Why You Need To Build For The Next Recession, With Jonathan Slain

Wes Schaeffer
October 24, 2019

Plan For The Worst To Get The Best

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Owned five gyms when the great recession hit
Was hiding under his desk to avoid his employees
Borrowed $250,000 from his mother-in-law to make payroll
Started the fitness business with his brother-in-law and sold to him in 2017
Was working 80-100 hours/week in investment banking
After grinding for two years he partnered with his brother-in-law to open a gym franchise
At 25 he had a staff of 25 and didn’t know what to do
The franchise barely gave them an owner’s manual
Don’t marry the first girl you kiss
Contractors got crushed in the great recession
Many of his clients are contractors
He started speaking to those with great recession-survival stories
Turned it into a more formal workbook
Motion beats meditation
Met his co-author 10 years ago via EO (Traction)
We usually need more life-planning than business-planning
- Goal planning is critical
- 16 hours with a blank legal pad at Starbucks!
Right now you can ask for an increase in your line of credit
Once we’re in a recession your bank will want a personal guarantee and call in your LOC
If you lose your biggest client…you’re in a recession
If you lose your top salespeople who go on to create a competitive…you’re in a recession
If you get embezzled…you’re in a recession
There are no quick-fixes
Dig in and do the work
Fight or flight vs. operate at our potential