WEBVTT - Mindbody Founder on Wellness Amid the Pandemic

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Jason Kelly on Bloomberg Radio. Really excited to catch up

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<v Speaker 1>with our next guest, talking about Rick Stallmeyer, founder and

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<v Speaker 1>executive chair of Mind Body. He founded that company. As

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<v Speaker 1>I mentioned, I met him when I was working in

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<v Speaker 1>my books What Equity All about the fitness industry? Um

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<v Speaker 1>So he's a longtime practitioner of this. He has seen

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<v Speaker 1>the rise, the growth, and now really the stress that

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<v Speaker 1>the fitness industry is under. But at a time when

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<v Speaker 1>we need to be talking about wellness more than ever. Rick,

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<v Speaker 1>really nice to have you with us. How are you?

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<v Speaker 1>Jason is great to be back, Carol, great to be back.

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<v Speaker 1>I'm doing well and uh and thank you for having

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<v Speaker 1>me on. So tell us about kind of the state

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<v Speaker 1>of fitness right now. I want to talk to you

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<v Speaker 1>about some of the things that are going on with

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<v Speaker 1>your company. But but give us the sort of the

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<v Speaker 1>big picture because you know, here we are in the

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<v Speaker 1>Tri state area, New York is about to basically kind

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<v Speaker 1>of let people go back to the gym next week

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<v Speaker 1>about a third of the people their capacity, you know,

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<v Speaker 1>social distancing, all of that. This has got to be

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<v Speaker 1>a very stressful time for the fitness world. It really is,

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<v Speaker 1>and it's it's it's really a dichottic out there. I mean,

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<v Speaker 1>what we're seeing right now is they supply constrained market.

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<v Speaker 1>People want their fitness classes, they want their wellness services

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<v Speaker 1>and experiences more than ever. And you know, one of

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<v Speaker 1>the well I guess one of the unintended consequences of

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<v Speaker 1>this mishmash of state and regional reactions or responses to

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<v Speaker 1>COVID is that what we've seen around the country. As

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<v Speaker 1>you know, some states never really closed down completely. Other

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<v Speaker 1>states reopened very quickly. Um, we all know those stories.

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<v Speaker 1>You know, you're in the Tristate area, which has been

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<v Speaker 1>probably the model of how how discipline the approach has been. Um,

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<v Speaker 1>what we've seen in every one of those cases is

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<v Speaker 1>when the businesses are open or when they reopen, Uh,

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<v Speaker 1>they get flooded with consumer interest because people's wellness has

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<v Speaker 1>been severely impacted by this pandemic. Yeah. I do think

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<v Speaker 1>it's interesting. So you talk about people flooding back, and

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<v Speaker 1>I do think about what about new folks who may

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<v Speaker 1>be thought, Okay, it's not that important. I've got work

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<v Speaker 1>to do, or I've got you know X to do

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<v Speaker 1>and now they're saying, wait a minute, this has got

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<v Speaker 1>to be fitness. Wellness have to be a part of

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<v Speaker 1>my regular living. Well, that's right. I mean we all know,

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<v Speaker 1>of course, you know, the pretty existing conditions around obesity, hypertension,

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<v Speaker 1>and heart disease, cardiovascual disease, type two diabetes, those things,

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<v Speaker 1>of course have been shown to be major risk factors

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<v Speaker 1>for COVID, and I think people, a lot of people

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<v Speaker 1>have gotten that memo. I mean people that I talked to,

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<v Speaker 1>people that I see UM. At the same time, being

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<v Speaker 1>restricted to our homes for such an extended period of time,

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<v Speaker 1>you know, for many people that they put on weight,

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<v Speaker 1>for many people their their their fitness has struggled. UM.

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<v Speaker 1>And then lastly, you know, wellness isn't just physical, is

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<v Speaker 1>it right, It's also emotional wealth, It's a sense of

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<v Speaker 1>social connection, it's community. And I think we're all suffering

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<v Speaker 1>in this country, in fact in most of the world

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<v Speaker 1>from the impact of having all of that so severely disrupted,

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<v Speaker 1>and it's why we remain very bullish about the industry

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<v Speaker 1>we serve for the long term. But of course this

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<v Speaker 1>is a really challenging time on both the consumer side

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<v Speaker 1>and the business owners. And so for those business owners, Rick,

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<v Speaker 1>what can you do and what are they doing collectively

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<v Speaker 1>to have their voices heard at the state and local level, because,

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<v Speaker 1>as you said, it's been a little bit of a patchwork.

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<v Speaker 1>And and I would imagine you know in part because

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<v Speaker 1>and you know this much better than I do. You know,

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<v Speaker 1>these are small businesses in many cases that are struggling.

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<v Speaker 1>What's the message that you're helping get to public officials

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<v Speaker 1>about the importance of these businesses. Well, what we have

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<v Speaker 1>we have been doing what we can to advocate UM,

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<v Speaker 1>both UH in Washington as well as at the state capitals.

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<v Speaker 1>I planned personally to do a lot more of that,

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<v Speaker 1>you know, as you alluded to at the beginning here. Um,

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<v Speaker 1>I've just transitioned from being CEO, I mean, a role

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<v Speaker 1>that I've had for twenty years, handed the baton to

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<v Speaker 1>Josh McCarter. These our new CEO, and Senel Rogers Car

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<v Speaker 1>who was our CTO, has been elevated to president and CTO.

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<v Speaker 1>I mean, this is a dream team. These guys in

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<v Speaker 1>the executive team around them by far the strongest you've

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<v Speaker 1>ever had. So I can feel very confident in and

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<v Speaker 1>the company's continue growth and innovation. And what I want

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<v Speaker 1>to spend more of my time doing is that outwardly

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<v Speaker 1>based and role um. These these businesses are almost all

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<v Speaker 1>small business owners. Even if you owned an Orange Serial

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<v Speaker 1>Fitness or an F forty five franchise for example, the

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<v Speaker 1>classic franchise Z is a typically like two spouses um

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<v Speaker 1>who invested in this business and are running at hands

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<v Speaker 1>on every day. And of course so many these businesses

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<v Speaker 1>are just independent Mama Papa shops, and no one has

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<v Speaker 1>been advocating on their behalf even looking at how the

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<v Speaker 1>states generally have have issued edicts around whether they could

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<v Speaker 1>open and close as sort of a broad brush. You know,

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<v Speaker 1>no gyms can open, so it doesn't matter if it's

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<v Speaker 1>a eighty thousand square foot health club with hundreds of

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<v Speaker 1>people streaming through the door, or small little yoga pilates

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<v Speaker 1>or group exercise studio that maybe in normal times might

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<v Speaker 1>have had twenty people in class and now with social

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<v Speaker 1>distancing they have maybe eight people. I mean, these it's

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<v Speaker 1>not high risk. They we have seen firsthand. If you

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<v Speaker 1>take the proper precautions, the social distancing, the mask wearing,

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<v Speaker 1>you can go in and have a great experience very safely.

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<v Speaker 1>And I'm not sure. I don't think many people are

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<v Speaker 1>telling that story to our government leaders who are making

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<v Speaker 1>new decisions. So, Rick, you and I caught up a

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<v Speaker 1>little earlier in the pandemic for the Bloomberg Business of

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<v Speaker 1>Sports podcast, and you know, one of the things we're

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<v Speaker 1>talking about is, and this goes back to where we

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<v Speaker 1>left off in our conversation, these are small businesses. Many

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<v Speaker 1>of these boutique studios, especially mom and pop type shops. Uh,

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<v Speaker 1>a lot of them are just going to go out

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<v Speaker 1>of business. I think you would even predicted maybe a

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<v Speaker 1>quarter of them, uh, would just ultimately have to hang

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<v Speaker 1>it up, fold up shop. What do you what do

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<v Speaker 1>you make of that prediction? Now, well, it hasn't happened yet. Um,

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<v Speaker 1>these businesses have proven far more resilient than we've hoped.

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<v Speaker 1>And of course we've been rooting farm from the very

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<v Speaker 1>beginning of the of the pandemic. And you know, immediately

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<v Speaker 1>when the as the lockdown started in the late March,

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<v Speaker 1>they started adapting. And of course the most obvious thing

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<v Speaker 1>was delivering their classes and experiences via video and so

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<v Speaker 1>live streaming video and then putting up libraries a video

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<v Speaker 1>on demand. They started doing that spontaneously and my body

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<v Speaker 1>has been innovating rapidly. We now have virtual wellness platform

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<v Speaker 1>enables them to do that in a way that they

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<v Speaker 1>can sustainable businesses and and I talked about that Jason.

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<v Speaker 1>Now what you see, of course, is a lot more

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<v Speaker 1>of these activities going on outside UM. And the science

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<v Speaker 1>indicates it being outside is just simply safer than being

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<v Speaker 1>in a room which we speculating air. And lastly, of

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<v Speaker 1>course it's just immaculate cleanliness, a lot more distance between

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<v Speaker 1>workout stations, UM, and everybody wearing masks. And you know,

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<v Speaker 1>we've what we have seen UM, I think is a

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<v Speaker 1>remarkable adaptation of an industry. That being said, you know

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<v Speaker 1>this kind of brutal two steps forward, one step back,

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<v Speaker 1>one step forward, two steps back. Uh. You know at

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<v Speaker 1>some point it's going to start taking a pole. Uh.

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<v Speaker 1>And UM, you know we were rooting for all of

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<v Speaker 1>these businesses, UM, but I think we still are probably

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<v Speaker 1>going to expect some some notable amounts of business failures

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<v Speaker 1>in the months ahead, given what it just appears that

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<v Speaker 1>the pandemic and how it's going to develop. And then

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<v Speaker 1>we're not going to get out of this very challenging

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<v Speaker 1>situation right for at least a few quarters away. It

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<v Speaker 1>kind of breaks my heart about those who have, As

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<v Speaker 1>you said, sometimes it's it's a couple who started a

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<v Speaker 1>business and they're just not going to make it through. UM.

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<v Speaker 1>You talk about live streaming, there's in studio, there's outdoor classes,

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<v Speaker 1>depending on you know, kind of where you live. You know, Rick,

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<v Speaker 1>what we love about talking with you is, you know,

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<v Speaker 1>you guys do have the platform where you get inside

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<v Speaker 1>into so many different businesses. What other data points are

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<v Speaker 1>you able to kind of see that are revealing about

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<v Speaker 1>what's going on right now and what might continue for

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<v Speaker 1>for sometime or kind of stay with us as we

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<v Speaker 1>all kind of pivot and and kind of embrace some

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<v Speaker 1>of these change ways of doing things, including working out

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<v Speaker 1>and staying well well. First of all, we're seeing you know,

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<v Speaker 1>rising consumer demand for these activities of all types, of

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<v Speaker 1>all categories, and of course fitnesses leading part of that. UM,

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<v Speaker 1>we see high sensitivity in the consumer side. We've been

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<v Speaker 1>serving you know, millions of consumers on our platform, uh,

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<v Speaker 1>and we've been serving people in a scientific way and

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<v Speaker 1>you know, more than consumer res indicate that yes, rigorous

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<v Speaker 1>sanitis sanitization is important. About three fourths of them say

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<v Speaker 1>the new layouts are really important and they like what

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<v Speaker 1>they're seeing. If you haven't visited one of these studios

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<v Speaker 1>in a long time or since the pandemic started, I

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<v Speaker 1>encourage you to go look at him and understand it. UM.

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<v Speaker 1>We can now leverage technology in ways that really just

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<v Speaker 1>minimize the kind of contact, for example, contact with check

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<v Speaker 1>in and contact with payments. UM. That's extremely important to

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<v Speaker 1>consumers today and I think that it is going to

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<v Speaker 1>be challenging for these businesses. But but the ones that

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<v Speaker 1>do get through this to do that, whether there's are

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<v Speaker 1>going to face a really remarkable market UM. And for

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<v Speaker 1>some of the most forward leaning businesses, what they're doing

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<v Speaker 1>is as they see UH. In downtown retail areas. Of course,

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<v Speaker 1>businesses of all types have been failing. That's opening up

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<v Speaker 1>space and you see the more well capitalized brands swooping

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<v Speaker 1>in because it was really a shortage of prime retails

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<v Speaker 1>space that was holding back the industry before COVID hit.

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<v Speaker 1>And so I think you're going to see a real

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<v Speaker 1>changeover UM. Lastly, the ability if I'm going to commit

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<v Speaker 1>to a membership or a prepaid package at this particular studio. Well,

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<v Speaker 1>I want to know that regardless of what happens, whatever

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<v Speaker 1>the state of social distancingmustrictions or lockdowns in my region,

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<v Speaker 1>that I'm gonna be able to keep engaging. So just

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<v Speaker 1>being able to have hybrid memberships is very important to

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<v Speaker 1>people today, and we see that happening already in the

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<v Speaker 1>businesses that we're serving. If I can just follow them,

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<v Speaker 1>I also do wonder by having such a platform as

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<v Speaker 1>your own, it kind of creates, um a tracing platform

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<v Speaker 1>that you know, if a case breaks out at a

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<v Speaker 1>certain you know, studio or workout or gym in place,

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<v Speaker 1>that immediately you can say, okay, these are the people

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<v Speaker 1>that were there, and we can kind of be right

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<v Speaker 1>on top of it from the get go. We haven't

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<v Speaker 1>been asked to the vulge that data. I mean, we

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<v Speaker 1>treat data confidentiality, both businesses confidential data and consumers confidential

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<v Speaker 1>data very seriously. So um it's not something that that

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<v Speaker 1>that we would just um easily offer up. But if

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<v Speaker 1>there were some kind of organized process, uh, you know

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<v Speaker 1>that that we could assist, and of course we'd have

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<v Speaker 1>to get people's permission, I think, to allow us to

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<v Speaker 1>share what you're talking about as geolocation. Um. You know,

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<v Speaker 1>we we know it's where are you physically at certain

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<v Speaker 1>times and if somebody came down with it, who was

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<v Speaker 1>around them in the recent activities? You know, that would

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<v Speaker 1>have to come from you know, we don't have to

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<v Speaker 1>come from government say that, and I think consumers would

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<v Speaker 1>have to explicitly uh approved that. Yes, you are allowed

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<v Speaker 1>to use my information for the purpose of COVID contact tracing,

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<v Speaker 1>you know, a very narrow specific thing because you know,

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<v Speaker 1>remember what was happening before COVID was all this movement

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<v Speaker 1>around data privacy. It is amazing how much we have changed.

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<v Speaker 1>I think, all right, Rick, before we let you go,

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<v Speaker 1>you got one minute to tell us about your book.

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<v Speaker 1>When's it gonna be out? What's going to be about?

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<v Speaker 1>So my book is called Building a Wellness Business That Lasts,

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<v Speaker 1>and it's a definitive guide for the post COVID world,

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<v Speaker 1>and it's all the things necessary for an entrepreneur to conceive, plan,

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<v Speaker 1>build out, and open their own wellness business. Everything we've

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<v Speaker 1>learned across the last twenty years, as well as really

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<v Speaker 1>important insights in the first five months of the COVID pandemic.

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<v Speaker 1>And it's coming out into October. All right, well we're

0:12:37.400 --> 0:12:40.360
<v Speaker 1>looking forward to that. Ye tell us all about it.

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<v Speaker 1>You have learned so much, I know, over the course

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<v Speaker 1>of the last twenty years. And this was a business Carol,

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<v Speaker 1>as I think you know that. Rick literally started in

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<v Speaker 1>his garage back in two thousand months. So uh, really

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<v Speaker 1>nice to catch up with him, such a thoughtful guy.

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<v Speaker 1>Can't wait to read the book. Rick S. Tolmeyer the

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<v Speaker 1>executive chairman and founder of Mind Body