64: Scaling to 21 Locations and Selling
- Author
- Tim Lyons and Randy Angsten
- Published
- Tue 29 Oct 2019
- Episode Link
- https://built-to-grow.simplecast.com/episodes/64-scaling-to-21-locations-and-selling-tm_EEsZQ
In this episode, Tim and Randy will be joined by Michael Gelfgot, one of the speakers at their previous Fitpro Growth Summit and a successful fitness business owner. The three will dive into the incredible story of how Michael and his partner scaled their Anytime Fitness locations to 21 locations and eventually sold 20 of them to an investor.
Michael shares his insight into what it takes to own and operate 21 locations, as well as what you should be working on in order to be able to sell your business. Listen, learn and make sure you implement.
Key Takeaways:
- Anytime Fitness’ transition from convenience to convenience plus coaching (01:46)
- How Michael got started in the fitness business (02:28)
- The importance of mentoring somebody as you are growing your business (06:12)
- The most basic way of calculating a gyms penetration rate (11:56)
- Creating opportunities for your team to move further faster (16:53)
- Operating a little bit more like a studio and a little bit less like a gym (26:56)
- Buying 12 clubs and purchasing 10: How they built their locations and where the money came from (34:07)
- How to know when it’s time to sell the business (37:52)
- The detriment of getting stuck on results instead of client experience (47:28)
- Space is the best equipment you can have in a personal training model (56:44)
Additional Resources:
- Marketing Talk with Fitness Professionals Facebook Group
- Cashflow Quadrant By Robert Kiyosaki
- Extreme Ownership by Jocko Willink
- Great By Chance By Jim Collins
- A More Beautiful Question By Warren Berger
- Corporate Fit Challenge
- The Endurance By Alfred Lansing
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