time to take some chips off the table and to build a strategic partnership with ClearLight Partners. ClearLight’ s capital and experience in growing retail brands has given us the ability to accelerate our growth while remaining true to the Planet Fitness vision, as well as our own values.
How did the partnership between Taymax and ClearLight impact your growth strategy?
We had 12 clubs open when we partnered with ClearLight, and in the last four years, we have grown to 49, almost all of which was organic, while also adding key members throughout our organization. While the obvious reason why we were able to accomplish this is ClearLight’ s financial backing, I do not think you can understate how important a role ClearLight has played in helping Taymax mature as a business beyond the dollars and cents. ClearLight truly operates as a partner and has given myself and my team the opportunity to do great things while growing the business.
What advice would you offer to franchisees considering selling or merging?
Take the time and find the right partner that can help you reach your long-term goals. If you are planning to remain active in the business, your decision has to be about more than simply the bottom-line valuation. You need to find a partner that you can work with going forward. Planet is a unique business proposition with a very specific mission. We really do make a difference in people’ s lives. You want to find the right partner who values these aspects of your business while also having the wherewithal to help you become more profitable and financially successful.
In your opinion, what stands out about the Planet Fitness brand?
What truly stands out about the Planet Fitness brand is the Planet Fitness brand. Planet Fitness is extremely well known and positively perceived. Our ability to market on a national level and corporate’ s commitment to not veer off the core tenets of the proven business model are vital to our success as a franchisee. I have also always enjoyed being a part of the sense of community that exists within the franchisee base. I also believe that the support that corporate has offered us as franchisees is unique.
At Thanksgiving in 2016, Taymax made a donation to the Connor Flanagan Foundation, a nonprofit that provides pizza parties for patients and families on the oncology and ICU floors of Boston Children’ s Hospital.
What is the best piece of business advice you have received?
My dad always told me that you are only as good as the people you surround yourself with, and in business, this is absolutely true. In our business, we need to find great people at all levels who, for their own unique reasons, feel a sense of ownership in our mutual success. This is a tough challenge. As a business owner, it is important to remember to recognize and reward the people who are making you look good day-to-day.
What do you feel is the biggest challenge currently facing franchisees?
The biggest challenge is competition in the low cost-high volume sector. We obviously believe that Planet is the dominant concept in this sector and will continue to be a long-term winner in low cost-high volume. Beyond Planet’ s own strengths, the way we handle the challenge of competition is a combination of providing a great customer experience in our clubs and capitalizing on our ability to out-market any of the other tier-two players in our space. As Michael McDonough, our vice president of marketing, always tells me, Planet marketing is about more than a January dollar sale; it is a year-long endeavor that needs constant attention and investment since potential Planet customers are constantly emerging.
Tell us about your family and your personal interests. I was a two-sport athlete at Bates and have always had a passion for athletics. I continue to enjoy sports by coaching my children in basketball and serving on the town of Windham, New Hampshire’ s traveling basketball program’ s board of directors. I live in Windham with my wife, Jessica, and our children, Ryan and Emma.
Several representatives of Taymax gather in Nashville, Tennessee, for team building with regional and general managers.
If I weren’ t a franchisee, I would be …
For the last 10 years I have been directly involved in over 100 lease negotiations, getting close to 60 – and counting – signed for our Planet Fitness locations. This experience has given me a lot of exposure to the commercial real estate business. I enjoy finding successful locations based on the unique aspects of each market we target. Once we find the right spot, coming to an agreement with a landlord that ensures we all win is a very rewarding process. Based on this experience, were I not directly involved with Planet Fitness, I believe commercial real estate would make a great career. G
GearedUp | 2018 Issue 1
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