Maverick Community Update - April 2021

Table of Contents

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👍 Highlights

• We launched our update.maverick.community site so that more friends, family, partners, potential investors, and potential customers can follow along our entrepreneurial journey. This is a living document that contains monthly updates and our thoughts on strategy and the future of Maverick.
• Magnus Lygdback, a world-renowned health and wellness expert and entrepreneur has joined the team as a wellness professional advisor. Magnus will be especially helpful in the personal training arena as he has been a personal trainer to professional athletes and movie stars over the past two decades.
• We are in negotiations with the ex-YogaWorks space in Playa Vista. We hope to be up and operating our first location by the end of June, just in time for fitness facilities to be open 100%. The ~7,500 square foot space features three group training studios and two private training studios and is pretty turn-key ready to start operating. It is located in an outdoor mall with co-tenants such as Whole Foods, Cedars-Sinai, Sender One, Healthy Spot, and Brella.

📚 Learnings

• The office real estate industry is undergoing a significant shift brought upon by tenants (customers) who no longer want to sign long-term leases. Companies are unsure of their future office strategy as their employees are increasingly pushing them to continue working from home. Employers also find they can hire better talent if they are not restricted by geography and can achieve significant savings by not having large office space. Due to this, landlords will no longer be able to just collect checks by relying on the scarcity of real estate and building generic space. Successful landlords and operators of the future must provide flexible space options (space as a service) that inspire and connect like-minded individuals.
• We believe this focus on flexible, beautiful space that like-minded individuals share will impact every asset class of real estate, including retail.

🏃 Next Moves

• Prospecting for wellness professionals on the westside, focusing on the Playa Vista, Silicon Beach area (ex: ex/current wellness professionals from YogaWorks, Flywheel, Barrys Bootcamp, Soul Cycle, F45, Equinox, etc.
• Thinking through how to retrofit our first location without spending more than $10K - paint, plant life, furniture, signage, lighting, personal training space divisions, etc. The studios already come equipped with robust, separate air conditioning units and speakers.
• Meeting with seed funders to underwrite the Executive Director position for our non-profit, Maverick Forward, and are hopeful to post a job announcement by the end of summer.
• Looking at potential ex-gym/ex-fitness boutique locations in NYC in addition to backup/second location options in LA.
• Recruiting a new wellness professional advisor, Kupah James, and it looks like he will be joining the team in the next couple of months. Very exciting.
• Looking into if there is a play to utilize existing space so that we can scale quickly. We could start by focusing on modalities that don’t take much equipment (ex: yoga). For example, sports facilities (ex: Sports Academy) are open weekdays before 5 pm, schools are empty after 5 pm and on weekends, and churches are empty almost every day but Sunday morning. We could rent this affordable, existing, and under-utilized space and provide it to wellness professionals.

🙌 Asks

• Introductions to personal trainers, physical therapists, and other wellness professionals in Los Angeles (specifically on the west side). We would love to speak with anyone and everyone.
• Introductions to non-profit leaders doing impactful work in South LA related to entrepreneurship and/or fitness.
• Looking for potential CTO candidates to join the team. Please let us know if you know anyone!
• Introductions to any landlords who have ex-gym / ex-wellness space and are looking for new tenants. General requirements below:
• Los Angeles neighborhoods: Weho, Santa Monica, Venice, Playa Vista, Culver City, Woodland Hills, Pasadena.
• Size: ideal size is 4-5k sqft, but we can make half or double this size work as well.
• Parking must be convenient for clients.
• Price: ~$3.50 / sqft
• Term: looking for a one-year deal, ideally looking for ex-fitness space to avoid a significant build-out. Renovation work would only include new paint and minor additions - nothing structural.

🙏 Gratitude

• Ryan Light for making some great introductions to outstanding entrepreneurs in the fitness/sports scene
• Pixie, Lacey Stone, Kara Varilone, Dave Shamash, and Andrea Marcum for giving excellent insights into the boutique fitness space and for being so excited about Maverick.
• Tina LaMonica for helping scout new locations and being patient with us 😉
• Rachel Lea from Sutra for providing feedback on potential NYC and LA locations.
• Alex Modell for being enthusiastic about Maverick and continuing to make great connections!
• Ilana Ettinger for scouting some potential locations in NYC and helping brainstorm possible CTO connections.
• Jim Villanueva for having lunch with us in Santa Barbara and sharing insights and thoughts about our concept.

✍️ Thoughts

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