Finding Funding in an Economic Downturn

" Well during this recession we know it's been harder for businesses and to secure lending sometimes leading to their demise to last September when. Eric cafeteria was looking to expand its chain of retrofit it stands. Which feature unique 1980 theme he turned to a private equity group to get the job done. At a company is bulking up its bottom line as a result -- the founder and CEO -- fitness is joining me right now Erik we're happy to have you. We got C three PO we've got our TDQ we've got rocky and we've got a cute girl working out with the sag pony tail but I have a feeling that has to do with retro fitness tell me what makes your -- company different."

" It's unique in the fact that we've made an entertainment value should buy out of our our fitness experience. We've. Made a play on the retro theme the eighties movies the music of that time -- the pop culture was so exciting man. We decide to drag at the gym because you probably know the gym is not the most fun place to be on a regular basis."

" I'll come with a lot of fun right especially when he got rocky with you. What makes them -- what has made your business would be able to take advantage of the recession because to me it seems like the first thing that you may want to cut out. Your expense line items out there is a gym membership but you don't think that's the case."

" Absolutely not in fact if you look a research showing that people gravitate to things like. Churches temples and fitness and hamburgers or -- time. We found that our our model our financial model and fitness together have have made a great place for us in this unique."

" We are also taking advantage in the rest of the recession in the sense that -- are also looking to grow at the same time absolutely I don't know when in my career we'll see real estate and."

" And negotiation power in our favor ever again as we do today in this economic environment."

" And we're deathly making a huge file that so how are you going and doing sending you hear that your renegotiating on your -- is what other things are you doing -- and what sort of that step and and a process for doing."

" Vendors across the board are essentially dropping prices everyone -- business advertisers. Equipment manufacturers. Landlords so what we're doing is we're going back to each individual. And and saying listen here's what we are we have a lot of buying power got a lot of money is spent. We'd like to tip to negotiate with you what you want to do frost and my franchisees and franchise or it's our job to do that."

" This whole retro concept seems a lot of fun to me I don't know about however I've never second -- again. You have seen great success telling -- some of the fun feature is that you can experience that retro fitness."

" We have an exciting movie theater where we -- eighties flicks we make a throw back to you you'll see -- would stay off of -- A vacation movie the music we pipe through our sound system is really exciting pop culture things go around the club you'll find an RTD to hang around there are -- excuse with a front that's. There's all kind of things we -- we want to walk in to have remembered that I think -- referred -- as -- when I was a kid. That's kind of we want to feel secure your good feeling when you walk -- everywhere and things they are very -- Celtic for people absolutely absolutely. You also -- recently received funding from a private equity firm tell me about that process we made a unique deal last year with a capital of Chicago. We weren't actually seeking funding it was but we suspect came as a third party friend introduced us. And it while the big a win win they're they're excellent what they do their great bankers and we feel we're great option for north. And together we made a great marriage and in our growth strategy and so what does -- look like -- Well we're we have a 300. Three year plan drug store at three years and we we are on track right now -- actually ahead of track right now in our goal. And really excited about that again taking advantage of of where we are today and economical why are you creating jobs as you go along here afterwards one of the great. Things that we're doing is every store -- open twenty or thirty jobs are created just by one single franchise outlets so."

" Are you looking to go wrote where can I get to retrofit because now I feel like acting going to check this and -- you know I love. Eighties music and certainly Ferris you learn all that stuff fun playing on the -- name elegant meeting."

" Oh that black roll over the northeast and head to the southeast of moving to Atlanta currently working on the DC more control of New Jersey New York Philadelphia markets. And we're headed north Delaware Massachusetts -- have some -- going up there. And we're excited to make -- move south and west. But."

" All right thank you very much Eric you're certainly an inspiration that I -- through fitness going all around the country we'll check it out."