Mike Matthews: [00:00:00] Howdy, I’m Mike Matthews. Thanks for tuning in immediately to what truly goes to be the final episode of the podcast, a minimum of for now. The title will not be a joke. It’s not clickbait. I’m going to be stepping away from the podcast, and I believed it could 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 could 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, a minimum of for now.
The primary purpose 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 virtually 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 grew to become 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, slightly 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 lots of nice friends, 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 appears 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 tasks that I’d slightly put the time, effort, and cash into which have been pulling me away from the podcast. And that, in fact, 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 power myself to concentrate on the work tasks which can be 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.
Although 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 suppose. It goes into discovering friends, discovering good subjects for dialogue, making ready for interviews, and so forth and so forth.
Now, you could 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 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 great 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 corporations—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 effectively. And I might, I used to be informed, count on perhaps $20,000 to $40,000 a month in promoting revenue if I took my stock and opened up a minimum of half of it to different corporations.
I thought-about it however determined in opposition to it for a number of causes. One is the amount of cash that may come to me personally, which in all probability can 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 will be appreciated—extra money 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 main supply of revenue 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 believe that’s the sensible factor to do. I additionally suppose it’s the suitable factor to do.
Along with that, contemplating all the nice issues taking place with Legion proper now, I believe it’ll be pretty easy—not simple, that’s not the suitable 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, if you have a look at what it’s contributing to Legion’s progress, it’s negligible. It must be producing ten instances the present outcomes to even warrant some [00:06:00] consideration.
Now, you can marvel—and I’ve puzzled, I’ve thought of this—what it could take to make the podcast ten instances greater than it at present is, or a minimum of produce ten instances the financial worth for Legion. The expansion worth for Legion.
It will take quite a bit. I’d should get very critical 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 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 numerous 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 slightly have [00:07:00] fewer issues to work on and actually attempt to obtain excellence. My trustworthy evaluation of the podcast is: mediocre. It might be so a lot better in so some ways. Similar factor with my presence on social media—perhaps even worse than mediocre—however at finest, mediocre. It might be so a lot better in so some ways.
So, whereas it isn’t bodily troublesome to maintain doing the podcast—chore to maintain mopping that flooring—it has turn into increasingly more psychologically troublesome. The psychological friction has grown as a result of I simply am what I’m. I’m simply wired the way in which that I’m.
That’s why my social media is so mediocre. I’m not keen to provide it any extra time than I’m at present 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 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 convey personally to Legion, the extra there’s what a strategic accomplice would seek advice from as a “key man danger.”
If I have been to ever wish to convey, let’s say, a strategic accomplice 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 subsequently, if one thing have been to occur to me, the enterprise can be severely impacted. Or if I have been to wish to go away the enterprise and go do one thing else, the enterprise can be severely impacted.
So, the quantity that they’d worth the enterprise at would go down. And it may go down quite a bit.
Mike Matthews: [00:09:00] I do know, for instance, somebody—I assume you can 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 inner numbers different than simply their basic income. However I don’t understand how a lot of that he’s personally accountable for. However it isn’t a small portion. It’s a significant slice 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 believe.
And so, when he went to go promote his enterprise, in fact, 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 prospects.
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 go away. 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 might have your CEO and the face of the enterprise—the most important influencer—who desires to only stroll away and do one thing else? Are you going to pay a premium for that enterprise? No, completely not.
Chances are you’ll not even wish to purchase it in any respect. However for those who do wish to make a suggestion, you will considerably low cost the worth of that enterprise simply due to that.
Now, if this man would have mentioned, “I’ll keep on for a minimum of 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 danger. 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 convey it all the way 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 consumers. They in all probability nonetheless would have discounted the worth of the enterprise, however most certainly no deal. They’d have mentioned, “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—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 obtained accomplished, and I don’t know what the man’s plans are going ahead. However I’ve been fascinated by key man danger for years now and mitigating it.
That’s why I’m now not the CEO of the enterprise. I truly don’t even have an official position within the enterprise. I assume you can simply say I’m the founder. What I do is I work on advertising and marketing tasks which can be fascinating to me.
So, I’m serving to with our Meta promoting, which we’re lastly doing critically—one thing we must always have been doing critically 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 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 fascinating to me. I don’t all the time 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 now 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 fascinating to me in enterprise—and one thing that’s excessive leverage, that may make a big effect, and that may maintain the important thing man danger 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 will nonetheless develop. Right here’s why. Listed here are the people who find themselves producing the vast majority of the expansion—it’s not me personally.
And that’s necessary as a result of sooner or later, it would virtually definitely make sense to herald a strategic accomplice to assist the enterprise attain the subsequent degree.
Mike Matthews: [00:14:00] As a result of whereas I discussed earlier that I believe it’s very easy 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 further key hires to make that much more easy.
However kind of, with the corporate that we’ve got at present, we will do this. Nevertheless, 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’ll require lots of worldwide distribution and home retail distribution, for instance.
Whereas that might be bootstrapped, like my staff and I’ve accomplished for 10 years now, it could be quite a bit quicker to only accomplice with this large enterprise that has already accomplished the entire onerous 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 possibility to take some chips off the desk, as they are saying, and it could present a liquidity occasion for my workers as effectively, who personal choices. That might 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 concerned with taking some chips off the desk—you all the time wish to have that choice. You all the time wish to have a strong enterprise with [00:16:00] good financials, good progress, that may be very engaging to a possible accomplice.
So anyway, to convey that tangent again on matter—that’s the main purpose why my social media is, and actually all the time has been, very mediocre—or a minimum of has been for a very long time.
That’s why I’ve not pursued YouTube critically. That’s why my channel could be very mediocre at finest. I’m not doing YouTube the way in which you’re purported to do YouTube. And sure, I do know that.
So anyway, coming again to the podcast, one remaining purpose to proceed it that I did take into account 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 quicker.
That truly is essentially 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 corporations.
That has all the time been the case, truly. That’s why I began writing books. I like to teach folks, and I like to assist folks discover their approach to true and workable rules and present them the best way 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 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 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 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.
Nevertheless, 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 means to do this, in fact.
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 fascinating to me. I take pleasure in doing it.
I may 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 potential. 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 explanation why I added the qualifier “for now” to this episode is that perhaps I’ll change my thoughts sooner or later. Possibly I will likely be intrinsically motivated to podcast once more.
I might all the time 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 off, I do wish to say that I’m very pleased with what my staff and I’ve achieved.
It has not simply been me. Numerous folks have labored on this with me during the last 10 years or so. I believe it’s been 11 years of the podcast and virtually 1,200 episodes.
We’ve gotten—once more, I believe 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 high 10 health podcasts on iTunes for years now. We’ve taken the primary spot from Thoughts Pump a minimum of a number of instances, which was enjoyable, contemplating that the Thoughts Pump staff are good associates 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 quite a bit 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, in fact. I wish to thanks and everybody who has listened to the podcast, who has supported it in any means—who has informed any person about it, who has subscribed.
I don’t take that as a right. All the things 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 lots of the credit score.
Then I’ve the entire individuals who have purchased a e book, who’ve informed folks a couple of e book, who’ve listened to the podcast and informed folks, and who’ve subscribed.
Individuals who have purchased from Legion and informed 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 basically means one thing.
Even for those who’re simply listening to this podcast, you might be selecting to do this slightly than the entire different issues you can do together with your time.
For many of us, we might in all probability agree that our time is definitely essentially the most worthwhile commodity in our life.
In some ways, our time is extra worthwhile than cash. Usually, folks wish to have extra money to allow them to have extra time—to do issues they wish to do, to spend extra of their time the way in which 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 means. I don’t take any of that as a right, and I hope to proceed doing issues that enable you to get more healthy, get fitter, and get happier.
I additionally wish to say thanks to the entire friends 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 lot 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. Keep on with the basics. Keep affected person, maintain exhibiting up, be constant, and you’ll get there.
If you wish to attain out to me, in case you have 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, yow will discover me over on Instagram at Muscle for Life Health. I could change that. However at present, @muscleforlifefitness is unnecessarily lengthy and has too many phrases, so I could change it.
Regardless, that’s what my Instagram deal with at present is. Over on X, I’m at Muscle for Life. On Fb, I don’t keep in mind, however you possibly can search Mike Matthews, and I’ve a web page with an honest quantity of followers, so you must discover it pretty simply.
When you like my writing and wish to be uncovered to it recurrently, yow will discover 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 put in writing.
You can even get on Legion’s e-mail record as a result of I’ve my very own little publication, mainly, that I ship to all of Legion’s subscribers.
Possibly I’ll truly flip this right into a separate publication—give it a little bit touchdown web page and put it on the market individually from every part Legion is doing—as a result of lots of people prefer it, and it’s a bit totally different than Legion’s publication, 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 may discover fascinating.
That’s Legion’s publication. Mine is a little bit bit totally different. You may test them each out over at legionathletics.com for those who simply subscribe to the e-mail record.
Effectively, associates, that’s it. That’s all I’ve on my define for immediately’s episode. I hope you discovered it a minimum of a little bit bit fascinating.
When you’re nonetheless listening, thanks for listening to it. And farewell for now.
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