The Confident Close: Sealing the Deal in Mastermind Sales (Part II)

Welcome everyone to another episode of Mastermind Mastery. This is the podcast for you if you are wanting to create or already running peer groups. It's what we call PACs, Peer Advisory Councils. They might be known as mastermind groups, CEO peer groups, all the same. But this is the podcast if you want to run better PACs, that you want to be better at being a moderator, you want to up your game, learn advanced techniques, hear from myself as well as guests what works, new concepts, trends, techniques. Also learn content, things you can take back to your meetings, different ways to do different things to solve problems that we all have when we're running groups. It will increase your retention, reduce your attrition, get you more members, make you more money, this is the podcast for you. I'm Tina Corner Stolz, the host. I've been doing this since 2005. I built a territory of 10+ groups, sold for a multiple, started LX Council, Leader Exchange Council, in 2012. We are a licensing model. We are the leading educator in the peer advisory council space. We have the podcast. I have a licensing program with certification. I've written 2 books. So today, when you hear this episode each and every week, it's a new podcast where we dive deep into a topic for 15, 20 minutes. One week it's me doing a deep dive on all the experience and insights from not only today with our entire licensed partner community or the past, what I've learned along the way. But we also have guests that are out there doing groups today that share their insights and new concepts. So let's get started with today's episode. Hello everyone, and welcome to another episode of Mastermind Mastery. I'm your host, Tina Corner Stolz. Today's topic is a continuation of a previous episode that I did on selling a new member, and that episode was about how do you start out the conversation and talk about their journey. As far as where they grew up, all the way through to how they started or got into the business of where they are. So I'm going to pick up on part 2 because this part is actually what leads you into how you get a yes without asking for it. That is my objective on today's call, is you're going to be able to get that second phase of how you're going to set it up to where you don't even have to ask. For them to be a member because they're automatically going to say yes. That's assuming you want them to say yes. So I call this the sandwich in between getting to know them about their history, their journey, how to— where they are, and the last piece, which is answering their questions, being sure they understand everything they need to know about your group, etc., and then closing it out so that you actually then close them as a new member, do your onboarding, getting them ready for their first meeting and for them to be at their very first meeting. So what is that sandwich? What's in the middle, the meat of everything? This is as if you are listening to me for the first time or not. This part on sales, many of you guys know that is a big part of my background and I am doing these particular episodes without a lot of episode notes because I believe it needs to come from the heart because that is what the conversation with your potential member needs to come from. It needs to come from the heart. It needs to come from that you're listening, that you're paying attention, that you truly care and you're most interested in them. So you are very present and they can feel it. So now when they have told you about their journey, you want to make sure you understand how did they get there? What is it that they do? What's their role like? What do they love about their role? What is it that they wish would be different? What is it that they want their role to be in the future? You want to understand their vision, their strategic plan. Do they even do a strategic plan? If they do, how is that going? If they don't, why don't they? You know, what are they most proud of during their time in running the business? You're listening for what the business has gone through, what has been successful that they have shepherded the business through, what has been failures. Those are all history and lessons that they will be able to bring to the group as a value add. And you're listening for those because you've got to figure out what are they bringing to the table that will make your existing members excited and up the level of your group, not downgrade the level of your group. You're always trying to up the level, and you can't up the level if you literally don't bring in somebody who actually is a value-add versus a value-takeaway. So vision— what's their exit look like? What is it that they eventually want to do? How long do they want to work? So you're going to really get into the personal side of what is important to them. And do they have a plan? Have they thought about it? Have they not thought about it? That all tells you something, and it tells you what the group can help them with. This is before you ever get into what their challenges are. Have you noticed I haven't even gone there yet? Because I want to hear about how are they running the business. And there is, you know, a concept that I say I never have to ask a member, how many employees— a prospect before they're a member— how many employees they have and what their revenue is. Because when you have this level of conversation, you will get a good idea of where they are on that spectrum. If you can't, it's because you're not having a more in-depth conversation. So key takeaway right out of the gate is you've got to have deep conversations to the extent that you will pretty much be able to tell how many employees they have and what their revenue is. You rarely should have to ask. And if you have to ask, it's usually because you haven't done a deep enough conversation. What does that look like? We're back to you got to find out, first of all, how are they feeling about running the business? How is it going for them? Where do they struggle in running the business? What are they most, you know, concerned about with the business? Where are they on their journey with the business? What are they, you know, most successfully accomplished most recently? What is something that they are most proud of that they have as an organization and a company been able to accomplish? What differentiates them with the competition? And you're going to get into all of these things and just really listen and really try to understand. Because think of it as you are doing a big book report and you have to have a deep dive on this business and how things are going. You'll get into what their challenges have been like. What is it that he's or she really learned from running the company? You know, and then you can get into where are their opportunities. I always suggest that you start with opportunities because it softens them up to be honest with you when you get to challenges. And if you've noticed, this is so much further down the conversation. At this point, you have started to develop this relationship. They're starting to get comfortable with you. They have found that all you're doing is listening. You're not trying to sell them. You haven't interrupted them. And now they really believe that you do have their best interests at heart, or they're getting the feel that that is the case. So that when you start with, well, tell me about some of the things that, again, you're most proud of. What have you— has the business accomplished most? What do you believe the community thinks about the business? How about the employees, etc.? It's all more of a positive that when the time comes for you to ask those tough questions that are revealing and sometimes vulnerable for an owner to answer, like their current challenges, what's the one thing they regret? What do they wish they could change in the business? What would it be? They will be more honest and open with you. And of course, when they bring these up, really good follow-up questions. If you follow the concept of 4 to 1, which is another episode that I did, it's along the lines of FORD, family opportunity, recreation, and dreams. Sorry, family occupation, recreation, and dreams, for you to find out about them. That the deeper understanding comes from the 4 to 1 concept where you ask 4 questions. 4 questions to 1. So if I'm asking current challenges, what do those look like? And they spout out, you know, 2 or 3. I'm going to say a follow-up question. Number 1, how long have these been going on? Okay. How's the impact? Why do you think it's been so hard to solve them? What is the desired outcome? Or what have you tried? Notice it's deeper level questioning to understand what's truly behind what's going on in the business. And a really good question, which is some of the takeaways from today's episode, I'm going to give you a few good questions to ask that I suggest you put in your arsenal and then you see how they go. If you aren't already asking them is if you could change one thing in the business, what would it be? How important is it to you to change that? How difficult do you think it is going to do to change that? What do you think the business needs to do differently to get to the next level? And the one question I also love is, if I had the right group for you, can we take a moment and prioritize what it is that you would like to work on in order to make progress in the business? So one of the questions I ask is, if you hypothetically were in the group, what's the one most important question you would love to ask other business owners around the table? What do you think that does? It gets them to visualize that they're actually in the group, that they're with the right people and the right peers. And it also focuses on, on what's the most important thing on their mind that they need to solve and they need help to solve it. Right. So this allows you to get a little bit deeper and start to marry what is going on in their business and them as a leader to the peer group concept and how they come together to work synergistically to move the business along, give the owner peace of mind, use it as a sounding board, all those things that you know about. So you can also— and this is important— get involved in and recap. You understand their vision, their strategy, why they're in the business, how they feel they are as a leader. You start to understand what successes they've had, where it is they're struggling, top questions they're going to be bringing to the group. That's all really, really good information. Right. What else do you think you need to know in order to know if they are a right fit? Because at this point in your mind, you should be able to have a list that says this is what they can bring to the table because of their experience. Maybe they've had a failed partnership. Ah, so that's a value add and they've learned from that. Maybe they're in a very successful partnership. They love their partners. That's important. That's a value add. Maybe they've been able to scale quickly. That's a value add. Maybe they failed in opening up a market. That's a value add. Maybe it is they successfully implemented an ERP system. That's a value add. Maybe they have a really strong HR person on board. That's a value add. So you're going to learn too where they are in their strategic level of running the business. You're listening for, are they at the beginning stages? Where a lot of their questions are going to be very elementary, kind of straightforward, and it's what I call in the beginning stages. Are more of their questions kind of middle of the road, or are they more mature questions? Let me give you an example. What you're going to hear, and, and this is kind of a simple one, is take the strategic plan. Have they even embarked on ever doing a strategic plan? Have they done a strategic plan, failed, and they don't know how to implement? Or is a strategic plan part of the fabric of the business and how it operates? So can you tell the difference? Not there yet on doing strategic planning, kind of there, we're not very good about it, or we haven't nailed and this is the fabric of the business. It's the same as, am I outsourcing Right. HR. So the beginning stages, I don't even have concerns about HR. I might not even have a manual, an employee manual, too. I have the employee manual. I outsource HR. Do I have in-house HR? Right. Different level of progression. So you're trying to figure out where that owner is. It's the other suggestion that I make. As you're trying to determine, is their day-to-day all tactical? Is it 50/50 strategic and tactical, or is it more strategic? And you have to match your members with each other really based upon where they are in tactical, a combination tactical-strategic, or more strategic. If you get too many that are way on the strategic side, with a few that are very, very tactical still, it can be extremely frustrating. The tactical people will get a ton out of those that are very strategic because they've worked past understanding and having the team in place, the business in place to where they can play more of a strategic role because they have that team. That's the day-to-day. And they will get frustrated with the person who's tactical based on the level of question they are asking. And the fact of how difficult it is typically for them to implement. The strategic member has been there, done that. That's not motivating for them. There are exceptions to the rule. There are exceptions to the rule, and nothing is always, always, and always. So you have to vet that if somebody is tactical and you're putting in them a group where there's mostly strategic-like owners, what is that tactical person bringing to the table that the strategic members don't have that is a value-add? Okay, so with understanding that you are asking those kinds of questions and discerning how tactical, how strategic they are, where are they going, their vision, what's working, what's not, and you're getting into the challenges and they're being honest because you've built that trust over the life of the conversation that you're having, which, by the way, typically it's extremely difficult to have this conversation and close it out properly in less than an hour. You just can't, or you have not dove deep enough into understanding their business. And if you get into a situation where the prospect is like, oh, I'm sold, and they want to go, you know what, that's great, I love that, but I need to know more about you Do not let them cost you into saying yes, they'd be a member unless you're absolutely positive they'd be a great member. And you don't know that until you have this conversation, right? Okay. You have information. What do you do with that now? Do you have everything you need to know? I know. And here's my hint of a tip to you. Is I know I can wrap up the conversation when I have enough reasons as to why they would be a great member and enough reasons as to why they will be not only a good member to the members in it, but why they should be a member in, right, your group, i.e., my group. That was the case. And therefore, when I have enough, I know I can wrap the conversation up by saying, I so appreciate everything you have shared. It has really, really been helpful. It really helps me understand whether there is a fit or not. And I believe there is. And of course, that's only if you truly believe that it is. I believe there is a fit. But let me tell you why. There is a fit. And I want you to tell me if I've captured everything and you agree. And then I summarize. I say, I heard all these things from you, and this is what I believe the value you bring to the group, because so-and-so member can, um, appreciate that, so-and-so member can appreciate this, this other member's going through what you've already gone through, therefore you're going to be very helpful to to those members. The flip side, here are all the reasons as to why the group is good for you. You mentioned that you are wanting to research and possibly do an ESOP. So-and-so has done that ESOP. You're going to learn a lot from them. You're in multiple markets. So is so-and-so in multiple markets, and they've been expanding and doing that very successfully. They'll be able to talk to you about the culture and how you keep culture when you're opening up markets and people that are remote, or you're acquiring organizations, and how do you get everybody on the same page with culture. So you go down your list, and when you go down the list and you ultimately then circle back and you're done, and you say, did I get all of that correct about the summary? They will say yes. You'll say, does it make sense as to the value you're going to bring to the group and the and the value the group brings to you? Yes. Wonderful. So do you have any questions for me? So you're just going to stop because at this point you have gotten a yes without asking for the yes for a membership. The fact that they confirmed your summary is all that you need. And at this point, you're now going to answer their questions. And if they don't ask you a question about something that they need to know, like how much the membership is, the guidelines of what they're committing to, that there's no conflict of interest, then you have to fill in the blank and you have to tell them those things. I'm not going to go into that detail. I want you on this episode to truly take away the kind of conversation that is a relationship-oriented conversation, to really dive deep with a prospect about their business and their leadership, that in the end they truly believe you have their best interest at heart, which you do, but the best interest at heart of your members, which tells them that when they're a member, they're going to get that same treatment. And I cannot tell you and underscore how many times I've had these conversations. And at the end, the person on the other end, the prospect says, wow, this was so helpful. It helped clarify some things for me. I really enjoyed the conversation. I haven't had a conversation like that in a long time. It's amazing. It's like we had a coaching session without a coaching session. Takeaway today, right? Summary. One is you're going to ask them about them, their leadership. You're going to— you're going to understand the business. You're going to understand what they do. You're going to understand like how they got there, what's been working, what works successfully, what are some of the unique things they do, what differentiates them. You're going to find really cool stuff out that's going to help your existing group. Then you're going to finally flip to what needs to be different. What needs to be different in their leadership, with the business, with the leadership, you know, with their own leadership, with their leadership team, with their offering, whatever it might be. And that's how you're going to wrap up to know it's a good fit both ways. A very, very, very fun conversation. With that, give it a try, see how it goes. And if you notice, no script. It's all about listening and knowing that you need to be curious and understand and want to know more and learn about them like it's your first date and you're trying to determine it's worthwhile to be asking them out again, not worrying about will they ask you out again. With that, thank you for listening to another episode of Mastermind Mastery, and until next week, go make it happen. Hello listeners, and this is a quick promo because we have our national conference, Live Exchange 2024, coming up in October in St. St. Petersburg, Florida. One day you can attend for a mere $500 and interact with your peers, others that are running groups, network with them, find out best practices, all those challenges that you're having, get insights that can help you personally. In addition to hearing a phenomenal list of speakers, I will open up that day with some insights in regards to moderating And it will turn it over to Vern Harnish, who, if you do not know him, you know, he's the one who founded Entrepreneur Organization. He understands peer groups extremely well, and he runs Scaling Up. You will take away phenomenal information that will help you run your groups, not only to scale your own practice, but to help your business owners in those groups with the content Vern is going to share. You will also hear on two other subjects, one about the importance of preparing your members for exiting the business, whatever that transition may be, and how do you do that. You will also hear about making change. How do you manage change? How do you facilitate change, which is required in today's environment? Again, content you're gonna be able to take back to your groups and use yourself. And last, we're gonna end it with Horse Soldier and 12 Strong. So if you don't know that story, that is the 12 soldiers that went into Afghanistan on horseback prior to us invading Afghanistan. You will hear their story about leadership and how they have transitioned that into a phenomenally successful bourbon brand called Horse Soldier, and you will hear how they have scaled that business. And we will end the conference with bourbon tasting. Again, a very packed day. I encourage all of you, if you are serious about your own personal development, I will see you and I will love to meet you personally October 18th in St. Petersburg, Florida. Go to our website and you can get all the details, see the details of the agenda, and register. Thank you everyone for listening to another episode of Mastermind Mastery. And to get access to today's episodes, not only the show notes but any tools and resources, encourage you to— not only will you find them in the episode show notes, but also you can go to the website www.lxcouncil.com. So lx counsel.com, and you will find a plethora of articles and content and tools and resources and worksheets and things like that that can be helpful to you in creating and running successful PACs. I want to leave you with one thing that we end and teach to do in every single meeting, and that is the very last thing is to ask, what is your takeaway from today's episode? I encourage you to give that thought. Take advantage of the time you just invested in listening to the episode, and what can you do to move one step closer to the vision that you have and the goals that you're trying to achieve with your groups? So again, take a step back. What's your key takeaways? What can you actually act on. And I leave this with one note, and those of you that have read my book, Your Seat at the Table, you know that I ended the book with a story about my mentor. He always, when he met people, had a pebble in his pocket that he passed to them when there was knowledge shared. And so I ask you today to think about that pebble concept and to pass what you learned today on to someone else, which could be your members, or take it internally to yourself and act on it. So now go do something with those takeaways.