How Mastermind Leaders Can Use Money to Solve Pressing Problems

In the summer of 2019, Wes Sierk found himself lying face-up in a hospital bed, close to death in a coma. He had sold his company for millions two weeks prior. Wes’s bedside was surrounded by his loved ones who wondered if he’d ever wake again. How could Wes’s life path have taken such a dramatic turn for the worse? 

Well, despite being a talented businessman, gifted leader, and brilliant executive, Wes had made his fair share of mistakes. The first time he’d tried to sell his company, Wes decided to negotiate the sale himself. He came from humble beginnings, and brought a sense of frugality to his business decisions. So, rather than contend with the exorbitant fees an investment banker would charge to negotiate the sale, Wes decided to try it solo.

While immersing himself in the minutiae of negotiating the sale, Wes neglected his responsibilities as CEO of the company. As a result, sales and morale dropped, and his potential buyer eventually lost interest. After the sale fell through, Wes got back to work as CEO and eventually managed to turn the company around for the better. 

A few months later, Wes hired a qualified investment banker to sell his company. That decision resulted in Wes’s company being sold for several million dollars more than what he had previously negotiated in less than six months. Rather than focusing on how to sell his company, Wes simply found the right person who could do it for him.

Two weeks later, Wes was dismayed by the $7,900 fee he was quoted for a new air conditioner. Wishing to save some money, he decided to tackle the installation himself.  Wes knew the contractor’s fee was a drop in the bucket for him financially, but he insisted on doing the work himself. While standing on the roof of his home to install his AC unit, Wes fell over six feet, landing flat on his back, and smashing his head into the pavement of his driveway. 

Wes spent the next 11 days in a hospital. After waking up from a coma, he had to relearn how to walk, talk, and perform other basic tasks. While bedridden, Wes remembered a quote he’d heard years ago: “If you have enough money to solve a problem, then you don’t have a problem.” If that quote sounds familiar, that’s because it comes from Who Not How author Dan Sullivan. 

Shortly after Wes got out of the hospital, he did something very brave. He hired someone to put up Christmas lights at his house for the first time in years. Wes’s life-threatening experience made him realize the value of his time, and that sometimes the best way to solve a problem is to find someone to solve it for you.

Why Mastermind Leaders Should Avoid the “Cost Mindset”

People often fall victim to a scarcity-oriented cost mindset, which prevents them from seeing the opportunity cost of learning how to solve the problem themselves. As Greg McKeown puts it, “Only once you give yourself permission to stop trying to do it all, to stop saying yes to everyone, can you make your highest contribution toward the things that really matter.” 

Finding the right “whos” that can solve problems for you, allows you to concentrate on high-leverage tasks that have a much greater impact on achieving your goals. 

A scarcity mindset limits what you perceive as possible for yourself. Constantly focusing on costs prevents you from seeing the value of your own time and attention. Moreover, as a mastermind leader, you’re responsible for setting the tone and values for your group. It’s crucial for mastermind members to adopt an abundance mindset that opens their eyes to what they can achieve by investing in themselves. After all, the mastermind itself will represent exactly this kind of investment for members.

Check out The Mastermind Playbook for more insights into how to shift into an abundance mindset.

See Others As An Investment, Not A Cost

Whenever you focus on how to solve a problem instead of who can solve it, you incur an opportunity cost. You might be surprised by the amount of unfathomable growth you’re missing out on by stubbornly focusing on “how” instead of “who.”

Carl Castledine learned that lesson the hard way. After starting his own consulting firm and landing a handful of loyal clients, Carl realized his website was in desperate need of an update. Carl was a hard worker, full of grit and determination. So, he decided he’d spend his nights learning to code after work and applying those skills towards building a new website for his company at night. 

A few months later, Carl was burnt out. His productivity in the office was declining. He was exhausted and sleep-deprived. Desperate, Carl reached out to a web developer to get a quote on what he’d charge to build the site. When the developer said he would charge $1,200, Carl couldn’t believe his ears. He was shocked by how low the quote was. 

Carl couldn’t fathom that a task he had spent countless hours on could be delegated so easily. After all, Carl was a successful entrepreneur and $1,200 was a drop in the bucket. A few short months later, the website was up and running. 

Carl’s story represents a valuable lesson for any mastermind leader. Finding capable individuals to whom you can delegate responsibilities and teaching your members to do the same is one of the most powerful actions you can take as a mastermind facilitator.

What problem do you have this week that needs to be delegated to an expert “who” instead of being solved by you pulling overtime?

Check out The Mastermind Playbook for more information on how to make investments in others.