Jamie Weeks returns to Small Business Edge to give us a first hand account of scaling a fitness franchise portfolio. Listen to his episode by clicking here or on the video below.
Our first featured guest of the season had a highly popular podcast in Season 1. Jamie Weeks, CEO of Honors Holdings and 2017 Orangetheory Fitness Franchisee of the Year returns to give us an update on his entrepreneurial journey. Jamie has grown his franchise businesses from a few studios to now over 25 locations with more on the way. We spoke to Jamie about a year ago on this podcast, and since then he has partnered with a private equity group to expand his operations globally.
Jamie gives us his tips and best practices for scaling a franchise business portfolio and how to take on investors or sell your franchise business portfolio when the time comes to expand or exit.
“One thing we tend to do in the franchise world is that we as owners have to wear a lot of hats, and we sometimes ask our employees to wear many hats as well, which they might not be capable of doing. I like to work on finding people who focus on one or two things they are responsible for. It makes the business more transparent so you can see the full picture more clearly.”
Jamie’s wisdom is critical for anyone in the small business or franchise space, so don’t miss this one! Fitness franchises continue to grow, and this is a must hear for anyone in or considering a fitness franchise.
Show notes:
The Secrets to Scaling a Franchise Business Portfolio with Jamie Weeks
Jamie was a guest on Small Business Edge in Season 1. At that time, he owned and operated over a dozen Orangetheory Fitness locations. Since Jamie was on the podcast last, he has won Orangetheory Fitness franchisee of the year and sold majority stakeholdership of his company.
Jamie discovered the Orangetheory Fitness franchise after spending a number of years taking classes at Flywheel and discovering a passion for group fitness classes. When he started taking classes at Orangetheory, he knew that the company was doing some revolutionary in the group fitness world. After purchasing one Orangetheory franchise, he realized that he was fulfilling a passion, while doing well financially, and he continued to grow his business, buying multiple franchises in the southern US.
On this episode of the podcast, Jamie shares why he decided to sell majority stakeholdership of his company, what that process was like, and what he learned from it. Jamie shares how he has been able to be so successful in the fitness industry, and the keys to success as a franchise and business owner, including the importance of valuing human capital and putting your members first, how to hire and retain great managers, and more.
Discussed in this episode:
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The secret to success is a triple shot of espresso con panna every day!
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Why Jamie invested in Orangetheory, and why he’s decided to take on private equity investors
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How to prepare to successfully sell a business or take on investors and the importance of staying organized right off the get go
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Why having a good accountant is really important for a successful business
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How to build a team that scales with the your business
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Why it’s important to keep your employees happy, and how to do so
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How to structure equity for your business and employees
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The new project Jamie is currently working on that focuses on the recovery aspect of fitness – a great lesson on building out complementary businesses
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The importance of making new studio members feel comfortable and and welcome in the community
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The 3 keys to success any entrepreneur can use today, and more!
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