153 – Christopher Maloney on Starting and Selling a Multi-Teacher Studio (Part 1)

Summary

Today’s podcast episode is part 1 of a two part conversation with a returning guest. Christopher Maloney was on the podcast last year to talk about founding Practice Warriors, an online practice program aimed at teen and adult students. You can hear that story in Episode 132.

In that conversation, Christopher mentioned that he had formerly owned a multi-teacher music studio, which he sold. That was too big a topic to get into in our last conversation, but I knew I wanted to hear that story, so I’m grateful to Christopher for making the time for another interview.

In the first part of the interview we hear the startup story and Christopher’s take on the 5 things he credits for the success of his studio. Teaser: his wife, Christina, has a PR background and you can hear that influence in the out-of-the-box marketing strategies they used to launch the studio.

In the second part, which you’ll hear next week, we get into the numbers and money side: we talk about startup costs, how they priced lessons, how they financed the building, and how they eventually sold the studio. You’ll hear us talk a lot about “equity” in this episode, I’ll unpack that a bit in my recap, as well. It’s not something that gets talked about very much in the context of music studios, but I think it’s an important concept for business owners to get familiar with, so we’re going to talk about it.