Mike Matthews: [00:00:00] Howdy, I’m Mike Matthews. Thanks for tuning in at present to what truly goes to be the final episode of the podcast, no less than for now. The title isn’t a joke. It’s not clickbait. I’m going to be stepping away from the podcast, and I assumed it could be applicable to elucidate why for these of you on the market who care—for these of you who subscribe to the present or frequently pay attention, I assumed it could be a bit abrupt to simply cease releasing episodes. And so once more, I’m gonna clarify why I’m not going to be releasing any extra episodes, no less than for now.
The primary motive is that I’m not likely having fun with the work anymore. I’ve accomplished this podcast for over 10 years. I’ve launched—it’s nearly 1,200 episodes now—however I’ve had lots of nice discussions, and I’ve actually loved it over time. However [00:01:00] for a number of years now, my intrinsic motivation to maintain engaged on the podcast has been declining. That’s why I went from 5 episodes per week—which I used to be doing for a very long time, which was enjoyable for some time however then turned a bit a lot—and I went from that to 3 episodes per week after which from three episodes to 1 episode per week.
I’ve been at one episode per week for a while now, however the intrinsic motivation has continued to say no. My intrinsic curiosity in doing the work for its personal sake, reasonably than for different causes, has simply been declining. And that has nothing to do with the company. This isn’t a criticism of anyone who has come on my present. Once more, I’ve had lots of nice company, lots of nice discussions, and I’ve gotten lots of nice suggestions from lots of listeners.
So, that is actually simply me. It’s [00:02:00] not you—it’s me. As a result of at this level, the podcast simply looks like a chore. It’s not painful. Chores are simple to do, however mopping the ground is mopping the ground, proper? And so, that has been pushing me away from the podcast.
Then there are different work initiatives that I’d reasonably put the time, effort, and cash into which have been pulling me away from the podcast. And that, after all, is the chance value of continuous to work on the podcast. As a result of I merely don’t have sufficient time, specifically, to do all of the issues that I wish to do. I’ve to drive myself to deal with the work initiatives which are a very powerful, given my present work objectives. And I barely have sufficient time to maintain up with these. And so, by persevering with the podcast, there’s a very actual alternative value.
Despite the fact that one episode every week doesn’t take as a lot [00:03:00] time as three episodes per week or 5 episodes per week, there nonetheless is extra work than you may assume. It goes into discovering company, discovering good matters for dialogue, getting ready for interviews, and so forth and so forth.
Now, you is perhaps questioning if there’s a good enterprise argument in opposition to all of what I simply shared. If the podcast produces sufficient income, for instance, for Legion—my sports activities diet firm—or for my little publishing firm that sells my books, then shouldn’t I maintain doing it no matter how I really feel about it? Or shouldn’t that make me a little bit bit extra enthusiastic about doing it?
And that’s a superb level. However the quick reply is not any, it doesn’t drive sufficient income to Legion or to my publishing firm to make a lot of a distinction for both of these firms—and positively no distinction to me personally.
Mike Matthews: [00:04:00] And one other argument that may be made—and that has been made by individuals I’ve spoken to about this, which is one other completely legitimate level—is that as an alternative of solely selling my very own issues, I may begin selling different individuals’s issues as effectively. And I may, I used to be informed, count on perhaps $20,000 to $40,000 a month in promoting earnings if I took my stock and opened up no less than half of it to different firms.
I thought of it however determined in opposition to it for just a few causes. One is the sum of money that will come to me personally, which in all probability could be most of that promoting income as a result of it wouldn’t value all that rather more cash for us to promote promoting stock. It might be appreciated—more cash in my life is best than much less cash in my life—but it surely additionally wouldn’t make any distinction in my life.
And I’m not saying that [00:05:00] to brag; I’m simply being trustworthy. Legion is my major supply of earnings by a good distance. Legion will do about $62 to $65 million in income this 12 months, and Legion is solidly worthwhile. And the cap desk is me at 90% fairness, after which an worker inventory choices program at 10%. I took 10% of my 100% of fairness after which put it into an ESOP as a result of I feel that’s the sensible factor to do. I additionally assume it’s the best factor to do.
Along with that, contemplating all the great issues taking place with Legion proper now, I feel it will be pretty easy—not simple, that’s not the best phrase—however easy to get Legion to $100 million in income inside the subsequent two to 4 years.
And so, coming again to the podcast, once you have a look at what it’s contributing to Legion’s development, it’s negligible. It must be producing ten instances the present outcomes to even warrant some [00:06:00] consideration.
Now, you would surprise—and I’ve puzzled, I’ve thought of this—what it could take to make the podcast ten instances greater than it at the moment is, or no less than produce ten instances the financial worth for Legion. The expansion worth for Legion.
It might take rather a lot. I’d must get very severe and really skilled about podcasting. I must rent some key individuals, construct out the infrastructure a bit extra, and put much more time into it personally. And I simply don’t wish to do these issues. So, that’s why I made a decision in opposition to that avenue as effectively.
That brings me to a different issue that has been pushing me away from the podcast: I don’t like doing issues at a middling degree. I don’t like mediocrity. I don’t like having quite a lot of initiatives that I work on and my evaluation of the standard of my work on all of them is one thing within the center.
I’d a lot reasonably have [00:07:00] fewer issues to work on and actually attempt to obtain excellence. My trustworthy evaluation of the podcast is: mediocre. It could possibly be so a lot better in so some ways. Identical factor with my presence on social media—perhaps even worse than mediocre—however at finest, mediocre. It could possibly be so a lot better in so some ways.
So, whereas it isn’t bodily tough to maintain doing the podcast—chore to maintain mopping that ground—it has turn into an increasing number of psychologically tough. The psychological friction has grown as a result of I simply am what I’m. I’m simply wired the best way that I’m.
That’s why my social media is so mediocre. I’m not keen to present it any extra time than I’m at the moment giving it, which is fairly minimal as a result of I’m principally simply repurposing writing that I do—and I take pleasure in doing the writing. In order that’s cool. But when I actually wished to develop my social [00:08:00] media, it could take much more of my time.
Sure, there’s a possibility. Sure, it could be very easy—even simple at this level—however I don’t intrinsically take pleasure in any of that work. I don’t actually like social media. And it wouldn’t contribute all that a lot to Legion, and in some methods would even detract from the enterprise worth of Legion—the enterprise worth of Legion—as a result of the larger of an influencer I’m personally, and the extra enterprise that I carry personally to Legion, the extra there’s what a strategic companion would consult with as a “key man threat.”
If I have been to ever wish to carry, let’s say, a strategic companion into the enterprise—permit them to purchase into the enterprise to assist develop it—they’d attempt to push down the worth of the enterprise by claiming that I’m a key man. That I’m accountable for a good portion of [00:09:00] income or new buyer acquisition or each. And due to this fact, if one thing have been to occur to me, the enterprise could be severely impacted. Or if I have been to wish to depart the enterprise and go do one thing else, the enterprise could be severely impacted.
So, the quantity that they’d worth the enterprise at would go down. And it may go down rather a lot.
Mike Matthews: [00:09:00] I do know, for instance, somebody—I assume you would even say a competitor, I’m not going to say who—who tried to promote his complement firm as a result of he apparently has one other enterprise that he desires to go off and do and already began engaged on that different enterprise. However the complement firm—I don’t wish to give too many particulars—effectively, he’s the face of the corporate. He’s the first influencer.
I don’t know something about their inside numbers different than simply their basic income. However I don’t know the way a lot of that he’s personally accountable for. However it isn’t a small portion. It’s a good portion of income, and new clients are coming from this man’s actions on social media, together with YouTube and different platforms—even a podcast, I feel.
And so, when he went to go promote his enterprise, after all, the consumers who have been have been asking him, “So what’s your position on this?” Oh, he’s additionally the CEO of the enterprise too. So, he’s working the enterprise, and he’s the most important influencer, and he’s personally accountable for lots of the enterprise’s income and new clients.
So, consumers ask him, “Mr. So and so, what do you wish to do right here? What precisely is your plan?” And apparently, he informed them he desires to depart. He desires to go do that different enterprise that he has already began engaged on.
Now, think about you’re that purchaser. Are you going to be [00:11:00] involved about the way forward for that enterprise when you’ve got your CEO and the face of the enterprise—the most important influencer—who desires to simply stroll away and do one thing else? Are you going to pay a premium for that enterprise? No, completely not.
You might not even wish to purchase it in any respect. However if you happen to do wish to make a suggestion, you’re going to considerably low cost the worth of that enterprise simply due to that.
Now, if this man would have stated, “I’ll keep on for no less than three years, perhaps 5 years. Right here’s what we’re going to do to get me changed within the CEO position. Right here’s what we’re going to do to mitigate the influencer key man threat. We’re going to construct a very huge influencer program, for instance. We’re going to get so many influencers that collectively dwarf my affect. And I’ll wind down my social media actions and present that I can carry it right down to this low baseline degree with out hurting the enterprise—with the enterprise nonetheless rising.”
If he have been to say one thing like that, he might need gotten some curiosity from consumers. They in all probability nonetheless would have discounted the worth of the enterprise, however almost definitely no deal. They’d have stated, “Why don’t you do this, after which we’ll discuss? If you are able to do that efficiently, we have an interest. So, we’ll see you in—if you happen to’re going to say three to 5 years—if that’s what it takes, we’ll see you in three to 5 years.”
And so, ultimately, no deal obtained accomplished, and I don’t know what the man’s plans are going ahead. However I’ve been excited about key man threat for years now and mitigating it.
That’s why I’m not the CEO of the enterprise. I truly don’t even have an official position within the enterprise. I assume you would simply say I’m the founder. What I do is I work on advertising and marketing initiatives which are attention-grabbing to me.
So, I’m serving to with our Meta promoting, which we’re lastly doing severely—one thing we should always have been doing severely a very long time in the past, like retail, which we’re lastly [00:13:00] doing as effectively with Vitamin Shoppe.
I’m engaged on a Meta promoting venture for us. I’m engaged on a conversion charge optimization venture for us as a result of these issues have a excessive worth to the enterprise, they usually’re attention-grabbing to me. I don’t at all times take pleasure in doing the work, however I usually take pleasure in engaged on these issues.
After which, as soon as I really feel like I’m not bringing worth to the Meta promoting and the CRO, then I’ll simply discover one thing else to work on. Once more, in all probability one thing in advertising and marketing as a result of that’s what’s most attention-grabbing to me in enterprise—and one thing that’s excessive leverage, that may make a huge impact, and that may maintain the important thing man threat low.
The place I could make an trustworthy, evidence-based argument that I’m not a key man within the firm. I do present worth. I’m not ineffective. But when I weren’t concerned, this enterprise would nonetheless do effectively. [00:14:00] It might nonetheless develop. Right here’s why. Listed below are the people who find themselves producing the vast majority of the expansion—it’s not me personally.
And that’s essential as a result of sooner or later, it’ll nearly definitely make sense to usher in a strategic companion to assist the enterprise attain the following degree.
Mike Matthews: [00:14:00] As a result of whereas I discussed earlier that I feel it’s very easy to get to 100-plus million—let’s simply say 100 million in income within the subsequent few years—we could must make a few further key hires to make that much more easy.
However roughly, with the corporate that we’ve at the moment, we are able to do this. Nonetheless, to go from 100 million to 300 million, I don’t know what that appears like. I don’t know what that may require on the e-commerce entrance, on the retail entrance.
So at that time, for instance, let’s say the enterprise is at 100 million in income. And now I see the trail to 300 million—let’s say it will require lots of worldwide distribution and home retail distribution, for instance.
Whereas that could possibly be bootstrapped, like my staff and I’ve accomplished for 10 years now, it could be rather a lot quicker to simply companion with this huge enterprise that has already accomplished the entire onerous work to arrange all of this distribution and will principally simply begin urgent buttons and make it occur for Legion.
That may additionally give me a possibility to take some chips off the desk, as they are saying, and it could present a liquidity occasion for my staff as effectively, who personal choices. That may be a win for them too.
Even when, as a enterprise proprietor, you don’t wish to promote any piece of what you are promoting—you aren’t fascinated about taking some chips off the desk—you at all times wish to have that possibility. You at all times wish to have a strong enterprise with [00:16:00] good financials, good development, that will be very enticing to a possible companion.
So anyway, to carry that tangent again on subject—that’s the major motive why my social media is, and actually at all times has been, very mediocre—or no less than has been for a very long time.
That’s why I’ve not pursued YouTube severely. That’s why my channel may be very mediocre at finest. I’m not doing YouTube the best way you’re presupposed to do YouTube. And sure, I do know that.
So anyway, coming again to the podcast, one closing motive to proceed it that I did think about is the influence that it has had and that it continues to have on individuals’s lives.
I frequently hear from listeners. They both DM me on a social media platform or e-mail me to inform me how the podcast helps them or has helped them obtain their health objectives quicker.
That truly is probably the most significant issue to me. That’s extra compelling—extra intrinsically motivating—than making an additional $20,000 to $40,000 a month by promoting promoting stock to different firms.
That has at all times been the case, truly. That’s why I began writing books. I like to coach individuals, and I like to assist individuals discover their strategy to true and workable rules and present them methods to use these rules—and the strategies and strategies that come from these rules—to make their life higher.
I by no means get sick of getting these messages the place individuals simply inform me, “Hey, your e-book, or your podcast, or your article made a very huge distinction in my life.”
And to be trustworthy, if it weren’t for that, I’d have stopped the podcast years in the past as a result of years in the past, my intrinsic motivation—my intrinsic curiosity—had fallen sufficient the place I may have walked away from it [00:18:00] and simply put that effort and time and cash into one thing else and been completely okay with that.
However I actually did benefit from the results that it was having on listeners, and in order that was sufficient for me to maintain going.
Nonetheless, at this level, whereas I nonetheless take pleasure in getting these messages, I can have the identical impact with different work. The podcast isn’t the one manner to try this, after all.
Take books, for instance. That’s the reason I maintain writing books—along with the truth that I simply actually like writing. Writing is one thing that’s simply intrinsically attention-grabbing to me. I take pleasure in doing it.
I also can assist lots of people by writing articles and books and dealing on the advertising and marketing for these articles and books to get them in entrance of as many individuals as doable. That offers me much more time to work on getting pretty much as good as I presumably can get—to attain excellence in writing articles and books.
In order that’s the work I’m going to maintain doing. The stuff that I’ve been [00:19:00] doing from the start. And in addition proceed engaged on Legion advertising and marketing, serving to with the expansion of the enterprise.
The explanation why I added the qualifier “for now” to this episode is that perhaps I’ll change my thoughts sooner or later. Perhaps I might be intrinsically motivated to podcast once more.
I may at all times resume it. And sure, I’d be ranging from a decrease degree, clearly—perhaps not from scratch, however one thing nearer to from scratch than the place I’m now, or the place the podcast is now. However that’s okay. That may be overcome with sensible work, with onerous work, and I’d count on that.
Mike Matthews: [00:19:00] So, yeah, that’s sufficient about me. And earlier than I log out, I do wish to say that I’m very pleased with what my staff and I’ve achieved.
It has not simply been me. Various individuals have labored on this with me over the past 10 years or so. I feel it’s been 11 years of the podcast and nearly 1,200 episodes.
We’ve gotten—once more, I feel it’s over 40 million performs now. It’s definitely over 35 million. Hundreds of four- and five-star opinions.
We’ve been within the prime 10 health podcasts on iTunes for years now. We’ve taken the primary spot from Thoughts Pump no less than just a few instances, which was enjoyable, contemplating that the Thoughts Pump staff are good mates of mine.
And I’ve talked about that I’ve heard from 1000’s and 1000’s of listeners over time who’ve informed me how a lot the podcast has helped them obtain their health objectives. That has meant rather a lot to me in addition to to the individuals who have labored on the podcast with me.
So, I wish to say thanks once more to the individuals who have helped me do all of that. That features you, after all. I wish to thanks and everybody who has listened to the podcast, who has supported it in any manner—who has informed any individual about it, who has subscribed.
I don’t take that as a right. Every part I’ve achieved in health endeavors—in my writing, within the podcast, and in Legion—is with the assistance of many different individuals. I’m very conscious of that.
I deserve a number of the credit score, however I don’t deserve the entire credit score. I’ve the entire individuals, once more, who’ve labored with me on these initiatives, they usually deserve lots of the credit score.
Then I’ve the entire individuals who have purchased a e-book, who’ve informed individuals a couple of e-book, who’ve listened to the podcast and informed individuals, and who’ve subscribed.
Individuals who have purchased from Legion and informed others about Legion. Not solely have all of those individuals supported me and helped me obtain the success that I’ve achieved, they’ve chosen to help me over the entire different individuals and firms they might have supported.
That’s huge. That basically means one thing.
Even if you happen to’re simply listening to this podcast, you’re selecting to try this reasonably than the entire different issues you would do together with your time.
For many of us, we might in all probability agree that our time is definitely probably the most priceless commodity in our life.
In some ways, our time is extra priceless than cash. Typically, individuals wish to have more cash to allow them to have extra time—to do issues they wish to do, to spend extra of their time the best way they wish to spend it.
So, the truth that you’re sitting right here spending it with me actually does matter.
Once more, I actually wish to say thanks to everybody who has supported my work in any manner. I don’t take any of that as a right, and I hope to proceed doing issues that assist you to get more healthy, get fitter, and get happier.
I additionally wish to say thanks to the entire company that I’ve had on the present over time. I don’t take any of their time as a right both. There have been many nice discussions that I’ve actually loved—a number of nice data, very useful data, very correct data, very sensible data.
Lastly, I simply wish to encourage you, the listener, to maintain at it. Hold working in your health objectives, maintain working in your well being objectives. Follow the basics. Keep affected person, maintain displaying up, be constant, and you’ll get there.
If you wish to attain out to me, when you’ve got any questions, e-mail is finest: Mike at Muscle for Life dot com—F O R life dot com.
If you wish to observe my mediocre social media accounts, you’ll find me over on Instagram at Muscle for Life Health. I could change that. However at the moment, @muscleforlifefitness is unnecessarily lengthy and has too many phrases, so I could change it.
Regardless, that’s what my Instagram deal with at the moment is. Over on X, I’m at Muscle for Life. On Fb, I don’t bear in mind, however you’ll be able to search Mike Matthews, and I’ve a web page with an honest quantity of followers, so it’s best to discover it pretty simply.
For those who like my writing and wish to be uncovered to it frequently, you’ll find articles over at Legion’s weblog: legionathletics.com. Go to the weblog—you’ll discover lots of articles that I’ve written and that I proceed to write down.
It’s also possible to get on Legion’s e-mail checklist as a result of I’ve my very own little e-newsletter, principally, that I ship to all of Legion’s subscribers.
Perhaps I’ll truly flip this right into a separate e-newsletter—give it a little bit touchdown web page and put it up for sale individually from the whole lot Legion is doing—as a result of lots of people prefer it, and it’s a bit totally different than Legion’s e-newsletter, which is sort of only a compilation of all of the articles that went up on the weblog that week, in addition to another issues that our clients and subscribers may discover attention-grabbing.
That’s Legion’s e-newsletter. Mine is a little bit bit totally different. You may test them each out over at legionathletics.com if you happen to simply subscribe to the e-mail checklist.
Nicely, mates, that’s it. That’s all I’ve on my define for at present’s episode. I hope you discovered it no less than a little bit bit attention-grabbing.
For those who’re nonetheless listening, thanks for listening to it. And farewell for now.
