The exit planning profession poses unique challenges and opportunities. The advisors who take the lead in this industry display both high leadership and drive best practices for their peers and for business owners.
Among this pool of leaders is 2019 Member of the Year Award winner, Vincent Mastrovito, CEPA, CBEC. Mastrovito is the Founder and President of Prometis Partners Inc., as well as the Chapter President of EPI West Michigan.
The Member of the Year Award is presented to a CEPA or EPI Partner who contributes significantly to the EPI community of advisors and overall exit planning profession. Mastrovito has demonstrated exceptional leadership and has proven his ability to build a team that produces big results.
The Transition to an Entrepreneur
After about 20 years of providing wealth management services with Lincoln Financial Group, Mastrovito built his own firm, Prometis Partners, which is comprised of family business succession planning consultants and advisors who educate business owners on how to be ready for transition before the time comes.
Producing Big Results
Every good team has an even better leader — one that can get in the weeds with the employees and provide clear direction. This is what Mastrovito has managed to achieve. He has given his team something to exemplify and it began with understanding the roles everyone plays on a team, including himself.
In order to learn his team, Mastrovito said his formula for engagement when leading is to think of everyone starting on the same playing field. For his team at Prometis, this means no one is immune from consequences for not completing their work no matter their rank. Also, everyone at his company is held accountable.
The Importance of Leadership
Mastrovito describes his leadership style as “straight-forward, but open,” as well as understanding and nurturing. He recognizes that leadership styles must change overtime to fit the current climate of the employees. “What worked in the 90’s may not work now,” Mastrovito said. He has had to adapt before.
Part of building a team that produces big results is directly correlated to the way an individual leads. And sometimes, adapting the leadership style is necessary for the progression of a team.
Choosing the Right Team
Mastrovito’s piece of advice to a colleague who is looking to hire staff and produce big results in this industry is, “it’s important to always look for people who are interested in growing and learning.” According to Mastrovito, it’s not enough to hire employees who just look at the clock all day, but rather ones who are motivated and take ownership of projects and tasks.
Mastrovito thinks it is essential to stay in your lane and understand the roles that you and others play on the team. This ensures a continued, maturing process as you build your team.
Once you have a great leader and have chosen the right team, how can you make sure your team is productive? Mastrovito’s team relies on collaborative communication and a visual aid that helps them keep track of project and client status. By having meetings twice per week and using the Gantt chart system, Mastrovito keeps his team at Prometis focused on the goals he has set for the company. This structure promotes productivity and team effort, as well as ensures quality.
Final Nugget: Having a Vision
In order to create a high-performing team, Mastrovito says you should have a vision for both yourself and your team. “Without a vision, you will struggle with or without a team,” Mastrovito said.
Vision-focused Questions to Ask Yourself:
- What do you want to accomplish?
- How will you get there?
- What is your goal for revenue?
Mastrovito’s demonstrated leadership in the industry is not only what made him deserving of the 2019 Member of the Year Award, but his knowledge and experience can also be used for anyone else who desires to build a team that produces big results.