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Listen "18. Dr. Brian Strump - Buying a 2nd Gym, Buying a Building, Managing Staff"
Episode Synopsis
Summary
Dr. Brian Strump, the owner of CrossFit Steel Creek and a chiropractor, shares his journey of balancing his chiropractic practice and gym ownership. He discusses the challenges and risks of buying a building for his gym and acquiring another gym. Dr. Strump also talks about the importance of building reps and taking calculated risks in business. In this conversation, Brian shares his experience of buying a gym and the process he went through. He discusses how he initiated the conversation with the gym owners and explored different options. Brian talks about negotiating the price and revisiting the idea after considering the cost of starting on their own. He also explains the importance of adding a partner and closing the deal. Brian shares his role in mentoring the group and transitioning responsibilities. He discusses the challenges of managing staff dynamics and implementing changes. Brian also talks about the retention clause and the importance of retaining members during the transition. He emphasizes the value of evaluating performance and adjusting the deal accordingly. Finally, Brian shares his plans for settling and growing the gym and provides his contact information.
Chapters
00:00 Introduction and Background
03:08 Expressing Views and Opinions
06:13 Balancing Chiropractic Practice and Gym Ownership
08:04 Starting CrossFit Steel Creek
09:37 Transitioning from Chiropractic Practice to Gym Ownership
13:12 Buying the Building and Acquiring Another Gym
27:47 Short-Term and Long-Term Rentals
32:26 Building Reps and Taking Risks
33:01 Buying Another Gym
35:10 Initiating the Conversation and Exploring Options
36:16 Negotiating and Revisiting the Idea
37:10 Considering the Cost of Starting on Their Own
38:13 Adding a Partner and Closing the Deal
40:04 Transitioning Roles and Mentoring the Group
41:03 Managing Expectations and Staff Dynamics
43:10 Implementing Changes and Retention Clause
45:11 Initiating Conversation and Gathering Information
46:14 Considering the Cost of Starting Fresh
47:41 Assessing the Upside and Negotiating the Price
49:03 Delegating Responsibilities and Ensuring Fair Compensation
50:17 Managing Relationships and Setting Boundaries
51:39 Retaining Members and Ensuring Smooth Transition
53:53 Evaluating Performance and Adjusting the Deal
57:48 Considering the Value and Potential of the Gym
59:23 Focusing on Settling and Growing the Gym
01:03:07 Future Projects and Contact Information
Dr. Brian Strump, the owner of CrossFit Steel Creek and a chiropractor, shares his journey of balancing his chiropractic practice and gym ownership. He discusses the challenges and risks of buying a building for his gym and acquiring another gym. Dr. Strump also talks about the importance of building reps and taking calculated risks in business. In this conversation, Brian shares his experience of buying a gym and the process he went through. He discusses how he initiated the conversation with the gym owners and explored different options. Brian talks about negotiating the price and revisiting the idea after considering the cost of starting on their own. He also explains the importance of adding a partner and closing the deal. Brian shares his role in mentoring the group and transitioning responsibilities. He discusses the challenges of managing staff dynamics and implementing changes. Brian also talks about the retention clause and the importance of retaining members during the transition. He emphasizes the value of evaluating performance and adjusting the deal accordingly. Finally, Brian shares his plans for settling and growing the gym and provides his contact information.
Chapters
00:00 Introduction and Background
03:08 Expressing Views and Opinions
06:13 Balancing Chiropractic Practice and Gym Ownership
08:04 Starting CrossFit Steel Creek
09:37 Transitioning from Chiropractic Practice to Gym Ownership
13:12 Buying the Building and Acquiring Another Gym
27:47 Short-Term and Long-Term Rentals
32:26 Building Reps and Taking Risks
33:01 Buying Another Gym
35:10 Initiating the Conversation and Exploring Options
36:16 Negotiating and Revisiting the Idea
37:10 Considering the Cost of Starting on Their Own
38:13 Adding a Partner and Closing the Deal
40:04 Transitioning Roles and Mentoring the Group
41:03 Managing Expectations and Staff Dynamics
43:10 Implementing Changes and Retention Clause
45:11 Initiating Conversation and Gathering Information
46:14 Considering the Cost of Starting Fresh
47:41 Assessing the Upside and Negotiating the Price
49:03 Delegating Responsibilities and Ensuring Fair Compensation
50:17 Managing Relationships and Setting Boundaries
51:39 Retaining Members and Ensuring Smooth Transition
53:53 Evaluating Performance and Adjusting the Deal
57:48 Considering the Value and Potential of the Gym
59:23 Focusing on Settling and Growing the Gym
01:03:07 Future Projects and Contact Information
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