Top executives in northern Nevada, Bill Hartman says, operate these days under severe pressure: The knowledge that they may not get a second chance to recover from a misstep.
That sort of pressure, accompanied by the always-present loneliness of the CEO's office, contributes to continued strength in northern Nevada for Vistage International.
Vistage, a for-profit network of support groups based in San Diego for top executives, has seen establishment of a fast-growing group in northern Nevada this year and a rebound in membership in existing groups.
Members pay $1,500 or $2,000 to join Vistage along with monthly fees that range from $900 to $1,135. The organization brings together groups of about 10 to 16 executives for monthly sessions at which they can talk about their challenges in a confidential setting.
Vistage chairs such as Hartman follow up with one-on-one coaching.
"It doesn't make anyone richer or poorer to help someone else," says Richard Hertz, a veteran entrepreneur in the sporting goods and shoe-repair sectors who serves as chair of a fast-growing new Vistage group he established in Reno this year.
His group, which includes chief executives in firms that range from startups to $10 million in annual sales, has grown to 12 members since January.
While the financial investment in Vistage can be daunting for some cash-strapped companies, the investment of time is even more significant, Hertz says.
In the early days of the recession, two Vistage groups in Reno folded, although one continues to meet informally without a professional facilitator, individual coaching or the outside speakers provided by Vistage International.
Hartman says a Vistage group of CEOs from large companies that he facilitates has continued to grow during the recession and now numbers 17 members. A Vistage group of emerging executive leaders in northern Nevada, meanwhile, lost membership early in the recession but now is stable.
"While nearly all members have been affected by the recession, most have concluded that belonging to a peer advisory group dedicated to each member's success has never been more important," says Hartman, a managing partner with Deloitte before he moved into work with Vistage.
Vistage groups began focusing in 2005 and 2006 on the need to prepare for the end of cheap credit; their discussions today are a good real-time barometer of economic conditions, and they're focused on future opportunities in a nation that is becoming more urban and a world that is becoming more interconnected.
"We focus on staying nimble, flexible, and short-term with significant capital commitments," says Hartman. "I pose to the group members the following question: 'How transportable is your net worth?' This is a question we might have found silly a few years ago. Today the answer could determine the quality of your retirement, could determine your ability to compete."
While members share their business expertise, Hertz says the emotional support of Vistage is equally important to many.
"It's truly lonely at the top. That resonates with CEOs," he says. "Vistage is a place they can talk openly with their peers."
