Elevating Your Network: Strategy for the Trusted Advisor Group with Bob Parent

Hello and welcome to Mastermind Mastery, the podcast for professionals who want to create and run successful peer advisory councils, or as we call them, PACs for short, or they're also known as peer groups or business mastermind groups. I'm your host, Tina Corner Stolz, founder of Elixir Council, where I've been in the industry running groups since 2005 and now help those like you with education, certification, and support wanting to do the same. At one time, I ran 10 groups, nearly 100 members, and sold my groups For a Good Multiple and recently released my second book, Your Seat at the Table: How to Create and Run Your Own Peer Advisory Councils, published by Forbes, and grateful to you that it's an Amazon bestseller. I invite you to join each week where we share strategies and techniques to successfully launch and become a master of running your PACs. You'll hear insights, perspectives, dos and don'ts, learn from my and my guests' mistakes, successes, and get the inside track to key takeaways. Each time we have guest, we'll be having a bit of fun. So are you ready? Let's get going and dive into today's episode.

I'm your host, Tina Corner Stolz, and we have a guest today. And the guest today is Bob Parent. Welcome, Bob, to the show.

Welcome, Tina. Thank you so much for having me.

Absolutely. So this is going to be a great discussion around a different type of group that you can put together. So for our listeners today, what you're going to get out of today is this different type of group that we're going to— that Bob calls the Trusted Advisor Group. But you'll kind of learn about what it can mean for you by putting a type— this type of group together, the format, the objective, what is— what do the members get out of it. So you're going to hear today Bob's wisdom on this group and why it's been so successful for him and why it could be successful for you if you're not already doing it. Or you can have some takeaways on some things you can do to enhance it if you're already doing something similar like this. So, Bob, as we get started, can you let everybody know, first of all, where are you located and what are currently the types of groups that you do and how long have you been doing that?

Tina, I'm located in the Winston-Salem-Greensboro triad area in North Carolina. I started doing groups about 2 years ago, and I have both CEO peer groups and, as we're going to talk about today, the Trusted Advisors group. So those are the 2 types of groups that I run.

Yes, and it's interesting in that your background prior to this was what?

Good question. So I've been a State Farm agent for almost 30 years now. I also run a couple of the businesses that I've been very fortunate to be successful with. And so my whole goal, Tina, was I really just enjoy the business world and, you know, I enjoyed the challenges that it brings and then helping people get to where they want to go.

Yes. Will you share with the audience— this is just a fun fact— What is one of the businesses you're involved in?

That's—

I own— you know what I'm talking about.

Yeah, I own the— I own part of the nation's oldest barber school. It was started in 1935. It's the Winsand Barber School, and it's just kind of evolved and it keeps going. So yeah, so that's the barber school is an interesting business. Never thought I'd be in the barber school business.

I suspect not. And do you go get your haircut there?

Sometimes I do. Yeah, I do get it. You know, sometimes it looks at you, but you know, the difference between a good haircut and a bad haircut, I say, is basically 2 weeks. It's 2 weeks, at least for me.

There you go. That's so funny. Well, I think it's, you know, I'm not being sexist, but I think it's a little different for men than women. Yeah, if we get a bad haircut, that's, that takes a little more than 2 weeks for us.

Yeah.

Well, let's get back to what we're here to talk about today, which is the Trusted Advisor Group. So let's talk a little bit about, first of all, what is it and how did it come about for you?

So I, I was, I've been running the CEO peer groups and I've been listening to my CEOs, kind of the things that they wanted in their With regards to information that they were trying to get, I'm like, okay, so we were— I was getting that, those programs to come in, and I'm like, well, all of a sudden there's, there's another, there's another need out there. Uh, there's the CEOs, you know, have a need, but then everybody has challenges, opportunities, problems, or ideas. So I figured, well, you know, why don't I put that together? And so I did. And so basically, to kind of be a trusted advisor, you have to be successful with what you do, a successful firm, and really you had to deal with principals. So that was kind of one of the major forces for that. And so that group came together extremely fast, Tina. So I was very fortunate. But there is a need and a demand out there.

So a couple of things about that. One is when you say extremely fast for our audience, what does that mean?

I put together that group in probably about 2 months. I kind of figured out different industries that I wanted, what would be kind of beneficial for my CEOs and be beneficial for these people as well. But then the other big thing Tina and I really looked at is I wanted people that were at the top of their game. Because when I came in, I knew my first meeting, what's real important to these people, that they want to do it. But one of the things that they're always concerned about is who's in the group. That is always a driving thing, and I get it. So I knew that the first meeting had to be, you know, start off with a bang. And, you know, because everybody's going to look around that room and say, hey, you know, Who's in that room? Is that a— is that an A-player? I mean, and so that's what happened. So we've, you know, that's what made us successful is really trying to figure out the people that I want in that group that were really successful, but then they're also net givers, you know. So one thing I always talked about, Tina, is a big point, you know, is being a net giver. And so, you know, we talked about their challenges, opportunities, problems, and ideas. But I said, you know, if you're just coming in this thing for just to get leads, this isn't for you because it's more depth than that. So you can have career development, you know, you're going to have— go over your challenges, opportunities, problems, ideas. But you're also going to— obviously you need to make money on this. And so, you know, business is going to come. But if you're not going to stand up there and say, hey, you know, Joe's up in the garage down the street, it's not that type of thing. It's people get to know each other in a more personal aspect and they're a lot more comfortable referring business.

Mm-hmm. How did you figure out who are the A-players? Meaning how many of them did you kind of already know and then you built around that? And, and how did you figure out who's an A-player for the audience? Because I think if I were listening to you, you know, not knowing you and I do, but for our audience, they're like, well, that's great, but how do I figure out who's the best of the best?

Good question. So unfortunately, one of my A people that I have, and I've had a long relationship with Barry, he's a commercial banker, great reputation. He's also my banker, but he's also a friend. And so I sat down with Barry and I said, you know, He gave me the nucleus for a great attorney and the CPA. And kind of once I had those 3 names kind of in my, in my group, it was a lot easier to kind of go back through and say, okay, you know, I have Jeremy, I have Corey, I have Barry, and just started building on it. And people are like, okay, you know, that, that's a They're good businesses. They know who they know, the companies they're working with. They know they're great companies, you know, so it's got to have some legs to this thing.

Right.

And so that's, that's really kind of the way that I started.

So the point here is, if I'm hearing you right, right, it can start with just one. And right. And that one connection for you was Barry, who then brought the idea and identified the other two, which then just now you're snowballing. And I would suspect that gave them a lot of sense of ownership to this group. Right? Yeah. They were helping you.

That good, good, good point, Tina. So what I did is I said, you know, who else would you like to see in this group? And, you know, that was both an individual and the types of businesses that they would like to see in the business, you know, in the group. So it was really kind of twofold. So yeah, that really did help and it's You know, it's, it's been a lot of fun. I really enjoy it.

So let's talk about that, about the format. So here you're, you're going and you're talking to different individuals. You talked about a little bit of the criteria. Um, you know, the reason the name Trusted Advisors, because these are advisors, right, to principals. Okay. So first for the audience, How about sharing how many people are in the group, but what types of discipline do they each represent?

Okay, right now we have 12 people in, in our group. And for example, I talked about the CPA, talked about an attorney, we each have an HR service provider, we have a wealth advisor, we have a fractional CFO, we have somebody in marketing. You know, banker. So we really have a wide variety and obviously nobody can be in the same space either. So that's— those are the types of people that we have in our group.

Okay.

And industry.

Got it. And then how about sharing with the audience? Because now you've kind of opened up their mind as to, you know, you mentioned a marketing firm. Well, some people might have kind of ruled that out. Right? In that, but no, marketing is, is very much falls into a lot of times that advisor sort of role. You know, aside from the traditional insurance, banking, accounting, you know, financial wealth, etc. aspect.

What about the format?

So will you share with the audience a little bit the format? How does that differ, if at all, from, you know, your, your CEO group format? Sweet.

So it runs a lot like Alex Council meetings normally run, but we've— but as if it's evolved, I always get a lot of feedback from my members saying, hey, what's going to make this valuable for you? And one of the things that kind of came back is I want to have a better understanding what this person does, that person does. And so In the, in the front end of the meeting, as we do, you know, the transition part into the meeting, we also bring in a story that they've happened to— oh, it's happened the last 30 days for them. You know, I dealt with the client, here's what it looked like to me, here's the good, bad, indifferent. But it gives them a lot clearer, clear image of really what that person does and to give them a real life example. So that That's really kind of the only real change difference is. But other than that, you know, we go through our, our copies, we go through our action plan, we go through our takeaways, we go through our business perspective. The biggest— the business perspective is a huge, huge thing that really brings us home. But, you know, the thing is, with 12 people, that's 12 meetings, that's 12 months.

Yes.

And that's the reason that we do the front, front end thing is it kind of gives everybody a business perspective, you know, 2 or 3 minute kind of business perspective, really what that person does. That way they're not waiting if they're the 11th person or whatever. It gives everybody a clear understanding of what, what that person does. And then we also ask is what makes for a good client for you in that, you know, what are you looking for? So one of the things we also add to this is when we were talking with Vern Harnish, was talking with us about the 25 influencers, uh, at our conference, is we said, okay, let's pick— you have between 1 to 5 people and/or industries that you really want an in on. So the, the fractional CFO, Pam, she goes, I really want to learn more, get into the M&A business, you know. See people who's in the M&A so that way she can use her services. And so that's the collective. So the group kind of, we brainstormed and said, we says, I know somebody in that industry and that's the way that it works. So yeah, the 25 influencers really was a helpful thing.

Mm-hmm. Two things I wanna expand on for the audience is, to clarify what you're talking about. So the Vern, The list of 25 was he had suggested, right, to make a list of 25 people that you really want to meet that would change, right, your, your business for the positive, right? And make that list. So that's the list you're talking about for that.

Yes.

Right. And then the business perspective report. Will you share with the audience just a little bit about that? For them that don't— they just don't know what you're talking about?

Sure. A business perspective that gives each member a chance to get up for about 30 to 45 minutes and really explain first who they are. You know, you know, we want to understand who Tina is or whoever that person is. And then we understand what that person actually does and give us some examples. You know, some could say I'm a commercial banker, but really, what does that mean? To us and then give us some good examples what that, you know, what that's looking for. And what do you really— what makes for a good client? I mean, tell us what you're looking for, you know. And it's easier when you're more specific, you know, saying I'm looking for businesses in the $5 to maybe $25 million range, whatever that is. Or, you know, James, the, uh, HR service provider. He said, I'm looking for companies from 5 to 35 people. That makes it so much easier to send small business. So in the business perspective, they get into more detail and we have a much better understanding of who they are and what they're looking for.

Excellent. Great. And now that's your format. How long are the meetings?

Our meetings are 3 hours long.

Okay.

You know, we, we run them basically on the LX Council platform and, you know, process, we just condense it down to 3 hours, right?

Versus your CEO group is 4, 4 hours.

Yes, ma'am.

So how about with some of the time that we have remaining, what about some success stories? What have you seen as the biggest takeaways that are happening in the group today since you've started it?

So one of the it's a mutual benefit. So my TAG group, the Trusted Advisors group, they're also the programs for the CEO groups, you know. So basically, I'm— we're building a community here. So it's a resource both ways. And so I had, uh, we had a guy that's in the web and tech business come in and talk to the CEOs. And when it was all said and done, you know, about 40% of the CEOs changed their whole website. You know, that was because they're like, well, I didn't know it could do this. I didn't know. So it was really— that was really insightful. And then kind of tagging on to that, we had a gentleman that's in the IT security, and these people have very successful businesses, but they didn't realize at the end of it, you know, how exposed their businesses really are. And, you know, they're like, wow, I didn't realize that. So it's, it's been beneficial to CEOs. And relative to the trusted advisors, I see like the commercial— we have a person that's in commercial insurance that does a lot of group plans. And they're like, that's great. And but then when they overlaid what James can do, the HR provider, they said, well, you know, our platform, your, your group insurance can lay over on our platform. And it really, it's an added value. So it helps both Jessica and it helps both James. So it's, it's great to see, see them work together, you know, just kind of, hey, you know, I need this or I need that, or can you do this? It has just worked. It's just great. It's very satisfying.

Well, you're leveraging in a very smart way, is, you know, what I'm hearing about, you know, you've got these trusted advisors that can be great resource for your CEOs without selling, right? Without selling them.

And anytime they come in, Tina, they can't— I know something they can't sell.

Correct. Absolutely. Great. Anything else about the Trusted Advisor Group we haven't talked about you want to share? Did we cover it all? I want to make sure we don't leave anything out.

I mean, it was— I didn't realize the benefit, you know, doing CEO peer groups. But once I started putting this together, there is a need out there and desire for Do people be interested in advisory groups? So yeah, I mean, because always just like the LX Council part on the takeaway, hey, what do you get? And almost inevitably it says, hey, the power and the knowledge that's in this group. I mean, I get that in the CEO and the trusted advisors, and that's really satisfying to me. So it's that there's a need and there's, you know, people really appreciate it.

Well, complementary. They're very complementary to each other, those two groups. And particularly because I know you have a social, like a holiday event, and you had everybody there. And you know how you're building that whole community with all of them together, getting a chance to know each other. Well, we always end the episode with a piece of wisdom that you could share with the audience, whether they're running groups or they're thinking about running groups. But you have experience and what, you know, piece of wisdom would you love to share with the audience today as we close out?

You know, Tina, I've always shared with my kids growing up and with anything, you know, you need to go out there and swing the bat. You know, it's, it's okay. I mean, there's a need out there. People want it. But whatever you want to do, I don't care if it's whatever you want to do, go out and try it. Because really, what's the worst? I would say, what's the worst that could happen? And so I kind of was saying that I've always told my, my kids, you know, show me a person that hasn't failed and I'll show you a loser. Because you gotta swing the bat, you're gonna fail, but that's okay. You know, if you just play it safe all day You know, and that's not to say it's bad, but, you know, I'm all up to, you know, swing the bat, take a chance, and, you know, it'll probably work out for you, right?

Well, you swung the bat and took a chance with, right, the TAG group, and then here you are, right? So that's a great example. So congratulations on that. I love being able to share that with our audience today. And if they wanted to get in contact with you, What's the best way to reach you, Bob?

Well, I try to make it easy. You can reach me at bob@thecatalystboard.com. It's Bob at T-H-E, kind of like the Ohio State. So, you know, that's probably the best way to get up with me, Tina Corner Stolz.

Okay. Well, Bob, thank you again for joining us. And for everyone out there today, I know that you heard some really good takeaways. You could probably see why Bob is successful. One of the key values he obviously portrayed is being a net giver, and that will always, always, you know, come back in positive spades. And that is clear based upon how you started the Trusted Advisor Group, because those are really like centers of influence, right? And how you develop those relationships to start that allowed you to parlay that into another group. So for the audience today, you know, think about your centers of influence. Think about also those that you don't have a relationship that you would love to have a relationship. And this is another way to cultivate that. Right. So with that, that's another episode today on Mastermind Mastery. We appreciate you joining us and we ask you to share this episode if it resonated with you and you know someone who could also benefit. And of course, thank you, Bob, for joining today.

Thank you, Tina. It was a pleasure, obviously.

All right, everyone, go have a great week and we'll talk to you next week. Hey, moderators of groups, thank you so much for listening to today's podcast.

To get access to today's show notes and exclusive content and resources, visit tinacornerstolz.com/podcast or lxcounsel.com, where you can You can also become part of an exclusive online community, attend our academy, or get free resources, templates, checklists, and more. And you can even contact me there as well. So if this episode resonated with you and you know someone who can also benefit from listening, please share with them by taking a screenshot and even posting on your social media. I also love reviews and appreciate hearing from each of you. Those actually doing this wonderful work. Please tune in next week for another episode of Mastermind Mastery. And I'll close by sharing something my mentor did after every learning moment. He shared a shiny pebble from his pocket with anyone he passed knowledge to and asked them to forward that pebble—knowledge—on. So now I encourage you to go pass on a pebble level, the takeaways you learned today, to either your existing groups or fellow peers. Now, go make it a great one.