Here’s a little video showing some beginner and advanced core exercises that should be incorporated into your workout routine to help maximize your training results.
It’s been nearly 7 years since I first decided to start coaching. At different times over the years my focus shifted from Leadership Coaching to Life Coaching to Profitability Coaching to Small Business Coaching, and I’ve enjoyed being able to help the clients I worked with in each of those areas. I’ve written a book, conducted workshops, hosted an online radio show, and most recently was able to reach out to more than 500 business owners in 100 cities around Michigan to help motivate them to double their effort and raise awareness for the value small businesses provide to our local economy.
I’ve invested an inordinate amount of time and resources in the pursuit of making a difference in the lives of others and while that has been personally rewarding, it has not been financially so. That means I can no longer afford to continue my work in the above mentioned areas. I have simply run out of money.
But that’s okay, because when you do things for the right reasons, life has a funny way of working out. I’ve never doubted that and I’m not going to second guess it now.
Now that I’ve purchased the local fitness center, Michigan Fit Club , I’m going to focus my time and resources on making that business a success. It has already proved to be more financially viable than Business Coaching, generating revenue that can be inserted back into the local economy via Employee wages, Contractors, and Service Providers, while allowing me to continue to make a difference in people’s lives.
The CoachMorse website will remain active and my hope is to begin blogging on issues of health and fitness in the near future.
Warm wishes for success and happiness!
Coach Morse
… cont’d from “So I’m Buying a Fitness Center”
My second meeting with the fitness center owner (the Seller) went pretty well. He had the information I requested so I was able to get a better picture of how the business was performing, as well as documentation to show the value of the property and equipment. The selling price from the first meeting dropped $30k down to $260. The Seller was proving himself to be sincerely motivated to sell and, since the record keeping wasn’t adequate to secure a traditional loan, he also offered to provide Seller financing; 30 year amortized loan, at 2.5% annual interest, with a 5 year balloon, and requiring a down payment of $50k. I told him if we could lower the down payment to $30k we would have a deal. He agreed as long as the annual interest rate was raised to 3%.
That was it, we had a basic deal worked out, but there was still more to do before we could put our agreement on paper.
I called my accountant to discuss the best tax strategy for purchasing, and operating this business. Based on my set of circumstances, we decided I should purchase the building as an individual and set up the business as an S corporation. So basically, I would become the landlord and my new company, which I decided to call Michigan Fit Club, would pay me rent. That meant I needed to split the sale in two. The Seller gave his agreement and instructed his real estate agent to draw up the papers.
While I waited for the contracts to be prepared, I went ahead and met with a General Law Attorney and had him start the incorporation paperwork for Michigan Fit Club. It normally takes less than a week, but the State of Michigan managed to diddle-fart around with my paperwork for more than two weeks. But that’s alright, because as it turned out, I was about to hit a much bigger snag than a pathetically slow moving bureaucracy.
TO BE CONTINUED…
Coach Morse
About four weeks ago I decided to buy a local fitness center that’s been up for sale for a long time. I always thought it would be cool to own a gym, but with everything else I’ve had going, it just never seemed like the right time to pursue the opportunity. So what makes now a good time? Nothing actually, but when I heard the owner was going to shut down the struggling business, I had the extra incentive I needed.
So, I’m buying a fitness center and I’m going to share the experience with those of you who follow my blog. Documenting the process and challenges of purchasing (and successfully running) a business will be both interesting and enlightening. Let’s hope I don’t screw it up!
First steps:
I made contact with the owner and set up a time to gather information about the business, like:
At the end of that first meeting I wasn’t so sure I wanted to go through with it. The asking price was still a little high from what I could tell. There wasn’t much information about the equipment and it’s value, and the business tax returns weren’t adequate for me to really get a lock on the financial history of the business, something that would make it nearly impossible to get a conventional loan. I asked for some more documentation and said we would talk again once it was received.
TO BE CONTINUED…
Coach Morse
There are 3 crucial steps to working smarter not harder. Watch while I help employees, of First Federal of Northern Michigan, identify and discuss the steps so they can start to get more done in less time.
How would you like to have more efficient and productive employees? Give me a call and let’s talk about how I can help.
Strive to be more!
Coach Morse
