A fool and his money..... Posted November 2, 2022 Share Posted November 2, 2022 15 minutes ago, The Phantom said: Does the owner have a relationship with his punters? I know who the owner of my gym is, but never met them and have zero relationship. Just a random investor for all intents and purposes. Some of the trainers (self employed) or reception staff maybe. I know one trainer who certainly has a relationship with some of his clients. 1 2 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted November 2, 2022 Share Posted November 2, 2022 3 hours ago, Wavey Davey said: It’s pretty undignified to be selling your business on Facebook in the manner in which he’s trying to do it. 43 minutes ago, Roger Mexico said: Presumably it's part of the agreed settlement and it's a way of letting people know what's happening. The only problem with selling this sort of business where person relationships with clients are important, is that there's no real guarantee that the 'goodwill' aspects will transfer to a new owner. Even if the current owner is moving his business interests off-Island and so can't be taking clients and with Body Craft having the only gym in the South, there's a risk of losing custom, which will only increase the longer it's shut. I suspect more likely that he just won't have to pay anyone any commission for selling it on FB. Quote Link to comment Share on other sites More sharing options...
The Phantom Posted November 2, 2022 Share Posted November 2, 2022 (edited) 4 minutes ago, A fool and his money..... said: I know one trainer who certainly has a relationship with some of his clients. Yeah that's my point. Is the trainer the owner of the gym? Most trainers are self employed and people have relationships with them, not really the gym or gym owner. The only relationship I have with my gym is that is the most conveniently located for my requirements. Or are you just suggesting he's fucking his clients? Which totally happens. Like ducks in a barrel 😃 Edited November 2, 2022 by The Phantom 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted November 2, 2022 Share Posted November 2, 2022 32 minutes ago, The Phantom said: Does the owner have a relationship with his punters? I know who the owner of my gym is, but never met them and have zero relationship. Just a random investor for all intents and purposes. Some of the trainers (self employed) or reception staff maybe. Where there's an owner/manager as In this case presumably there are personal links with some clients at least, built up over the years going back to Balthane. Other clients may have links with other trainers/staff members, so retaining the services of the latter will be important - and of course any value from that decays fast over time. That's why the landlord shutting down this sort of business in these circumstances is never that clever if you want to maximise the value from it. 1 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted November 2, 2022 Share Posted November 2, 2022 34 minutes ago, BriT said: I’ve always been told to value goodwill in this sort of thing as is it cheaper to buy this going concern than to set something else up from scratch? If so the cost saving is the likely goodwill value. Good will in a small business is anything between something and nothing. You’re about right it’s going to cost you to rent premises, buy systems and equipment, employ staff, buy stock, pay for advertising to build up customers etc. if you can find a business that already does what you’re looking to do and it’s cheaper to buy it as a going concern than it is to start from scratch and find new customers that’s about as much goodwill as it’s worth. 1 Quote Link to comment Share on other sites More sharing options...
reptar Posted November 2, 2022 Share Posted November 2, 2022 Goodwill in a gym business is worth basically fuck all. Most people who are members of a gym and actually use it, go there, do some exercise and then clear off again. with minimal interaction. And this exercise can be done in any gym, there's nothing that special that makes one better than another. And it's trivial to change to a different one, especially if you're not paying annually. This is in my personal experience of going to the gym as a customer for 20 odd years. Quote Link to comment Share on other sites More sharing options...
woolley Posted November 2, 2022 Share Posted November 2, 2022 1 hour ago, reptar said: Goodwill in a gym business is worth basically fuck all. Most people who are members of a gym and actually use it, go there, do some exercise and then clear off again. with minimal interaction. In a business sense this is precisely what goodwill is. You don't have to like or appreciate the proprietor and may have zero interaction with them, but provided you continue using the establishment through the change of ownership and under the new regime, your patronage is part of the goodwill that the new owner is acquiring, so it does have a value. It's worth what somebody will pay for it having taken a view on the likely level of retention. An art rather than a science, for sure. 2 Quote Link to comment Share on other sites More sharing options...
woolley Posted November 2, 2022 Share Posted November 2, 2022 6 hours ago, WTF said: dignity or money ? hmmmmmmmm , Let me consult my retained authority on these matters, a Mr Hancock. Matt!! Can you spare a moment over here, please? 5 Quote Link to comment Share on other sites More sharing options...
jackwhite Posted November 2, 2022 Share Posted November 2, 2022 4 hours ago, A fool and his money..... said: I know one trainer who certainly has a relationship with some of his clients. There was a trainer who was dismissed from a gym on the island allegedly for stealing from lockers. There is a trainer who has chicken legs compared to his physique 🤣 There is a trainer who goes to Spain on a semi-regular basis and tried to launch recently as part of a social media engagement pod. I'm sure all of these people couldn't possibly be the same. Quote Link to comment Share on other sites More sharing options...
The Phantom Posted November 2, 2022 Share Posted November 2, 2022 2 minutes ago, jackwhite said: There is a trainer who has chicken legs compared to his physique 🤣 That is the worst insult you can throw at a gym goer 😁 nobody likes leg day though. It's genetics dude. Some of just have skinny legs no matter how much we squat. Quote Link to comment Share on other sites More sharing options...
jackwhite Posted November 2, 2022 Share Posted November 2, 2022 10 minutes ago, The Phantom said: That is the worst insult you can throw at a gym goer 😁 nobody likes leg day though. It's genetics dude. Some of just have skinny legs no matter how much we squat. He don't do no leg workouts that's why. Too busy looking at himself in the mirror tbf. Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted November 4, 2022 Share Posted November 4, 2022 Where's the Siam Orchard? Is that what was the Laughing Budda? Closed now anyway, forever. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted November 4, 2022 Share Posted November 4, 2022 (edited) 8 minutes ago, TheTeapot said: Where's the Siam Orchard? Is that what was the Laughing Budda? Closed now anyway, forever. Was where the laughing Buddha used to be and it was Siam Orchid .. Edited November 4, 2022 by mad_manx Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted November 4, 2022 Share Posted November 4, 2022 Oh its Orchid, not Orchard. facebook.com/SiamOrchidIOM/posts/pfbid0U3jjfpzZ4girmmRL7aatwQokEbVxxXm6kQVHjbDBiYYrxJnEj1JJSzHey72sUbHKl Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted November 4, 2022 Share Posted November 4, 2022 Hmm, that link didn't work, sorry, but my internet seems to still be in bed. Wake up!! Quote Link to comment Share on other sites More sharing options...
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