🔑 Summary
– [00:00] Lessons learned from running a $25,000 Mastermind with about 100 people.
– [01:01] Origin story of the Mastermind and the collaboration with Tony Robbins and Dean Graziosi.
– [03:45] Lesson 1: Not everyone in the Mastermind should have been there; some needed agency or team support first.
– [05:27] Lesson 2: Choose partners wisely and have agreements in writing to avoid financial issues.
– [09:01] Lesson 3: Shifted approach from coaching Mastermind to more collaborative, experiential format.
– [10:08] New version of the Mastermind: Focus on two to three-day experiences in unique locations.
– [13:15] Criteria for the new Mastermind: Proof of over seven figures income, limited to 50 participants.
– [18:06] Starting a Mastermind: Don’t begin as an expert; build results through one-on-one consulting or services first.
– [23:00] Importance of building a resume of results before launching a Mastermind.
📺 Watch the Video
https://www.youtube.com/watch?v=yj4lXEiGCz8
📝 Full Transcript
[00:00] One thing we talk a ton about on this show is the value of masterminds. Today, I want to share with you four big lessons that I’ve learned from running a $25,000 Mastermind with about 100 people. This Mastermind was absolutely incredible, and a lot of people saw great results. But I believe you always have to be learning. We always have to be growing, right? Masterminds are a hugely important aspect of your growth. And today on Legacy Builders, I want to share some lessons that will help you take masterminds to the next level. [Applause]
[00:30] Hey everybody, welcome back to another episode of Legacy Builders with Brian Delaney. If you’ve been listening to the show for very long, then you know that we talk about masterminds here. And that’s partially because, Brian, in your life, you’ve seen masterminds change everything for you and the people around you. And so today, I’m excited because we’re actually diving into four lessons that you learned from actually running a mastermind that was, you know, $25,000 to get in for over two years. So kind of give me the backstory before we dive into these lessons of how this Mastermind came about and, um, yeah, really kind of the context around it.
[01:01] Yeah, absolutely, Seth. Thanks, thanks for that. Um, you know, I’ve had masterminds that are lower level, you know, $6,000 to $7,000 masterminds. Ran that for about five years. And then really wanted my own Mastermind, you know, something that I’ve always dreamed of having. Um, you know, in my value ladder, if you will, of offers. Um, because I’ve had tremendous growth from masterminds, being able to speak at masterminds, being able to meet different people at masterminds. I mean, I’ve been, you know, in masterminds for more than a decade now in this industry. Um, and I’ve just seen it catapult success. And so, you know, uh, when it came to launching our Mastermind, uh, that we originally launched, the first $25,000 Mastermind, I launched it with a partner who, you know, we collaborated on the launch with, you know, Tony Robbins and Dean Graziosi by promoting them. And so what we did was we used that product launch as an opportunity to bring everybody to an event. So everybody who bought Tony Robbins and Dean Graziosi’s program through us, they had the opportunity to come to an event. And then at that event, we presented the option for a mastermind. And that’s really, you know, one of the better environments to sell a mastermind, you know, imagine having, you know, we had 239 people, 69 of them applied for the Mastermind. Not all of them got in because they didn’t all qualify. But imagine having 500, a thousand people in a room and then presenting that Mastermind option. It’s one of the best ways to fill a mastermind by already having a group of buyers that has spent $2,000 bucks with Tony Robbins and Dean Graziosi. It was a perfect fit for launching a mastermind. Now, with all that said, the Mastermind was great. There were a lot of lessons learned along that journey of supporting, you know, about 100 people over the course of those two years. And, uh, I’m excited to share some of those lessons with you today.
[03:04] Yeah, yeah, I think that’s great. I’m excited to learn them. And again, this is, uh, this is one of the main things that we keep coming back to. It seems hard to get away from this concept of masterminds and the value that it brings. So the first lesson has to do with kind of a mastermind versus agency kind of realization. Tell me about that.
[03:34] Yeah, yeah. So what I realized is that, you know, most of the people that were in our Mastermind at $25k, you know, really shouldn’t have been in the Mastermind. They really should have hired an agency or hired a team or hired people to help them execute. Um, what I found was that a lot of the people that were in the Mastermind, you know, say 10 of them already have very successful businesses. Ten percent of them are already earning over a million dollars a year. That’s different, right? I mean, I think that once you’ve hit that level of success, of cracking the code, if you will, to being able to produce a seven-plus figure business, then, you know, being in masterminds makes a lot of sense because, number one, it’s a great tax write-off. And number two, you can actually do the strategies that people share in the room or you can collaborate with other people that are already making things happen as well. So, you know, from my perspective looking back, was I, you know, 90 percent of the people that joined our Mastermind from the beginning, if I was to go back in time, rewind the clock, and give them another path, I would have said, you know, you guys should hire our agency, Perfect Funnel System, to really help you launch something, make it profitable, get some data, get some results, and then join the Mastermind and then work on optimizing and scaling your campaign using the leverage and the influence of the Mastermind group and the people that are in that group, right? So my lesson here really is, you know, hire a team of people who can help you produce the results and get you in the game, you know, and then making an investment in, say, a $25,000 Mastermind or $50,000 Mastermind, it won’t be a huge investment, right? It won’t be this huge thing where you’re, you know, where it hurts to cut the check, right? That’s my best advice now looking back after, you know, running that Mastermind for two years. It’s like, you know, really, you need people executing on your behalf using their skill sets, right? So that’s number one. The second one, I would say, is choose your partners wisely. So, you know, I partnered with a guy who ended up having a lot of money problems, and he basically consumed all of the profit from the Mastermind because it needed to, quote, pay his team and pay himself, you know, pay his family. Um, and the big lesson there was, you know, after we worked that situation out, really was to get your agreements in writing. You know, it’s something that my dad told me. My great-grandfather had to learn it the hard way. You know, it’s funny how history repeats itself until you break the cycle. And, you know, my grandfather, right, he lost a patent to an attorney. The attorney sold it from underneath him for like three million bucks, completely, you know, screwed him out of the deal. My dad had a business for over 20 years with his brother, his brother. They never had an agreement. It was all like handshake and verbal. And then, you know, push came to shove, my brother or my dad’s brother ended up, you know, completely going off the rails and lost his mind from pharmaceutical drugs, unfortunately. And, you know, that was a bad situation as well. So for me, I had to learn it myself, right? I mean, I partnered with someone who I considered family, considered a really close friend. And at the end of the day, you know, because we didn’t have it in writing, things went sideways. So my advice here for you listening is really, you know, get your agreements in writing, get your attorney to vet it, flush it out because, you know, your attorney should have your best interest in heart, and it’s the job of their attorney to have their best interest in heart, right? Then you can meet halfway and you can, you know, figure it out, right? I mean, at the end of the day, that’s what it boils down to. I had blind faith, right? So I went into it trusting, which I really shouldn’t have, shouldn’t have, but I went in trusting, and I found myself, you know, literally missing out probably on a couple hundred thousand dollars when it all shakes out. So lesson learned, right?
[07:43] Yeah, lesson learned. Lots of lessons through it all. Right? I mean, that’s right. Part of being an entrepreneur is that you learn things, you go through experiences, and then you know, we get the opportunity to share our experiences with others like we’re doing here. And hopefully, you can avoid that lesson that I had to learn the hard way.
[08:14] Yeah, I think it’s so common because, you know, we want to trust people. We want to trust people that we’ve worked with, especially when we’ve done previous business with them or they’re like family. And it’s not even necessarily that everybody’s going to screw you over or anything. It’s just the value of having things in writing is huge. So, uh, totally. Talk to me.
[08:45] Clarity is power, right? So clarity really boils down to, you know, I’ve been doing this for nearly 17 years now. And so it’s when everyone’s clear, right, then you can go fast. When there are gray areas, right, you give people an inch, you know, that sometimes they’ll take a mile, unfortunately. So, right. So yeah
[10:01] I envision a three-day Mastermind in an epic location like Hawaii. We would rent a mansion to make it a memorable and experiential event. The structure of the Mastermind would be different from our previous one. For example, we would have two groups of 20 to 25 people attending on Monday and Tuesday, followed by a fun and experiential day on Wednesday. Then, on Thursday and Friday, we would bring in the next group of participants. The core of the Mastermind would involve sharing what’s working, what’s not working, and where help is needed. Feedback from leaders and the group would be crucial. It’s important that participants already have something that’s working, as opposed to starting from scratch.
[11:03] Another key aspect of the Mastermind would be the 90 minutes of one-on-one time with me and my wife. My wife has expertise in high-ticket selling, having sold over $100 million worth of products over the phone. I bring my expertise in online marketing, advertising, and selling. Additionally, we would invite guest speakers, including billionaires and high-profile individuals, to share their results and expertise. We did have some high-level speakers in our previous Mastermind, but we aim to bring in even more influential figures this time.
[12:35] We also want to provide access to financial strategies and investments used by the wealthy. This is a significant part of our business and something we are frequently asked about. Another opportunity for participants would be to be featured on our podcast and introduced to our audience. To qualify for the Mastermind, participants would need to be doing over seven figures a year and provide proof of their financial success. The investment for the Mastermind would be $50,000, and we would limit the number of participants to a maximum of 50 to maintain a supportive and exclusive environment.
[14:38] These are the features of our new Mastermind. When creating an offer, it’s important to consider what participants will get and how it will benefit them. For example, they would have a three-day Mastermind experience, 90 minutes of one-on-one time with me and my wife, the opportunity to meet influential individuals, access to financial strategies, podcast opportunities, and more. The goal is to make the offer a no-brainer for potential participants.
[16:09] Launching the Mastermind would involve introducing it to my warm audience, which consists of over 150,000 people. It would also be beneficial to collaborate with other industry leaders and create a list of the top 100 people to invite to the Mastermind.
[17:42] The messaging around launching a Mastermind has evolved over the years. Starting a Mastermind shouldn’t be the first step for experts. It’s better to begin with one-on-one consulting or coaching, or offering done-for-you services, or a combination of both. This allows you to build a mountain of evidence in the form of testimonials and case studies that demonstrate your ability to produce results. Once you have established credibility and a track record of success, you can then launch a Mastermind.
[19:13] People care about the results you can deliver and the lifestyle you have achieved. Building a mountain of evidence through testimonials and case studies is crucial before launching a Mastermind. It’s important to have the respect and clout in your market before offering a Mastermind.
[20:03] So in 2019, I started in this industry. I actually started in 2006, so it’s been about 13 years since I started. After that, I launched a mastermind. The idea of launching a course right after starting seems crazy to me. I think it makes more sense to start with a one-on-one consulting or coaching program, or offer a few services. Dean and Tony switched their narrative in year three, focusing on launching a course. But with the pandemic shutting down in-person events, it’s important to consider the timing and suitability of launching a course. Not every expert should launch a course, in my opinion. I think that’s bad advice. Instead, focus on building up your resume of results. Show that you have produced results for yourself and others before launching a course. I always ask two questions: 1) What are your results that others want? 2) Do you have at least a handful of people with similar or better results than you? If you don’t have these two things, it’s challenging to sell offers. Sometimes, you need to go back to the drawing board and focus on producing results. I remember my wife talking to someone on the phone years ago. She asked if they were an expert and if they had results for others. When they said they didn’t have results for others yet, she told them to go get those results and then come back. That person went out and got 10 success stories and then came back ready to launch their expertise. So, if you’re an expert looking to launch your expertise online, focus on building up your results first. We need more experts in the industry, but we need them to do it the right way. We need to be strategic and mindful in our approach to produce the desired results. As Wallace D. Waldo says in his book “The Science of Getting Rich,” when you do certain things in a certain way, you produce a certain result. That’s how you create wealth and success.
