Get ready for a conversation with a man with no regrets. In this episode of the Gym Owner’s Growth Zone podcast, our host Andres Escobar meets with Timothy Rexius, the owner of many businesses and builder of an empire. They talk about creating a legacy and not getting addicted to gaining a bit of success and losing out on the possibility of continuing to grow.
- In high school, Tim decided he wanted to work for the local GNC Shop. The owner didn’t hire him initially, so Tim showed up every day for two weeks until he was hired!
- He worked there through college but wasn’t making ends meet and he had a baby on the way. He pushed his boss for commission and he started making more money.
- He wanted to buy his own store, but couldn’t afford it. Eventually, a customer came in and offered him a job in biomechanical engineering.
- In the 2008 market crash, he lost everything. He sold as many of his possessions as he could to get the money together to buy his first store. Now he has 40+ locations in 10 states.
Bringing Partners Into the Picture
- Tim’s wife is one of his partners in business. She is able to check him and challenge him, which helps him evaluate himself and double down when he feels he’s right.
- Partners have skin in the game. They are more passionate about the work than employees, but in exchange for that, the owner loses some of the profit and control.
- You can’t give employees enough money to care as much as a partner does. If you do give them the money and power but don’t make them a partner, you’re training your future competition.
Creating a Legacy
- Tim pushes himself to try things so that he doesn’t have regrets over things he didn’t do out of fear. He is also motivated by creating a legacy for his children and grandchildren.
- His faith is what guides him in this direction. Twice a year, he hosts family meetings where he explains why he does what he does to his children so that they build the character it takes to do big things too.
- His sights are set on accruing enough money to be able to help and support people who are in need.
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