Episode #512: Navigating Boutique Studio Ownership with Studio Grow's Beth Potter & Peter Pastijn

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I am super excited to announce that we now have a formal partnership

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times that of the average. We got the Atlanta Clubs

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wizard. Go get them.

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This is Pete Moore on Halo Talks NYC. I am on location, Los

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Angeles Convention Center, Ursa, future to be known as the Health and

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Fitness Association, more appropriately, coined. And I am

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here with Beth and Peter. We are talking Studio

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Grow. I had the opportunity to join you guys last week at beer convention

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out here. It was awesome. Love the enthusiasm and you guys are helping

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people build stronger businesses and you are needed

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greatly in this space in order for us to complete the halo effect. So

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welcome to your first halo talks. Thanks, Pete. We're excited to hear you.

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Awesome. So you wanna start off, give me your background, Beth, and, tell us

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how you got to a place where you can, opine expert,

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testimony and, helping studios get to the next level.

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Absolutely. So I will say my fitness journey started about

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15 years ago. I actually was obese, struggled with social anxiety disorder and

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depression. Of course, our doctors didn't say anything about med,

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exercise. Medication was very much a thing then. And, that

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kind of propelled me into the group x space, running exercise as

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medicine. And then I met, my now husband

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and we launched, fitness Anytime Fitness Studios. So I've been I've

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been in the space for a really long time. And what what area are you

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do you have the locations? Yeah. So we have 9 in Illinois, 2 in Minnesota,

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and one in Florida. Okay. We I did that for about 7

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years, worked myself out of that role, and then I actually worked for SC brands,

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on their innovation team. Yeah. So we launched physical therapy into clubs after the

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pandemic, which is really insightful. And then that kinda brought me to studio

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growth. So now we are able to be in 40 3 countries and launch studios

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all over the world. Amazing. Yeah. Peter? Yeah. My background was,

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I was a professional athlete, for for about 9 years, played

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squash. Hurt my knee, went into cycling as rehab,

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learned everything there was about indoor cycling, became a spinning master instructor, opened a

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couple of studios, the last one's in the Middle East, some in India.

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And, then Lisa, our founder, asked me at one one stage because I was a

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client, being helped to build my studio over over 7 figures in in

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Abu Dhabi. And then she said, hey. Now that you've done that, would you mind

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sharing some of that with our clients? And so that's where my coaching journey started,

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and absolutely love it. Yeah. So, Peter,

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let's start where where you are a client of StudioGROW. Mhmm. You know, what

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what what support did they give you? Obviously, you had a lot of experience

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before. So what what kind of what Yeah. What what what are certain things that

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were material? And you say, hey. Like, there are certain inflection points in my business

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to get it to 7 figures, which a lot of people don't get to. No.

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Look. Look. Mine was doing a half a1000000, and I was taking 40,000 home working

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7 days out of 7, crying, thinking what the hell am I doing because I

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could get a better job. Yep. And so the first thing that I got was

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a an accountability coach, which is what we still do with all our owners. Like,

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every single week, you got a coach to tell you, hey. You're actually doing this

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right. You're doing this wrong. And so the first thing that I got was a

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coach that said, hey. What are we looking at here? I didn't have an

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introductory journey. So basically, it was hit and miss. People walked in. If they liked

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it, they came back. If they didn't, I lost them. And and I had a

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conversion rate, which actually, funnily enough, I didn't know what it was. Right.

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Right. And then so 6 months later, we had good intro packs and

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converted more than 50% of members. To to your point, and let's dig deep on

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this. I think a lot of people open up studios and feel like my

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personality I don't need a sales script. Like, my personality is like the sales

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script. Right? And I'm like, they're not gonna teach people how to do something. I'm

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just gonna have them watch me. So talk about, like, the structure, accountability,

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like, understanding the metrics, not treating something like, hey. You're

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gonna become my friend, so now you're gonna join. Like, it doesn't really work out

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way. Look. Look. I was a master instructor for spin, but when I went to

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the Middle East, nobody cared. They were like, who are you? And and I wouldn't

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have cared, by the way. Uh-oh. That's lovely. That's just me. No. That's lovely. I'm

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a cyclist from Belgium. I and thank you for caring. That's, that's

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a perfect bell ring. Like that. So so all joking aside,

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yeah, of course, when people came into the studio, I know my stuff on on

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the bike, and so I converted quite a few people. But the thing is it's

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not a strategy to rely on. Right. Right. So we because if I wanted a

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day off, that was not gonna work. So what what StudioGrow

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gave me as a client was like, hey. What system have you got in place

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to actually make sure people either see you, find you? Because she,

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my coach said the first coach ever said to me, do me a favor. Go

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to a cafe or restaurant that's less than half a mile away from you and

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ask people if they know your studio. And that was a that was a light

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bulb moment. I just I went into a vegan cafe. Yeah.

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Nobody knew who I was. Uh-huh. And and it's it's an ego blow,

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but it's also a really good thing to know. Like, holy holy crap. I need

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to get the awareness out. Well, the thing that shocked me, and we done so

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my my background is we we help people buy and sell companies. We also help

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them raise money. And I always say to them, like, what's your special sauce? Like,

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what's your revenue model? Like, we talked about, you know, whether it's Soul Cycle, whether

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it's, you know, called Pilates, like or solid core. Like, there there's like an engine.

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Right? And if you don't know what your engine is, you can't really fine tune

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it because you don't even know what you're really doing. I see a lot of

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studios are like spending like $300, $500 on marketing. Like, what do you think

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is gonna happen? Like, what what what earth shattering revenue or lead gen is

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gonna happen when you're spending 500 bucks and you're not making an investment in

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your revenue, and they think it's like it's an expense, and then they brag about

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it. Oh, I got 300 members. I only spend 500. Do you have 600 members

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spend $4,000? If I may, there's to the point to the point, I

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think there's 2 there's different ways people come in. And also at

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StudioGrow, we have clients that come in that are passionate, very driven, very

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charismatic, highly qualified trainers. Like, I I think a little bit, Mike, myself

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in the beginning. You know your modality, you know nothing about business. Yeah.

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Exactly. And that's a dangerous cocktail. So so I think for those people, we

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are even more important than for people who come from business. We are

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we're there, like like, for business owners that wanna that wanna scale, we're great. But

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I think the the passionate, charismatic trainer that wants to open a studio Yeah.

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They definitely need support.

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This is Pete Moore. I wanna let you in on a little secret. There's this

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company called Promotion Vault, and what they do is they give out rewards from

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retailers that allow you to incentivize your

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members without having to do 0 down and 1 month

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free or giving away shakes or giving away t shirts. What

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you wanna do is build a rewards program that lasts, that

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people value, and that doesn't discount your own products and services.

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So here's the deal. There's something called rewards vault. The rewards

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vault is going to allow a member to set up their own profile.

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They are going to answer questions. You are gonna get those answers. You're gonna be

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able to target those members, and you're gonna reward them inside your

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club, inside your spa, and outside of the club, and outside

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of the spa to get them to become loyal, to get them to pay

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their monthly dues, and to be rewarded properly for

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the actions. A lot of companies are cutting back on rewards. You shouldn't

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be. Promotion Vault's your answer. Trust me. This is real.

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So, Beth, when you think about, you know, the the anytime experience, are there

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certain clients where you say, like, I'm probably the best coach for that

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or, like, I should be the accountability for them because I I

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kind of I I know what their journey is. I always say, like, you gotta

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understand what the movie was that you're walking into in order to understand how to

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fix it or how to do the sequel better. Yeah. Absolutely. And I think one

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thing just to know I wanna I wanna go back to Sure. In our boutique

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in the boutique industry, I think where we're getting it wrong. A lot of times

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we focus on the introductory offer. Right? We're spending all of this time you spent

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you talked about marketing all of this time and get people in the doors, but

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we're not focusing on our member journey after we get them in our doors.

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So what does it look like? How do we retain them? That is a stat

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that nobody in this industry has on retention. We we just it's it's not out

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there. Right. And so really focusing in on the processes and making sure that

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you're coaching your team to be able to not only get the sale, but

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even keep them in that customer journey through and through. And so then to

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caveat off of that, when you're talking about how do we pick the

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right coach Right. That's what you're asking me. It's studio grow or just in in

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general? Just in general, like, when you say and I don't know how how it

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works. Yeah. Maybe whether you wanna explain it or not or just kinda overlay it.

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Like Yeah. Yeah. Okay. I come in. I've got 3 studios in New York City.

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I got a I got a profitability issue. My leases are too high, and, like,

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I'm just, like, I'm, like, I got I got COVID fatigue. Yep. Yep. Who

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picks me up? Who who says, like, okay. I'm the right person for that. How

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does that work? Yeah. Absolutely. So we have such a array of amazing

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consultants all over the world with different levels of expertise. Right? We call them subject

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matter experts. So Peter's actually on the team with me. We do what we call

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discovery calls. So we just sit down with the studio owner, and we just wanna

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understand. We're gonna go through every ounce of your studio ownership journey

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from, are you profitable? What's your marketing look like? What are you doing? What does

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the sales process look like? And from there, we can kind of pinpoint and diagnose,

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like, hey. Yes. The mastermind is the right product for you because it's not right

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for everybody, and we are very selective in who we choose in our program as

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well. And then from there, we're like, okay. And this coach is gonna be the

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right fit. So then we pair them with the coach based on that. How do

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you maybe you can tell us, like, what what does it cost to become get

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into the mastermind or even be, like, affiliated with StudioGrow as a

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as either a member or as a you know, attending events. How does that work?

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You know what? I recommend that anybody come to our free webinars. We host them

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all of the time. We actually have one next week. Okay. But they're all of

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the time. And it really just depends on the studio. When we when I talk

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about that diagnosis and and really doing the diagnostic, we try to meet

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you where you're at. We have different levels of the of the program. And so,

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anywhere from, on average, you know, payments as low as 5 50,

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every yeah. Well, no. Every 2 weeks. Every 2 weeks. Yep. So

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$550 every 2 weeks. I think sometimes, like, I'll I'll say to someone, hey. I'm

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gonna help you raise money, but it's, like, $25,000 retainer and then, like,

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5 percent. So it's $25. It's like, look. I'm getting you, like, $5,000,000.

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Like, let the process run out. So I'm I'm I'm

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very I feel very positive response saying like, hey. Someone's paying for that

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because they know that the return on that investment is like, I get my life

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back. I might have a profitable studio. I'm thinking about expanding. Like, I'm

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not I actually slept last month. You know? So, like, when you think about,

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like, what you deliver and what you're getting It's invaluable.

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That that they're you're pricing it accordingly. Some people are like, oh, yeah.

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$99. I like to talk to a a executive coach, like, once a month. I'm

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like, did it's kinda there's like a price value proposition here and, like, a

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return on time that probably is not working somewhere because it can't it's not

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priced properly. I think Oh, I'm so sorry. I wanna cut you off. I was

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just gonna say it's so much more than that, though. Like, we I mean, we

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have, you know, a legal team. We have marketing team. We have and we're

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inundated. We are in the weeds. So think think of us as, like, you know,

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a regional director of your studio. Like, we are in there working with you weekly

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in those accountability sessions. That's awesome. No. And totally, I was actually going to say

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exactly the same thing. It's not just, 1, you don't get access to 1 coach.

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Right? Like, if I'm coaching a session with a with an advanced studio and wants

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to do a a field that I'm not an expert in, I just call one

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of my my other coaches in and say, hey, colleague. Can you help them out?

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So we we have different fields of expertise. That's one. And then the second thing

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is, as we are all owners or former former

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owners, we have created templates and and outlines for

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absolutely everything you can imagine. So the guess works out. You don't guess for anything

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anymore. So you guys sound like the most awesome franchisor, but you're not a

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franchisor. Yeah. And you, like, provide all these support services that,

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like, I expect from a franchisor. And they might have, like,

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we're really awesome at selling franchises and then, like, you know, good luck type of

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thing. Like, in your item 19 in your franchise disclosure document, like,

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if you hit one of those, like, you know, good luck. And by the way,

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we're we're drafting, ad funds out of your account. We're drafting, like, technology

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fees. And you guys are there almost like, like like a rescue service

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for, like, franchise or support that doesn't exist. So when you

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look at certain brands and you say, like, look. It don't we're not gonna use

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any names here. We'll bleep them out like that.

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Not gonna use any brands, but I'm saying, like, are you sometimes shocked that you're

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in a position where you have to be in this position to help someone, or

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is this, like, how things are?

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Yeah. Yeah. You can go. I I have an opinion, but because because I work

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with a lot of franchises. But I don't I wanna get it out because I

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want them to understand. I want people to understand like this. You know something? There

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is a value to franchises. And great franchises that we work with, they might not

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have everything that we do and and and So you're plugging in. Yeah. I think

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there is a lot of things that even if you're a really big franchisor,

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you could use our services. But but, basically, we

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have a couple of really big franchises that work with us. Their franchisees well, I

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mean, their franchisees come to us and say, hey. I get good materials, but I

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don't get this, this, this, and this. And then is it easier for us

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if it's a blank page? At times, yes. At times, no. Depends a little bit

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on what they do. Right? Some of the marketing campaigns totally don't make sense, and

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then you have to deal with that because sometimes they're tied. But it's

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it's actually a nice a nice game for us too to kind of see where

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can we where can we help these guys where they feel their franchise order doesn't

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almost like diagnosis and say, look. Look. I know that these are the strengths and

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weaknesses of these franchise order. I know they're growing 100%.

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Rapidly. And I know I can add probably, like, 20,000 of top

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line revenue into an AUV of a studio if they, like,

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insert us in there where the franchisor maybe doesn't have that that DNA

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to them. Is that is that a fair way to think about it? That's that's

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a 100% fair. Yeah. Yeah. And we want we want to collaborate

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with these franchisors because we know that it can be better. I I'm a franchisee.

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I'm very, very I love our franchise org.

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Right? Yeah. Yeah. But there are there are certain areas of expertise that they just

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can't get to or it can't get to the franchisee to that level

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where when we come in and we can work with them directly, it it is

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really beneficial for for all parties involved. Totally. Some of the

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franchises, not not the bigger ones, but even bigger ones, they have a CMO.

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CMO has to come up with a marketing plan. Right. Now figure this one out.

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We have 20 20 plus coaches. We have our founder who's just absolutely genius

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in marketing. We can come up with strategies and plans that that they just

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don't even the franchises don't have the resources to build that kind of materials

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and collaterals up, and we can test it across different modalities, countries,

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continents. Yeah. So I think it's just where our USB lies, and and we we

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love working with franchises. When when when franchisors realize,

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oh, these guys are actually complementary to what we do. Like, you're not

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not not not telling somebody they should de identify or, like, they're trying to be

256
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removed. Totally not. Look. I like what you got. That'll let me kinda optimize

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to become, like, the top quartile of what you're doing and and actually enjoy this

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experience. And one thing I would say, I mentioned at your at your event. You

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know, if you talk to a lot of franchisees, they'll tell you exactly, like, I'd

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do this again or I wouldn't do this again. You know? And it it's like

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a tell. And it sounds like to me it's like I would do this again,

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but, like, I'd bring you guys in on the front end maybe and still have,

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like until I get, you know, I'm I'm a my like, when they say fasten

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your seat belt, like, then I call you. Maybe I should, like, take off with

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you. We're actually doing that now. We have some franchisees. Even know that. We're doing

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some franchisees that we're working with, and they're, they're actually putting us

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in the FDD. So franchisees are working with us.

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Yes. Let's ring that bell. Ring it. Take 1. Take a ring. Take a ring.

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I'm excited. It actually feels good. That feels really good. Yeah. Amazing. Yeah. That so

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that's, like, a great way from the studio growth standpoint from being able to

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bring on recurring members. So, like, I'm franchise org. Yeah. Yeah. But I'm not

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detaching from you at any point. I'm basically, like, we're in this for the ride.

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Yep. You know, one thing that that kind of and I don't know if you

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have any CrossFit affiliates that that are in your network. But one of the things,

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like, with CrossFit, people think, like, they're getting support. They're getting, like, an operational plan

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books. Like, no. You just bought a license. Yep. And you have no exclusivity

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rights. And, like, it's, like, survival of the fittest, and and that's not

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a great place to be when somebody could open up a cross street from you.

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So do you have those types of of clients, and do you have, like, independents

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that are kinda, like, freewheeling and be like, hey. Let me, like, let me explain

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the industry to you. Let me, like, set set some parameters around, like, what we

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do and don't do around here. Right? It's it's it's a beautiful example. I I

283
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remember CrossFit Box that that was on our application

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and an amazing owner, absolutely amazing honor. And she was like, yeah, I don't know

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if I should actually do this because I'm I'm a CrossFit, Wachs. And I was

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like, what do you mean? So we started talking, and I I don't I kid

287
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you not, we were right before a Black Friday deal, which which

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is one of the things that we do really well, I think, is is doing

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that. And and we were she was she was only doing month to month

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memberships and a little bit scared about signing up.

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Now the long story short, about 6 weeks into the program, she

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had completely converted most of her member base to 12 month memberships because we

293
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just wrote up a script. How do you do this? These people are with you

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anyway, so they don't care. They don't mind. Yeah. And she was in tears on

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on one of our first calls going, I should have done this years ago. Yeah.

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Yeah.

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This is Pete Moore. Here's the last tip for you of the podcast.

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We are partnered up with a company called Higher Dose, higherdose.com.

299
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They are the leader in workout recovery products,

300
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301
00:17:44,080 --> 00:17:47,780
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302
00:17:47,920 --> 00:17:51,495
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303
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on the workout recovery train yet, your time

304
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and your stop is now. You gotta get these products in there

305
00:17:58,710 --> 00:18:02,330
before these workout recovery and spas end up saturating

306
00:18:02,390 --> 00:18:06,225
your market, having your members walk out of the club and going into one of

307
00:18:06,225 --> 00:18:09,825
their locations for $200 per month where they're paying

308
00:18:09,825 --> 00:18:13,185
39 to you, let's become an expert in workout

309
00:18:13,185 --> 00:18:16,250
recovery if we are already an authority in workouts.

310
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Higher dose, check it out, is a wholesale code,

311
00:18:20,950 --> 00:18:24,754
and we look forward to helping you augment your products and

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00:18:24,754 --> 00:18:28,455
services to meet the demands of your members. And, hey,

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let's get people happy, healthy, and sweating, and the recovery

314
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should be just as good as the workout.

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So when you take a look at a studio and you say you you do

316
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this onboarding and accountability study, you say, okay. Look.

317
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A lot of studios come in here, and they kinda burned a lot of their

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capital already on doing the wrong things. Is there an opportunity

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I'm thinking from Integrity Squareside. Is there an opportunity, basically, maybe some prep

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provide some, like, working capital or, like, a a finance company that comes in

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and says, hey. Look. If Studio Grove says I could get from here to here,

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just like a open mic. You know? Like, okay. Everyone's gonna listen to this.

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We might do this. We might not. So we'll tell you afterwards. But studio growth

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could say, like, look. I got the studio concept. They got 3 locations. I know

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what to do. I could flip these switches and levers. I'm gonna get you up

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to, like, 20, 30 grand more per month, but I need, like,

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20 grand worth of marketing budget. Maybe somebody provides that 20 because now that

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entrepreneurs, like, dude, like, I can't, like, take a home equity loan or, like, I've

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tapped out everything else. Is there, like, a financing opportunity here, or

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is that something where you're like, hey. I'll bridge this for you? I think we

331
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could bridge it for you. Yeah. I think that would I think that would be

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great. Yeah. Honestly, the more people that we can help, the

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better. I think our our industry has shifted hugely after the

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pandemic, and we're seeing more and more studios one opening all over the world.

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But there still are some that are coming to us with that scarcity mindset that

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are just they're they're burnt out financially. They need a little bit of help.

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Obviously, we try to work with them too internally. And, you

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know, as they grow their revenue, we we can make some customized payment plan options

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and stuff with them so that when we can build that up. But, yeah, I

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think that there would be a lot of clients interested in that. Now a lot

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of studio owners are under, like, 5 or 10 year franchise agreement. So they're

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basically locked in. It's personal guarantee on those. And they

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also signed 5 year leases or maybe 10 year leases or at least have an

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extension. We get a lot of calls from groups given we do mergers

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00:20:22,774 --> 00:20:26,455
acquisitions, say, hey. Can you help me sell my studio? My business

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model, I can't do that, you know, from a financial standpoint. Just that the

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amount of work it takes to find those people and then to execute on it.

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How do you help people get to an exit period and then say, like, here's

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a business broker or here's, like, go put it on biz by sell or,

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I always tell people, like, look. Go find people that love your studio, and they're

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like, there's your buyer base. Right? Like, your members, your instructors will get an SBA

352
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loan. So what are some of the things that you guys have looked at? Because

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that seems to be, like, something where, like, nobody has, like, an exit. And then

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when they get to the exit, they're like, I can't tell anybody about this. And

355
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I was like, my studio is gonna fall apart. It's not gonna fall apart. Like,

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people have assets. They sell them. They buy them. You know? Yep. I'll start, and

357
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then I'll let you take it over. I think the biggest thing is is when

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we do that studio diagnostic, and even though it sounds crazy, even if they're just

359
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starting out, we're talking through and coaching what their exit strategy is in mind

360
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at the start. Good. So we wanna understand, you know, is your goal to sell

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in 10 years? Are you looking to license franchise? Are you looking to expand?

362
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Do you just want this one owner or studio? What what are your goals? But

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profitability obviously is our our number one thing, and I think recurring revenue is

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huge. A lot of people in the boutique space weren't on recurring revenue, and so

365
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getting them there and and really focusing on on their pricing and product stock.

366
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Yeah. Yeah. Similarly, right, I I do a lot of our what we calls

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our stage 3, 4 studios, whatever that means at the moment. They're they're they're quite

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larger studio owners or larger as if it's them in revenue. And

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so, basically, it's every 90 days we're gonna check out, hey. Are you still on

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path what you wanna be doing? Because a lot of these owners, they join us

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in the beginning, and they're like, oh, I wanna own 15 studios and franchise this

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out. And then when they see when they're in the weeds of this, they're like,

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actually, that's not what I want. Yeah. Exactly. Open 3 studios that are company owned,

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but how do I even go to an exit? And so we have partners with

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whom we go. We have obviously legal that can look at valuation. And

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so so but but it comes like Beth says here. It comes really from

377
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like, hey. You gotta prep this from day 1. Because if you're sending month to

378
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month memberships, your accounts receivable are very low. Who's gonna wanna buy that? Right? So

379
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what is your accounts receivable? What's your long term contract? So we build it up

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towards, like, an exit. So but it comes from the owner. If I have people

381
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that are like, hey. This is my pension. As long as I can work from

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home or not work at all, I don't wanna sell. That's the whole thing. Look

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at the owner and then and then build a pathway towards that. Yeah. I'd love

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to we'll we'll take this offline, but I feel like if we could help people

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solve that and let them understand that, you know, let let

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someone come or go find somebody that you could almost, like, take 6 to

387
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12 months and, like, have a succession plan and an exit strategy at

388
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the same time. And that might be one of your top ten members, and people

389
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are afraid to talk to their members about that because they think the worst thing.

390
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You know? Like, oh, the the lights are gonna go out here. I gotta, like,

391
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rescue this. It's if you start that conversation, it'd be like, hey. I'm looking to

392
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retire. I'm looking to do this or what have you. It's not as, like it

393
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doesn't create, like, a vulture type of environment. And, also, you

394
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get comfortable that it's gonna continue on with your culture. So I don't think

395
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there's a good solution for this. We started you we put up a channel, Dave

396
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and I, on a biz buy sell and try to get people. We just had

397
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a lot of random, you know, emails come in. We we try to do something

398
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with another group that have brokerage business, but it felt like they were, like, hacking

399
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deals around. And I feel like somebody's gotta, like, curate and say, okay. In your

400
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in your city, you know, you got certain amount of instructors. Like, let's actually know

401
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who these people are. Who could get an SBA loan? How does that work? You

402
00:23:36,615 --> 00:23:39,975
know? Most people get cash out just on an SBA loan by somebody else guaranteeing

403
00:23:39,975 --> 00:23:42,470
it. I feel like nobody's, like, giving them a road map for that. So that

404
00:23:42,470 --> 00:23:46,070
was something that I'd love to I wanna help people. Let's bring in new, you

405
00:23:46,070 --> 00:23:49,270
know, fresh somebody who's looking at the studio saying like, hey. I'll take it from

406
00:23:49,270 --> 00:23:52,745
here. I feel like a lot of people let their lease, you know, expire, and

407
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then they call their their Mariana Tech or Mindbody or

408
00:23:56,345 --> 00:23:59,610
Wellness Living and say, hey. We're canceling. And they're like, dude, what why didn't you

409
00:23:59,610 --> 00:24:03,130
tell me, like, 6 months ago? Like, let me help you. Keep the studio open.

410
00:24:03,130 --> 00:24:05,450
So I don't know if you wanna add on to that. Well, we can take

411
00:24:05,450 --> 00:24:08,070
it offline, but I'm really interested to hear your online, and we'll take it offline.

412
00:24:08,070 --> 00:24:10,356
Okay. Well, my Bam. I'm interested because the other side of that look at you.

413
00:24:10,356 --> 00:24:11,784
Oh. Oh, that's a good one. That's a good one. That's a good one.

414
00:24:14,220 --> 00:24:17,820
Good one. The other side of that is we have so many studios now opening

415
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up all over the place. And one of the things that we've just launched is

416
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how to how to launch your studio successfully and profitably. We did that

417
00:24:23,845 --> 00:24:27,284
with all 73 studios that we launched in 2023. All of them were

418
00:24:27,284 --> 00:24:30,804
profitable. And now we're seeing more and more of that as after the pandemic. People

419
00:24:30,804 --> 00:24:33,532
are like, I wanna be a part of this industry. I wanna open up. We're

420
00:24:33,532 --> 00:24:37,225
seeing more of this holistic approach, so wellness, med spa type things encompassing fitness. And

421
00:24:37,225 --> 00:24:40,918
one of the things we have to do is we have to look at your

422
00:24:40,918 --> 00:24:43,565
budget. We gotta figure out where you're gonna get the funding, and so we help

423
00:24:43,565 --> 00:24:46,445
them with that. But maybe this is a segue into how you might be able

424
00:24:46,445 --> 00:24:50,200
to help us help them. We're try we're trying to do deals like $3,000,000 of

425
00:24:50,200 --> 00:24:53,480
of EBITDA and more, but what I wanna do is I wanna make sure I

426
00:24:53,480 --> 00:24:56,919
don't wanna say no to anything. Right? I wanna base say, hey. Look. You try

427
00:24:56,919 --> 00:25:00,625
to sell 3 studios, studio growth, you know, marketplace. Like, this is where you go,

428
00:25:00,625 --> 00:25:04,385
and you do, like, this 30 day, you know, training of, like, this is

429
00:25:04,385 --> 00:25:07,910
how you sell your studio and get confident and know, like, all the nomenclature

430
00:25:08,130 --> 00:25:11,650
and the EBITDA and all the KPIs, then go out and do it with confidence.

431
00:25:11,650 --> 00:25:15,135
Can you just say EBITDA for me? EBITDA. EBITDA. Adjusting

432
00:25:15,135 --> 00:25:18,735
EBITDA, pro form a EBITDA. You EBITDA with the count. EBITDA with extraordinary

433
00:25:18,735 --> 00:25:22,575
expenses that are always recurring, but they're still extraordinary for this one

434
00:25:22,575 --> 00:25:26,039
time when I'm selling to you. Well, apply by 6. Bam. Love it.

435
00:25:27,140 --> 00:25:30,899
Anyway okay. Last thing. 1, I'm glad I'm glad I met you

436
00:25:30,899 --> 00:25:33,059
guys. This is gonna be awesome. We're gonna make a lot of change, and we're

437
00:25:33,059 --> 00:25:36,505
gonna get more money into the space. We're trying to solve loneliness, diabetes, and

438
00:25:36,505 --> 00:25:39,945
obesity. In a capitalist society, we gotta make sure people have the 7 out of

439
00:25:39,945 --> 00:25:42,905
10 letters, which is capital. So that's, like, our goal is to try and be

440
00:25:42,905 --> 00:25:46,300
the nexus of that. But what you guys are doing is amazing. I didn't really

441
00:25:46,440 --> 00:25:49,800
fully appreciate what you guys are doing until I showed up at your

442
00:25:49,800 --> 00:25:53,575
event and that we had this conversation. So I'm very energized to be

443
00:25:53,575 --> 00:25:57,095
a part of it. And in closing here, we we like quotes. So if you

444
00:25:57,095 --> 00:26:00,930
got any quotes that you live by or or certain things, you got a

445
00:26:00,930 --> 00:26:04,210
good one? Mine's easy because it's been on my Facebook, which I never open anymore.

446
00:26:04,210 --> 00:26:07,810
But, I know my password. No. Exactly what but my my quote has always been

447
00:26:07,810 --> 00:26:11,555
a Socrates one. He who knows, he doesn't know knows. And in our industry,

448
00:26:11,555 --> 00:26:14,435
there's I thought I knew a lot, and then I opened the studio and noticed

449
00:26:14,435 --> 00:26:18,055
that I knew spinning and nothing else, and then I had to learn marketing management

450
00:26:18,290 --> 00:26:21,650
and everything else around. So if you don't know what you don't know, you don't

451
00:26:21,650 --> 00:26:25,330
know. Yeah. Love it. I don't know how to top that. But top it. Just

452
00:26:25,330 --> 00:26:28,115
go parallel. I was gonna say, at Studio Grill, we have a thing where we

453
00:26:28,195 --> 00:26:31,155
say you can't grow what you don't measure, and we find that most studio owners

454
00:26:31,155 --> 00:26:34,595
don't know their numbers. They can't they don't they can't grow. And so really getting

455
00:26:34,595 --> 00:26:37,475
into it and not having that blind eye, but digging into the numbers and letting

456
00:26:37,475 --> 00:26:41,059
us help you to grow the studio. You can't you can't you can't

457
00:26:41,059 --> 00:26:44,760
grow what you don't measure. Yeah. We live by that at StudioGrow.

458
00:26:45,140 --> 00:26:48,835
And then nail it before you scale it. Jeff Ryan told me that

459
00:26:48,835 --> 00:26:52,595
once. I like that. Alright. Awesome. So go halo. Go Studio Grow. We're gonna get

460
00:26:52,595 --> 00:26:56,050
more and more entrepreneurs in here. Give them confidence to, add more

461
00:26:56,050 --> 00:26:59,350
locations, affect more people, and you guys are doing an integral part of that

462
00:26:59,650 --> 00:27:03,404
value chain. So great to meet you, and, look forward to working with you

463
00:27:03,404 --> 00:27:04,784
guys. Thank you so much.