418 - Why I Turned Someone Down for the VIP Mastermind

0:00I turned someone down for the VIP Mastermind today. That may be a strange way to begin a podcast about the value of the program, but it illustrates one of the reasons the VIP Mastermind works. I personally speak with everyone before they are accepted. This is not a program where someone simply submits a credit card and automatically becomes a member. I need to understand what they are trying to accomplish, where they are in the acquisition process, and whether they are prepared to do the work. I also have to determine whether they will contribute positively to the VIP Mastermind group. That group is limited in size because the quality of the environment matters.

0:47The wrong person can affect the experience of everyone else in that group. That does not mean someone must already be an experienced acquirer, But it does mean that they must be serious, coachable, and willing to take action. The VIP Mastermind is the highest level of mentoring I provide. We meet as a group every week. These meetings are focused on actual challenges members are facing. Finding businesses, reaching owners, conducting seller meetings, reviewing financials, building boards, obtaining financing, structuring offers, performing due diligence, and knowing when to proceed or walk away.

1:30Once each month, I also meet privately with every member. That gives us an opportunity to focus entirely on that person's acquisition strategy, deal pipeline, obstacles, and next actions. Between meetings, members have access to me and the other members of the group. That matters because opportunities and problems do not conveniently appear five minutes before a scheduled coaching call. We also have a strong accountability system. Members make specific execution commitments each week. Those commitments must be external, measurable, controllable,

2:11Bruce Whipple:and capable of being completed within one week. Work on my acquisition is not an execution commitment. Contact 25 owners by Friday is. Research potential board members is not an execution commitment. Speak with three board members this week is. We measure what actually leaves your desk and enters the real world. The results from this environment have been significant. Members have acquired businesses, structured seller finance deals, built boards, obtained financing and gone on to pursue additional acquisition. One acquisition closed for$1 ,345 ,000 with 100 % seller financing in only 45 days after the initial introduction.

3:02Bruce Whipple:Another mentee sent 110 generic letters and received no responses. After changing the approach, he sent five highly personalized letters by UPS overnight. Three owners responded within 48 hours. Now that lesson is not that the VIP mastermind has a magic letter or some secret financing formula. The value is having experienced people look at what you're doing, identify what is not working, help you correct it, and then hold you accountable for implementing the change. You can also benefit from the experience of the other members. A seller objection encountered by one member prepares everyone else for that objection.

3:48Bruce Whipple:A due diligence problem in one deal may present another member and prevent that member from making a costly mistake. A financial structure developed for one acquisition may create an option for another member had never considered that option. You are no longer trying to solve every problem alone. Twice each year, we also conduct an intensive two-day virtual training. That next training takes place on September 23rd and 24th. During those two days, we'll work on communication, seller conversations, listening, deal presentations, objections, and decision-making. We'll talk about live deal problems and the specific actions members must take when the training ends.

4:44Bruce Whipple:This is not passive training where you sit and take notes. Members write it, say it, test it, receive feedback, correct it, and do it again. We do live calls with prospects on those two days of training. Because the that training is only a few days away, it may be possible to add the right person in time to participate, but I'm not going to lower the admission standard or promise that someone can be admitted simply to fill a seat. As I said at the beginning, I turned someone down today, and it was not because of finances. The conversation and the fit must come first. The VIP Mastermind cannot guarantee that you will acquire a business.

5:30Bruce Whipple:No honest mentor can make that guarantee. You still have to contact owners, have difficult conversations, analyze opportunities, withstand rejection, and complete the work. What the VIP Mastermind provides is guidance, accountability, direct feedback, practical experience, and an environment of serious business acquisition mentees pursuing the same objective. If that is what has been missing from your acquisition journey, go to brucewhipple.com forward slash VIP Mastermind and review the details. If you believe you may be a fit, contact me immediately and we will have a conversation. At that site, brucewhipple.com forward slash VIP Mastermind.

6:25If you scroll down, you'll have my phone number and you can give me a call or send me an email. Phone 203-257-6407. Email bruce at brucewhipple.com. But only contact me if you've gone through the details, you understand the financial and time commitment. I may decide that the program is not right for you. You may decide that it's not right for you. But if it's a strong fit and we can complete everything in time, you may be able to join us for the September 23rd and 24th training. So I hope that I talk with you. I hope you're serious about business acquisition and that we have the opportunity to talk about the VIP Mastermind.

7:14And if it's right for you and you're a good fit, get you started in that process.