Mike Matthews: [00:00:00] Hey, I’m Mike Matthews. Thanks for tuning in right now to what truly goes to be the final episode of the podcast, not less than for now. The title is just not a joke. It’s not clickbait. I’m going to be stepping away from the podcast, and I believed it will be acceptable to elucidate why for these of you on the market who care—for these of you who subscribe to the present or recurrently pay attention, I believed it will be a bit abrupt to only cease releasing episodes. And so once more, I’m gonna clarify why I’m not going to be releasing any extra episodes, not less than for now.
The primary motive is that I’m not likely having fun with the work anymore. I’ve finished this podcast for over 10 years. I’ve launched—it’s nearly 1,200 episodes now—however I’ve had numerous nice discussions, and I’ve actually loved it through the years. 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 grew to become a bit a lot—and I went from that to a few 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 friends. This isn’t a criticism of anyone who has come on my present. Once more, I’ve had numerous nice friends, numerous nice discussions, and I’ve gotten numerous nice suggestions from numerous 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 appears like a chore. It’s not painful. Chores are straightforward 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 tasks that I’d reasonably put the time, effort, and cash into which were 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 need to do. I’ve to pressure myself to deal with the work tasks which are crucial, 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.
Regardless that one episode per 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 would possibly assume. It goes into discovering friends, discovering good matters for dialogue, getting ready for interviews, and so forth and so forth.
Now, you may be 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 vitamin 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 an excellent level. However the quick reply isn’t 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 definitely no distinction to me personally.
Mike Matthews: [00:04:00] And one other argument that may be made—and that has been made by folks 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 might begin selling different folks’s issues as properly. And I might, I used to be advised, anticipate possibly $20,000 to $40,000 a month in promoting revenue if I took my stock and opened up not less than half of it to different firms.
I thought of it however determined in opposition to it for a number of 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—extra money in my life is best than much less cash in my life—however it additionally wouldn’t make any distinction in my life.
And I’m not saying that [00:05:00] to brag; I’m simply being sincere. Legion is my major supply of revenue by a good distance. Legion will do about $62 to $65 million in income this yr, 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 good 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’ll be pretty simple—not straightforward, that’s not the best phrase—however simple to get Legion to $100 million in income throughout the subsequent two to 4 years.
And so, coming again to the podcast, while you have a look at what it’s contributing to Legion’s development, it’s negligible. It must be producing ten occasions the present outcomes to even warrant some [00:06:00] consideration.
Now, you might marvel—and I’ve puzzled, I’ve thought of this—what it will take to make the podcast ten occasions greater than it presently is, or not less than produce ten occasions the financial worth for Legion. The expansion worth for Legion.
It might take lots. I’d should get very severe and really skilled about podcasting. I must rent some key folks, construct out the infrastructure a bit extra, and put much more time into it personally. And I simply don’t need to do these issues. So, that’s why I made a decision in opposition to that avenue as properly.
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 a lot of tasks 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 sincere 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—possibly even worse than mediocre—however at greatest, mediocre. It could possibly be so a lot better in so some ways.
So, whereas it’s not bodily troublesome to maintain doing the podcast—chore to maintain mopping that ground—it has develop into increasingly psychologically troublesome. 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 offer it any extra time than I’m presently giving it, which is fairly minimal as a result of I’m largely 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 will take much more of my time.
Sure, there’s a chance. Sure, it will be very simple—even straightforward 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 may be what a strategic associate would confer with as a “key man threat.”
If I have been to ever need to carry, let’s say, a strategic associate 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 liable 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 need 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 could go down lots.
Mike Matthews: [00:09:00] I do know, for instance, somebody—I suppose you might 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 needs to go off and do and already began engaged on that different enterprise. However the complement firm—I don’t need to give too many particulars—properly, he’s the face of the corporate. He’s the first influencer.
I don’t know something about their inner numbers different than simply their common income. However I don’t know the way a lot of that he’s personally liable for. However it’s not a small portion. It’s a good portion of income, and new prospects 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 patrons 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 largest influencer, and he’s personally accountable for lots of the enterprise’s income and new prospects.
So, patrons ask him, “Mr. So and so, what do you need to do right here? What precisely is your plan?” And apparently, he advised them he needs to depart. He needs 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 could have your CEO and the face of the enterprise—the largest influencer—who needs to only stroll away and do one thing else? Are you going to pay a premium for that enterprise? No, completely not.
You might not even need to purchase it in any respect. However for those who do need to make a suggestion, you will considerably low cost the worth of that enterprise simply due to that.
Now, if this man would have stated, “I’ll keep on for not less than three years, possibly 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 large 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 may need gotten some curiosity from patrons. They in all probability nonetheless would have discounted the worth of the enterprise, however most probably no deal. They’d have stated, “Why don’t you try this, after which we’ll speak? If you are able to do that efficiently, we have an interest. So, we’ll see you in—for those who’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 received finished, 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 suppose you might simply say I’m the founder. What I do is I work on advertising and marketing tasks which are attention-grabbing to me.
So, I’m serving to with our Meta promoting, which we’re lastly doing significantly—one thing we must always have been doing significantly a very long time in the past, like retail, which we’re lastly [00:13:00] doing as properly with Vitamin Shoppe.
I’m engaged on a Meta promoting undertaking for us. I’m engaged on a conversion charge optimization undertaking for us as a result of these issues have a excessive worth to the enterprise, and so they’re attention-grabbing to me. I don’t at all times take pleasure in doing the work, however I typically 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 sincere, 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 properly. [00:14:00] It might nonetheless develop. Right here’s why. Listed here are the people who find themselves producing nearly all of the expansion—it’s not me personally.
And that’s vital as a result of in some unspecified time in the future, it can nearly actually make sense to herald a strategic associate to assist the enterprise attain the subsequent degree.
Mike Matthews: [00:14:00] As a result of whereas I discussed earlier that I feel it’s very simple to get to 100-plus million—let’s simply say 100 million in income within the subsequent few years—we might must make a few extra key hires to make that much more simple.
However roughly, with the corporate that now we have presently, we will try this. Nonetheless, to go from 100 million to 300 million, I don’t know what that appears like. I don’t know what that can 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’ll require numerous worldwide distribution and home retail distribution, for instance.
Whereas that could possibly be bootstrapped, like my staff and I’ve finished for 10 years now, it will be lots sooner to only associate with this large enterprise that has already finished the entire exhausting work to arrange all of this distribution and will mainly simply begin urgent buttons and make it occur for Legion.
That might additionally give me a chance to take some chips off the desk, as they are saying, and it will present a liquidity occasion for my staff as properly, who personal choices. That might be a win for them too.
Even when, as a enterprise proprietor, you don’t need to promote any piece of your small business—you aren’t taken with taking some chips off the desk—you at all times need to have that choice. You at all times need to have a strong enterprise with [00:16:00] good financials, good development, that will be very engaging to a possible associate.
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 not less than has been for a very long time.
That’s why I’ve not pursued YouTube significantly. That’s why my channel may be very mediocre at greatest. 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 contemplate is the impression that it has had and that it continues to have on folks’s lives.
I recurrently 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 sooner.
That really 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 folks, and I like to assist folks discover their method to true and workable ideas and present them find out how to use these ideas—and the strategies and strategies that come from these ideas—to make their life higher.
I by no means get sick of getting these messages the place folks simply inform me, “Hey, your e book, or your podcast, or your article made a very large distinction in my life.”
And to be sincere, 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 might 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 provides me much more time to work on getting pretty much as good as I probably 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 rationale why I added the qualifier “for now” to this episode is that possibly I’ll change my thoughts in some unspecified time in the future. Possibly I might be intrinsically motivated to podcast once more.
I might at all times resume it. And sure, I’d be ranging from a decrease degree, clearly—possibly 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 good work, with exhausting work, and I’d anticipate that.
Mike Matthews: [00:19:00] So, yeah, that’s sufficient about me. And earlier than I log out, I do need to say that I’m very happy with what my staff and I’ve completed.
It has not simply been me. A variety of folks 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 actually over 35 million. Hundreds of four- and five-star evaluations.
We’ve been within the prime 10 health podcasts on iTunes for years now. We’ve taken the primary spot from Thoughts Pump not less than a number of occasions, which was enjoyable, contemplating that the Thoughts Pump staff are good buddies of mine.
And I’ve talked about that I’ve heard from 1000’s and 1000’s of listeners through the years who’ve advised me how a lot the podcast has helped them obtain their health objectives. That has meant lots to me in addition to to the individuals who have labored on the podcast with me.
So, I need to say thanks once more to the individuals who have helped me do all of that. That features you, after all. I need to thanks and everybody who has listened to the podcast, who has supported it in any manner—who has advised any person about it, who has subscribed.
I don’t take that without any consideration. Every little thing I’ve achieved in health endeavors—in my writing, within the podcast, and in Legion—is with the assistance of many different folks. I’m very conscious of that.
I deserve among the credit score, however I don’t deserve the entire credit score. I’ve the entire folks, once more, who’ve labored with me on these tasks, and so they deserve numerous the credit score.
Then I’ve the entire individuals who have purchased a e book, who’ve advised folks a few e book, who’ve listened to the podcast and advised folks, and who’ve subscribed.
Individuals who have purchased from Legion and advised others about Legion. Not solely have all of those folks supported me and helped me obtain the success that I’ve achieved, they’ve chosen to help me over the entire different folks and firms they might have supported.
That’s large. That actually means one thing.
Even for those who’re simply listening to this podcast, you’re selecting to try this reasonably than the entire different issues you might do together with your time.
For many of us, we’d 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, folks need to have extra money to allow them to have extra time—to do issues they need to do, to spend extra of their time the best way they need to spend it.
So, the truth that you’re sitting right here spending it with me actually does matter.
Once more, I actually need to say thanks to everybody who has supported my work in any manner. I don’t take any of that without any consideration, and I hope to proceed doing issues that provide help to get more healthy, get fitter, and get happier.
I additionally need to say thanks to the entire friends that I’ve had on the present through the years. I don’t take any of their time without any consideration 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 need to encourage you, the listener, to maintain at it. Preserve 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, you probably have any questions, e mail is greatest: Mike at Muscle for Life dot com—F O R life dot com.
If you wish to comply with my mediocre social media accounts, you could find me over on Instagram at Muscle for Life Health. I’ll change that. However presently, @muscleforlifefitness is unnecessarily lengthy and has too many phrases, so I’ll change it.
Regardless, that’s what my Instagram deal with presently is. Over on X, I’m at Muscle for Life. On Fb, I don’t bear in mind, however you possibly can search Mike Matthews, and I’ve a web page with a good quantity of followers, so it’s best to discover it pretty simply.
When you like my writing and need to be uncovered to it recurrently, you could find articles over at Legion’s weblog: legionathletics.com. Go to the weblog—you’ll discover numerous articles that I’ve written and that I proceed to write down.
You can even get on Legion’s e mail listing as a result of I’ve my very own little e-newsletter, mainly, that I ship to all of Legion’s subscribers.
Possibly I’ll truly flip this right into a separate e-newsletter—give it a little bit touchdown web page and put it on the market individually from every little thing 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 form of only a compilation of all of the articles that went up on the weblog that week, in addition to another issues that our prospects and subscribers would possibly discover attention-grabbing.
That’s Legion’s e-newsletter. Mine is a little bit bit totally different. You’ll be able to examine them each out over at legionathletics.com for those who simply subscribe to the e-mail listing.
Properly, buddies, that’s it. That’s all I’ve on my define for right now’s episode. I hope you discovered it not less than a little bit bit attention-grabbing.
When you’re nonetheless listening, thanks for listening to it. And farewell for now.
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