This article talks about the reasons to not form a mastermind group.  Great advice.  Full article link is below.

I still feel that too many people aren’t able to understand the core of mastermind groups. They think they join a group for exclusivity. I’d rather talk about mastermind groups in the context of sharing and bridging people, not to create some kind of ‘elitist’ membership group.

Sure, from a marketing perspective I know it’s smart business to create an exclusive club for members to meet members. The prices of such clubs range from several thousand to several tens of thousands of dollars. I mean, you can do that, but you’ll run into trouble.

There are a number of things you should avoid when getting together in a group.

Masterminding Lessons #2 - What to avoid in a mastermind at Stuart’s Philosophies