Peer Power

• “I don’t really want my internal people to know everything about my business’s pain points.
  
• “I’m great with financial issues, but need help with more creative areas.
  
• “I may not be taking all the right steps to evolve my business.”
  
• “It’s lonely at the top.”
  
• “My team just isn’t as invested as I’d like them to be in business growth.”

Whom Are Peer Advisory Groups For?

Peer advisory groups are typically geared toward executive-level management and entrepreneurs.

Unlike networking groups, their primary purpose is to provide a “safe,” non-competitive forum for problem solving, sharing best practices and, ultimately, contributing to the success of members’ businesses. Although networking and lead generation may be a side benefit of involvement in these groups, it is not their primary purpose.

Typically, these groups involve a membership fee (either annual or quarterly) and have specific requirements for membership and tenure. Robert Catanese, president and owner of Renaissance Executive Forums in White Plains, N.Y., also looks for a particular set of personal characteristics in prospective members. “They should be success-oriented — driven to reaching the next level in their personal and professional lives. They should be willing to change how they lead or how they run their business and be curious about what others are doing.” Also of utmost important to Catanese is how the group “fits.” Because respect and trust are key components of these groups, personalities and business skills must complement each other.

“Each member needs to be committed to the process,” adds Shugart. CEOs usually have strong egos and are used to making quick decisions. “We have to retrain ourselves to slow down and listen more carefully before giving each other advice. Listening is key to helping each other,” she says. Karen J. Smith, president of The College of Westchester in White Plains, N.Y., and a member of Executive Renaissance Forums, says her organization has already taken action based upon recommendations made during her peer discussions. “Having the experience and knowledge of others who are also presidents has been helpful in expediting challenging decisions with confidence,” she says.

Darren Port, president of Powered by Professionals and a two-year member of Entrepreneur Organization (EO), has not only derived tremendous business benefit from his peer group, he has received personal inspiration from other members. “A member of my group had been on Oprah four times this year. Another sold his company for $50 million. A third trained for an Ironman Triathlon while running two companies. His wife was pregnant with twins and he had a 15-month-old at home. He raised $132,000 for charity during the race. These are the types of people I met who helped teach me how to expand my thinking and believe that nothing is impossible.”

Of course, not all peer group members are triathletes, but most groups put at least some emphasis on life and work satisfaction. Catanese stresses “quality of life and peace of mind” as being essential to top executive performance.

How Do They Work?

Each group has a different fee structure and membership criteria. Some require a firm commitment for a period of time, while others are somewhat flexible. Typically, the group meets monthly (often for an entire day) and discussions are led by a facilitator. Most involve outside speakers and “resource experts” on a particular topic. These focus areas are usually driven by the interests and needs of the group and include topics ranging from operational concerns such as raising capital and selecting insurance to individually relevant issues like estate planning and presentation style. Individual executive coaching is also offered by many of the groups.