🟢 Equinox Challenger

October 03, 2024

Presented by:

By Ted Williams

Hello Thursday. I’m still sore from playing 3 straight hours of pickleball at Rally on Saturday night. I went 9-1, but who’s keeping track. Reaction time got a little delayed towards the end of the night as I made the mistake of hydrating exclusively with Juicy Jays.

I was there for a birthday party, so I didn’t pick up the tab, but I left feeling guilty when I learned that Rally’s indoor courts cost $96 per hour on Saturdays. Do I Venmo the host? Anyways.

💼 Hot Job: Sales Representative, Real Estate Advertising & Marketing at Rabbu ($65K – $95K). Work with my friends Emir Dukic and Trent Hawthorne at this "Zillow for Airbnbs" startup.

👨Shout-out: Andy Roddick for signing up to star in a pickleball comedy movie named "The Dink" from producer Ben Stiller. Filming begins later this fall.

MARKETS: YEAR-TO-DATE

Nasdaq

17,925

+21.40%

S&P 500

5,709

+20.38%

TREE

57.39

+95.14%

Shark Tank: While working there in 2011, I pitched CEO Doug Lebda a "LendingTree for jobs" concept. He shot it down, fast. Want to work there? Openings include Paid Social Manager, Growth Marketing Manager, and Director of Sales.

EQUINOX KILLER

No. 1 most interesting concept debuting in Charlotte

Founder Addy Collett and Christian DiMonda

29 year old founder Addy Collett (12.7K Instagram followers) plans to open The Health Club in January. I’m bullish.

The 18,000 square foot facility located in Oakhurst will feature an open gym with top-of-the-line equipment, mezzanine level with classrooms for bootcamp and pilates classes, and luxury locker rooms with dry saunas and eucalyptus steam rooms.
It’ll also have a co-ed cold plunge and hot tub area (spicy!).

Opportunity: "Charlotte is primed for the arrival of a major health club, and the opportunity couldn’t be more timely," says fitness industry expert Brandon Cullen of MADabolic. "Both Life Time and Equinox are actively exploring locations in the South End."

Founding deal: Addy will release a batch of 200 founding memberships in a few weeks priced at $189/mo for an individual or $349/mo for a couple. I bet these will sell out within 48 hours. FYI, their newsletter list will get first dibs.

Standard memberships will then cost $229/mo with a $199 enrollment fee (waived for founders).

"We plan to cap membership at 1,800 members to ensure we maintain a high-quality experience for all members and avoid overcrowding," Addy shared with me.

Back of the napkin math: If she can hit these numbers, that's about $400K/mo in recurring revenue. Let's say her rent is $55K/mo ($35/sqft) and payroll is $60K/mo. That's an awesome business, even if the build out is in the $5M range (my guess).

Tiny breakdown: Full details on The Health Club, including 5 renderings

PRESENTED BY THE GAMBRELL CENTER

Arts at Queens University announces their 2024-2025 lineup

The lineup includes a dynamic array of entertaining and educational concerts, lectures, art exhibits, and more.

Events are conveniently located on the Queens University campus in Myers Park where parking is free.

Shoutout: My friend Laura Kratt is the Executive Director and if you haven’t been to the 63,000 square foot, state-of-the-art Gambrell Center — it’s beautiful.

Buy: Tickets range from $0-$65 and are available through ETix.

I'm most excited about the Vitamin String Quartet playing the music of Taylor Swift and Bridgerton.

ZILLOW RABBIT HOLE

Myers Park home with "Miami and Los Angeles" vibes asks $13.9M

Courtesy of Liza Caminiti at Ivester Jackson

This 14,000 square foot home was custom built by Chiott in 2020. It’s nestled on a 1.4-acre lot and has 6 bedrooms and 7 baths.

Views: Located on Myers Park Country Club hole #5 (par 3, 174 yards), you can watch from your new pool as I hit a 6-iron tight and tap in for birdie.

Agent: Liza Caminiti, who’s in the top 1% of Charlotte realtors and has a dog named Rocco. 7.7K Instagram followers. Pittsburgh native and lived in Miami where she started an interior design company before moving here.

Competition: Quail Hollow mansion dubbed "Baby Biltmore" just hit the market for nearly $8M. Overlooks the tee on hole #7 (par 5, 531 yards).

TINY MONEY JOB BOARD

Who’s hiring in Charlotte? 5 Trending jobs

Director, Growth Marketing at Wells Fargo ($144K – $300K). Part of the small business banking team. 10+ years experience, including 7+ managing people.
Client Engagement & Communications Manager at Yellow Duck. Hybrid. 5+ years experience. Say hello to my friend and owner Julianne McCollum and work with Nikki Wolfe.
Senior Sales Account Executive at Kitchen Guard ($65K – $150K). Opportunity for profit sharing and a path to ownership. Work directly with owner Matthew Ord.
Director of Events at Charlotte Country Club. Strategize and implement an average of 1,000 private and club events exceeding $3 million. Amazing GM/COO Priscilla Eich.
Senior Manager, Strategic Events at Dentsply Sirona ($150K – $190K). 30% travel. Hiring manager is Nick Harrison.

Hiring? Post a job

Hunting? View all 42 postings on the job board

MONEY TALKS

Investment banker retires at 47 with $10M net worth

Crispy Banh Mi, this millionaire’s favorite Charlotte restaurant

Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.

Living situation: “I own a $600,000 home with no mortgage.”

Salary: “Towards the end of my investment banking career, my annual salary and bonus was close to $1M. I had no work life balance while I was working (I'm a female with 0 kids). Now that I’m retired, I do whatever I want.”

Investments: "I have over $10M. Primarily invested in low cost S&P 500 index ETFs (like VOO). I’m a buy and hold investor and just fine with getting 8-10% annual return over time. No crypto or real estate (other than primary home). I don’t have a bond portfolio, but I do have 2-3 years cash expenses set aside to help me sleep better.”

Worst decision: "The brand new Mercedes SLK 500 that I bought in my 30s to make myself feel better when all of my friends were getting married."

Full story: Personal finances of an investment banker who retired at 47 with $10M net worth

MONEY SNACKS

Other financial headlines I’m snacking on

Top 1% earners in North Carolina have a household income of $590,132 and above.
Fly Kid Fly, a new coffee concept, opens Saturday at The Bowl at Ballantyne. Congratulations to my friends Chandler Wrenn and Collin Ricks.
Carolina Renaissance Festival opens this weekend. $34 for adults and $20 for kids. Turkey leg!
NC public school athletes can now profit from NIL.

HOUSEKEEPING

The crossover I didn’t know I needed, “Mahjong X needlepointing”

Left speechless: While watching the Panthers on Sunday, I looked over at the other couch to find my 39 year old wife needlepointing a mahjong tile Christmas ornament. Wow.

Shout-out to Ashley Sigmon and Leigh Young of Mahj in the City fame (electric "Get Your Mahj'On!" tagline, btw). And Susan Miller, owner of Po's Point needlepoint store.

Mailbag: I thought The Cheesecake Factory only did $10M per year, but inside sources tell me the real number is $13M. Another reader added, “Tommy Bahama’s Marlin Bar will be the hottest spot for divorcee meetups.”

Western NC: My friends over at Axios have a running list of ways to support. My wife went to Target to buy supplies and found so many Charlotteans doing the same. Refreshing to see our state come together amidst this heartbreaking crisis.

– Ted