About Our Guest
To say Tom has been through a few things in his 30+ years of being an entrepreneur is an understatement. He has definitely had more failures than successes, but would not have it any other way.
Tom sold his fitness business to become the Impact Pilot, helping entrepreneurs generate more income through better sales strategy and using stories to sell.
Tom has a BFA Degree in Theatre from DePaul University in Chicago, and holds his private pilot license for single engine airplanes, which was a lifelong dream he achieved in 2013.
He has been a contributor to CBS Radio in Houston, a guest on Great Day Houston television show, Univision Television, Fox 26 News, KPRC Channel 2 and CW Houston. He is also a presenter at the Small Business Development Center (SBDC) in Houston.
About this Episode
Buy, Grow, Sell: Tom Jackobs Secret to Thriving in the Fitness Industry
From two doughnuts and a coffee each morning, to losing 40 pounds in 12 weeks, Tom Jackobs’ transformation was not just physical, but mental too. As a wannabe corporate escapee, he realised he could probably make some money by helping people do what he did.
Tom then purchased Body3 Personal Fitness, a personal training studio focusing on busy professionals and training in small groups, before growing the business over a decade to generate around $600,000/year in revenue.
His transformation continued, as Tom developed deep entrepreneurial skills before ultimately selling it to an acquaintance in his network before diving into another passion: Consulting.
What you will learn in this episode
- Tom’s top tips on acquiring an existing business
- How one skill enabled Tom to turn $100k gross in one year to over $400K in the next
- The how’s and why’s of working ON the business versus IN the business
- The valuation model for an asset-heavy business
- Pros and cons of owner financing
Connect with Tom Jackobs
FREE Gift: https://tomjackobs.com/storybook
(13:07) When Tom was ready to be his own boss, he explored two avenues: Starting his own personal training business – get a premises, buy the equipment etc – or buy an existing one. With the costs about the same, it was a 50/50 toss-up. Here’s why he ultimately decided to buy.
(19:58) Want to leave your job? Travel the world? Start your own business? Some people call it manifesting their destiny, but Tom breaks down the psychology behind the how and why you can bring your dreams to life.
(25:36) Tom went into business for himself because he valued time freedom above all else. But the reality was, he was working upward of 15 hours a day. As a new entrepreneur, these are the realities, but Simon and Tom share their insight on a path to the light at the end of the tunnel.
(34:38) As an owner, working in the business can affect how successfully you can grow the business. Tom gradually made the shift from working in to working on. In doing so, was able to free up time to create a replicable process, tune into the marketing, and start exploring avenues for exit.
(51:18) For any entrepreneur looking to sell, Tom recommends starting by looking at your network and using them to find a buyer. When he was ready to sell, Tom was able to tap into a pool of warm leads to buy before finalising with owner financing over four years.