The Unexpected Benefits of a Peer Group Meeting
As a member and a Peer Group Director for over 15 years, I have seen many meeting unfold into unexpected directions.
As a business owner, you are pulled in many directions and there are times when you show up at a Peer Group meeting and are not prepared to share any hot topics you have been dealing with. I remember one meeting when a business owner gave a short update and at the end mentioned he was going to be buying an existing business with his brother. A member quickly jumped in with excitement and started probing for more details. He started asking questions like, "What's in your buy sell agreement between you and your brother?" The reply was, "We don't have one, we trust each other." That was the starting point for a fantastic exchange of information. Several members, who had been through similar situations quickly and clearly laid out experiences they have had. In less than fifteen minutes the member had a list of things to look closer into.
- How to create a short, clear and simple buy sell agreement.
- What are the expectations of each brother?
- What happens if one brother gets divorced, dies or is disabled?
- What is the maximum cash limit both are willing to put in if things go bad?
- What is the exit strategy?
One of the great benefits of a peer group meeting is utilizing the knowledge of the members around the table. Even when you don't expect it, the value you gain from the other members can be invaluable.