2020 Issue 3 | GearedUp
26
EVC Continued fro page 25
and two private equity firms before joining the Planet Fitness system in 2015 .
“ Given my background in advising and later building companies toward a successful sale , I was attracted to the opportunity to learn from other like-minded and bright individuals ,” he said of working on the EVC . “ The members of the committee bring a broad and impressive range of experience , including building successful companies , which makes the environment highly stimulating and professionally rewarding .”
Brian Kelly of United PF Partners , with 169 PF clubs , is another chief financial officer on the committee with a background spanning several industries . He ’ s very familiar with the hurdles facing fast-growing brands . “ I have spent 25 years in accounting and finance roles across several industries , primarily with consumer-facing companies experiencing high-growth challenges ,” he said .
Yet another large franchise group ’ s chief financial officer , Todd Chase of 92-unit Sunshine Fitness , also brings comparable experience to the committee , with a diverse industry background and education in finance and years of experience in strategic planning , profitability and cost analysis .
The same holds true for franchisee Mike Dobrynio of Black Duck Partners , which operates 72 clubs in seven states and Canada . Dobrynio has an MBA from Harvard , and with an engineering background , has worked in merchant banking , chemical plants and the fine wine industry .
“ I am amazed at the talent in this system and with franchisees ’ willingness to share their insights and best practices . I believe that a collaborative approach amongst franchisees transfers in the PFIFC ’ s interaction and partnership with PFHQ ,” Hopkins said . “ Chris Rondeau often remarks about the strength of his franchisees as both a wellheeled financial partner fueling the growth of this brand , as well as with respect to the business acumen in the system . I could not agree more .”
It ’ s a phenomenon that gives the brand a clear advantage , according to Amato . “ One of the unique aspects of Planet Fitness is the close working relationships between a best-in-class franchisor and sophisticated franchisees ,” he said . “ I believe this relationship allows for a productive dialogue that aligns both parties . As iron sharpens iron , I think ultimately this collaboration will lead to the best results for the brand .”
That strength means nothing if those who have it are not willing to apply it for the good of all . “ We all have an obligation to serve the larger PF community ,” Kelly said . “ As a brand , we will win or lose together , and this community was a great fit with my role and experience .”
“ I ’ ve been in other franchise systems that were a far cry from the structured and collaborative committee system the IFC and PFHQ have set up ,”
PETER AMATO
SEAN CAHILL
BRIAN KELLY
TODD CHASE
MIKE DOBRYNIO he added . “ I think it is incredibly valuable and a healthy thing for the brand . Particularly in these challenging times , having a venue where we can share knowledge and practice and bring the group ’ s thoughts forward is so valuable .”
Amato , especially , feels the pull of responsibility to give back to the system after the help he and his brother received as they opened their first PF club . “ Starting out our ownership group , we really stood on the shoulders of other operators who had been in the system far longer than us ,” he said . “ Having the ability to leverage their years of experience was invaluable .”
As it has for all the PFIFC ’ s Brand Operating Committees , the coronavirus pandemic affected the work of the EVC . But while combatting COVID-19 and its effects are at the forefront of the work of the other committees , it is shining a new a light on the issues the EVC identified as its leading priorities when it was formed .
“ The current overriding issue is the impact from the COVID-19 pandemic and implementing strategies that provide the greatest chance to come out of this stronger than ever ,” Chase said . “ Upon returning to normal operating conditions , the committee ’ s focus is on data strategy , price optimization and future growth opportunities .”
“ As a committee , we identified three key initiatives : a data strategy to help standardize the definition of key metrics like LTV , ROI and market penetration ; optimization of pricing and rates ; and evaluation of the economics and ROI of new club development ,” Hopkins agreed . “ I think these initiatives remain the top priorities despite COVID-19 , but the variables have changed . It ’ s incumbent on the committee to solve these issues with this new landscape in mind .” “ It ’ s a tricky moment given that we are in a pandemic state ,” Glassman said . “ It goes beyond figuring out how to make sure the brand and its franchisees are in the best economic state coming out of this crisis . It becomes , ‘ how do we sustain our growth as a brand in the face of this national crisis ?’ ‘ How do we not just survive , but grow and thrive and turn a negative into a positive ?’”
In these broader strokes , Cancelliere sees the committee ’ s role as forward-looking , “ balancing all of the opportunities to deploy resources with those that will create the best future for the brand , members , team members and our communities ,” he said . “ There are a ton of options for where to focus time and effort . How are we helping the brand say ‘ yes ’ to the right opportunities and ‘ no ’ or ‘ not right now ’ to the others ?”
While the present is daunting , the committee is devoted to ensuring that Planet Fitness returns to its bright future . “ If you think about our business in three modes : survive , emerge and thrive , the pandemic has thrown our business into survive mode presently ,” Hopkins said . “ How can this committee help owners and CFOs in the system think about negotiating with their lenders and managing cash