Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Good morning, happy Tuesday.
So we're about eight days pastthe closing of the studio and
right now we're working.
I'm working with corporate onthe refunds process.
So it was a little strange Atfirst.
They were like hey, you got,just wire us everything that
you've got.
I said cool, what's the wiringinfo?
(00:22):
I went you know, please writedown that these are are gonna be
used exclusively for refundsand no other purpose.
That way, if someone asked melike, hey, can you confirm one
way or the other, I said well, Ihave been writing that.
That's the sole reason they'regoing to do so.
Just wanting to to cover myselfin case that's an additional
question that happens in thefuture.
What else, what else?
(00:44):
Oh yeah, I got a text from oneof the franchise support people
yesterday.
That's how we often communicate.
He said they were telling upthe total dues that they need to
have refunded and they'll sendthat over to me.
I said, all right, well, that'sfine, I can just wire you
everything that I've got,because I can't do anything more
(01:05):
than that.
Say oh, it's all good, you know, let's just do the see the
total refunds amount and thenwe'll send that over.
So I don't know.
My hunch is corporate is goingto say like, hey, here's how I
imagine it playing out.
I think corporate's going$15,000 of services that were
(01:26):
paid for that are not beingdelivered on, or something,
something like that, and I canrespond back all right, I don't
have $15,000.
I have 3,800 or 4,000 orsomething.
It's like right around three.
It's like right around that.
And so I'll say, all right,sounds good.
(01:47):
Here is every dollar I have inthe business account for that
purpose wire and we'll say, allright, cool, where's the
remaining 12,000 or 10,000 orwhatever it is the remaining
amount?
So I don't know, I don't havethat.
I've paid my staff, I've paid myvendors.
I have not paid myself in fivemonths.
I finally figured it out Um,the last time I paid myself was,
(02:11):
um, when I fired that that onetoxic employee months ago.
So it was about five months ago.
Um, I haven't paid myself sincethen, and before then I cut my
salary, and so I'm sorry, well,where's the money?
I don't know.
I've paid everybody besidesmyself for 5 months.
This is what I can do.
(02:31):
And I'll say, alright, well,this amount is due.
And they'll say, ok, I don'thave it, sorry, sorry.
And then they'll either sayokay, fine, and then walk away.
Or they'll say, okay, we'regoing to come after you for the
remaining funds and I'll say,okay, bankruptcy protection, I
have no funds to send you.
(02:52):
And then that'll be it.
And then either corporate willend up making the difference or
members will just not getreimbursed on that amount, or, I
don't know, maybe someone willcome in and buy the studio and
they'll cover the difference.
I doubt that they would, butthere'll be an impasse, is my
(03:12):
point and so there's someone'sgoing to be left being feeling
shorted on the amounts owed toeverybody, and I don't know
what's going to happen there.
I can do my best, I can give100, but I can't know what's
going to happen there.
I can do my best, I can give100%, but I can't give 150%.
That is inherently not doable,excuse me.
(03:34):
So that's where that is inprogress.
What else?
We got our confirmation fromthe courts, so we know our day
and time for our officialhearing.
It sounds like the way thisproceeds is we have our initial
hearing and that's where all thecreditors, us and the judge
meet and we state our case, andthen the judge does follow-up or
(03:58):
a future determination orsomething, and then it'll still
be another month and a half,maybe two months, before we get
our official bankruptcydischarge or something.
So it's not like a one and done.
It sounds like there's a followup there.
What else Corporate did?
Ask for admin access to theFacebook groups.
So that's promising.
I sent them, or invited them,as an admin of the groups that
(04:23):
we've got.
So it appears they may open itup again or they're just using
it for easier communicationswith people.
But either way, handing thatasset over to corporate, happy
to it, no problems there.
And then over the weekend wentdeer hunting and trying to be a
rounded human being and to notjust be obsessed with one thing
(04:50):
the fact that we haven't taken avacation for seven years.
We've had maybe like four datenights in the past two years,
three years, like that's onlywhen there's family in town.
Like we haven't done a good jobbuilding up our network of
babysitters or community to likedo kid swaps or day swaps and
so like all of our date nightshave been like 8 pm to to 10 pm
(05:16):
when the kids are in bed.
And so when we hear all thecouples say, oh, we're going to
go on a date night, we're goingto go on a couples only vacation
, like cool.
That sounds really nice.
My wife and I will have to getcreative on how to do that
because we're living on a coupledollars right now, so there's
(05:37):
not a whole lot of wiggle roomto go do things.
So not stressed about it, notanxious.
Over the weekend I did meet a, anew friend, I suppose, deer
hunting that long story short.
They did fine in their careerand then in a couple bad deals
lost everything and had to moveback to Minnesota, like middle
(06:01):
of nowhere Minnesota.
And now they're starting up abusiness and that's they're
putting everything they haveinto it.
They've sold their house,they're driving a 300,000 mile
truck, their car credit cardsare getting maxed out right now
and their vehicle could die anyday trying to get this business
(06:22):
up and going.
And so I guess we're lucky inthe sense that I didn't max out
and have $80,000 of credit carddebt and my vehicle has a
hundred, or one vehicle is one70, 170, the other one has like
120s, but like it's like we'rein a pretty cushy spot
comparatively.
But just to see someone else'sperspective on like how deep you
(06:46):
can go trying to get somethingto work, and he's got the
conviction it's going to be abillion dollar business, which
is great, um, that's awesome.
And so just to see anentrepreneur who is willing to
go all in and like borrow fromfriends and family and like
lever everything up across theboard cause they're that
(07:06):
confident in it and I guess Iwasn't that confident the studio
could be a billion dollarstudio and I believed that
borrowing to keep the studiofloat would just leave friends
and family hanging because Iborrowed from myself, I borrowed
from I could, just I could seewhere it was at and I couldn't
(07:30):
see how to turn it around.
After pulling every lever, wasnot able to turn around.
So, anyhow, it was refreshingto see someone who has that
vigor, that optimism, thatability to handle stress and
recover from hiccups along theway.
So that's some unrelated tostudio.
(07:54):
It's more so like life outlook.
I think right now I'm in thelife recovery phase of
heartbreak, life reset, livingpaycheck to paycheck again, and
how do we recover and get a newnormal back up and going?
So keep you in the loop.
(08:15):
In regards to bankruptcyfollow-ups, I can't control what
members decide to do or react.
I've got a couple more kindmessages from people that
realize that we're going througha real hard time and that's not
easy, and they're at leastexpressing sympathy, empathy I
don't know what it is, butthey're acknowledging that it's
(08:37):
not easy and they're at leastexpressing, like sympathy,
empathy.
I don't know what it is, butthey're acknowledging that it's
not easy.
And it's not like we're justrunning away with a pile of gold
.
We're basically having to leaveempty-handed and with scars
from all this.
So the total of kindness tokindness to toxicness is
(09:00):
probably like a seven to oneratio right now.
Um, and so it's nice that it'spanned out that way so far.
So I'm going to call it good,keep in the loop as to where
things go from here.
That's where we're at, that'swhere we're going.
Let's rock and roll.
Good morning, happy Tuesday.
So we're about eight days pastthe closing of the studio and
right now we're working.
I'm working with corporate onthe refunds process.
So it was a little strange Atfirst.
They were like hey, you got,just wire us everything that
you've got.
I said cool, what's the wiringinfo?
(00:22):
I went you know, please writedown that these are are gonna be
used exclusively for refundsand no other purpose.
That way, if someone asked melike, hey, can you confirm one
way or the other, I said well, Ihave been writing that.
That's the sole reason they'regoing to do so.
Just wanting to to cover myselfin case that's an additional
question that happens in thefuture.
What else, what else?
(00:44):
Oh yeah, I got a text from oneof the franchise support people
yesterday.
That's how we often communicate.
He said they were telling upthe total dues that they need to
have refunded and they'll sendthat over to me.
I said, all right, well, that'sfine, I can just wire you
everything that I've got,because I can't do anything more
(01:05):
than that.
Say oh, it's all good, you know, let's just do the see the
total refunds amount and thenwe'll send that over.
So I don't know.
My hunch is corporate is goingto say like, hey, here's how I
imagine it playing out.
I think corporate's going$15,000 of services that were
(01:26):
paid for that are not beingdelivered on, or something,
something like that, and I canrespond back all right, I don't
have $15,000.
I have 3,800 or 4,000 orsomething.
It's like right around three.
It's like right around that.
And so I'll say, all right,sounds good.
(01:47):
Here is every dollar I have inthe business account for that
purpose wire and we'll say, allright, cool, where's the
remaining 12,000 or 10,000 orwhatever it is the remaining
amount?
So I don't know, I don't havethat.
I've paid my staff, I've paid myvendors.
I have not paid myself in fivemonths.
I finally figured it out Um,the last time I paid myself was,
(02:11):
um, when I fired that that onetoxic employee months ago.
So it was about five months ago.
Um, I haven't paid myself sincethen, and before then I cut my
salary, and so I'm sorry, well,where's the money?
I don't know.
I've paid everybody besidesmyself for 5 months.
This is what I can do.
(02:31):
And I'll say, alright, well,this amount is due.
And they'll say, ok, I don'thave it, sorry, sorry.
And then they'll either sayokay, fine, and then walk away.
Or they'll say, okay, we'regoing to come after you for the
remaining funds and I'll say,okay, bankruptcy protection, I
have no funds to send you.
(02:52):
And then that'll be it.
And then either corporate willend up making the difference or
members will just not getreimbursed on that amount, or, I
don't know, maybe someone willcome in and buy the studio and
they'll cover the difference.
I doubt that they would, butthere'll be an impasse, is my
(03:12):
point and so there's someone'sgoing to be left being feeling
shorted on the amounts owed toeverybody, and I don't know
what's going to happen there.
I can do my best, I can give100, but I can't know what's
going to happen there.
I can do my best, I can give100%, but I can't give 150%.
That is inherently not doable,excuse me.
(03:34):
So that's where that is inprogress.
What else?
We got our confirmation fromthe courts, so we know our day
and time for our officialhearing.
It sounds like the way thisproceeds is we have our initial
hearing and that's where all thecreditors, us and the judge
meet and we state our case, andthen the judge does follow-up or
(03:58):
a future determination orsomething, and then it'll still
be another month and a half,maybe two months, before we get
our official bankruptcydischarge or something.
So it's not like a one and done.
It sounds like there's a followup there.
What else Corporate did?
Ask for admin access to theFacebook groups.
So that's promising.
I sent them, or invited them,as an admin of the groups that
(04:23):
we've got.
So it appears they may open itup again or they're just using
it for easier communicationswith people.
But either way, handing thatasset over to corporate, happy
to it, no problems there.
And then over the weekend wentdeer hunting and trying to be a
rounded human being and to notjust be obsessed with one thing
(04:50):
the fact that we haven't taken avacation for seven years.
We've had maybe like four datenights in the past two years,
three years, like that's onlywhen there's family in town.
Like we haven't done a good jobbuilding up our network of
babysitters or community to likedo kid swaps or day swaps and
so like all of our date nightshave been like 8 pm to to 10 pm
(05:16):
when the kids are in bed.
And so when we hear all thecouples say, oh, we're going to
go on a date night, we're goingto go on a couples only vacation
, like cool.
That sounds really nice.
My wife and I will have to getcreative on how to do that
because we're living on a coupledollars right now, so there's
(05:37):
not a whole lot of wiggle roomto go do things.
So not stressed about it, notanxious.
Over the weekend I did meet a, anew friend, I suppose, deer
hunting that long story short.
They did fine in their careerand then in a couple bad deals
lost everything and had to moveback to Minnesota, like middle
(06:01):
of nowhere Minnesota.
And now they're starting up abusiness and that's they're
putting everything they haveinto it.
They've sold their house,they're driving a 300,000 mile
truck, their car credit cardsare getting maxed out right now
and their vehicle could die anyday trying to get this business
(06:22):
up and going.
And so I guess we're lucky inthe sense that I didn't max out
and have $80,000 of credit carddebt and my vehicle has a
hundred, or one vehicle is one70, 170, the other one has like
120s, but like it's like we'rein a pretty cushy spot
comparatively.
But just to see someone else'sperspective on like how deep you
(06:46):
can go trying to get somethingto work, and he's got the
conviction it's going to be abillion dollar business, which
is great, um, that's awesome.
And so just to see anentrepreneur who is willing to
go all in and like borrow fromfriends and family and like
lever everything up across theboard cause they're that
(07:06):
confident in it and I guess Iwasn't that confident the studio
could be a billion dollarstudio and I believed that
borrowing to keep the studiofloat would just leave friends
and family hanging because Iborrowed from myself, I borrowed
from I could, just I could seewhere it was at and I couldn't
(07:30):
see how to turn it around.
After pulling every lever, wasnot able to turn around.
So, anyhow, it was refreshingto see someone who has that
vigor, that optimism, thatability to handle stress and
recover from hiccups along theway.
So that's some unrelated tostudio.
(07:54):
It's more so like life outlook.
I think right now I'm in thelife recovery phase of
heartbreak, life reset, livingpaycheck to paycheck again, and
how do we recover and get a newnormal back up and going?
So keep you in the loop.
(08:15):
In regards to bankruptcyfollow-ups, I can't control what
members decide to do or react.
I've got a couple more kindmessages from people that
realize that we're going througha real hard time and that's not
easy, and they're at leastexpressing sympathy, empathy I
don't know what it is, butthey're acknowledging that it's
(08:37):
not easy and they're at leastexpressing, like sympathy,
empathy.
I don't know what it is, butthey're acknowledging that it's
not easy.
And it's not like we're justrunning away with a pile of gold
.
We're basically having to leaveempty-handed and with scars
from all this.
So the total of kindness tokindness to toxicness is
(09:00):
probably like a seven to oneratio right now.
Um, and so it's nice that it'spanned out that way so far.
So I'm going to call it good,keep in the loop as to where
things go from here.
That's where we're at, that'swhere we're going.
Let's rock and roll.
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