44 min
Episode 217: Industry Tea with Partner Michael Jay - Buying a Studio fitSpot Guru
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- Entrepreneurship
What We Cover In This Episode:
Mitch’s unique insights for individuals wanting to buy, own or sell fitness businesses [4:58]
One of the biggest issues or disconnects he sees when people are looking to buy a studio [13:12]
The key financing information to consider when buying a fitness business [17:14]
A look at valuations of a studio, both quantitative and qualitative [18:46]
Why doing your due diligence is key in this process and what that means when buying a studio [28:48]
Some deal breakers for buyers and red flags to watch for [34:01]
What to consider in terms of the “people factor” of the studio [40:22]
Quotes:
“One of the best pieces of advice that I can give people, we call it planting seeds, is just putting those little nuggets out to the universe and see what comes back to you one day. Whether you are a buyer or a seller, any time that you see an opportunity that you think you would be interested in, it is worth just saying it out loud to give it some life.” [Mitch, 10:31]
“if the business revolves around the owner it is not set up for success. It has to have those policies, procedures and handbooks. It can’t have that one teacher who teaches an unhealthy majority of the classes, where if that one teacher left, half the clients would leave with them.” [Mitch, 25:18]
“Remember that fitness businesses are not just a financial investment, it is, but it is a commitment to building community. You want to build and nurture this community, because that's where the real value is.” [Michael, 40:52]
LINKS:
Learn More About Michael & Get Exclusive Offers from our Partners!
Mitch’s Website and Email
Connect with Mitch on Instagram
BizBuySell
Michael's Website and Podcast
Connect with Michael on Instagram
Episodes 215 & 115 with Michael
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE’s Business Portal
https://calendly.com/fitdegree/support
support@fitDEGREE.com
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
What We Cover In This Episode:
Mitch’s unique insights for individuals wanting to buy, own or sell fitness businesses [4:58]
One of the biggest issues or disconnects he sees when people are looking to buy a studio [13:12]
The key financing information to consider when buying a fitness business [17:14]
A look at valuations of a studio, both quantitative and qualitative [18:46]
Why doing your due diligence is key in this process and what that means when buying a studio [28:48]
Some deal breakers for buyers and red flags to watch for [34:01]
What to consider in terms of the “people factor” of the studio [40:22]
Quotes:
“One of the best pieces of advice that I can give people, we call it planting seeds, is just putting those little nuggets out to the universe and see what comes back to you one day. Whether you are a buyer or a seller, any time that you see an opportunity that you think you would be interested in, it is worth just saying it out loud to give it some life.” [Mitch, 10:31]
“if the business revolves around the owner it is not set up for success. It has to have those policies, procedures and handbooks. It can’t have that one teacher who teaches an unhealthy majority of the classes, where if that one teacher left, half the clients would leave with them.” [Mitch, 25:18]
“Remember that fitness businesses are not just a financial investment, it is, but it is a commitment to building community. You want to build and nurture this community, because that's where the real value is.” [Michael, 40:52]
LINKS:
Learn More About Michael & Get Exclusive Offers from our Partners!
Mitch’s Website and Email
Connect with Mitch on Instagram
BizBuySell
Michael's Website and Podcast
Connect with Michael on Instagram
Episodes 215 & 115 with Michael
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE’s Business Portal
https://calendly.com/fitdegree/support
support@fitDEGREE.com
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
44 min