I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen Invest with your friends! www.bivio.com
The productivity of any group is inversely proportional to its size.
There are multiple prototypes for bylaws, operating procedures, etc out there. Get the examples, build straw men and bring to the larger group.
In parallel, recruit collegial people, with communications skills, and emphasize that they will be expected to spend 5-10 or more hours per month (more in the first year) and have a group meeting. Emphasize the financial and time (both meeting and prep) commitments. Emphasize its a business and the people will be partners. Their work ethic, timeliness, sense of urgency are relevant.
Plan a robust educational program.
Attend several model club meetings.
Recruit a treasurer (who is kind of a @&$%#/!, but not too much) and have them shadow a model club treasurer.
Pick a broker that is on the bivio account sync shortlist.
Join BetterInvesting. Find your local chapter and ask for their assistance.
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our group started with 5 dedicated individuals and worked hard to define
and freeze the club bylaws before starting to invest. I am too
modest to comment on the quality of the treasurer. We didn't expand
for years.
PS Our treasurer still relies on Laurie to help with the tough
stuff.
At 06:34 AM 6/17/2015, you wrote:
Find a great treasurer.A
:P
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen
<laurie@bivio.biz>
wrote:
Hi All,
I'm working with several groups that are starting clubs.A They
might appreciate some insight from you based on your
experiences.
Which of these approaches have your clubs used to get started?
Mike Jones on
I have been my club's treasurer for a long time and would like to share a few observations:
1. The day-to-day stuff requires little effort with Bivio and Account Sync but don't tell the other members. They think you are burning the midnight oil keeping things in balance.
2. Taxes are a pain no matter who does them so don't be a Lone Ranger. Solicit assistance from your partners and let everyone take a hand and learn what is involved. Bivio does the heavy lifting with the Federal return anyway..
3. Too many clubs fold when 'the Treasurer' quits or passes away because no one else knows what to do or how to do it. Perhaps allow the treasurer to serve for two years but do not allow him/her to serve forever. He/she learned how to do things and so can someone else, especially if the current Treasurer trains and hand-holds for a while.
Mike Jones ('the Treasurer' since 1998)
Wall$treet Wannabees
Bloomington, MN
From: Stuart Weissman <stuart.weissman@gmail.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Wednesday, June 17, 2015 8:34 AM Subject: Re: [club_cafe] Starting A Club - Big or Small?
Find a great treasurer. :P
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen Invest with your friends! www.bivio.com
I would not agree with Mike that a treasurer can not serve forever but the club needs at least 2 members to know the job of the treasurer. This includes knowing where everything is stored. This is in case the treasurer is not able to do their job due to a sickness or death. You will want someone who is able to pick it up and run. Maybe require that the second treasurer does the books 1 month out of the year as a refresher.
John Rice
ABODI Investment Club
On Wednesday, June 17, 2015 7:42 AM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:
I have been my club's treasurer for a long time and would like to share a few observations:
1. The day-to-day stuff requires little effort with Bivio and Account Sync but don't tell the other members. They think you are burning the midnight oil keeping things in balance.
2. Taxes are a pain no matter who does them so don't be a Lone Ranger. Solicit assistance from your partners and let everyone take a hand and learn what is involved. Bivio does the heavy lifting with the Federal return anyway..
3. Too many clubs fold when 'the Treasurer' quits or passes away because no one else knows what to do or how to do it. Perhaps allow the treasurer to serve for two years but do not allow him/her to serve forever. He/she learned how to do things and so can someone else, especially if the current Treasurer trains and hand-holds for a while.
Mike Jones ('the Treasurer' since 1998)
Wall$treet Wannabees
Bloomington, MN
From: Stuart Weissman <stuart.weissman@gmail.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Wednesday, June 17, 2015 8:34 AM Subject: Re: [club_cafe] Starting A Club - Big or Small?
Find a great treasurer. :P
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen Invest with your friends! www.bivio.com
Thanks for everyones thoughts. We work very hard on informing you how to keep your club record keeping simple. If it is hard or tedious, you may not be following those recommendations.
Assuming finding a treasurer is not the issue, the original question I was curious about your thoughts on was whether you think it is better for a small group to get the club started or is it better to start with a large group and work down to a core group as you all work through the start up discussions?
Laurie Frederiksen Invest with your friends! www.bivio.com
1. Start with a small (5-8?) core, dedicated group to flesh out the Partnership Agreement, By-Laws and Mission Statement. A mission statement is not a bad idea. Is this going to be a social, education or attempts for profit partnership? Make it clear from the get-go. Include whether the group is going to require membership with another organization, say BetterInvesting. Time commitment, as Irina, states is also very important.
2. I agree with Mike Jones. With Bivio and Account Sync, they do most of the work of the Treasurer. Any time there is a problem or question Laurie and the Bivio team are there for the rescue. So far the last few years, we have rotated between two treasurers serving two-year terms since our club has been so small 5-8 members. We are starting to add members so this may change.
3. Our club has access to projector, so Bivio is open during our meetings, and at times the Trade Account. Everyone in the club is familiar with the Treasurer's function and job. At audit time ... we all work together and audit the different portions that need to be done to close the books for the tax return. Our treasurer is present to answer any questions.
4. Our main purpose is the edification of the membership to go out and confidently start or maintain their own portfolios. We do have some social events, at least once a year. Some of our members travel about 35 to 50 miles one way to attend meetings. If anyone is not interested in stocks, and researching ... they will be bored. We all have tablets or laptops and at the meeting everyone zeros in their favorite site, Morning Star, Manifest Investing, Valueline, etc. and contributes to the discussion. We all follow one or two stocks a piece and keep updated from home on those for our portfolio review.
5. We sometimes hold/carry-on discussions and make decisions by email/text when something is happening with a stock. This is allowed in our by-laws. It doesn't happen often, but it did last week and we were able and ready to come to a quick decision with member input of the situation.
Our club was started by Charter members of the Inland Empire Chapter, although there are none involved today. They laid out a good frame-work which we have mainly followed. We've updated the Partnership Agreement only a few times, and that was to update language and current practices. With the electronic age, this seems to be required a few times more often than years past.
I was involved with a club start-up before it disbanded after a couple of years and merged with another club. All this before joining my current club.
I would not agree with Mike that a treasurer can not serve forever but the club needs at least 2 members to know the job of the treasurer. This includes knowing where everything is stored. This is in case the treasurer is not able to do their job due to a sickness or death. You will want someone who is able to pick it up and run. Maybe require that the second treasurer does the books 1 month out of the year as a refresher.
John Rice
ABODI Investment Club
Laurie Frederiksen on
Great description of what sounds like a strong club.
Thanks for sharing this Megan.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Wed, Jun 17, 2015 at 12:20 PM, Megan McKinlay wrote:
1. Start with a small (5-8?) core, dedicated group to flesh out the Partnership Agreement, By-Laws and Mission Statement. A mission statement is not a bad idea. Is this going to be a social, education or attempts for profit partnership? Make it clear from the get-go. Include whether the group is going to require membership with another organization, say BetterInvesting. Time commitment, as Irina, states is also very important.
2. I agree with Mike Jones. With Bivio and Account Sync, they do most of the work of the Treasurer. Any time there is a problem or question Laurie and the Bivio team are there for the rescue. So far the last few years, we have rotated between two treasurers serving two-year terms since our club has been so small 5-8 members. We are starting to add members so this may change.
3. Our club has access to projector, so Bivio is open during our meetings, and at times the Trade Account. Everyone in the club is familiar with the Treasurer's function and job. At audit time ... we all work together and audit the different portions that need to be done to close the books for the tax return. Our treasurer is present to answer any questions.
4. Our main purpose is the edification of the membership to go out and confidently start or maintain their own portfolios. We do have some social events, at least once a year. Some of our members travel about 35 to 50 miles one way to attend meetings. If anyone is not interested in stocks, and researching ... they will be bored. We all have tablets or laptops and at the meeting everyone zeros in their favorite site, Morning Star, Manifest Investing, Valueline, etc. and contributes to the discussion. We all follow one or two stocks a piece and keep updated from home on those for our portfolio review.
5. We sometimes hold/carry-on discussions and make decisions by email/text when something is happening with a stock. This is allowed in our by-laws. It doesn't happen often, but it did last week and we were able and ready to come to a quick decision with member input of the situation.
Our club was started by Charter members of the Inland Empire Chapter, although there are none involved today. They laid out a good frame-work which we have mainly followed. We've updated the Partnership Agreement only a few times, and that was to update language and current practices. With the electronic age, this seems to be required a few times more often than years past.
I was involved with a club start-up before it disbanded after a couple of years and merged with another club. All this before joining my current club.
Megan McKinlay, Partner
Achieving Critical Mass (ACM)
Joe Farrell on
I have participated in both scenarios, dedication and understanding are the two critical elements.
Joe Farrell
On Jun 17, 2015, at 7:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.
Laurie Frederiksen
Joe Farrell on
As a treasurer that has been relied on for years, my perspective is that the group should include more than three partners with the capacity and dedication to do that job. In the past ( while I was still working at a paid position) I would occasionally not stand for re-election as treasurer thus forcing someone else to learn the job. bivio makes the job easy, I started doing the job on paper.
Our group started with 5 dedicated individuals and worked hard to define
and freeze the club bylaws before starting to invest. I am too
modest to comment on the quality of the treasurer. We didn't expand
for years.
PS Our treasurer still relies on Laurie to help with the tough
stuff.
At 06:34 AM 6/17/2015, you wrote:
Find a great treasurer.A
:P
On Wed, Jun 17, 2015 at 8:58 AM, Laurie Frederiksen
<laurie@bivio.biz>
wrote:
Hi All,
I'm working with several groups that are starting clubs.A They
might appreciate some insight from you based on your
experiences.
Which of these approaches have your clubs used to get started?
Moiz Bhimani on
I agree with Megan, start small, get everything in order.
Then let new members join if they agree to the terms.
We did it the other way which we always struggle.
Moiz Bhimani
Mark Johnson on
Cheers for what Megan said. I especially admire point #4, saying explicitly that the club purpose is to help other people begin and build their own stock portfolios. Without that statement, some people definitely could understand the club differently.
In my opinion you really need a 2nd person who can step into the treasurer role if necessary. I have been in clubs which did not, and you pay no price for years and years, until you do.
In my opinion it is human nature for some people to really work at the club, and for others to just cruise along doing the minimum. Both types can be club members, in some clubs... but it is important for the hard-workers to decide whether they will accept the go-alongs without resentment.
I like the idea of beginning with a few hard workers and getting the club rules well established, and then expanding the club to a larger number of people. My two cents.
I have participated in both scenarios, dedication and understanding are the two critical elements.
Joe Farrell
On Jun 17, 2015, at 7:58 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
I'm working with several groups that are starting clubs. They might appreciate some insight from you based on your experiences.
Which of these approaches have your clubs used to get started?
1. Start with a small, very dedicated group that can get all the administrative details in place. Then recruit new members without everyone getting bogged down in start up details.
2. Start from the beginning trying to get as large a group as possible interested and then have everyone involved in sorting out the start up details.
Thanks in advance. It's always good to hear everyones perspective on things like this.