment, right? It's a low commitment because the meetings are relatively infrequent. And I mean, one thing that we found is even a quarterly meeting for. For our war room Mastermind was too much. It was just too often because people needed to get the things done that they had so many things that they had learned from the last meeting that they needed to get done. So we changed it from four times a year to three. So it's our quarterly, three times a year Mastermind. It also gives you great positioning. Gives you great positioning because you are the authority. You're the person who kind of gets the credit for all of the cool stuff that's going on with the members. Not because you're greedily grabbing it and saying, you know, I'm doing this, but you're the person that made this happen for them. You're the person that put the right people in the room, that curated the experience and the members so that these people would be able to have access to people that could help them with their challenges and problems and improve their business. It's a tremendous value as well. I learn so much from every Mastermind. I learn a lot from you guys just teaching, and I learn a tremendous amount from just hearing all the things that are going on and also watching the way that problems get solved. I've become a better problem solver by seeing how problems get solved in the Mastermind. And you will, too. You'll build your network. You get exponential contact building because you effectively get connected to everyone, everyone's network. Who's in the mastermind. So if you've got 30 people in the mastermind, and each of those people have 30,000 contacts, then you've got 30 times 30,000 contacts, which I think is 900,000. Almost a million contacts just from 30 people. That's crazy, right? So also tells you why you want to put good people in the room that have good networks. It's fantastic for creating joint ventures and strategic relationships, not just affiliates and affiliates. I've met lots of people that are affiliates for our stuff through masterminds. But also then you can embed into this mastermind, you can embed your products and services. And so you'll meet people that you can create strategic relationships with, where your product or service then becomes part of their funnel. And you're now embedded in that for everybody that they sell anything to or market to. Sometimes it's really great for getting clients. The past 12 months, I've had about $200,000 of consulting. Eight of those 25k consults that I've done that came out of masterminds and deal flow. And deal flow is great as well. I mean, that's really what we're after. Multiple deals a year that are coming through this. And so the other thing is cool is when you're running a mastermind, as other people learn that you're doing that, you'll get asked to speak at other people's masterminds, and you can ask people with masterminds to speak at your mastermind. So I spoke right before I went to London for a month. I spoke at our friend Dan Fleshman's mastermind. And he's got, he's got two of them. This one is called the Avengers, and it's, it's targeted towards real estate people. But it's kind of becoming the, the one for people that don't want to spend the. A hundred thousand dollars to be part of his, his 10. It's called $100 million mastermind. So I spoke at that. It was easy for me. He was just like, hey, man, would you come down? I've got my Mastermind event down at the Park Hyatt Hotel, which is about 15, 20 minutes from my house here. And it was on the day before I left for London. And I was like, man, I don't know. I got a London. But yes, yes, I'll do it for you. Because that's what you want to do. You don't want to turn people down when you've got great, easy to fill opportunities. I went, he's like it'll be easy. You don't have to present, I'll just interview you. He interviewed me in front of his group and then I got two 25k consults from that while I was in London, having spoke for about 45 minutes in an interview format. So easy for me. I just showed up, did the interview and left. That was it. And then people reached out and said, you know, hey, I'm interested in working with you on that. And one of those looks like it's going to turn into an equity deal. So it's kind of cool. So deal flow is kind of our end game here. But there's so many benefits to doing this so it's definitely something to think about doing. And I'll just, you know, because we, we eat our own dog food here, right? We do what we say. Currently we've got a mastermind called the War Room Mastermind that is focused on entrepreneurs and it has a business and social component. And I think that the best masterminds have both. I think that you're going to get a lot out of having some social involved well as well, not just business. As a matter of fact, most of the super successful people that I talk to, business wise, when we get together, we talk, we talk business maybe 20 to 40% of the time and the rest of us just, you know, hey, what's going on? How you doing? You know, and it's not the business stuff comes up and leads to great things, but it's not just a, you know, okay, what are the 17 things you can tell me that you're doing in your business right now? That's, that's not it. I'm. I can't tell you how important social is. We have another one called Boardroom which is for real estate investors and it's really focused on helping them scale their business using all the SOPs, the standard operating procedures that we've got in our real estate businesses. And exit. How can they exit the business so that they are not. This isn't sell exit by selling. This is exiting the business so they don't have to run it anymore. We have another one called Founders Board that helps founders of companies scale their businesses. We have another one called Epic Board that helps with micro acquisitions and several of you guys are parts of Summer or a combination of these. And Epic Board, we just started I think right before I went off to London and, And that's just 12 people in the talking specifically about their acquisitions and doing deals together. We have the Wego 25 which is targeted Only to Amazon sellers, so only to people that are selling on Amazon. And they have to be at a certain level, which I'll talk to you in a minute. But their goal is they're scaling to exit. We have the winner's circle inside Mastermind inside our real estate brokerage at Big Block, which is designed to help the real estate agents be able to network with each other, share best practices, solve problems, et cetera. So that's like inside the company. And we have another one inside now, our, our scalable company which has three primary divisions. It's got the Epic division, it's got the scalable division which is the operating systems and it's got digital marketer. And so we have a mastermind of just the people who are in those companies sharing things that are working as well. And then we have Closing Table, which is another one for real estate brokers and professionals. So including title company owners and mortgage brokerage owners and things like that, which is not an inside company thing. It's kind of open to everybody. So like that's currently a few of the masterminds that we run absolutely believe in this.

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