Ann Mahlum made a career out of standing out from the crowd.
The 43-year-old entrepreneur, who boasts spiky blonde hair, tattoos, and six-pack abs, launched his boutique fitness chain Solid Core in 2013 and grew it across the United States before going private in April. Sold to an equity company.
Between the acquisition and two previous investment transactions, Mahlum cashed out its shares in Solidcore for a total of $88.4 million. She credits her success to not trying to fit in with those around her.
“I try to find the uniqueness of things and amplify it…that’s a big part of my success,” Mahlum tells CNBC Make It. “A lot of times people try to hide in the crowd and we try to fit in. I think that’s the worst advice.”
Ann Mahlum launched boutique fitness chain Solidcore in 2013. Ten years later, she sold it for her $88.4 million.
CNBC Make It
For Solid Core, she took on grueling Pilates workouts (which, she says, were masked by “cute” and classy marketing) and turned it into a national brand focused on physical fitness. Ta. Class participants reach stage 2 muscle failure while being pushed and cheered on by energetic coaches in a blue-lit room.
Her way of thinking, she says, was nurtured, sometimes in complicated ways, by her childhood home life. When she was 16, her parents divorced because her father gambled away her family’s savings. To cope with this, Ms. Mahlam started running and became very focused on her idea of being in control of her own life.
“I didn’t want to be hurt…and I felt like I wish I could have an impact or live a life that I could control and feel empowered by.” [by]”I felt hurt and wanted to run away. In fact, I think a lot of my urges came from fear,” she says.
Mahlum’s enthusiastic approach may have helped her build a fitness empire that now has more than 100 locations across the United States. It has also led to legal and professional disputes.
Solidcore’s first store in Washington, D.C.’s Adams Morgan neighborhood closed after a year due to noise complaints. Mahlum was sued by his former business partner over the machine’s license, as well as by his ex-boyfriend who claimed to be the owner of Solidcore. Both cases were resolved through mediation, she said.
In 2020, when gyms across the country struggled, Mahlum laid off several employees who helped launch Solid Core. Later that year, she was accused by dozens of workers of creating a toxic and abusive workplace. BuzzFeed News Report. This allegation soon followed; employee petition Mr. Marm to resign.
In response, Mahlam said he has directed his company’s board to conduct an independent investigation into Solidcore’s culture. She served as CEO until April 2021, and served as Executive Chairman until she left the company earlier this year. She says this experience of hers didn’t change her “tough and demanding” leadership style, but it taught her to balance her drive and limits with empathy. .
“When we had to make some layoffs, [I didn’t realize] had taken it away [former employees’] Not just work, but also my social life, training life and friendships,” Mahlam says. [As CEO]”We had to build the environment that Solidcore needed to succeed. But when it ended for people, it was really hard.”
A lifelong athlete, Mahlum says she decided to start Solid Core after being inspired by an LA-based Pilates class.
CNBC Make It
Her plan was always to sell Solidcore, she says. Her strength lies in bringing concepts to life and building communities, rather than maintaining them over time. The same month she left her company, she opened her next venture, her chain of New York-based fitness studios called Ambition.
People still ask Mahlam if she’s surprised by her success. She frankly says she thinks this question is a little sexist, and she replies to them that she wasn’t lucky.
“When you stop and look at them, you think, ‘Who do you think was driving the bus this whole time?'” Mahlum said. “The truth is, I had a clear vision from the beginning…and I never wavered from that goal.”
Don’t miss: Want to be smarter and more successful with money, work, and life? Sign up for our new newsletter.
obtain CNBC’s Free Warren Buffett Investing GuideThis book compiles the millionaire’s #1 advice for everyday investors, the dos and don’ts, and three key investment principles into a clear and simple guidebook.
