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TVTranscript
00:00Across America, thousands of businesses grinding it out every single day because the ultimate
00:09American dream is owning something you built.
00:13Everything will be stationary for when Marcus comes in.
00:16Every episode, I'm meeting businesses at a crossroads.
00:19We've actually invested our entire life savings into this business.
00:23I'll pick one and go to work, but I'm not a consultant.
00:28I don't believe in handouts.
00:29I'm a capitalist.
00:30This is $15,000.
00:32Always looking for ways to make money.
00:35That's why we want you to work with us, because we're bad at math.
00:38That's a terrible reason.
00:40You should be good at math.
00:41I'll work on their people.
00:43I don't know why you're being such a dick about it.
00:45Leon, are you mad about something?
00:46No.
00:47Why the f*** are you singling me out?
00:48They're processed.
00:49The execution is just like, what is it?
00:53They're their product.
00:54We've heard from the clients that it's not so easy.
00:57That's f***.
00:57Marcus is an amazing investor, and hopefully we'll invest in our business.
01:02In the end, we'll negotiate.
01:03My offer is $500,000 for 10% to see if a deal can be made so we both can profit.
01:09How are you?
01:20Good, Marcus.
01:21I'm Marcus.
01:22I'm Melanie O'Neill.
01:23Melanie, nice to meet you.
01:24Brian O'Neill.
01:25Brian O'Neill.
01:26Our business is called Rustic Marlin.
01:28We're a home decor lifestyle company.
01:30Beautiful.
01:31We've done $25 million in sales since we started our business.
01:34We were founded in 2012.
01:37Rustic Marlin was actually founded when the two of us were getting married, and we made
01:41a few signs for our wedding.
01:43We shipped a million dollars of product out of our two-car garage.
01:46This was really kind of the time where we felt like we made it.
01:49Everything is made right here in the USA.
01:51We have a team.
01:52We make everything in the USA.
01:53So everything over here.
01:54Yes.
01:55Made in America means a lot to us.
01:57We sell to about 1,000 boutiques throughout the US.
02:00What was the revenue last year?
02:02Last year, we had a little curveball.
02:05That's okay.
02:05What was it?
02:06$2,500.
02:07It was one of our lowest years in a while.
02:09At the moment, we're probably less about somewhere about $500,000 down.
02:13It is very, very hard to scale a business, especially one that's handcrafted like us.
02:18Is the business in really thin working capital territory right now?
02:22Yes.
02:23How thin?
02:24Maybe a couple months left.
02:27How much cash is left?
02:28A couple hundred thousand?
02:29Less than $100,000.
02:35How much do you have invested personally?
02:37Our entire life savings, which is a very scary move.
02:40Probably about a half a million dollars.
02:42Sounds like you need just some pure, flat-out wholesale orders just to get things moving.
02:49Look, you have a great business, but unfortunately today, I don't see an opportunity.
02:54But I can help you find new business through the brands that I'm involved in, which is Bed Bath, Overstock, Kirkland's.
03:02And we'd like to give you a $100,000 order, and I will advance you the money.
03:07But it's just for flag stuff.
03:10All right.
03:11We have wonderful flags.
03:12That's incredible.
03:13So the flag is a super big deal to me.
03:16Yes.
03:17I have problems with the law.
03:18I heard about this.
03:19And local municipalities don't like that I put up a giant flag.
03:23It's 130 feet tall in the fall.
03:25But it's something that matters to me.
03:27Yes.
03:27And as an immigrant to this country, like, I can't be any more grateful.
03:31Yes.
03:32That's awesome.
03:33But as a condition of that order, you're going to need to go back and make some tough decisions on your call structure.
03:40Okay.
03:40Because it is time to really get the business to make money.
03:44Yep.
03:44We're ready.
03:45It was wonderful meeting you.
03:47Wonderful meeting you, too.
03:48All right.
03:48Thanks so much.
03:49You got it.
03:50Appreciate it.
03:50Hey, hey.
03:55Hello.
03:56How are you guys doing?
03:57Good.
03:57Good.
03:57How are you?
03:58Alex Tabalik.
03:59I'm Marcus.
04:00Nice to meet you.
04:01Nice to meet you.
04:01Ashley.
04:02Nice to meet you.
04:02Ashley.
04:03Nice to meet you.
04:03Alexis.
04:04Nice to meet you.
04:04Alexis.
04:05So let's hear it.
04:06So we are Anybag, and our bags are trash.
04:09New York City's finest trash.
04:11Each bag uses about 95 single-use plastic bags that we divert from reaching Lantzell.
04:15And we do it all right here in Manhattan.
04:17Our factory is one of the last, oldest, largest remaining leather good factories in New York City.
04:21Are you guys all family?
04:23Yes, we are.
04:23Can't you tell?
04:24My dad started in 1982.
04:26He immigrated here in the late 70s.
04:27From?
04:28From Beirut, Lebanon.
04:29That's where I'm from.
04:30Yes, I know.
04:31Okay.
04:32And the primary function of that factory is leather goods?
04:35Yes.
04:36Belts, bags, trims, components.
04:38So one night, just taking out the trash, I was like, wait, if we could do this with leather,
04:42why can't we do this with plastic?
04:44Is it broken out as a separate business?
04:46Yes, it is.
04:47It's its own corporation, I'll say.
04:48We basically contract the factory to make the product.
04:51How much revenue has any bag done?
04:53So the first year, when we launched in 2021, we did about 40K.
04:58Second year, we did 135K.
05:00Excellent.
05:01Then what happened?
05:0288, 88.
05:03And currently, we're probably going to hit about the same thing, around 80, 88.
05:06So I want to see how this thing works.
05:08Show me the machine.
05:09It's just like playing the piano.
05:11And then you press the pedals, and it creates a shuttle.
05:14And you just pass it through.
05:15This feels so old school and awesome.
05:17This is the most ancient machine.
05:18No, but it's awesome.
05:19Yeah.
05:20I mean, currently, we could only make about six to seven yards in a single day.
05:23The new way, we just sit and watch.
05:26And it does it.
05:26And it generates 340 bags in a single day.
05:30Where's the new way?
05:31I've been building a new automated loop for the last two years.
05:34And how much is that?
05:35120K.
05:36And that's going to allow us to really scale this.
05:38Did you design the machine?
05:40Yeah, it's a patent-pending machine.
05:41How many bags did you sell last year?
05:43Last year, we probably did about 2,500 bags.
05:46Which means that if this machine can crank out 20 times more in a day?
05:50About 30, yeah.
05:51Okay.
05:51Then the number of days in a year that this machine's going to be being used,
05:55based on your current demand, is going to drop dramatically.
05:58Do you agree with that?
05:59What's the machine going to do the rest of the time?
06:03Here's my advice to you.
06:05Your family's business is the most important business.
06:08Yeah, 100%.
06:09And it would break your dad's heart if what he worked for for 40 years,
06:13the three of you screwed up.
06:14Absolutely.
06:14And now it's probably doing less than a million.
06:17And you have capacity to do more?
06:19Yeah.
06:19And will the loom that's coming allow you to do trim faster?
06:22Yeah.
06:22So it'll expand your margins?
06:24It should, yeah.
06:24Which will make you more competitive?
06:26Which will allow you to get back in the trim game and undercut other people?
06:29Stop around with the bags.
06:32But to go out and get an automated loom, very brilliant of you.
06:36Because now what you're doing is you're unleveling the playing field against foreign imports
06:41and doing it right here in the U.S.
06:43But I don't see an opportunity here on the bags until your core business is doing this.
06:55Hello.
06:55Oh, hi.
06:56Good morning.
06:58Katie, nice to meet you.
06:59Katie, nice to meet you.
06:59Nice to meet you.
07:00Nice to meet you.
07:00Jason, nice to meet you.
07:02I'm digging your hair, by the way.
07:03I'm bringing the faux hawk back.
07:05That's what I'm doing.
07:06Ha, ha, ha.
07:08But we're at Perspirology.
07:10We own a dance-based and trampoline-based fitness studio.
07:14So she's a professional dancer, professional actor.
07:16Yeah, like that's what our training is.
07:18After we were married, we created a really kick-ass workout, Bounce Dance Sculpt.
07:24Our workouts are in a warm room.
07:27It's highly programmed workout routines that are all musically driven.
07:31We just opened our second studio in Middletown, New Jersey.
07:34From the get-go, the goal was always to expand.
07:37But the question is how?
07:38Yeah.
07:38I want to see it in motion.
07:40Can we get it?
07:41Yeah, I would love to see it.
07:42Okay, let's do it.
07:43So on a trampoline, the one thing we want to remember is that you want to think down.
07:46Reverse is when you're a kid and you're jumping on a trampoline.
07:49It's like, yay, yay!
07:50Our goal is down, down, down, down.
07:52So we're going to cap that beat.
07:54Down, down.
07:54Yes!
07:55There we go, good.
07:56Here we go.
07:57Two and two, let's go.
07:58Two.
07:59In.
08:00Two.
08:01Now let's add an arm.
08:03Uh-oh.
08:03Oh!
08:04Oh!
08:05Oh!
08:06Let's go.
08:06Squat.
08:08Squat.
08:09Good.
08:09Back in the heels.
08:10Good.
08:11Yeah, weight in the heels.
08:12Fast feet, let's go!
08:16Wait, wait, he got off!
08:19He got off!
08:20How do the two of you assign business responsibilities?
08:28So for me, I do a lot of the training of trainers, creating the workouts.
08:32I do a lot of the social media, and Jason does a lot of the back-end work.
08:36Who does the accounting?
08:38Oh, yeah.
08:38What's your retention rate?
08:41I think our retention rate is pretty good.
08:43Our retention rate is pretty good.
08:45Retention, I...
08:46I mean...
08:47What is it?
08:48Is it a formula that I'm supposed to like?
08:49No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, don't help him.
08:51Don't help him.
08:52Okay, okay, I won't, I won't, I won't.
08:53The whole thing is just a math equation.
08:56That's why we want you to work with us, because we're bad at math.
08:58That's, that's a terrible reason.
09:00You should be good at math.
09:02Oh.
09:02You're in business, you better like math.
09:04Or don't be in business.
09:13You're in business, you better like math.
09:16Or don't be in business.
09:20How much revenue did you do last year?
09:23$438,000.
09:25It was primarily Seabright.
09:26Oh, that was all Seabright.
09:27Yeah, that was probably all Seabright.
09:29How much money in the bank today?
09:30There's, uh, $155,000, maybe?
09:36That's a lot of money.
09:37Is it?
09:38Do you owe money to banks?
09:40No.
09:40No.
09:40Do you owe money to creditors of any kind?
09:42No.
09:43That's awesome.
09:43So then why are you not as excited as me?
09:45That is my gripe with him, and this is another fight that we have.
09:48And I say, look, how do we expect to reach a new clientele if we're not putting ourselves
09:52out there?
09:53It does take money to grow a business.
09:55You just have to find the balance.
09:58Here's the deal.
09:58I'm going to come spend some time with you guys.
10:00I see an opportunity here.
10:02I want to say something, though.
10:03I'm telling you.
10:04Don't talk past the sale.
10:06I'm telling you straight up.
10:07Don't do it.
10:07Don't do it.
10:08The number one rule in business, once somebody says yes, don't give them a reason to change
10:13their mind.
10:15Ever.
10:15Zip it.
10:17Okay?
10:18I'll see you guys.
10:19Oh, thank you.
10:20The biggest and brightest thing that got me to yes was Jason's tightness around money.
10:26But sometimes that's not a good thing.
10:29You could be strangling the growth of the business.
10:32That's really going to be the challenge with him.
10:34We'll see you soon.
10:34Awesome.
10:35Thank you so much.
10:36Before I run my mouth off anymore.
10:38I'm here in the seaside town of Seabright, New Jersey, which is the home of the original
10:48Perspirology location.
10:50I want to spend some time with Jason and Katie to really understand, is this a concept or
10:56is this just kind of like a one and done?
10:59Woo!
11:00Big jump.
11:01Here we go.
11:02I'm going to show them where to put their stuff.
11:04Amazing.
11:04All right.
11:04Let's light yourselves up.
11:05Okay.
11:08Here we go.
11:09Hey, buddy.
11:10Let's take a tour of the facility.
11:11Okay.
11:12Where do you want to start?
11:13What about the laundry room?
11:14Sure.
11:14All right.
11:15So we do all our own laundry.
11:17This eats up a big chunk of time of the day.
11:19Why don't you use the towel service?
11:22Too expensive.
11:23And it's by the pound.
11:25I don't know.
11:25Off the top of my head.
11:26So when you make a statement that has conviction behind it, you should expect that my next question
11:31is going to be...
11:31How much is it?
11:32Right.
11:33Okay.
11:34Okay.
11:35Last floor.
11:35Here we go.
11:36Now, so this would be...
11:38This is our dance cardio studio.
11:41That's it.
11:43All right.
11:43So what is your ultimate goal with this business?
11:46The goal is to franchise the bounce studio, specifically the trampoline studio, to hopefully
11:51expand to other cities.
11:53So you just want to franchise the trampoline classes only?
11:57Yeah.
11:58Yes.
11:59Got it.
11:59If Jason and Katie ultimately only want to franchise the trampoline portion of their
12:08business, then the best way for me to really study that is to visit their Middletown location
12:13that only has trampolines.
12:15I've asked Sari, one of their instructors, to meet me there, so I can better understand
12:20the concept they're looking to grow.
12:24Hey.
12:24Hi.
12:25This is where the showroom is?
12:26That's where the bounce studio is.
12:28There's one person in the class.
12:34Add the arm.
12:35I don't know how this place stays open.
12:38I don't know either.
12:39Right.
12:40Left.
12:40Yes.
12:43It almost feels a little bit more like a concept.
12:46When I come here, I feel like I'm going to check in and I'm going to work out and I'm
12:49going to go.
12:50I like that it's compact.
12:52It's got less fixed costs.
12:53If you were offered an opportunity to own one of these, would you do it?
13:00No.
13:01I don't know if their concept is cool enough to be branded, but if I was doing this for
13:07the money, it would have been gone a long time ago.
13:11Why?
13:12They're the lowest paying studio in the area.
13:16What do they pay?
13:17I'm getting $40 an hour on the books.
13:19And what do other studios pay?
13:21They start at $65.
13:24Interesting.
13:25Okay, let's go somewhere else just because I don't want to interrupt that class.
13:29Yeah.
13:30Okay.
13:34What would you do to make it feel more cool?
13:37I would change the colors.
13:40Of the whole brand?
13:41Of the whole brands.
13:42There's nothing boutique-y about it.
13:45There's nothing cool about it.
13:46Whatever they're offering is sinking next to studios that stole their crap and are doing
13:52it horribly and still have sold out classes and are making an absolute killing.
13:59It's the aesthetics and the vibe and the merch is cool, and who doesn't want a cool sweatshirt?
14:05There's no way this place survives if something doesn't change.
14:09Let's go see if this class is over.
14:10It is.
14:11I'll see you later.
14:16Thanks.
14:16Bye.
14:18Oh, hey.
14:19Is it normally this dead here?
14:21We're new here.
14:22We're...
14:23How long you been here?
14:25This location, 10 months.
14:26Seabright, 10 years.
14:29How much money does this lose a month?
14:31$4,160.
14:32You're on pace to lose $50,000 a year here.
14:35How much is the rent here?
14:36$4,500.
14:37How long is your lease?
14:3810 years.
14:39And are you on the hook for it, the lease?
14:42Yeah.
14:42So if you close it, you still have to pay?
14:45I don't know what the out clause is.
14:48We're not going to use the out clause.
14:49We're going to make it work.
14:53But what if you keep losing $50,000 a year?
14:56We're not going to.
14:56We're going to make it work.
14:59We just need more people in here.
15:02If the business is on pace to lose $50,000, I have one job.
15:06Okay.
15:06And that's to prevent a disaster.
15:08Okay.
15:09Here's what I'd like to do.
15:10I think we need a focus group.
15:12Okay.
15:12To understand what people really think, specifically about the trampoline classes.
15:18Because there's something here that's not clicking.
15:21Okay.
15:23I am right off the bat extremely frustrated because first thing he says to me is,
15:28it's completely empty.
15:29You're going to lose $50,000 a year.
15:32Okay.
15:32Not what I would maybe call helpful.
15:34And now to get a focus group.
15:36I'm, of course, nervous about it.
15:38Getting different people's opinions.
15:39That's not my forte.
15:40Look, I wanted to set up a focus group because I love hearing people's feedback about specifically the trampoline classes.
15:53But I have a hidden agenda.
15:54I also want to see how Katie and Jason take that feedback.
15:58Because if they can't take constructive feedback from these folks, how are they ever going to sell one of these franchises?
16:04Hi.
16:05Hi.
16:05Hi.
16:07Jason.
16:08He's holding towels.
16:09He's in the laundry room?
16:11Yes.
16:12Hey, Jason.
16:13Yo.
16:13Here, come here.
16:14So, the purpose of today is to get a very pure and clean view on the experience.
16:22During this process, ignore me the whole time.
16:25Oh, yeah.
16:25Don't worry.
16:25Don't worry.
16:26I will.
16:28Thank you so much for coming.
16:30Okay.
16:31Everybody grab one weight.
16:33We will only be using one weight in this class today.
16:36Halfway through, I'm going to switch and Jason is going to come in and take over.
16:40And he's going to kick your ass, too.
16:41Okay.
16:41Let's have some fun.
16:44All right, guys.
16:46Out.
16:46In.
16:47Back feet.
16:47Let's go.
16:49Shoulders down.
16:50Come on.
16:51You're doing great.
16:51Come on.
16:52Time for a quick floor series.
16:54Five more, please.
16:55Five.
16:57Four.
16:58Three.
16:59Two.
17:00Step it back.
17:01Pull it in.
17:02Woo!
17:03All right.
17:03I'm taking over.
17:04I'm taking over.
17:06All right.
17:06Let's bring it down.
17:08Plank jack.
17:08Come on.
17:09Four.
17:10Four.
17:11And left.
17:12Bring it to the middle.
17:15Don't drop.
17:16Yeah.
17:17Great job.
17:18Everybody.
17:19Very good.
17:20Okay.
17:21Everybody take a minute to just collect yourself.
17:26Does that look okay?
17:28Yeah.
17:28First of all, thank you guys for coming.
17:31Your goal is to give them honest feedback.
17:33And honest feedback makes people better.
17:35How many people have never been here before?
17:37Did you enjoy it?
17:40It's great.
17:40I like it a lot.
17:41I'm just beat.
17:43This is really interesting, actually.
17:45This was just a portion of the class.
17:47If you had to go through the full class, would you see yourself coming back?
17:53Full class, no.
17:56Sir in the back.
17:57Obviously, the moves are new.
17:58I've never been on a trampoline.
17:59I couldn't have felt more awkward, you know, if I had set out to try and feel more awkward.
18:06I don't like the intensity.
18:08I would like it if it was funner.
18:10Like what I thought a trampoline would be, like, yay, fun.
18:15Oh, my God.
18:15We basically did three moves.
18:18And I thought the double jumping jack was, like, the most, like, ooh-hoo, here we go, choose.
18:23Oh, my God.
18:23Oh.
18:30We basically did three moves.
18:32And I thought the double jumping jack was, like, the most, like, ooh-hoo, here we go, choose.
18:37Oh, my God.
18:38Oh.
18:38There's also a dance class up on the third floor.
18:43Would you try something?
18:44Totally.
18:45You would totally try something?
18:46That would totally be more up my alley.
18:48Thank you so much, guys.
18:50I appreciate it.
18:54I'm most defensive at this gal here.
18:57I don't like the intensity.
18:58But what if she turns out to be the highest-recurring, longest-staying dance person?
19:05Retention, retention, retention.
19:08That's the only thing that matters in business.
19:10The biggest learning for me in this whole process of the focus group is that the trampoline classes aren't going to be enough to drive revenue and increase retention.
19:20As you can tell, not everybody was really into it.
19:22But if they can add their dance classes and sculpt classes, they'll have multiple opportunities to capture revenue and increase retention.
19:30So I think part of it is packaging what you do and figuring out what else you do other than this.
19:36Correct.
19:37Because retention is a function of diversity.
19:40Thank you so much.
19:40Great job today, by the way.
20:11Jason, would it be possible for me to spend a few minutes with Katie?
20:22Sure.
20:23If that's okay with you, mm-hmm.
20:26You want to sit?
20:27Yeah.
20:28Um, I feel like so freaking tired.
20:33I am.
20:34I push and push and push because I believe in what we're doing.
20:39You feel like it's all falling on you?
20:41Oh, yeah.
20:42Yeah, absolutely.
20:44For instance, I said, Jason, put a reminder in your phone at 8 a.m.
20:47You need this to happen and remind you to do this and this today.
20:51Write it down.
20:52It goes, eh, all up here.
20:53I go, it's not up there.
20:55I just want stuff to get done.
20:58This location feels like it's on the verge of not being open anymore.
21:06I believe that we should be investing, like, serious money into, like, a marketing campaign.
21:11The problem is, Jason is less likely to want to spend money.
21:16But I do see this being a viable thing that could be so cool.
21:20I think that singularly, the bounce concept will struggle to build enough repetitive visits.
21:31I think that in order for this to work, you're going to have to include bounce, dance, and sculpt.
21:37I would actually split the room.
21:39Okay.
21:39And I would have the ability not to have two classes at the same time, but to have a mat offering, a dance offering, and then figure out how to make the heat factor really what the concept is.
21:53Right.
21:53Bounce, dance, sculpt.
21:56Mm-hmm.
21:57You could take a long class of one discipline.
22:00You could take a combination of two disciplines, or you could take a combination of all three disciplines.
22:05I like it.
22:07A lot, actually.
22:08And I like the fact that someone could do something different every day.
22:12You know what?
22:12Why is that important?
22:13Because it keeps them coming back.
22:15I feel a little bit more hopeful with the ideas that we spoke about and the scalability of it.
22:21Jason?
22:22Yeah?
22:24Your wife and I have had a great conversation.
22:27If you have interest in franchising, you have to only use this one.
22:32Middleton.
22:33Mm-hmm.
22:34We're going to sit out, just you and I.
22:36Uh-huh.
22:36We're going to open up your QuickBooks account, and you're going to start to record every expense and every bit of revenue, because in order to sell a franchise, the number one thing you have to hand somebody is the financials.
22:48Can I request Katie be there, too?
22:50No.
22:50Well, here's the reason why.
22:51Everything can't fall on her.
22:53Okay.
22:58You don't know what this location did versus the other location.
23:03Right.
23:03So we want to definitely break those two out into separate locations.
23:07Can you run the payroll for two different locations?
23:09You can.
23:09You can.
23:11Okay, I've not been doing that.
23:12And if you do them separately, you can make better decisions about what's working and not working.
23:18The QuickBooks platform makes it really easy.
23:21Oh, cool.
23:22Okay.
23:22Do you have it on your phone now?
23:24Oh, you should.
23:25Okay.
23:26Okay.
23:26I will do that.
23:28We're home, and Jason is the tough job of being on a home site.
23:35Yeah.
23:35While I have an even tougher job, with our daughter, building Ford's serious work.
23:44Serious work.
23:49Look, I'm encouraged that we're making progress as it relates to their process, and we're expanding their product.
23:56But for me to invest, there's going to have to be real development around the people side of things, specifically Jason.
24:02Listen, this is a partnership 50-50 in the business.
24:05I understand what she brings to the table.
24:08It's not clear to me what you bring on a daily basis to the table that's moving the business forward.
24:14I'm a company facilitator.
24:15What does that mean?
24:17It means I do everything.
24:18Like, let's name it.
24:19Okay.
24:20You want me to name it?
24:20I'll name it.
24:21I do the payroll.
24:22Okay, that's awesome.
24:23Okay.
24:23I do all the laundry.
24:25I do all the cleaning.
24:27I want you to think about what that sounds like.
24:29I'm trying to create a concept to build generational wealth for my family, but I am still going to put laundry at the second most important thing that I do.
24:41Let's keep going, okay?
24:42I can't keep going.
24:44You're marginalizing your value.
24:47Does the guilt come from the fact that you recognize the value that your wife and partner brings to the organization, and you want to make sure that you're doing your part?
24:56Yeah, sure.
24:57Do something that's going to change the repetitious nature of which you function today.
25:03Okay, so let's pretend I give the laundry and the cleaning to other people.
25:11What should I be doing?
25:14Then you would work on developing the business and your knowledge of the core concept to grow the company, not to keep the towels washed.
25:25Okay.
25:25I don't really have any education in growing a business.
25:29Sure you do.
25:30You just did it for 10 years.
25:32So you know what kind of education you have?
25:34Real life experience.
25:36I'm heading over to meet with Jason and Katie at a studio that isn't theirs in New York City.
25:55I wanted to take them out of their own environment, but I've asked them to bring along their trainers as well.
26:01I want Katie to walk them through all the changes we're working on.
26:03And what are some other issues that need to be resolved at the exact same time?
26:11Good morning.
26:13All right, so part of the reason why I wanted to bring you into the city and thank you for making the journey is that I felt like for us to have some open dialogue, we needed to be in a neutral place.
26:23The challenge that I have with the current construct is that Middletown is empty and loses $50,000 a year.
26:33Guys, right now Middletown only offers bounce classes and it's just, it's just not enough.
26:39So the right side of the room will turn into a dance floor.
26:43Nice.
26:44So that literally, you now have bounce, dance, sculpt underneath the overarching theme of heat.
26:52Cool.
26:53Which would, in the end, hopefully get more people in the door.
26:57Right.
26:58So now, Sari, you said to me that you believe that that instructor fee is below market.
27:04Yes.
27:05Great.
27:05Okay.
27:06So currently, how are you all being paid for your time?
27:09If we teach, we get paid for the class.
27:12If we don't teach...
27:12And whether there's 10 people or two people?
27:14It doesn't matter how many people.
27:15So what's your motivation to bring people to your class?
27:19There's none.
27:19There's none.
27:20Yeah.
27:21Should there be?
27:22We have talked about this.
27:25I don't love to be at competition with, like, other instructors because, as it is, there
27:30is already some competition that exists.
27:33Like, no, you should go take my class.
27:35Like, don't take that person's class.
27:37You feel like that's happening a lot?
27:38Yes.
27:39Like me?
27:39You think I'm saying that?
27:40Sometimes.
27:41There's definitely times, let's just say that, like...
27:44But I...
27:46Spit it out.
27:47Yeah, just say it.
27:48So we've heard from the clients that it's not so easy to sway from.
27:52Their routines because they feel uncomfortable.
27:55That's...
27:55That's...
27:56So we've heard from the clients that it's not so easy to sway from their routines because
28:10they feel uncomfortable.
28:12That's...
28:12That's...
28:12You should always come to me to talk.
28:16And you'll be less defensive going forward.
28:18I will, but I will be.
28:19I'm not defensive in person, I promise.
28:21Right?
28:21Am I?
28:22My point is, is that they need to make more money and you need to make more money.
28:26That's why the compensation plan has to change.
28:29Semi-fix pay plans, which is they get a base rate for coming and then they get an incremental
28:36rate for building.
28:38We would love that for them.
28:40It helps me.
28:41It helps you.
28:41We all grow together and the base of the tree gets bigger and stronger and grows bigger.
28:45I love it.
28:46So I asked somebody to come here today that I think could be really, really helpful in helping
28:53you guys develop.
28:55Really?
28:56Who is this person?
28:58Come on in.
28:59I love Amanda Kludes.
29:08I was so excited to see her.
29:10Amanda Kludes is a fitness entrepreneur.
29:13She's a celebrity host, and she also created the AK rope and proper supplements.
29:21Listen, I've been on both sides of this table.
29:23I've been an instructor at a studio, and then I've also been you, where I have a studio
29:29and no one's coming unless I'm teaching.
29:33And it's hard.
29:34You can be the face, but then you're the face and everyone's willing to come to your class.
29:39If you truly don't want to do every single class and not have anyone else come through
29:45your door, you have to take a step back.
29:48Oh, I don't think I physically, physically, I need the workout.
29:51Yeah, it's tough.
29:52Yeah.
29:53Business is tough.
29:54Yeah, yeah, yeah.
29:54Welcome to business.
29:55Yeah, yeah, yeah.
29:56You can do this.
29:57I know you can.
29:58Letting go of the reins is definitely something that I need to work on.
30:02But I recognize that, and I'm up for the challenge, and I'm hoping that it'll help me for you.
30:06I have some time to work on the business, build things, and create a better situation
30:10for all of us.
30:11All right, we got work to do.
30:12Thank you, guys.
30:13It's so nice to meet you.
30:16Now that Katie and Jason understand that internal changes that are necessary,
30:21I think they need to also go through the process of changing the way they present perspirology
30:26to the consumer.
30:27So I'm taking them to JLL, a design firm that I use for all of my businesses.
30:32My biggest fear is that Jason and Katie aren't really ready to change.
30:36But if they're not ready to change, I'm not sure why any of us are wasting our time.
30:41Well, hello.
30:43Hi.
30:43How's it going again?
30:44Don't you love coming to places where you have no idea what's about to happen?
30:47Yes.
30:48Getting more used to it, I guess, as we keep going along.
30:50So the reason I brought you here today, this company that you're at is called JLL.
30:55They take retail and experiential concepts, and they reimagine the look, reimagine everything
31:02about it.
31:03Okay.
31:04Okay.
31:06You want to meet these wonderful folks?
31:08How are you?
31:09Hi, guys.
31:10You guys remember Amanda?
31:11I'm worried.
31:12Okay.
31:13So we're going to take you back a minute to what is today.
31:16Okay.
31:17Okay.
31:18I think you look clean.
31:19You look organized.
31:21You look professional.
31:23Professional.
31:23Yeah.
31:24But if you want to take this to the next level, then we have to get something that's memorable
31:28and it's thoughtful.
31:29We're going to take you in a different direction here.
31:31Okay.
31:32Here is the new perspirology.
31:34Ooh.
31:35Oh, I love that.
31:37We took your tag to just bounce, dance, sculpt.
31:40Bounce, dance, sculpt.
31:41Three rings.
31:42Absolutely.
31:42Three disciplines.
31:43The trampolina circle.
31:44Yep.
31:44Yep.
31:45Yeah.
31:45That's right.
31:47So let's go inside.
31:49So walking in, we'd like to reinforce who you are and tell your story.
31:54This feels warm, inviting, but like not clinical.
31:58It feels like a workout.
31:59As soon as you walk in here, you know, I'm going to get a workout.
32:02I'm going to sweat.
32:03And we want to bring that energy to the space itself.
32:07Ooh.
32:07Ooh.
32:08Ooh.
32:09We've cut your new logo into it.
32:11I love that.
32:12I got to be honest.
32:13I thought I was going to hate it.
32:14I think it's fantastic.
32:16Hold on a second.
32:18As a business owner, why is it that you enter situations with the expectation that you're
32:23not going to like something?
32:24Sometimes it's hard to wrap your mind around it.
32:27That's all.
32:27It's not on you guys.
32:28The current concept in that location isn't quite hitting the mark.
32:34Yes.
32:34Yes.
32:35She's frustrated.
32:36She is up to here.
32:39So you got to stop it already.
32:46She's frustrated.
32:47She is up to here.
32:49So you got to stop it already.
32:51If you're going to be in business, you have to take chances.
32:55I would rather you be more fearful of not changing.
33:00I completely agree with everything you guys are saying.
33:02I want in.
33:04I'm just nervous.
33:05Okay.
33:08I will tell you that you guys crushed it.
33:12I love it.
33:13It's beautiful.
33:14Thank you so much.
33:15Thank you so much.
33:17I feel like a wave of relief flooded me.
33:21I'm very excited about what they put together and it was beautiful.
33:25It was beautiful.
33:26Something that we could never do ourselves.
33:28Did you like the concept?
33:29I think it's fantastic.
33:32It just seems like a huge task put in front of us.
33:38We're flipping something that we've been growing and building.
33:42We're giving it a complete 180.
33:44That's an intimidating thing.
33:46We've put 11 years of blood, sweat, and tears into this.
33:49You don't have to tell me that.
33:51I know that.
33:51I'm just nervous that maybe it gets bigger than what we can handle.
33:56But I am all in.
33:57Or else I wouldn't be here.
33:59I'm ready to take the risk because I certainly don't want to keep doing it the way we're doing it.
34:11Now that Katie and Jason have seen the refresh and new concept of the Middletown location,
34:16I want to sit down and find out if there's a deal to be done here.
34:19Hi, how are you?
34:21Good to see you.
34:22Good to see you.
34:23How they behave in this particular meeting is going to determine,
34:27am I putting money in or are they going to be on their own?
34:30I took a big step this past week in a training sense.
34:34I switched our schedule around, taking myself off the main prime time spots
34:38to give trainers those prime time spots.
34:41It has gone fantastically well.
34:43And the trainers were so excited.
34:46You've empowered them.
34:47Yes.
34:47So where are you at in terms of revamping Middletown?
34:52We did bring our quotes that we've gotten and things like that.
34:55And we actually itemized kind of everything.
34:58What we're listing out is a business in a box.
35:00Mm-hmm.
35:0193,000.
35:02Of those things, you already have 19,000 of them done.
35:07The mirror's already there.
35:09The rubber floor's already there.
35:10We'll say 75 grand.
35:12So what do you guys, how can I help?
35:14What do you want from me?
35:16If you were open to it, we would really love to partner with you on getting this beta testing going in Middletown.
35:23I'm curious about something, though.
35:24As a businessman, why would you be interested in partnering with us?
35:32Is this your pitch?
35:34No.
35:34No.
35:34You asked him to talk.
35:35Did you really want him to talk?
35:36I'm literally just curious.
35:38Like, what do you see in us?
35:41I don't know.
35:42I have zero interest in investing in somebody who doesn't have confidence.
35:49I want somebody who believes that they are the right man or woman for the job.
35:56Okay.
35:57I want him to try it again.
35:58I would love him to try it again.
36:00I want to hear it again.
36:00Because that sucked.
36:02Like, ****.
36:03That sucked ****.
36:04Your wife just told you that your presentation sucked.
36:07****.
36:10I'm putting the ball in your court, Jason.
36:13I want you to invest in us.
36:14Why?
36:15Because we work our asses off.
36:16I want to know about it from you.
36:17I know about her.
36:18I work my ass off.
36:20I will not stop.
36:22I won't rest.
36:23This workout, this business has changed my life.
36:26And I want to bring that to other people.
36:28And I think if you join us, we could do that.
36:31That is what I better see.
36:35And she better see every single day.
36:39There's $75,000 of cash that's needed.
36:42And there's 100% of the concept of the equity on the table.
36:46What do you want to do?
36:47If we could have your help with the build-out of the additional $75,000 for this, to see where it can go, get the full scope of what we need.
36:55What do I get?
36:56You get...
36:57That's a great question.
36:58Three classes?
36:59Oh, Jason.
37:00I believe that the main concept should still remain in our controlling power at 51% and you controlling it at 49%.
37:07Is that your offer?
37:09Well, hold on a second.
37:11No, please.
37:12Just go.
37:12Just please stop.
37:13I think we should round it up a little bit.
37:14I think we should round it to 80.
37:16Nice round number.
37:17Is that your offer?
37:29Well, hold on a second.
37:31No, please.
37:32Just go.
37:32Just please stop.
37:33I think we should round it up a little bit.
37:34I think we should round it to 80.
37:36Nice round number.
37:37No, I'll do $50,000 for 25%.
37:48Really?
37:50$75,000 for 49% is a better deal on paper, but I have a very specific reason for doing it this way.
37:58Okay.
37:59I want you to write a check, too.
38:01I want you to invest because I know it pains you to do it.
38:05We can absolutely invest that $25,000 easily.
38:08Okay.
38:09Why is there sweat dripping on your forehead?
38:10No, there's no sweat.
38:10There's no sweat.
38:12I will do it.
38:13I will do it.
38:14I'm going to get you some, we'll call it continuing education and training at Salesforce to understand
38:19every single customer, who they are, how to communicate with them.
38:23Okay?
38:23I love that.
38:26It's a wonderful deal.
38:32We're super excited that Marcus is choosing to work with us and figure out how to make this beta
38:39testing model in Middletown work and hopefully expand from there.
38:43Okay, guys, we'll see you.
38:44Bye, Marcus.
38:44Bye.
38:46Marcus talked a lot about me being more open-minded and taking more risks.
38:51Well, I think me writing that check is a great example of taking a risk, being more open-minded,
38:56and being confident in the business because I know what it can do.
39:00I know what it can do.
39:02How do you think I log this?
39:06All right, guys.
39:12Well, I'm currently in Middletown right now, and there is a lot going on.
39:16We've got spackle everywhere.
39:18We've got boxes.
39:19It's starting to feel like it's all coming together.
39:21Middletown is in the middle of a rebranding.
39:24I'm really excited for everyone to see it.
39:27I'm heading to Salesforce Tower because Marcus thinks they can help me evolve and take a step
39:33towards the future.
39:34Jason Patrick.
39:35Patrick.
39:36Pleasure to meet you.
39:36My commitment to Jason and Katie was to not only help them with their business, but also help
39:41them develop as business entrepreneurs.
39:44And one of the keys to that is getting one-on-one training.
39:47So I've called in a special favor to my friends at Salesforce.
39:50What Salesforce is going to show him is how to stand out in a crowd, particularly in the very
39:55competitive fitness space.
39:57Right now, the main goal is to get new customers to our second location.
40:02Okay, product like Salesforce, what that's going to do is when you're pushing those ads
40:06out, you're going to start to see which ones are performing better.
40:08So what are you going to do?
40:09Put more money in the channel that works.
40:11That works, yeah.
40:11Right?
40:12The fundamental thing to understand about Salesforce is you have a customer record.
40:16You can type in your customer, Tiffany Morgan, and here we can see this record of everything
40:20about Tiffany.
40:20All of her classes kind of come in here as well.
40:23I definitely think even just those two things will be light years ahead of what I'm doing right
40:29now, which is, hey, tell your friends about the promo we've got.
40:34I think Marcus will be impressed with what I learned here today.
40:37To show him, hey, look, you can have confidence in me.
40:40Yes, I may have started down here, but there's nowhere to go but up.
40:45I actually feel like these are some attainable goals.
40:48Amazing.
40:48I'm back in New Jersey at Perspirology's Middletown location.
40:58Now, this is the one that was struggling, and we developed a whole new concept to reboot
41:03and relaunch the business.
41:05We're going to see if they actually listened and what the results are.
41:11Holy cow.
41:12I mean, really, it changed everything.
41:14It was a big deal for the lobby to feel inviting.
41:18Color palette came out great.
41:21I like what you did with the merch.
41:22The merch came out great.
41:24Sold the shirt today.
41:25I get a lot of compliments on the hoodie, actually.
41:27Can I look in here?
41:28Come on in.
41:29You want to go first?
41:30Wow.
41:37Now, these lights can be changed.
41:38So you could change the colors?
41:41Yeah.
41:41I mean, who's doing all the laundry?
41:45Not me.
41:47We do have a receptionist, so that person will do it.
41:50I couldn't be more proud of Jason.
41:52He did everything he said he was going to do and then some.
41:56And as I look around, I can see the pride in his face.
41:59He's actually even got somebody else to do the laundry now.
42:04Hi.
42:05How are you?
42:05How are you?
42:06When you see this today, what has changed the most in your mind?
42:11There's a few things that have happened.
42:12The growth of our instructors.
42:14As soon as I kind of let go of the reins, their confidence level has skyrocketed.
42:18The other thing is Jason is taking more initiative and doing a lot more on his own.
42:24Now that Katie and Jason have totally transformed their business and themselves, I feel like the table has been set for a very bright future, including getting to profitability.
42:36And once that happens, the opportunity to franchise this concept across the country, well, the sky's the limit.
42:43Congratulations.
42:44Thanks for coming on this journey with us.
42:47Versperology.
42:48Versperology.
42:48Versperology.
42:48Versperology.
42:48Versperology.
42:54We own a company called Escape Room New Jersey.
43:02So what are we doing?
43:03Make you out, Liam.
43:04Hey, he's down.
43:05Wow.
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