Maverick Community Update - January 2021

Table of Contents

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👍 Highlights

• Negotiations with the landlord at the former Wanderlust Hollywood location are going well, and we hope to have the deal done by the end of the month. We will be able to use the parking lot space for outdoor group fitness (HIIT and Spin) and the indoor space for one-on-one training and physical therapy.
• We've officially created Maverick Health LLC (a California LLC) and our EIN number has been secured (via ZenBusiness.com)
• Paul Hastings (international law firm) has agreed to give the non-profit side of our business free legal counsel. They have started creating our 501(c)(3), which we will call Maverick Forward. The idea of using “Forward” came from the concept of “Pay it Forward.”
• Found an insurance broker, Gallagher, with significant experience in the for-profit, non-profit, and fitness/wellness space. Insurance quotes came back much less expensive than imagined (for both our prospective location and for the trainers themselves).
• We're in discussions with a Los Angeles-based angel funder, who we're pitching to underwrite the executive director position for the non-profit side. Our goal is to hire someone from the South LA community by the end of 2021 and have them learn from the for-profit side.
• We've had several conversations with community leaders in Los Angeles and hope to have many more as we refine the mission and vision of Maverick Forward.
• Our mission statement (to date) is: Maverick Forward is a fitness and wellness community that is committed to supporting professionals in their fields, helping individuals in underserved communities live more free, healthy, and happy lives.
• Our 'pithy' tagline is: Committed to helping people help people.

📚 Learnings

• Our trademark lawyer told us that we should change the name from Maverick Health to something else because there are too many existing gyms using the name Maverick. He described that combining Maverick + Health is not unique enough because the term health is a descriptor. We love using Maverick as it perfectly describes what we are building and brings energy to the concept. A maverick is an independent-minded person—one who thinks outside the norm. Entrepreneurs are Mavericks.
• There are many unknowns regarding the vaccine... when the general public will be vaccinated, how that will even change our habits/mindsets, etc.

🏃 Next Moves

• Thinking through the company structure - ex: an operating company/property company (opco propco) --> strategy in which a company is divided into at least two parts: a property company that owns all the real estate and assets associated with generating revenues, and an operating company that uses those assets to generate sales. I plan to speak with real estate investors and operators this upcoming month to learn more about the best structure for Maverick Community.
• I believe this divided structure will be best for raising capital as various types of investors want to invest in different types of businesses. For example, high net worth real estate investors will want to invest in the property (the real estate), while VCs and angel investors will feel more excited about investing in the operating company (the brand).
• In the process of changing our logo but waiting to finalize the new name before making this change.
• Looking to speak with more physical therapists and exploring the idea of opening locations where more baby boomers reside as we believe this model could work very well in the PT space (and all baby boomers have been prescribed PT).

🙌 Asks

• What are the best outdoor activations that you’ve seen? Fitness, restaurants, drive-by activities, etc.
• Introductions to personal trainers, physical therapists, and other other wellness professionals in Los Angeles. We would love to speak with anyone and everyone.
• Introductions to anyone who owns real estate with outdoor space in Los Angeles.
• Introductions to non-profit leaders doing impactful work in South LA related to entrepreneurship and/or fitness.

🙏 Gratitude

• Todd Schneider at Paul Hastings for believing in our mission and giving us pro-bono legal counsel.
• Lewis Anten for his trademark guidance and, most importantly, his thought partnership.
• Claire Peeps for taking her time to speak with us about our non-profit strategy.

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