Owners, CEOs connect, strategize about work at Inner Circle group

LOUISVILLE – It takes more than a profitable bottom line to make an entrepreneur successful. Without passion, forward thinking and a balance of work and personal life, business owners can exhaust themselves into the ground or into the hospital.

“Successful business owners and CEOs realize that they don’t have all the answers,” says Rob Parker, owner of a Louisville-based organization that focuses on peer group input and direction for top-level professionals.

“They know they need to be open minded and always looking for solutions.”

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In January, Parker purchased the first Colorado Inner Circle franchise. Now he’s running one group in Boulder and one in Denver, following the format laid out by Norman Stoehr in 1997 in Minneapolis.

Inner Circle peer-group members meet monthly for three hours, and focus on specific issues, ideas, strategies, visions and plans. Each group consists of eight to 10 individuals who own or operate growing companies that have annual revenues from $2 million to $50 million.

“They may want to develop exit strategies or come up with ways to deal with key employees,” Parker says. “It’s not all about problems, though. Sometimes the focus is on flushing out new ideas and talking to a group of peers.”

The meeting format is round-table discussions at which members discuss issues affecting their businesses. “You get more intelligence from a group than from any one individual.”

Inner Circle’s proprietary process called “Vision Quest” helps entrepreneurs uncover ways of blending business strategies with personal lifestyle choices.

“It helps them identify obstacles to their success, and develop tactics and strategies to overcome those obstacles,” Parker explains. He points out that 80 percent of all businesses are run the same and face the same challenges.

“I build the groups, and I manage the groups. I make sure to draw all members into the conversation,” he says.

Potential Inner Circle members start the process by meeting with Parker so he can help them determine if the group is right for them. Getting to know the individual’s needs and vision helps him decide if it will be a good match.

Other group members also get input on admitting new members. No competing industries are allowed.

“The first meeting is free,” Parker says. “I meet with someone and get to know them, asking why they want to do this and telling them it’s not a leads or a networking group.”

Barry Hight, president of McGuckin Hardware in Boulder, joined the group four months ago.

“It’s hard in retail to have time to read books on ways to improve things. We’re always moving so fast,” Hight says. “It’s a great way to stop and take a breath and get with other businesspeople in the community to bounce ideas off. It’s great to get feedback on things you’re trying to accomplish in your business. It’s a lot like mentoring each other.”

He values the input from people working in other industries because their ideas come from other scenarios – “feedback from outsiders” he calls it.

“It’s great the way they groom people who come in to make sure they’re not from the same industry – it’s like creating a noncompete.

“Trade secrets could be given in the room,” he says. What goes on in the room stays in the room. “It also challenges me when I come back to work to improve on my work style, my work ethic and who I am in business.”

Annual Inner Circle membership is $6,000. First-year membership for businesses just starting up and without employees is $4,000. When a new group is forming, the first four members pay $5,000 the first year.

Parker paid $25,000 initially for his Inner Circle franchise. He pays Inner Circle International Ltd. 15 percent royalties on his revenue.

Nationally there are 10 other franchises that have worked with more than 400 members to date.

Potential Inner Circle franchise owners need to be seasoned businesspeople who have harvested businesses or are free from the day-to-day activities of business management, according to Inner Circle International LTD. They also need to be connected to their community.

Parker’s business background includes owning MotoPhoto franchises in Boulder, Louisville and Arvada. MotoPhoto is a specialty retailer in the photo developing and portrait business. “I ran the business for 15 years and know what it takes,” Parker says.
A lot of Inner Circle of Colorado members came from community connections developed during his time with MotoPhoto.

“I want to help businesses run their businesses better in this second career,” he says.

As an example, Parker says one member realized he needed to tell his employees what a great job they were doing. “Those employees go home and tell their families what great days they had,” he says. “It’s great to impact that many people from one conversation.”