Business Buyer Diaries: the Reality Before, During, and After

Nathan Platter

Welcome to the Business Buyer Diaries. My name is Nathan Platter, I’m a full-time employee, and I bought a business! I did everything right from finding the deal, handling due diligence on 63 different opportunities, and ultimately buying a profitable gym, and boy was I in for a surprise as a new owner! I chronicle everything in real time, including the biggest wins to the stressful nights at 2am. I’m sharing my journey without sugarcoating anything, so you don’t repeat the same mistakes I do.

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242. Golden Handcuffs are real at -100k annual income, here’s how to get more franchisees

242. Golden Handcuffs are real at -100k annual income, here’s how to get more franchisees

Send us a Text Message.Breaking free from the golden handcuffs isn't just a dream—it's an attainable reality for those brave enough to take the leap from corporate security into the thrilling world of entrepreneurship. The fear of a pay cut and losing precious benefits keeps many tethered, but the potential rewards are vast for those who dare. Join us as we dissect the psychological and economic barriers that high-flyers face, and share my own journey of swapping a plush tech salary for the rollercoaster ride of small business ownership. We'll navigate the often-overlooked opportunities that await seasoned corporate pros in buying and growing small businesses or franchises, revealing how your boardroom skills might just be the key to unlocking Main Street success.Ready to command the helm of a thriving franchise? It's not just about the upfront fees but the long-term partnerships that spin the wheel of consistent royal revenue. Corporate veterans possess the strategic prowess that Main Street ventures desperately need—skills that can turn a modest franchise into a booming enterprise. In this candid discussion, I unpack why corporate directors, with their knack for scaling and strategy, are actually the perfect candidates to lead these businesses to new heights. We'll also explore how franchisors can attract and empower the right entrepreneurs, ensuring a prosperous voyage for everyone involved. So, fasten your seatbelt as we chart a course through the landscape of franchise strategy and the secrets to sustained entrepreneurial triumph. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

Episodes

242. Golden Handcuffs are real at -100k annual income, here’s how to get more franchisees

242. Golden Handcuffs are real at -100k annual income, here’s how to get more franchisees

Send us a Text Message.Breaking free from the golden handcuffs isn't just a dream—it's an attainable reality for those brave enough to take the leap from corporate security into the thrilling world of entrepreneurship. The fear of a pay cut and losing precious benefits keeps many tethered, but the potential rewards are vast for those who dare. Join us as we dissect the psychological and economic barriers that high-flyers face, and share my own journey of swapping a plush tech salary for the rollercoaster ride of small business ownership. We'll navigate the often-overlooked opportunities that await seasoned corporate pros in buying and growing small businesses or franchises, revealing how your boardroom skills might just be the key to unlocking Main Street success.Ready to command the helm of a thriving franchise? It's not just about the upfront fees but the long-term partnerships that spin the wheel of consistent royal revenue. Corporate veterans possess the strategic prowess that Main Street ventures desperately need—skills that can turn a modest franchise into a booming enterprise. In this candid discussion, I unpack why corporate directors, with their knack for scaling and strategy, are actually the perfect candidates to lead these businesses to new heights. We'll also explore how franchisors can attract and empower the right entrepreneurs, ensuring a prosperous voyage for everyone involved. So, fasten your seatbelt as we chart a course through the landscape of franchise strategy and the secrets to sustained entrepreneurial triumph. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

241. Find one person doing one thing that you want and ask how to get unstuck and do baby step 1

241. Find one person doing one thing that you want and ask how to get unstuck and do baby step 1

Send us a Text Message.Navigating the twists and turns of acquiring a business, I had the pleasure of chatting with Daniel on the Acquisitive Podcast—my very first podcast guest appearance! This episode isn’t just about sharing that exhilarating experience, but also about the treasure trove of insights I scooped up along the way, particularly about kicking off my own podcast. From the nitty-gritty of finding the perfect host site to the spread of content across platforms like YouTube, Apple, and Spotify, I'm unpacking the puzzle of launching a digital audio presence. As a business owner, I face a maze of uncertainty daily. My conversation with Daniel highlighted the importance of voicing your struggles and tapping into the wisdom of those who've tread the path before you. By being vocal about the hurdles, I've learned the magic of keywords and connections that can lead to solutions. Join us as we take on the adventure of content creation, where each episode is a lesson in perseverance and a step forward in the entrepreneurial journey. With Daniel's insights and my newfound understanding of the podcasting landscape, we're rocking and rolling into a world of endless possibilities—one episode at a time. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

240. Keep going, make it through today, keep trying, call a friend, just one more

240. Keep going, make it through today, keep trying, call a friend, just one more

Send us a Text Message.Navigating the treacherous waters of entrepreneurship, I've faced the kind of fears that would send shivers down any business owner's spine. Imagine glancing at your bank account to see a balance that's barely enough to cover a week's groceries – that's the reality I grapple with. But here's the kicker: I've learned to smile in the face of that terror, to find a way through the financial fog and cling to a faith that's unshakeable. Join me as I recount the moments that tested my resolve, the strategies that kept me afloat, and the powerful affirmation that 'God's got this' even when the going gets tough.In a conversation filled with raw honesty and shared wisdom, I was thrilled to bring light to the underrepresented stories of non-tech business purchases through a candid podcast discussion. We rarely hear the tales of the brave souls who take over roofing companies or lawn care services, those quiet heroes of local entrepreneurship. But in this episode, we band together, sharing not just our doubts and triumphs but forming a pact to support one another through the murky world of business acquisition. The takeaway is clear: there is strength in numbers, hope in shared experiences, and a reassuring sense that none of us are alone on this wild ride of business ownership. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

239. Mistake of checking email before stating the day, our community shines through fear

239. Mistake of checking email before stating the day, our community shines through fear

Send us a Text Message.Every entrepreneur knows that navigating financial storms can turn the calmest seas into turbulent waters. As I lay bare the unspoken hardships of business finance, you'll uncover the integral practices that keep my ship steady—like my morning routine of biblical wisdom and the mental refuge of a good workout. This episode peels back the curtain on the tightrope walk of managing payroll, the strategy behind communicating with banks, and the delicate timing of breaking tough news to stakeholders. Join me for a candid exploration of the personal tactics that bolster resilience in the face of economic challenges, and the unexpected ways these strategies forge a path through the fog.The second chapter of this journey brings us to the heart of community and compassion. When one of our own faces a devastating loss, it's the collective embrace that illustrates the depth of our bonds. While I reflect on my own hesitations in providing support, the lesson emerges: focus on the actionable, and let go of the burdens beyond our grasp. In the midst of personal project anticipation and the intricacies of business buyouts, we prepare for enlightening discussions with an accountant and a lawyer. Their insights will illuminate the complexities of integrity in transactions, providing a compass for those charting similar courses. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

238. How to be the worlds best employee (and it’s who you want to hire)

238. How to be the worlds best employee (and it’s who you want to hire)

Send us a Text Message.Ever found yourself wrestling with a problem at work that just won't let up? I've been there, and in this revelatory episode, I'm peeling back the layers of a coding conundrum that had me stumped for days. But, here's the twist: the journey to a breakthrough illuminated an invaluable lesson about value creation in the workplace. Join me as I recount how an ordinary one-on-one with my manager morphed into a strategy session, not only unlocking the door to my own issue but also paving the way for a potential leadership role with summer interns. It's a tale that transcends the technicalities of software development and delves into the core of what makes an employee truly indispensable.This is a story for anyone seeking to become the linchpin of their team. We dissect the dream scenario where your staff anticipates challenges and tackles them with your vision in mind. But it's not all smooth sailing; we also confront the drawbacks of over-reliance on guidance. Whether you're scaling the corporate heights or constructing your own business empire, I'm dishing out practical strategies to amplify your worth and propel organizational growth. So tune in, as we take apart the essence of problem-solving and explore the extraordinary value of those who skillfully navigate workplace challenges with autonomy and finesse. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

237. Post quarterly training, the clouds are clearing and we’re going to have a STELLAR month!

237. Post quarterly training, the clouds are clearing and we’re going to have a STELLAR month!

Send us a Text Message.Ever found yourself obsessing over the one negative comment in a sea of praise? Yesterday's structure training was an eye-opener for me, highlighting our inclination to magnify the negatives when we're alone with our thoughts and a feedback form. This episode peels back the layers on the art of receiving and interpreting survey feedback, diving into the psychology behind why issues might seem more prevalent than they truly are when we lack context. We also examine the personal epiphany of being a people pleaser and how it complicates addressing feedback, especially when it stems from just a vocal minority.Within our candid discussion, we unravel a case study from a studio setting where member feedback brings to light the challenges in catering to individual needs while maintaining community harmony. It's a tricky balance, distinguishing between genuine areas for improvement and isolated incidents magnified by the anonymity of surveys. As we sift through the feedback, we share experiences and strategies for identifying what changes can truly enhance service and operations, and what might just be noise. There's no guest joining us this time – just you, me, and the quest for better understanding the nuanced world of feedback in our professional lives. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

236. Quarterly staff meeting - instructor training

236. Quarterly staff meeting - instructor training

Send us a Text Message.Ever wondered how a fitness team tunes up its teaching tactics to meet every client's unique needs? Grab your earbuds, because today's session is all about the art of personalized instruction. We're taking you behind the scenes of our latest instructor training day, where we lay it all on the line. From decoding the delicate dance of adapting workouts for those with physical challenges to fostering a fitness sanctuary where every squat and lunge is catered to you. The heart of our discussion beats to the rhythm of raw, unfiltered feedback from an anonymous survey. Dive into the candid confessions of our instructors as we tackle their real-talk on everything from communication to compensation, and even the nitty-gritty like the need for more clocks in the studio.As we parse through the survey's insights, it's not just about brighter lights or syncing schedules for social events; it's about reinforcing a culture where professional growth isn't just a goal, it's a given. We're committed to clear-cut communication channels that resonate with recognition and the right kind of rewards. No guest today, just us, your dedicated team, peeling back the curtain on the complexities of managing a motivated fitness crew. If you're itching for an insider's view on creating a cohesive community that thrives on exceptional training, this is one episode you won't want to miss. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

235. As a society we over emphasize work and income and our prestige

235. As a society we over emphasize work and income and our prestige

Send us a Text Message.Gathered around the clink of poker chips and the laughter of friends, our latest game night unfolded into an evening where careers took a backseat to camaraderie. As the cards were dealt, we exchanged not just playful banter but the stories of our lives, peeling back the layers of what truly defines us beyond our job titles. From the software developer with a knack for dry humor to the anthropologist with eyes set on urban development, each introduction sparked a reminder that our identities are as multifaceted as the hands we played.The room buzzed with the energy of shared experiences, as a parent among singles and newlyweds offered a fresh perspective on life's various stages. It's not every day you find a group so diverse yet so united in the quest for genuine connection, sans the influence of alcohol. As we laughed and strategized through each game, we wove a tapestry of tales that challenged the societal pressures of identity and success. Join us as we recount a night that celebrated not only the thrill of victory and the agony of defeat but the joy of discovering the interesting and fulfilling lives that each of us leads. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

234. Weekly roundup. We’re focusing on what we CAN control, lost -15,000, there’s hope and upside

234. Weekly roundup. We’re focusing on what we CAN control, lost -15,000, there’s hope and upside

Send us a Text Message.Strap in for an honest journey behind the curtain of fitness club management, where we wrestle with the tough stuff—balancing feedback with negativity and finding financial footholds. Through candid conversations with our manager, we've uncovered the delicate dance of nurturing a diverse team of instructors and the alchemy of transforming intangible assets like podcasts into solid revenue streams. Get ready to scribble down potential business names and visionary branding ideas as we toggle between the constraints of franchise guidelines and the freedom of entrepreneurial spirit. Plus, we reaffirm our pledge to make every listener's earbuds buzz with value that's worth every penny.Feel the pulse of our fiscal heartbeat as we navigate through the uneven terrain of business finances, confronting the sting of unmet revenue goals and the reliance on credit lines. Amidst these challenges, we outline our battle plan: focusing on actionable strategies for profitability, from innovative staff compensation to engaging members more deeply, and not forgetting the potential windfall from merchandise and supplements. We're not just talking shop; we're sharing the raw, emotional grit it takes to keep the dream alive in uncertain times and the resilience required to run a thriving gym. Join us as we discover strength in faith and a commitment to the things within our grasp, like savvy marketing and sales, all while keeping our eyes on the ultimate prize—enjoying the journey life offers. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

233. Were not looking sideways, were running OUR playbook and our completion can kick rocks

233. Were not looking sideways, were running OUR playbook and our completion can kick rocks

Send us a Text Message.Witness the fitness industry's most groundbreaking transformation as Anytime Fitness and Orange Fitness join forces, and discover how this epic merger is shaking up the game. This episode is not just about the clash of the fitness titans; it's a peek into the cutthroat strategies businesses employ to stay on top, and how my own studio is thriving by offering a personalized touch in a world of generic gym giants. I'll take you behind the scenes of our meticulously crafted party atmosphere—where superior sound meets unforgettable experiences—all on a shoestring budget. It's a masterclass in balancing the books without sacrificing the buzz.As we navigate this new fitness landscape, you'll ride shotgun on my personal journey from doubt to dominance. Forget about desperate membership pleas; we're fishing with a sales system net that's broad and effective, luring in those who vibe with our studio's spirited ethos and ambitious fitness goals. Get the lowdown on our marketing maneuvers and the thrill of rolling out premium services that make our members feel like they're fitness royalty. This is the story of a studio that's not just surviving, but thriving—where passion, purpose, and a winner's mindset rule the roost. So, lace up your sneakers and get ready to be inspired by the sweat and strategy that fuel my dual roles in the relentless pursuit of excellence. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

232. CONFIRMATION, you’re either getting pushed up or pushed down

232. CONFIRMATION, you’re either getting pushed up or pushed down

Send us a Text Message.Could your gym membership be facing an existential crisis? We’re breaking down the seismic shifts in the fitness industry, where survival is not just about who offers the most treadmills, but who can creatively crunch their numbers. This episode takes you through the intricacies of pricing strategies, where mid-tier gyms like Anytime Fitness are caught in a vice grip of competition. As they pivot towards premium personal training packages to hold their ground, we dissect what these maneuvers mean for gym-goers and the fitness landscape at large.Feel the pulse of the market as we draw parallels with the automotive industry, examining how the likes of Volkswagen, Porsche, and Bentley navigate profitability through market positioning. There's a consolidation wave sweeping through the fitness world, and with Self-Esteem Brands merging with Orange Theory, we're witnessing the dawn of new fitness empires. Tune in and get the insider’s perspective on how this game of corporate fitness Monopoly could sculpt the future of your workout regimen. Without missing a beat, we'll explore the strategic moves that could dictate whether your local gym thrives or merely survives in this cutthroat fitness frontier. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

231. Don’t play the Middle Pricing Option Game, finally decided how to monetize this journey of mine

231. Don’t play the Middle Pricing Option Game, finally decided how to monetize this journey of mine

Send us a Text Message.Navigate the precarious world of pricing strategies with us as we peel back the layers of complexity in the fitness industry—a landscape where I, your host and a gym owner, live the daily challenge of balancing the books. Hear how businesses, from high-end havens like Equinox to the budget-friendly Planet Fitness, are tackling the economic pressures that squeeze the middle-tier gyms I operate. We candidly discuss the pandemic's impact and the potential reshaping of the fitness sector, raising questions about the future of mid-tier services and the pivotal decisions owners must make to stay afloat.Tune in for a broader examination of how inflation is reshaping consumer behavior and business models, drawing comparisons with the food industry and beyond. As a kickboxing franchise studio owner, I reveal the critical importance of selling transformative experiences, not just workouts—key to differentiating in a crowded market. Plus, we'll explore the business growth journey, the value of forging partnerships with ethical companies like Century Media, and the power of support and trust in steering a business through the choppy waters of today's market. Join us for insights and real-life lessons on thriving amidst the challenges of entrepreneurship and competitive pricing. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

230. I’d rather have human connections and strong network than cash prizes

230. I’d rather have human connections and strong network than cash prizes

Send us a Text Message.Embarking on a path of self-discovery, I found myself seated with a counselor, unraveling the complex threads of my own psyche. Join me as I recount the enlightening nuances of that session, a candid step towards personal growth that's both profound and universally applicable. My reflection doesn't just stop at introspection; it's an invitation to you to consider the power of delving into your inner workings, a practice that can ignite growth in every facet of life.Transitioning from inner development to expanding business horizons, I engage in a pivotal dialogue with the owner of a social media marketing agency—a key player in the flourishing of my studio. We explore the potential of a referral program and entertain the idea of a more substantial partnership. The conversation is a springboard into the broader implications of strategic collaborations, geographical independence, and the pursuit of intangible connections. Whether you're a business owner or just curious about professional growth, join us for insights into leveraging relationships for long-term success. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

229. Tricking myself into positivity, realizing I’d rather have THIS than not

229. Tricking myself into positivity, realizing I’d rather have THIS than not

Send us a Text Message.As the hum of the car engine lulls my sick kids to sleep, my mind can't help but drift towards the rollercoaster that is entrepreneurship. There's something about the quiet of a Sunday drive that sharpens focus on the gym business I've poured my heart into. This week's episode is a raw and honest reflection of that journey, where I lay bare the struggles of a tough month that hit us with a $6,000 loss, but with a twist—I'm flipping the script on negativity. Get ready to join me in a mental exercise that turns roadblocks into stepping stones, and listen to the surprising ways this mindset shift can lead us to unexpected wins and untapped potential.Would you believe that a business teetering on the edge of break-even could actually be on the cusp of something great? That's the story I'm telling today, armed with the hard facts of consistent member income, a robust staff, and the luxury of working a mere five hours a week. We'll unpack the silver linings like auto renewals, owner's pay, and undiscovered tax write-offs that keep the dream alive amid the chaos. By confronting the financial realities with an optimistic lens, I uncover a path of resilience that not only keeps the lights on but also kindles the fire of future growth. Tune in for the kind of optimism that doesn't just lift spirits but also sheds light on the practical strategies keeping our gym business fighting fit. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

228. Weekly 1-1, more backstories, making executive decisions, don’t fix unbroken things

228. Weekly 1-1, more backstories, making executive decisions, don’t fix unbroken things

Send us a Text Message.Ever wrestled with the decision to tackle a problem yourself or call in the pros? I sure have, and this week I'm peeling back the curtain on how outsourcing to an expert electrician brought light back to our studio and a significant lesson in time management for me. The art of navigating a business is layered and complex, often requiring a blend of practical decisions and emotional intelligence, especially when tech snafus like a disabled ad account test your patience. Join me as I recount the wins and the hiccups, including the administrative finesse that went into streamlining our Facebook group and the anticipation bubbling up for our festive 10-week celebration, promising enhanced audio experiences and treats galore for our dedicated team and valued members.Stepping into a leadership role transforms not just your title but your very identity—something I've come to understand intimately after taking the reins of the business. Sales are climbing, and I find myself contemplating how my private nature shapes our path forward. This week's solo reflections venture into the gratifying territory of mentorship too, as I share the heartfelt journey of aiding a friend in their career pursuits. With no guests to share the microphone, it's just you, me, and a candid exploration of the personal and professional growth that defines the trajectory of our business and enriches our lives beyond the balance sheet. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

227. Had to pull funds from the business line of credit, how the next 3 months look on paper

227. Had to pull funds from the business line of credit, how the next 3 months look on paper

Send us a Text Message.Strap in for an honest journey through the peaks and valleys of entrepreneurship, as we navigate the treacherous financial landscape that comes with the territory. Imagine having to juggle a whopping $25,000 in expenses, with rent, payroll, and loan payments all clamoring for attention simultaneously. It's not just a scenario; it's the reality I face, and in this episode, I pull back the curtain to show you exactly how I manage to keep the business from dipping into the red—hint, it involves a strategic dive into a line of credit.This candid conversation goes beyond the numbers, as we also explore the intricacies of customer engagement within our membership model. I break down the careful choreography of communication that helps guide members from their 10-week initial commitment to a monthly subscription. It's a delicate dance of retention and transparency, and I'm laying out my predictions for the ebbs and flows in profitability we anticipate in the coming months. Join me as I confront the real-world challenges and share the fiscal strategies that could mean the difference between sinking or staying afloat. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

226. Once this thing is profitable, where should I invest those dollars?

226. Once this thing is profitable, where should I invest those dollars?

Send us a Text Message.Strap in for a lesson in leveling up your gym game as this week, I'm laying out the strategic blueprint to broaden your business horizons. Ever considered taking an equity stake in the very partners that power your growth, or is launching your own marketing juggernaut the heavyweight move? Join me as I dissect the delicate dance of dependency versus domination in gym ownership, from the lifeblood of customer acquisition to the financial finesse required to punch above your weight class in profits and investment.Then, we pivot to the power of knowledge without the promise of results, where I bear all on the real score of sharing wisdom in the fitness world. It's not just about what's taught; it's the muscle behind the application that counts. I'll share my insights on how future profits could sculpt not just a business, but also a community, and my devotion to igniting growth beyond the gym's four walls into the vast expanse of lives and livelihoods. Tune in for this transformative ride as we explore the full potential of your enterprise and your impact. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

225. The pros and cons of being transparent with employees

225. The pros and cons of being transparent with employees

Send us a Text Message.Ever felt the unease of discussing your income with friends, let alone your employees? That's the can of worms we're cracking open today, as we navigate the treacherous waters of financial transparency in the business world. We tear down the facade to expose the raw nerves of ego, privacy, and the very real fear of backlash that haunts owners when the topic of sharing financials with their team is on the table. With a firsthand tale from my days in the auto industry, I bring to life the high-stakes game of maintaining one's lifestyle while balancing staff expectations.We're placing our bets on honesty, revealing the gamble I'm taking with my own management team in the hopes of fostering a culture of openness. As we dissect the intricate dance of class dynamics and the implications of financial openness, you'll find yourself confronted with the question: What would you do with your company's financial figures? This episode isn't just about the numbers; it's about the people behind them and the complex interplay of interests that shape the decisions of business owners everywhere. Strap in for a ride through the reality of profit margins, salary negotiations, and the true cost of keeping (or not keeping) your cards close to your chest. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

224. Weekly 1-1 with manager, continuing to trust and disclose, my job is to care for others

224. Weekly 1-1 with manager, continuing to trust and disclose, my job is to care for others

Send us a Text Message.Picture the pulse of a fitness studio, the sweat, the energy... and then there's the backbone that keeps it standing – the financial planning and sheer grit of leadership. That's where I come in. I'm pulling back the curtain to reveal the riveting world of financial strategies within the fitness industry, sharing the triumphs and trials of running a successful studio. You'll get an earful on the nuances of member enrollment, the art of managing chargebacks, and the absolutely vital need for crystal-clear communication. I'll walk you through the financial milestones that spell success for a studio, like retention rates and break-even points, and why it's essential to keep your team in the loop about the fiscal health of your business.But it's not all spreadsheets and numbers; it's about people, trust, and navigating transitions. I reflect on the weight of leadership, the duty to nurture my team through the thick and thin of business changes, and the reality of valuing a business during appraisals. Whether it's pondering the shift towards business consulting or discussing the potential of unreleased podcast content, I delve into the timing of sharing these resources and the journey of turning a studio around. And amidst the strategizing and planning, I emphasize the power of focusing on what we can control – our input, not just the outcomes. Tune in for an episode that's about much more than fitness; it's about the heart and hustle of business leadership. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.

223. Have a plan, work the plan, and be ok with the results

223. Have a plan, work the plan, and be ok with the results

Send us a Text Message.I'll be the first to admit, the path of a business owner is anything but smooth. On my journey, I've encountered the kind of financial turbulence that keeps you up at night – from the stress of SBA loan payments to the pressure of turning a disheartening loss into a hard-won profit. But within the storm, there's a beacon of hope: the promise of a potential turnaround with new sign-ups offering a glint of profitability on the horizon. Join me as I share the raw and real experiences of striving for a positive mindset amidst the challenges, akin to the persistent shaping force of water on stone, in our latest episode.This time around, we're wading through the strategic intricacies of business growth within the unforgiving at-will employment climate of Minnesota. Balancing the scales between the agility of a full-time team and the niche expertise offered by agencies, I dissect what it takes to propel a business forward. With the threat of bankruptcy lurking alongside the dream of success, I underscore the pivotal role of top-tier talent, relentless marketing, and a robust sales strategy to secure a business's future. Listen in as I divulge my firsthand accounts of customer acquisition, moments of decision, and the unwavering resolve needed to continually invest in growth, even when the outcome hangs in the balance. Business Buyers ClubEnter 070499 at checkout. Network and connect with other Acquisition Experts! Learn DIY Due DiligenceGet training from an Acquisitions Attorney to become a DIY Due Diligence buyer!SanterMedia - My goto Marketing AgencyMy studio was struggling with leads and this agency goy my lead volume to 150% of goal.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the Show.