Thirty Minute Mentors Podcast Transcript: Interview with 24 Hour Fitness Founder Mark Mastrov

I recently interviewed Mark Mastrov on my podcast, Thirty Minute Mentors. Here is a transcript of our interview:

Adam: Our guest today is a pioneer in the fitness industry. Mark Mastrov is the founder of 24 Hour Fitness, which he sold in 2005 for $1.6 billion. Mark is also the founder of UFC gym, which he runs today. Mark, thank you for joining us.

Mark: Thanks. I appreciate you having me on. I look forward to the day.

Adam: Mark, your old company, 24 Hour Fitness, has been going through a tough stretch. The fitness industry has been going through a tough stretch. Many companies and many industries are trying to figure out how to best adapt right now. You've led through many cycles. How have you successfully weathered storms in the past? And what advice do you have for leaders trying to navigate this one?

Mark: Yeah, great question, Adam. Look, I think there's a bunch of ways to tackle it. Obviously, you've got to have a great senior team that is patient, caring, and understanding and can get after, you know, your planning generally, when something like this hits, and in this pandemics, like something we've never seen before, where the government's come in, and basically shut you down, in some places indefinitely and other places, you know, a short period of time, you got to put a plan in place that is strong with communication to your team, and in the fitness industry, to your members, and especially to your vendors and your landlords, where you say, look, we're working through this, we're going to keep you abreast of what our thoughts are and how we want to tackle this. And then you just have to have good relationships. And so we've always prided ourselves on being super communicative, with everybody; our landlords, our team, our members, so that they know exactly what's going on and stay in front of it so that we can kind of get through these situations when they do arise, whether it's an economic slowdown, whether it's the SARS event that we had in Asia back in the day, which is a little bit similar this but was smaller in scale, or whether it's now this massive, covid 19 pandemic that's touching the entire world. But I think you put a great plan in place and you execute it with your team, and you make sure you stay strong in the communication area. That's probably the most important factor I see.

Adam: What specifically are some of the things that you're doing right now as the leader of UFC gym, to try to drive your team through this difficult moment?

Gary: Yeah. So you know, in the States, obviously, and we're global, we're in 38 countries now and growing. But in the US as an example, you know, the government put out platforms and programs through the Care Act, or potentially unemployment or through a PPP program. So what we did is we got behind all that to make sure that we were able to tell our team where we were able to furlough them, that they had opportunities to pick up, you know, cash through their unemployment filings and the Care Act. So a lot of them were able to do that. And we gave them the information so they could do it. We talked to our franchisees and said, look, here's this PPP program, here's how to file it, here's who to talk to. So a lot of them were very successful in acquiring that. And then we made sure that we kept our senior team, you know, tight. That we talk on a daily basis. We keep our clubs ready and prepared. And then we looked at what the governmental laws are going to be around reopening. And for there, we had a little bit of insight because we were able to go to our franchisees globally. We were able to talk to the folks in Taiwan and Singapore and China, who were hit early, and learn from them, what did you do upon reopening? What were some of the key things that you found were successful to make your facilities clean and safe? What procedures do you have to put in place? How did you communicate with your members, etc. And so we lifted the law that we have had of what the US did. And then when the US would roll out its plans, we found that there wasn't anything led by the federal government, let alone the state. There was pretty much county by county, district by district, mayor by mayor- everybody's got their own rules. And so we had a huge laundry list of things that we had in place, whether it was checking temperatures, how you wore masks, whether you had that gloves, social distancing, how you clean whether you had to shut the facility down and clean it or whether you cleaned, pre, post workout on each apparatus. So we had all these things in place. And so when they started to open up in different states, we were prepared to do so and we’ve done so effectively. And then we shared that with our global teams so that they would have those materials to prepare, whether it was Australia getting ready to open or Russia getting ready to open or someplace in Dubai. So the team did a fantastic job, you know, Adam. Setbacks and Shawna Winters and the whole team at UFC gym have really done amazing work to have us prepared to open.

Adam: Mark, what drove you to the fitness industry? How did 24 Hour Fitness come together? And what are your best lessons from the early days of your journey?

Mark: Yeah, great question. So, I was an athlete in college and I hurt my knee and had surgery. I remember the therapist telling me through this rehab process and that it would be a great idea to always keep my, you know, quadricep and my leg in great physical condition through lifting weights. And we had a whole exercise program he gave me and I put that to play and when I graduated college, I went to join a little gym near where I was living. When I walked inside, I knew one of the kids that worked there and I was a pretty fit kid. So he walked me over to the owner. Said, here's my buddy, Mark and the guy said to  me hey, I need some trainers. I'm like, Well, I have another job and I really just want to buy a membership. He said, well look at it this way- work for at least eight hours a week, you get a free membership. There, okay, well, I don't have a lot of money, I'll take it. So I used to work like four hours on Wednesday nights and four hours on the weekends. I got my free membership. And it was a fun place to be. I started learning a little bit more about it, I had another job and I didn't know much about how to train people through exercise equipment. So I learned as quickly as I could. I probably ended up injuring a ton of people by doing it wrong. But ultimately, I navigated myself six months later to where a gentleman came in to buy- because you want a software program for the gym industry. And he asked, so what about if you're my partner? And I said, well, you've caught my attention. And he said, you know, if you could raise $15,000, I'll let you buy in and be my partner. And I didn't have $15,000. My parents didn't but my grandmother did. And I went to her and asked if I could borrow it and she was kind enough to let me borrow it. So we had little bit of money in our savings and I put that money to work and became an equity partner in a gym chain that kind of went from there.

Adam: So how did 24 Fitness ultimately become the household name that it has become? What were the keys to really growing and scaling 24 Hour Fitness?

Mark: Yeah, great question. So I spent probably the next five to 10 years, building a software program to better understand how to get people into the facility, how to best manage it, how to, you know- this manager, employee, your payroll, etc. And then we started growing by acquiring and building new facilities through cash flow. And then eventually we got to a point you know, where we had around 30 clubs, and we raised a little bit of capital and started acquiring and buying and we bought a gym chain in San Diego called Family Fitness Centers. That founded one of the great pioneers, pretty much the godfather of our industry. And you know, Ray became a board member and a mentor. And then we took our Club company, which at the time was called 24 Hour Nautilus. And we merged the two together, we renamed it 24 Hour Fitness. And we had over 100 facilities that time and then I began to grow around the US, acquiring small gym chains, expanding them through capital and opening new facilities and branding as 24 Hour Fitness. So we were around the clock, and it caught on and people liked it- the way we built our facilities. We added basketball courts and swimming pools, we built communities. And we did a really great job executing in our facilities. And we had an amazing team of people. I could name names for hours. There are just amazing people. We started with that. We're passionate about the industry like I was in and understood how to build culture. And we started to grow and people loved our product. People loved our culture. We were very service oriented, very consumer friendly. We charge monthly dues. We did not have a contract. At the time other gym chains all had you signed two or three year contracts. We were like, look, our philosophy is month to month, pay as you go, stop when you want. If we're not doing a good job, I'm not happy with this, you shouldn't have to pay us. That's how we built our business model. And we took it into the future that way. But I guess I could give you a super long answer here, but ultimately, it's about the culture, the people, the facilities that we built. And in our community, we, you know, we built it to North of 4 million members. And we had tremendous retention, where we barely lost anybody. People just love what we're doing.

Adam: You mentioned the word culture a few times, how can leaders build a winning organizational culture?

Mark: Yeah, great question. I mean, they have to embrace the culture themselves, of course, and then develop leaders for culture. You have cultural leaders, where there are people that just get it that you can put them into any environment and they just recreate the culture that you've developed. And so whether it's policies and procedures in the way that you operate, whether it's through video or digital based training, or live training, you're constantly reinforcing the beliefs around your Philosophy in your organization, and you try and bring your people together as often as you can, as always say, oh, like a Tony Robbins, you know, event where we bring in 500 events, 1000. And eventually as we got bigger and you know, 3000 people came in. So you could spend time talking about what you thought the tenants were of your organization's culture to ensure that everybody you know, firing on all cylinders to deliver that experience to our team members, in our members, you know, each and every day. But you know, there's, there's ways to do it, the books you can read, and everybody that's really great at teaching it. But ultimately, the simple answer I was given is that there are people that are cultural leaders in your organization, you find those folks and you touch those folks and use them to grow your business. So if we went to Texas, and we're going to open six clubs, I might be able to pick up this one person, but I'm into Texas, with a team that already exists out there and within six to 12 months, they've totally developed our culture inside that business and off we go.

Adam: Mark, what are along those lines? What are the characteristics of a great leader and what advice do you have for listeners on how to become a better leader?

Mark: Yeah, so, you know, I've always believed that you know, the pyramid is upside down and I'm at the bottom of the pyramid, I work for everybody else, I'm not at the top. So you have to have a good ear, you have to be willing to listen, your door has to be open, you have to be helpful to people. And you got to be able to roll up your sleeves and do what everybody else does. And so growing up in this industry myself, where I started off as a trainer, I learned how to do all the janitorial. I learned how to change the pH in a Jacuzzi or pool, I could do a little bit of everything. And I grew myself through the organizational chart. I felt like I could, I could talk to anybody in any position. So if I was sitting in a gym and I needed to talk to the maintenance folks, I've done maintenance, I could talk to them. If I need to sell a membership, I could do that. If I need to check somebody in the front desk, I can do that. So a leader understands their business from top to bottom, and then gives great direction. They're there to help solve problems. They're there to help push people along, and they would help people grow and advance and achieve. And so you spend time listening to your people finding out what their goals and aspirations are, and then your job as a leader is to help them, help them get there. And give them that opportunity and give them good coaching along the way, if they're struggling, or if they're not ready or they're not right, you're honest and forthright with them. And you're available. But, you know, I was proud of myself that if you send me a text message, I'm going to get back to you, you know, as quickly as possible, within minutes or hours, unless I'm in meetings, and if you send me an email, you're going to get an answer, you know, again, within minutes or hours or within 24 hours, nobody's gonna have to wait to keep moving, but you make yourself available. And again, I always point to the pyramids upside down on the bottom.

Adam: Mark, that's all tremendous advice, and very much in line with my personal leadership philosophy and with the leadership philosophy of just about every guest that I've had on the show and the hundreds of great leaders who I've interviewed. What advice do you have for listeners? We're trying to figure out how to take their leadership skills to the next level. How can anyone tuning in become a better leader?

Mark: Yeah, there's, there's a bunch of ways to go out and you can read some books of people you admire. And you can listen, obviously to Adam, your podcast here and learn, which is I think what a lot of people are starting to do, which is fantastic. I mean, I've listened to a bunch of them. And there's great insight throughout from everybody. You can find mentors or people that you believe that you want to spend time with, to ask questions to pick up the phone and talk to. I mean, there's still dozens, if not hundreds of people, I mentor all over the world. They'll pick up the phone, say, hey, what do you think of this, and I just give them time. And I say, this is my view, you do what you want. But here's how I would look at it. You try to give them insight, as they try to develop their leadership skills to kind of feel out what's going on out there as you start to have instincts around things but ultimately, it's around finding like minded people who you think you can learn from, I might be joining a YPO organization that might be taking a Tony Robbins seminar. You might be listening to an Adam Mendler podcast. I mean, just keep learning. And then practice what you preach. You know you need to be transparent and honest and forthright. Yeah, look people in the eye- you used to shake their hand, but today we got to elbow everybody. So you got to decide you know which direction but be a great leader and be there for people, especially in a moment of need.

Adam: Mark, I appreciate the kind words and I appreciate everything you said. I think it's really on the money.

Mark: It's how I've lived my life and I found myself kind of navigating to that place. Others do it differently. There's a lot of different ways to go. I always tell people, there's 20 ways to get it done. They all work but there's really three great ones. You just have to find one of those three great ones.

Adam: Mark, it's really interesting you say that because I say something almost exactly how you set it out warded a little bit differently, which is everyone has a different preferred style of learning. Some of us can pick up a 500 page book and power through it. And that's the best way that they can learn. Some of us can tune into a podcast or can show up at a seminar. For me, my best way of learning is by talking to people like you. Talking to unbelievably accomplished leaders who have made it to the top and picking their brains and learning from the best. So I think it really is trying to understand how you can best learn and just going and doing it but one of the things that you mentioned and that is a consistent theme among all the great leaders who I speak to. Some say it on the air, some say it off the air, just the value of lifelong learning, no matter how successful you are as a leader, you're still always wanting to learn more, you're still always trying to figure out, how can I gain more knowledge, gain more information, great leaders aren't set in their ways. They're trying to figure out how to take that next step, no matter where they are in their journey.

Mark: That's well said. Very well said. 

Adam: 24 Hour Fitness? What a brilliant, just a genius name. What was that a-ha moment? How did you come up with the concept of being open 24 hours a day? How did that come together?

Mark: Yeah, it's a really funny story. So when I mentioned earlier that I took over this gym and became the manager and you know, I would open it up in the morning and close at night because you know, I had the keys and I didn't know who to give it to. So who I could trust. So for the first few months, I would come in at five in the morning, open it up, I'd stick around workout, pray, go home, have some breakfast, come back. And then I finished up at night, the gym would close at 11, a programmer would come in and his name was Bob Downs, and Bob would sit there and debate and we would learn. You teach me how to program and develop our software. And so I spend nights with him like nine to 11 every night kind of helping develop and then I’d go to kick members out and they'd be like in the showers and they'd be dragging and by the time they’d get out it'd be 11:40 and I lock the place down about you know, call it midnight. I’d go home, get four or five hours sleep and I would just get exhausted. So finally I came in one night, my janitorial crew’s coming in from 11 to six to clean the club and I just flipped him the keys to say lock the door and everybody's out of here and open it up and the guy's like no problem. He started telling me that people started knocking on the door like four in the morning because they knew he was there. They wanted to come in and it was okay to let people in and I said sure. Pretty soon people were staying till one and I started saying well shit, why are we even closing then? Just tell them it’s around the clock. And they don't have to worry about the club opening or people being upset if I'm a few minutes late. So I hired this kid named David Tinto who actually we still work together today and Dave was my first graveyard guy. He came in 11 to seven and we kept it open 24 hours and next thing you know, as I rebranded it, you know at the time was called Knowledge Sell Spot that was our little gym and it turned into 24 Hour Nautilus, and we just never closed and we found there just enormous amount of people who would get off on a graveyard shift or who start in the morning, whether they're firemen, police, factory workers, hospital workers- it just was amazing. And all sudden we had people in between the hours of call it the dead time- I call that one to 4 AM. Some gyms might have a 300 people crew or so in those three hours, and that's how it was.

Adam: I love it. And what I also love about it is I work out during very conventional hours. I work out during your peak workout hours, whether it's first thing in the morning or occasionally right when I finish work. So, to me, the idea of working out at three o'clock in the morning is something that is never going to happen. But knowing that you could work out at any time knowing that you could have the ability to access workout equipment at any time, even for someone that doesn't use it is appealing and attractive. To what extent did you find that that helped elevate your business?

Mark: It helped to elevate in a bunch of different ways. What was really interesting is in the sales process, because as people would come in to buy a membership, and I was used to selling memberships, you generally got four objections. You had the objections; I need to talk to my spouse, you got the money objection, I'm not sure I can afford it. You got this other piece that was you know, time, I don't know if I have enough time to kind of get in here. And then of course, you got this objection that you know everybody would use. Think about ii. I need to think about it. And so what you do is you eliminate one of four objections. So if you said, look, your spouse wants to work out with you, you don't need to think about it any longer. And then you got someone who says money, we can make it affordable because monthly dues you can pay as little as $10 a month or $20 a month. And you really got down to it, does somebody have time and he said, well, we're open 24 hours, I'm sure you can find time and it made the sales process a lot easier. And that's almost when we began transitioning to this kind of monthly dues concept where just pay as you go and stop when you want, no contract, which was very radical at the time. And then we moved to electronic funds transfer, where that really didn't exist where you could have people pay through their checking and bank account. So I didn't have to constantly contact people to do collections. That kind of revolutionized it and made it very clean, very simple, very easy, and very consumer facing.

Mark: Since selling 24 Hour Fitness you've been involved in a number of different businesses. In 2009, you co-founded UFC gym. Can you walk listeners through how you struck the deal with UFC and how you've been able to build a really successful business in partnership with a professional sports league?

Adam: Yeah, so, you know when I left 24 I sold five to Teddy for right around 1,000,000,007 and that was Ted Foresman Little. Then before we closed that we had a recap accounting issues, so they needed a significant rollover. So I took the bullet for the other partners in the deal. And I rolled over and stayed on the board as chairman. And then I stayed a couple years and had no non compete and eventually I left when I left 24 hour they decided to put a press release. For whatever reason, I probably would have done it out of just giving me a watch to say goodbye but they put a press release out, thanking me for my service and then I went home to take like some time off and my wife was happy to have any full time at home for a while. And then the phone rang like two days later and Lorenzo Fertitta wanted to meet with them in Vegas and so Lorenzo and Frank and Dana on the UFC, and I used to be a huge UFC nut. I used to go to all the fights. We sponsored a lot of the fighters there in our gyms and so I knew Lorenzo a little bit. And so I flew in to see him and he said that he really wanted to develop a fitness chain around the UFC concept so that people didn't look at it as like a Bloodsport. It was really about discipline and respect, and around kids and families. And so I thought it was a really cool idea. So I decided to move forward and he and I had a handshake within a couple hours of spending time together and we co-founded it. And then I reached out to Adam, one of my senior guys at 24, who had left 24 and he committed to come over and run it. He's an amazing operator. And then, you know, I took my partners in UFC at NTV to develop UFC which was Jim Rowley, who was also one of the key guys at 24 around half the US for us, and Mike Feeney, who was the head of my construction and we caught all the equipment and deployment. And so the four of us spent a year developing the brand and we launched it and it was a huge success. And then we started growing it and eventually franchised it. But really I'd give the credit to Lorenzo who had the vision. And then the support of Dana and Frank and the UFC family to launch the product was a ton of fun.

Adam: Mark, you're also the co-owner of the Sacramento Kings. So you're really involved with professional sports. Can you share with listeners what it's like to work in sports at such a high level? A lot of people tuning in might be interested in breaking into the world of sports business. What advice do you have and what are some interesting anecdotes from your time, both with The Kings and with working with the UFC?

Mark: Yeah, great, great question. I mean, UFC is just a ton of fun. They have a lot of young athletes who aspire to be world champions and they put in tremendous amounts of hours. To work around all the different disciplines to excel, so it's like any sport, you know, they need to be good at striking, be good on the ground, they need to be good at cardiovascular and physical conditioning, they need to be disciplined, they need to be calm, there's all these things that kick in to becoming an elite athlete in a sport. That's a very difficult sport that none of us would want to probably participate in. It takes very few that they're going to step into that octagon. And then you go to the NBA and in the NBA it's a real business and you know, it's got athletes that perform on a nightly basis when they're playing basketball that also have to have tremendous skills. They have to learn how to, you know, run, they need to learn how to fill the lane, they need to learn how to shoot, how to rebound, how to pass the ball, the intricacies around a sport, that's a very difficult sport. And then you've got a business built around each of them. And so if you take the UFC, it's got this massive business that is selling fight tickets for live events when they have them and selling pay per views, now through the Disney plus channel, and then you've got a corporate office that sits in Las Vegas that's got amazing Training Center and amazing people in sales and marketing, digital social media, etc. Same thing on the other side, you take The Kings, The Kings do similar things. They sell tickets to their venue, they have digital and social. They have obviously a big business around subscriptions and sponsorship, just like the UFC. And then the one caveat is The Kings, they own their arena. And then they own a lot of retailers and call it commercial around the space. And so when we acquired The Kings, one of the big responsibilities was David Stern said look, you know, you guys can buy the team, but you have to build a new arena within three years. And so I had been working on finding a space for us and was able to locate 12 acres downtown that we were able to acquire. And then we took a part of his six acres to build a new arena, we funded that with the city's help. And then we took the other eight acres that already had a lot of retail on it. And we developed a hotel on that commercial bus, a bunch of restaurant chains. And so now you've got a business that's not just only basketball, but also manages, you know, a million square feet of retail, and a 17,500 seat stadium. That, of course, right now is all shut down for a period of time, but will eventually reopen, and you've got this amazing business. And so as somebody who might aspire to be around sports, it's not just sports is everything. It's again, that upside down pyramid, where you're basically touching anything from sales and marketing operations, service maintenance, or repair technology all up and down the board. And so you might say, I want to be part of an NBA team or a part of the UFC. Well, you could be amazing at a particular aspect of life; it could be marketing, could be sales, operations, whatever technology and you find your way to work inside that organization and your foot’s in the door and you work your way into that spot.

Adam: Mark, what advice do you have for listeners on the topics of health, fitness and nutrition? This has been the bread and butter over the course of your career, how can we optimize our physical health and our mental health?

Mark: There's so much you can read and so many things you can listen to that will continue to help you evolve in your thinking around how my body should be an engine that allows me to live a long life. It's healthy and fun and exciting. You need to keep an eye on its inflammation. You know, we're learning now through COVID that a lot of people need to really exercise more than we thought. So our hope is that people recognize that gyms are really an essential part of life, not a place where everybody's worried that they're going to catch the virus. You know, we have been very focused our entire careers around keeping our facilities clean and well maintained on a daily basis. We do more than most businesses would. Put us up against any, you know, grocery store, any department store, any hardware store on cleanliness on a daily basis. We've been following them properly. We could tell by the gyms we'd be open how excited our members would be back to be able to get in there to lift weights and workout. But but ultimately fitness is the path that you choose on your own in the direction you want to achieve in and excel in whether you're a weekend warrior that wants to be a cyclist or a runner, whether you're somebody who loves to lift weights and likes body mass, whether you're somebody who loves classes, like at UFC gym where we have these amazing we call them DUT, classes daily ultimate training, where you come in with 30 to 40 people spread out on a huge turf field and we have all different apparatus stations and you get a hell of a workout. Whether you want to go to a boot camp like Barry’s or whether you want to get into an orange theory. You find your path and then you get in great physical condition and you move and you burn more calories than you ingest. And if you want to supplement it, there's no better company than Neal Spruce and DotFit. We've been using their products for years. They're clean. They're NSF certified. They're amazing. His website’s free. It's got all the information you want on there from a nutrition standpoint of what nutraceuticals to take now, but it's a complex kind of Rubik's cube and hard for me just to answer. If I said, ultimately what you need to do, you need to really pay attention to what you ingest, you need to make sure that you're burning enough calories each day and keeping yourself in the best physical condition you can so that your life is enjoyable so that you can do all the things you want to do on a daily basis. But I know, Adam, you work out. I mean, you were telling me earlier that you know you're doing some stuff at home through the digital channels which is amazing. There's great digital programming, whether you look at what UFC offers, UFC Gym, whether you look at what crunch offers, crunch has some amazing free classes you could take online, it goes on and on and on. But I always tell people to burn more than you eat, sweat everyday, and just have fun with your life, that that's the key.

Adam: What are your thoughts on the future of the fitness industry and what advice do you have for entrepreneurs in or interested in the world of fitness?

Mark: You've got this COVID-19 situation that is out here and a lot of concern around this particular virus. You know, it's affected a small percentage of people overall, but it's made us all worried because the information we've heard, you know, what we've seen in the gyms that we've opened globally, is that our members have come back. And a lot of new members have joined to get exercise in a safe environment, and we're creating an app for them. I think that open space will continue to be prevalent for the time being, but community is really what makes people work. And there's some people who like to be alone and they can take a digital class at home and I think that's great. A lot of people want to be in settings with others that can motivate them. They can cheer together, have fun and laugh and have joy. So I think everybody's a little bit different. I think that in the future it will continue to grow. On the digital side, there'll be a lot of competition coming in, whether you like the Peloton bike or you'd like to new SoulCycle bike or somebody else that brings it, wherever you want to go down to a local cycling studio, if you'd get into a class there that makes you comfortable. I think ultimately, someone might say, really, it's all about digital. I'm kind of a contrary and I really think it's around the community. I think that the bigger boxes, the lifetime fitnesses, the UFC gyms, some of the big 24 hours, some of the big crunch boxes that are out there, those are the places people are gonna feel comfortable in and they're going to go to and spread out for the time being and get after it. And I think those facilities will continue to perform well. The YMCA is one of the bigger boxes that are out there, and I think outdoor fitness will continue to grow. I think that people are going to get outside as much as they can depending on climate and exercise until we get to a position where everybody feels safe. Whether the virus has muted a little bit down or whether a vaccine has been developed or whether we just kind of all agree that it is what it is, it's a flu, we need to try and stay clear of it the best we can. And if we don't touch your eyes, nose and mouth, we wear a mask, we stay socially distant, that we should be okay. But it's the early days as people are starting to get out again. And we'll have to wait and see. But a long winded answer. I'm pretty bullish on our industry both at home and in product. I think that will continue to grow. And for the first time ever, people finally kind of heard what we've been saying all along that the true and only vaccine for health and wellness is exercise.

Adam: Mark, thank you for joining us and thank you for all the great advice.

Mark: I appreciate that. And thanks for having me and I wish you well. Thank you.