351. Last normal workday with my GM, feeling at peace that the business must close down

What if closing a business felt more like liberation than failure? Join us for an eye-opening conversation where we unravel the emotional complexities of shutting down a studio amid financial turmoil. Our journey begins with the refreshing energy of a morning workout surrounded by a community that shares similar values and beliefs. This stark contrast highlights the burden of keeping a business afloat amidst stress and uncertainty. Yet, the surprising decision to close brings a newfound sense of optimism and relief, a testament to the power of embracing change. Together, we navigate the emotional rollercoaster of letting go and discover the unexpected freedom it can bring.

As the episode unfolds, we confront the harsh realities of business closure, from tackling persistent rumors to managing delicate membership issues within the studio. Legal insights into bankruptcy unravel the maze of financial decisions, addressing personal credit scores and strategic car purchases. Listen as we share vital advice for anyone facing similar challenges, focusing on resilience and financial planning. Throughout, we emphasize the unwavering strength found in community support, offering a raw and authentic perspective on the end of one chapter and the beginning of another.

Transcript

Speaker 1: 0:32

All right, good morning, happy Friday. Well, just finished up a morning workout, got up with some a good guy's network or a guy's Bible study, it's called what it is. It was really good just to do a workout with some guys with the same mindset, the same beliefs and just to encourage and strengthen each other. It was really great. I've noticed in the past I don't know three, four weeks, I don't know how long just going to the studio it's not stressful. I was starting to get like antsy or uneasy going to the space because in my head it's like oh, how am I going to keep the doors open? How am I going to hire the right person? How am I going to have an expectations conversation with someone? And there's just a bundle of stress. But ever since I realized okay, like I can't keep pushing uphill because there's no end in sight and so I need to close the doors, ever since I've made that decision like, yeah, the doors have to eventually close. When I go there, I just feel lighter, I feel more at ease, more. It sounds weird, but I see more optimistic about life, which sounds so messed up, but the fact that I don't see like this perpetual, never ending struggle that's wrapping up. I feel really great about it and it's really cool. So right now I'm heading to the studio. Technically I'm going to the grocery store next door because they've got Wi-Fi. I'm going to get some work done and then I'll hang out at the studio for a little bit to catch up with my GM.

Speaker 1: 2:03

Today's the last like workout day of the program, and then tomorrow it's like a fun workout for the members and stuff, and then tomorrow's like I'll have a lot more episodes from tomorrow. But tomorrow we have the test out where we celebrate people's hard work. We then have like the quick stats and the the number assembly and all that, and then we put together the winner's circle and tomorrow night we have the party, and so tomorrow's gonna be a fun day. Today's like the last normal work day with my GM. So that's a little bittersweet. He's man, he's been. Members have put him through the ringer. Just the stuff they, they say about him, the stuff that that's true and factually wrong, that's lies about him. It's just crazy.

Speaker 1: 2:47

People don't view the, the studio, as a place to work out. They view it as a social club, a place to talk about other people, a place to spread rumors, to talk about other people, a place to spread rumors, and to an extent you just have to let that go, because you can't control what people say outside of your four walls and that's just out of your control. That's not something that you can dictate. You can get rid of the member, you can cancel the membership and say sorry, you're not welcome here, but that just spreads. That spreads and then that impacts people. You're not welcome here, but then it just spreads. That like this is that spreads and then that impacts people by kicking out other people.

Speaker 1: 3:20

And so, anyhow, have sought legal counsel on how to wrap things up for my personal finances. For the business finances I'll do another episode about, like, all the terminology, because those are really meaningful and I didn't. For bankruptcy and shutting a business down, I didn't know what the options were and I'm now seeing, like, okay, there's very, there's only two routes, and I'll explain it from how I understand it. But I feel at peace about it, so I'm not stressed, I'm not curled up about it. Um, my 830 credit score is about to get shot down, probably to the 600s, maybe even the 500s, I don't know.

Speaker 1: 4:00

So what things should we do before bankruptcy? What things should we do after bankruptcy. Depending on how we file, it's crazy. Like even just an example like my wife's car 170,000 miles, the car's worth like 800 bucks. Depending. If we file one way, we should buy a car beforehand. Depending if we file the other way, we should only buy a car after we file. So like, either way, yeah, we have to replace the car. The car is about to die like it's. It's worth 800 bucks one repair bill and it's worth more than the car. So, like this, there's nowhere left for it to go. So I'll I'll do another episode on the different kinds of bankruptcy because no one has given me a normal person answer on the differences.

Speaker 1: 4:43

But anyhow, I feel at peace about the gym. I feel really good about the future. Yeah, I'm going to get sued by corporate because of liquidated damages. I'm not even in my franchise document. I'm not even allowed to say which franchise system I was a part of. If I'm reading the FDD correctly which I probably am, not because I'm not a lawyer, but if I'm reading it the way that I think, at one point they thought they were saying I can't even mention the franchise I was in, which is wild, because I can't say that I was associated with it, which I don't know how they monitor that. So, anyhow, I tell I can't discern one way or the other because I'm not a lawyer. So I'm not going to be held down by something I can't comprehend.

Speaker 1: 5:22

We're just going to rock and roll. We're going to have a great day. I'm not going to stress about the future because, heck, tomorrow there could be. You can't control tomorrow, you can only like semi-control today. So I'm only going to think about today right now. So just got to the studio, let's rock and roll, let's go inside, have a good work day. Tonight's a kid's birthday party and we're going to enjoy the last day with the GM. Well, technically, tomorrow's the last day with the GM, but today's the last time we're work day with the GM. That's where we're at, that's where we're going. Let's rock and roll.