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| News & Know How | First Person
CBI Spends 10 Minutes on the Line with
John Aglialoro
H
ow has the economy affected equipment manufacturers?
What sort of changes has CYBEX been forced to make?
How important is relationship-building in times
like these? Have there been any unexpected upsides? What
have you done to prepare for the eventual turnaround in the
market? What signs of improvement have you seen?
In 1972, John Aglialoro, Having said that, the past two years have been
then a Wall Street undeniably tough. We’ve had to cut back on peo-
stockbroker, established some ple and some planned initiatives. now we’re
uM Holdings, Ltd., a opportunities on hold. But it’s also given us a concentrating more on the balance sheet—not
privately held investmen

Clearly, manufacturing has been hit hard by the
economy, and our industry has been no excep-
tion. We’ve had to downsize and put
t chance to be introspective about our mission the income statement. Here’s what I mean:
firm based in Haddon- and goals, reconsider our value proposition, although we’ve cut 5% of our workforce, our
field, new Jersey. One and get closer to customers. We’re putting capacity remains intact. We haven’t shut down
of its first acquisitions even more emphasis on the CyBEX Institute for any plants. We’ve continued to purchase capital
was Trotter, Inc., which, Exercise Science, and looking into how we can equipment, such as robotic welders, and recently
in 1997, merged with help teach club members about lifestyle behav- acquired an extra laser cutter. When things turn
CyBEX. uM Holdings also iors, nutrition, how to shop, etc. We’re focusing around, we’ll be ready because we’ve become
holds EHE International, on educating potential buyers and users about stronger and swifter as a manufacturer. We
which provides physical exercise as a key component of health improve- know that people want more than low-priced
examinations for corpo- ment—convincing them that prevention is a metal, and the investments we’re making are
rations and individuals. virtue, a money-saver, and a source of longev- about value. Today, customers are looking for
Today, Aglialoro, 65, ity and better quality of life. value—that’s good timing for CyBEX.
serves as the chairman
and CEO of CyBEX Inter-
The climate has provided some bright spots, as As far as the economy goes, our initiatives are
national, Inc. (nASDAQ:
well. We’re seeing a reemergence of some peo- clearly beginning to take root. We continue to
CyBI), based in Medway,
ple that we’ve been speaking to for several have active meetings with our traditional cus-
Massachusetts. uM
years. It appears as though club CEOs are taking tomers, but we’re also broadening our focus and
Holdings retains a
more time to find out what clients want and how seeing more penetration in new markets, such
50% stake in CyBEX.
they can provide it, so we’re hearing from them. as golf and country clubs. We’ve spoken with
It’s meant that we’ve had the opportunity to GMs and they’re looking for more revenue
develop deeper relationships with clients, such streams. This is an area of growth that’s been
as Bally’s, Gold’s Gym, and 24 Hour Fitness. underserved, and, now, it’s working for us.
The relationships that CyBEX has developed in All of the time we’ve spent building relationships
the financial sector have also served us well. and serving our customers is making a notice-
We’ve spent a good part of the past decade able difference. At the last IHRSA convention,
working to educate lenders about the viability people told us they had a sense that CyBEX had
of the club industry, and that’s panning out in reemerged as a company of promise and
this economy. Our lenders are seeing that, even dependability. We’d attained a higher stature in
in tough times, people aren’t dropping their the average attendee’s mind. And it’ll be even
club memberships, so, in that regard, club own- better this year. I can’t be an open book about
.com
ers pose a low threat of delinquency. Having what we’ll be sharing at this year’s show, but,
To learn more about
reliable lending sources in this economy has believe me, it’ll be worth the wait.
John Aglialoro’s business been critical.

—|
– Jon Feld, jon@trendline-co.com
interests, log on to
www.umholdings.com.
www.ihrsa.org | JAnuARy 2010 | Club Business International
23
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