Digital Social Hour: How Masterminds Transformed My Business Strategy | Parker Patterson DSH #1173

Host: Chris Gethard
Guest: Parker Patterson
Release Date: February 10, 2025
Duration: 32 minutes
Transcript Excerpts: [Available throughout the summary]

1. Introduction to Masterminds and Mentorship

Chris Gethard:
"We met through Eric Spofford, so shout out to him as well."

Parker Patterson:
"I started working with Eric about a year and a half ago and it's been incredible." [00:57]

Parker introduces the concept of masterminds, highlighting their pivotal role in his entrepreneurial journey. Masterminds, as described, are powerful networks that foster growth, provide valuable connections, and offer mentorship from experienced individuals.

2. The Power and Impact of Masterminds

Chris Gethard:
"I've gotten so many guests and business deals from masterminds it's crazy. The ROI is honestly insane. If I measured it, it's got to be at least 10 to 1." [02:06]

Parker Patterson:
"It's game changer. It's like I can't believe how much power actually comes out of just getting out there, meeting people, investing in yourself and getting in those masterminds." [02:16]

Both host and guest underscore the immense return on investment that masterminds provide, emphasizing networking, collaboration, and access to resources as key benefits.

3. Parker's Journey to Finding Eric Spofford

Parker Patterson:
"I actually went to a mastermind that he had at his house, met him in person. I'd seen him some clips online, I think. First time I heard about him was on Andy Frisella's podcast. I was like, man, that guy's got a really cool story." [01:31]

Parker shares how he discovered Eric Spofford through various platforms, attended a mastermind event, and recognized the alignment between Eric’s experiences and his own business goals, leading him to invest in a mentorship relationship.

4. Family Background and Early Influences

Parker Patterson:
"I grew up with 11 brothers and sisters. Nine of them are adopted and seven of them have special needs." [04:15]

Raised in a large, entrepreneurial family dedicated to special needs adoption ministry, Parker's upbringing instilled in him values of care, empathy, and business acumen. This unique family dynamic influenced his approach to entrepreneurship and caregiving.

5. Transition to the Assisted Living Industry

Parker Patterson:
"I started building a small portfolio of real estate and started looking at some different things we could do with our properties and stumbled across the concept of assisted living." [09:42]

Combining his real estate investments with his caregiving background, Parker identified a gap in the assisted living market, particularly catering to the baby boomer generation. His personal and professional experiences guided him to create a luxury boutique-style assisted living model.

6. Business Model: Owning vs. Renting Real Estate

Parker Patterson:
"It is somewhat capital intensive because we also own the real estate of our business as well. So that's kind of the biggest cost aspect to it is buying the real estate, getting it converted for our needs and then getting it licensed, updated, everything that works for our model." [04:30, repeated at 13:08]

Chris Gethard:
"I think in the long run it's probably smarter." [13:30]

Parker explains the strategic decision to own property rather than rent, highlighting long-term financial benefits, tax advantages, and control over the operational environment as primary reasons for this approach.

7. Scaling the Assisted Living Business

Chris Gethard:
"We want to get to 40 locations." [13:53]

Parker Patterson:
"Our goal is scaling it rather than just going through and building big facilities and knocking out as much bed count as possible. We're trying to change that completely and do something quite a bit different and maintain quality." [14:27]

Parker outlines his vision for scaling the business thoughtfully by maintaining high-quality care through smaller, decentralized communities. This strategy contrasts with industry norms that prioritize rapid expansion and high bed counts, potentially compromising care quality.

8. Overcoming Challenges in Entrepreneurship

Parker Patterson:
"I was destined to start something. When I faced a partnership split and had to close two buildings, I turned to the 75 Hard program to keep my sanity and focus." [28:10]

Parker recounts overcoming significant business challenges through personal discipline and structured programs like 75 Hard, which helped him maintain resilience and strategic focus during turbulent times.

9. Mindset, Health, and Personal Development

Parker Patterson:
"Health and fitness does a lot of different things. It ties together, but ultimately allows me to stay strong mentally, be able to work through problems and situations better, stay more crystal clear and operate at a high level." [16:15]

Emphasizing the interconnection between physical health and mental clarity, Parker discusses his daily practices, including visualization and meditation, which bolster his leadership and business effectiveness. His commitment to personal development is integral to his professional success.

10. The Importance of Selecting the Right Mentors

Parker Patterson:
"You got to verify and vet who you're working with. Find somebody who's got the values that you align with and has the entire package." [19:51]

Chris Gethard:
"Find someone that's exited and see what they charge, I guess. Do you believe in manifestation?" [21:42]

Parker advises entrepreneurs to diligently vet potential mentors, ensuring alignment in values and proven success. Investing in the right mentorship can provide invaluable insights and connections that propel business growth.

11. Relationships and Support Systems

Parker Patterson:
"If you've got somebody that's in your corner that's loyal, there's a lot of value in that." [31:08]

Parker highlights the critical role of supportive relationships, particularly with a significant other, in maintaining motivation and accountability. His six-year relationship exemplifies the strength and stability that partners can bring to an entrepreneurial journey.

12. Vision for the Future and Closing Thoughts

Parker Patterson:
"Next for us is just continuing to grow and scale the company. Keep doing the same things that we're doing, just getting better physically, getting better mentally, growing the team, getting the right people in the right seats, expanding and growing in the right way with quality." [31:32]

Parker concludes by reaffirming his commitment to sustainable growth, personal and team development, and maintaining high standards of care as he expands his assisted living business.

Notable Quotes with Timestamps

• Parker Patterson [00:57]:
  "It's game changer. It's like I can't believe how much power actually comes out of just getting out there, meeting people, investing in yourself and getting in those masterminds."

• Chris Gethard [02:06]:
  "The ROI is honestly insane. If I measured it, it's got to be at least 10 to 1."

• Parker Patterson [04:15]:
  "I grew up with 11 brothers and sisters. Nine of them are adopted and seven of them have special needs."

• Parker Patterson [13:08]:
  "It is somewhat capital intensive because we also own the real estate of our business as well."

• Parker Patterson [16:15]:
  "Health and fitness does a lot of different things. It ties together, but ultimately allows me to stay strong mentally."

• Parker Patterson [19:51]:
  "You got to verify and vet who you're working with. Find somebody who's got the values that you align with and has the entire package."

• Parker Patterson [31:08]:
  "If you've got somebody that's in your corner that's loyal, there's a lot of value in that."

Conclusion

In this episode of Digital Social Hour, Parker Patterson delves into the transformative impact that masterminds and mentorship have had on his business strategy. From his unique family background and entrepreneurial ventures in the assisted living industry to his emphasis on personal development and strategic scaling, Parker shares valuable insights for aspiring entrepreneurs. The conversation underscores the importance of building strong support systems, maintaining a disciplined mindset, and selecting the right mentors to navigate the complexities of business growth successfully.

For those interested in Parker's journey and insights, he can be found on Instagram @bparkerpatterson.

Note: This summary excludes advertisement segments and focuses solely on the substantive content of the conversation between Chris Gethard and Parker Patterson.