Getting Naked in Front of 9 Other Gym Owners
Click Here to join us in Denver on November 13th and 14th: https://www.vincegabriele.com/events/7-figure-breakthrough/
Weird title, I know. Here is where it came from.
Back in 2019 I was coaching a lot of gym owners and almost all of it was built on assumptions. I would ask somebody a specific question about their numbers and nobody had the answer. It is the same thing we all deal with on the training floor. The client who is 40 pounds overweight tells you he eats eggs for breakfast and salad for lunch. Business owners do the exact same thing. They give you the highlights and leave the rest out.
So I went looking for a small group of brave people willing to open the whole thing up once a quarter. Financials, KPIs, team, org chart, all of it. That became the CEO Mastermind, and this is the first time I have ever talked about it publicly.
In this one I walk Tom through how it actually works. The 16 page document they have to fill out before every meeting. Why they have to print a copy for every other person in the room. What happens in the hour they spend in the hot seat. And the one thing I was certain would kill the whole idea, which has still never happened once in seven years.
I also get into why I almost refused to let one guy join, what he is doing now, and why the majority of people who ignored my advice about opening a second location ended up in trouble.
5 Key Takeaways
- The hardest part of the document is the part nobody else asks for. Every member copies and pastes their real profit and loss statement from their accountant, prints it, and hands it to all nine other people in the room. The first time I asked for that I could not believe I had the guts to do it. What it did was move the whole group off the bench press number. Revenue is top line chest beating. Profit is what you take home to your family. Those guys have gotten more profitable every year since because they know which number they have to stand behind in 90 days.
- Nobody has ever forgotten the document. Not one time in seven years and over 100 meetings. I was sure guys would have a bad quarter and conveniently leave it at home. Zero. The only people who miss are the ones who had a baby or a wedding.
- A guy came to me doing 10K a month and the cost of this group was 80% of his monthly revenue. I tried to talk him out of it. He insisted. He just reported $85,000 a month at his last meeting. He is an anomaly and I will say that plainly, but it is the reason I do not gate the room on revenue alone.
- The reason the room sees your business better than you do has nothing to do with being smarter. It is that they are not emotionally attached to it. When they tell you to raise your prices, Mrs. Johnson who has trained with you for 12 years never enters their head. When they look at your org chart, they see a wrong person in a wrong seat where you see a good dude who has worked hard for you. That is a board of directors, and almost no gym owner has one.
- Your KPIs tell you where the leak is and most owners are working on the wrong one. Guys walk in blaming their agency and their Facebook ads, and then somebody in the room points at the sheet and reads out that they converted 3% of their leads to a consult. If you have a 10% attrition rate you are not going to outmarket that. The financials tell you what already happened. The scoreboard tells you why.
Click Here to join us in Denver on November 13th and 14th: https://www.vincegabriele.com/events/7-figure-breakthrough/
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