Recently I’ve noticed an increase in the number of music retail sharing groups, who are expressing an interest in having me add a succession planning component to a member meeting. Having participated in several, I’m a huge fan of the sharing group format. Often, other music retailers, those who are in the trenches every day, are your best advisors.
Sharing groups are nothing new. Business owners long ago recognized the value of peer accountability and support. In 1946, Bert Scull a C.P.A., started bringing some of his non-competing clients together to share ideas. Today some groups are sharing or buying groups only, and some are hybrid. For example, MIIG, Music Industry Insights Group, has been around since 1960 and is considered a sharing group. On the other hand, AIMM, the Alliance of Independent Music Merchants is essentially a marketing/buying group and alliance of retailers and manufacturers.
Joe Lammond, NAMM President/CEO is also a fan of sharing groups. Back in 2006 he said it best. Here’s a short quote from PLAYback.
It’s clear that participation in these groups not only helped them to improve their company’s numbers; they also improved their spirits. We all know that music retail is filled with tremendous challenges, and it’s easy to get discouraged. But realizing they are not alone gave the members of these groups the courage to fight, to try new things or simply to preserve and say, “This, too, shall pass.” These dealers now had a group of peers who were all in the same boat-sharing ideas, support and inspiration. After each meeting, they came away empowered and more confident, but retailers who commit to continuing their growth and education through these groups tend to be the survivors- and that’s no coincidence.
During January- March, I will be hosting a series of live webinars where the participants on the call will help re-imagine succession planning. I believe a hybrid approach which offers both one-on-one planning and coaching, along with peer accountability and group support, will help countless music retailers build a business which can thrive without them. That’s Succession Planning at its best. Building a business so it can be sold profitably.
All the webinars will be live, and limited to 10 owners, along with their key managers and or successors. My style encourage participation and I’m mindful of not being too preachy. We all do the best we can.
My goal is to make this as conversation like as possible, and will embrace the spirit of sharing ideas and insights. It will be these series of webinars which will shape MusicBiz Groups with a anticipated launch in Q2 2017.
Please join the conversation and help us re-imagine succession planning.
Click on https://bhwealth.wpengine.com/webinars/ to see our complete schedule and reserve your place.
MoneyCapsules® Reinvents Sharing Groups for Music Retailers.
MoneyCapsules Launches Sharing Groups
New York City, January 1, 2017 -MoneyCapsules® today announced the Q2 launch of MusicBiz Groups™, which preserves the most beloved sharing group features; building trustful relationships with other non-competitor retailers, learning from each other’s success and failures, and realizing that you’re not alone. Participation in sharing groups not only holds the potential to improve your bottom line, it can also provide courage, support and much needed inspiration.
“We are excited about the launch of MoneyCapsules Groups,” said Jaimie Blackman, MoneyCapsules CEO and President of BH Wealth Management. “MusicBiz Groups™ will offer online forums to build trusting relationships, live gatherings for deep dive learning opportunities, and financial bench-marking with group members through a secure online portal. Monthly assignments will be given out and members will be held accountable by their peers. “
Blackman said the sharing group will also help with transitioning ownership which culminates into a succession plan for all its members— a component you don’t find in many sharing groups today.
That’s important because two thirds of US public and private companies admit that they have no formal CEO succession plan in place.” Blackman said. “Your exit strategy may very well be the most important financial transaction of your life.”
Jaimie who holds an M.S.Ed., and is a Certified Wealth Strategist, writes Smart Succession, a monthly column for Music Inc. He has spoken at the NAMM Idea Center, and has participated in Yamaha’s Succession Advantage workshop. In the 1980’s Jaimie owned a school music dealership and was a NAMM member.
“What’s powerful about Jaimie’s sharing group concept is twofold: One accountability and two, support. I’ve learned a lot from such groups and I believe it will help every musical instrument retailer who participates in it.”
Chip Averwater, Chairman, Amro Music,
Past NAMM Chairman
Author of Retail Truths