I know you see Vic every now and then. What financial/career advice would you give him?
I haven't seen Vic for about 5-6 months now.
Honestly, when he started his gym, I was one of the first 2-3 guys that joined. The gym failed not because Victor was some sort of thief or anything like that. The gym failed, because Victor was not the sole owner of the gym. He had a girlfriend "Abby" who had put down a substantial amount of money and would handle the major finances. Victor provided his name, presence and would try to advertise as much as he could.
Their business plan was a failure, because they didn't account for slow seasons and fluctuations. They were giving out yearly memberships for about $125. I remember telling them to do monthly billing and to stick to a round figure like $20-30 per month, plus a marginal sign-up fee. I also told them they needed better trainers that would charge a reasonable price per hour. They had all sorts of trainers in the gym, some guys with little-to-no experience and then other guys with great experience charging like $100/hr (stupid as shit).
The muscle grill idea had potential, but it wasn't a sole proprietorship. Again, if you link up with someone, there is no preordained viability to how a business will perform, especially when you don't decide on every decision.
Moving forward, I think he should do a few more of the smaller shows, make decent money and just invest in real estate (buy a house or two and rent them out - let his money work for him for a bit). If he goes back to the Mr. Olympia stage, I think he should try one last time and if he doesn't win (even if he places 2-5) just retire from bodybuilding.
After retiring, I think he should consider a smaller business to start. He should pool together his money and invest into a more proven franchise that has a set business model and more corporate guidance involved (think Dunkin Donuts or Subways). He can do that and make a decent enough living, while possibly doing high-end personal training on the side. He is very close to a number of musicians in the "Rap & Hip Hop" industry and can go the route of Stan McQuay by way of training A & B-list celebrities.
I see him as being at the crossroads. The thing is that most professional bodybuilders become addicted to the thrill of competition and always think they have a chance at getting the top prize of the sport. Unfortunately, everyone has a shelf-life.
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