Fitness Investment Group (FIG) was formed by a key group of members just over a year ago.
Members have invested a little over $2 million in FIG to date.
The FIG focus is in the development of fitness gyms.
Things have gone very well since!
FIG did not expect to issue cash flow checks until the 2nd year; however, it is one year ahead of schedule with cash flow checks issued now on a regular basis.
To date FIG has attained part or full ownership in 15 gyms.
Here is how it developed:
FIG bought a gym in Carlsbad (45 minutes north of San Diego CA) and within a short period it became more successful than 135 other monitored locations for growth.
This attracted the attention of these other locations that began to seek out our operator looking for guidance.
In some cases these operators asked for operational involvement from FIG.
Subsequently and for no capital invested FIG took an automatic equity stake and a management fee for this operational involvement.
Here is the great news for current investors!!!
Although no FIG (Club Member) Investors placed funding with this ‘spin off’ business – the FIG managers decided to give them their pro rata participation in these gyms.
Most managers (if not all) would have broken this ‘spin off’ business into a new entity in which investors would have had no participation.
So – the management fee paid to FIG and Equity Participation from these new gyms will go a long way to making this investment even more profitable than originally anticipated.
To state the obvious – Having a significant stake in 15 gyms for $2 million ‘in’ – is a disproportionate and incredibly positive outcome for our member / investors.
This project has been branded the ‘Marquee’ Project of the Las Vegas Investment Club & Our operator (Jeff Clark) will be present at the next meeting to give a complete update.
We are going to expand FIG participation further and at the next club meeting the club intends to present a case for raising additional funding for this project.
Note to investors
FIG checks will be issued at this meeting.