Podcast Summary: The $100 MBA Show - MBA2548 From Michael Jackson’s Bodyguard to Martial Arts Franchise Mogul with Matt Fiddes

Introduction

In episode MBA2548 of The $100 MBA Show, host Omar Zenhom engages in an extensive and revealing conversation with Matt Fidesz, the owner of the world's largest martial arts franchise with over 1,800 schools globally. This episode delves deep into Matt's entrepreneurial journey, his unique friendship with Michael Jackson, and the personal challenges he has overcome to build a multi-million-pound empire.

Matt Fidesz’s Journey to Success

Early Struggles and Startup

Matt Fidesz's path to success was far from smooth. At just 16 years old, he defied conventional advice by starting his own martial arts school with a mere £100. Faced with skepticism from career advisors and family members, Matt's determination was fueled by a desire to prove himself.

Matt Fidesz [03:29]: "When your back's against the wall, you've got to find a way. So in the end, me and my girlfriend, we moved to North Devon...it was devastating. It was £30 a week. Got evicted from three of them, couldn't afford it."

Overcoming Adversity

Living in a bedsit and juggling multiple jobs, including a lifeguard position paying £2.75 an hour and teaching martial arts classes for £3 each, Matt managed to save £100 to open a business bank account. His relentless pursuit eventually led him to stabilize his income, allowing him to transition from precarious living conditions to owning his first home at 18.

Building the Martial Arts Franchise

Lessons from Business Conferences

A pivotal moment in Matt's career was attending a martial arts conference in San Francisco, where he met Nicholas Kakinas, a successful business consultant. This meeting inspired Matt to adopt a franchising model to scale his business efficiently.

Matt Fidesz [10:09]: "He pointed at me with his big eyes like that's exactly why you got to do it. No, you got to be a pioneer, not a follower."

Franchising as a Growth Model

Under Nicholas's mentorship, Matt implemented systematic strategies for marketing, sales, and client retention. By standardizing his operations and focusing on direct debit memberships, Matt grew his business from five schools to generating over £1 million in annual profits by the age of 19.

Matt Fidesz [17:17]: "I went from three pound a class to earning a million pound profit per year. 80,000 pound a month profit. It was insane."

Maintaining Standards Across Franchises

With 1,800 franchises, Matt places significant emphasis on maintaining consistency and quality. Every instructor must be personally vetted and signed off by him, ensuring that his brand remains strong and reliable worldwide.

Matt Fidesz [34:26]: "Every single instructor has to be signed off by me... That's why we've been around for these three decades now and leading the industry."

Relationships and Networking

Friendship with Michael Jackson

One of the most intriguing aspects of Matt's story is his close friendship with Michael Jackson. Beyond being a bodyguard, Matt learned invaluable business lessons from Jackson, who encouraged him to think bigger and embrace franchising as a means to scale his martial arts empire.

Matt Fidesz [23:58]: "He said, 'You do realize I was a poor boy from Gary, Indiana... If I can figure out how to do that, surely you can figure out how to get someone to travel 40 miles and get rid of this mind block that you have.'"

Influence of Mentors

Matt's network includes influential figures like Mohammed Al Fayed and Yuri Geller, who have played significant roles in his business growth and personal development. These relationships provided Matt with unique insights and opportunities that were instrumental in his rise to success.

Personal Challenges and Resilience

Loss and Mental Health Struggles

Despite his professional achievements, Matt faced profound personal tragedies, including the loss of his mother to breast cancer and his stepfather’s suicide. These events deeply impacted him, leading to periods of depression and a reevaluation of his priorities.

Matt Fidesz [40:37]: "When you get to your destination sometimes it's kind of shocking because everyone's after this dream but when you actually arrive there it's not like you think it is."

Balancing Success and Personal Life

Matt acknowledges the challenges of maintaining personal relationships amidst his business endeavors. The strain of fame and the expectations that come with it often left him feeling isolated, highlighting the importance of mental well-being alongside entrepreneurial success.

Lessons and Advice for Entrepreneurs

Building Wealth and Network

Matt emphasizes the significance of earning a substantial income before focusing on wealth-building strategies. He advises entrepreneurs to surround themselves with successful individuals, continuously educate themselves, and turn their passions into profitable ventures.

Matt Fidesz [71:08]: "Turn your passion into your profession, your hobby into your career. That's all you simply do."

Focus and Consistency

Repetition and consistency are crucial for mastering any skill or business model. Matt advises against chasing every new trend and instead recommends sticking to proven methods and continually refining them.

Matt Fidesz [74:30]: "Repetition is the mother of skill. Read at least three to four non-fiction books by proven authors of proven track records."

Reflections and Conclusion

Matt's journey underscores the importance of resilience, strategic networking, and maintaining high standards in business operations. His unique experiences, from his friendship with Michael Jackson to overcoming personal loss, provide valuable insights for aspiring entrepreneurs.

Matt Fidesz [54:49]: "Money is a tool. You can use it to construct something or you use it to kill someone."

Omar Zenhom concludes the episode by highlighting the key takeaways: the inevitability of facing "winters" or tough times in life, the necessity of prioritizing health, and the value of building a strong, supportive network. Matt's story serves as a testament to the transformative power of perseverance and strategic thinking in achieving entrepreneurial success.

Key Takeaways:

• Resilience is Essential: Overcoming early failures and personal tragedies is crucial for long-term success.
• Strategic Networking: Building relationships with influential and like-minded individuals can propel your business forward.
• Consistency and Focus: Stick to proven business models and continuously refine your strategies instead of chasing fleeting trends.
• Prioritize Health and Well-being: Personal health is foundational to sustained business growth and personal happiness.
• Use Money as a Tool: Wealth should be leveraged to create positive impacts rather than becoming an end goal.

Matt Fidesz's story offers a blend of entrepreneurial wisdom, personal resilience, and the profound impact of meaningful relationships, making this episode a valuable resource for anyone looking to build and sustain a successful business.