Today we’d like to introduce you to Austin Wright.
Hi Austin, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today?
My career started in the fitness industry in the early 2000s. I got a job in sales and was fortunate enough to work on one of the top-selling sales teams in the history of 24-Hour Fitness clubs. I learned a great deal from my mentors at that time and was able to absorb everything from high-level sales skills to management to customer service and operations.
My career progressed quickly, and I became a General Manager and eventually a Regional Manager, overseeing multiple locations and hundreds of staff.
After many years, I made the decision to switch to Gold’s Gym, for both personal and professional reasons. This choice would lead to a 10-year career and the growth of the largest Gold’s Gym franchisee group in the US, with me at the helm.
I helped the company expand from 4 locations to 20, and developed everything from the New Hire Sales Training program to the Corporate Wellness platform.
After many years of building someone else’s empire, I decided to break out on my own. I opened my first gym in 2017, in Los Angeles, CA, immediately followed by a second a year later and a 3rd a year after that.
This period in my life gave me not only the ability to make my own path but the freedom to pursue multiple passion projects at the same time.
One of those projects was e-Commerce.
We launched our first E-Comm brand in 2016 on Kickstarter and were an immediate smash hit. Over the next 4-5 years, we would grow the company, start other brands, launch many new products, and get a master class on how to operate a successful E-Comm startup.
At one point, we were doing over $1M per week in sales.
We sold one of our brands in 2021 for $25M, and later formed a Private Equity group to purchase, start, and incubate other successful brands.
At the time of this writing, we have 4 brands in our portfolio, with 2 others under acquisition. We aim to run 15-20 brands at any given time and manage a $1B+ portfolio of successful brands.
Can you talk to us a bit about the challenges and lessons you’ve learned along the way. Looking back would you say it’s been easy or smooth in retrospect?
It has definitely not been a smooth ride. I don’t think it’s ever a smooth ride on the way to success. You learn the most from your challenges, and it’s not what happens to you that determines your success or failure, it’s how you react to it.
I think I’ve done a pretty good job of learning from mistakes, staying positive and optimistic, and pivoting when necessary. I’ve experienced everything from toxic partnerships to failed companies, and the stress is never fun. But I’ve always kept my eye on the prize.
I’ve been broke, I’ve been fired from jobs, and I’ve been at a place where I was paycheck to paycheck and living off credit card debt to survive. Sometimes, you have to go through the fire to see what you’re made of.
The biggest lesson I’ve learned is that life is a team sport. Nobody makes it on their own. So finding the right friends, business partners, spouse, or significant other, is extremely important in your success journey. Your network is your net worth.
We’ve been impressed with 8th Wonder Capital, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
8th Wonder Capital is a boutique private equity investment group focusing on e-Commerce brands in the Pets, Baby, Nutrition, and E-Bike niches.
We currently own and operate multiple brands that produce tens of millions in revenue and have raving fans and incredible lifetime customer value.
So, before we go, how can our readers or others connect or collaborate with you? How can they support you?
You can reach me at awright@8thwonderequity.com.
Contact Info:
- Website: https://www.8thwonderequity.com/
