Two-Brain Radio: Buying a Dying Gym With Bo Buser

Bo Buser figured it would take a few years of coaching and networking after graduating from business school before he'd be able to open his own CrossFit gym—so when he got the opportunity to buy one just three months after graduation, he eagerly took the plunge.

He had the capital to buy the gym in cash, the green light from his advisor and legal counsel overseeing the purchase agreement. But once he took the gym over and got a closer look at the books, he realized he'd purchased a dying gym.

But Bo wasn't ready to call it quits. In this episode of Two-Brain Radio, you'll learn how he saved Centennial CrossFit by slashing costs, overhauling operations and raising prices without killing his retention rate.

Links:

https://centennialcrossfit.com
https://drivennutrition.net/

Contact:

[email protected]

Timeline:

2:51 – Accelerating a three-year plan to a three-month one.

5:04 – Why take the plunge?

7:01 – How the gym fell into Bo’s lap.

8:55 – The purchasing process.

13:10 – “It looked ready to go.”

14:52 – Breaking the news to the gym’s members.

18:26 – Getting a real look at the books. 

23:01 – The first big change: reducing payroll expenses.

26:48 – The key to smooth transition: transparency with staff.

29:58 – Overhauling on-ramp to improve retention and increase front-end revenue.

33:44 – Raising prices—for some members, by as much as 50 percent.

36:10 – How to tell long-term clients their membership is going up. 

38:22 – Almost out of the woods: The next step? A better lease. 

41:30 – The key to successfully implementing big changes in your business: Show your clients you’re invested.