Chairman of Balentine and author of First Generation Wealth: Three Guiding Principles for Long-Lasting Wealth and an Enduring Family Legacy recently shared a personal story about the importance of having a support network in times of uncertainty. At the age of 40, he underwent a health scare when a spot was found on his lung. Reflecting on his father’s battle with cancer and the wisdom of seeking advice from elders, he turned to his peer network for guidance.
Fortunately, the spot on his lung turned out to be harmless, but the experience reinforced the value of having a strong support system in place. Peer networks, which operate as membership organizations where business owners can receive advice and counsel from others in similar positions, can provide invaluable support in times of need. By joining a peer network, leaders can prevent the isolation that often comes with running a business.
For over 30 years, the author has been a part of a peer network of CEOs who challenge each other on their thinking and operations. This group has become a source of trusted advice and mentorship, leading to personal and professional growth. The primary value of a peer network lies in the candid feedback and different perspectives that members bring to the table, creating a symbiotic mentorship that benefits all involved.
For those considering joining a peer network, the author offers some advice based on his own experience. It is essential to be vulnerable and open to sharing challenges in complete confidence. Ego should be left at the door, as the input you receive is only as good as what you contribute. Participating in a peer network is an investment in lifelong learning, much like a continuous MBA, where valuable insights can be gained from listening to leaders in various industries.
Members of peer networks should be prepared for a different kind of candor, as the feedback received from peers is often more honest and direct than that of paid advisors. Bringing actionable issues to the table can help facilitate meaningful discussions and solutions. Over time, the bonds formed within a peer network can lead to a deeper understanding of each member’s strengths, weaknesses, and motivations, fostering a sense of community and support.
In conclusion, the author emphasizes the importance of being involved in a peer network for business owners and leaders. Peer networks offer a unique opportunity to receive honest feedback, gain valuable insights, and build lasting relationships with other like-minded individuals. By actively participating in a peer network, leaders can continue to grow, learn, and pay it forward by sharing their own experiences and expertise with others in the group.
