The C-suite role demands significant dedication, involving extended work periods, board duties, and constant observation. However, what does the life of a senior leader entail when they're not actively working?
TL;DR
- Joey Gonzalez scaled Barry's from 2 to 94 units globally over 21 years.
- He prioritizes real estate investments and advises taking big risks early.
- Gonzalez finds balance challenging, often feeling he must choose who to disappoint.
- He unwinds with Barry's workouts, family time, and travel experiences.
The Coins2Day’s series, featuring The Good Life, explores how emerging leaders allocate their personal time and finances beyond their professional duties.
Today, we meet Joey Gonzalez the executive chairman and “cofounder” of Barry’s.
“Although Barry’s was originally founded by Barry Jay, with help from John Mumford and Rachel Coxton, I am often referred to as a co-founder as I helped scale the business from 2 to 94 units across 16 countries over the past 21 years,” the 47-year-old tells Coins2Day.
And it all started when, at 26, Gonzalez attended his first Barry’s Bootcamp exercise class in West Hollywood. He recalls quickly falling in love with the brand and becoming “one of its greatest evangelists.”
So much so, that he swiftly quit his pursuit of breaking into the world of entertainment—having performed from the age of 13—to pivot into the fitness world, going from a Barry’s client to one of its instructors.
But he wanted more. Gonzalez knew the business had potential to scale, and it took him five years to convince the investors to let him buy in: “I invested every dollar I had and dedicated every minute of my life to scaling the business across multiple markets in an effort to prove its portability,” he adds.
At the same time, Gonzalez worked his way up the ranks, from instructor, to manager, to director of operations, to COO. In 2015, 11 years after taking that first class, Gonzalez became Barry’s CEO. In that time, Gonzalez turned Barry’s into a global phenomenon with 94 studios from Wall Street all the way to Dublin and Madrid, with new studios coming to Switzerland, Kuwait, and Greece next.
Now, he’s recently transitioned to executive chairman. But he still does a Barry’s workout when he needs to unwind. And even then, Gonzalez says that striking a good work-life balance can be hit or miss: “Many days I feel like I just have to wake up and choose who I’m going to disappoint.”
The finances
Coins2Day: What’s been the best investment you’ve ever bought?
At 22, I began investing in real estate. By age 30, I used that income-generating property to fund my portion of the initial Barry's studios. Since then, I've pursued numerous real estate ventures, with nearly all proving quite profitable.
And the worst?
I previously put money into a restaurant idea I felt strongly about. (In 2016, it was a family-oriented Hollywood establishment named Au Fudge, co-owned by Jessica Biel.) I had faith in the brand and the collaboration, but I suspect our concept was somewhat too innovative for the era.
For parents, what are your current childcare setups? Additionally, what's the monthly expenditure for these arrangements?
My children are aged eight and nine. It's been about three years since we've had a nanny. School runs from 8 a.m. Until sometime between 4 and 5 p.m., and one of us is always available for either drop-off or pick-up. I'm fortunate to have a strong support network: my partner, my mother, my closest friend, and others.
Do you live in a fancy city apartment or a large house in the suburbs??
My Miami residence is situated on the water, facing west. Regardless of how hectic my day gets, observing the sunset over the bay genuinely helps to lower my blood pressure and restore a sense of calm. This house represents the lifelong dream I've always had.
What’s in your wallet?
I never carry cash. Only cards as I use a phone wallet.
What’s the cheapest purchase that’s had the biggest impact on your life?
My food scale has been a significant improvement for my nutrition, assisting me in reaching my daily protein targets!
Do you invest in shares?
My investment holdings are varied and overseen by a reliable consultant. However, the most thrilling prospects for me involve identifying entrepreneurs and emerging brands seeking capital, particularly those where I can contribute additional value.
Typically, it's an individual I'm connected with via my professional circle. I actively engage in many meetings, accept numerous networking opportunities, and actively request introductions. A recent investment I made is in YALA, an outstanding Greek yogurt ice cream venture that serves the finest ice cream I've ever tasted, featuring superior ingredients.
What personal finance advice would you give your 20-year-old self?
Take the big risks.
What’s the one subscription you can’t live without?
Eight Sleep has been a game-changer for me. While the system's price tag isn't low, typically ranging from $2,000 to $4,000, it's difficult to conceive of a better investment for that sum if you have it. I calculated it one day, and if you use the mattress for five years, it amounts to roughly $2.70 per night for the most restful sleep you'll ever experience. It's truly worth every cent. I've finally reached a point where I can consistently sleep for 7.5 out of eight hours, which positively impacts every other aspect of my existence.
The Necessities
How do you get your daily coffee fix?
My coffee preferences aren't elaborate; I'm quite content with my Starbucks Pike Place, whether I'm enjoying it at a cafe or making it myself at home.
What about eating on the go?
I generally prepare my own lunches and do weekly meal prep. While friends tease me about eating the same meals daily, I do make an effort to vary them somewhat. I'm not particularly passionate about food, so adhering to a structured eating schedule isn't difficult for me.
Where do you buy groceries?
My typical grocery delivery choices are Publix or Whole Foods. However, a visit to Costco is unbeatable! My shopping list rarely changes: eggs, egg whites, chicken breast, lean ground turkey, non-fat cheese, olive oil, blueberries, raspberries, blackberries, oatmeal, monkfruit, sweet potatoes, rice, soy sauce, broccoli, green beans, gluten-free pasta, tomato sauce, pink Himalayan salt, and so on.
How often in a week do you dine out versus cook at home?
I likely dine out approximately three to four times weekly when I'm not on the road. Considering my eating habits, Mexican and Japanese restaurants are my preferred choices.
What’s a typical work outfit for you?
Obviously athletic wear. Lululemon or Vuori are amongst my favorites.
The Treats
How do you unwind from the top job?
Naturally, with a Barry's session. I genuinely enjoy exercising four to five mornings weekly; it's my preferred part of the day. Our family also enjoys movie outings. While I recognize it's becoming less common, we're frequent attendees and cherish the custom.
What’s your take on work-life balance at the top?
There are times I believe I'm achieving a decent equilibrium, yet on numerous occasions, it seems I must simply get up and decide who will be let down.
How do you treat yourself when you get a promotion?
Experiences are more my focus than possessions, with travel and massage being my top two preferences. Typically, a reward for me involves one of those! Alternatively, a fantastic evening out with my closest friends and family is the ultimate way to celebrate.
How many days annual leave do you take a year?
In recent years, it's ranged from two to four weeks. Interestingly, we take more time off now that we have children, a concept parents have aptly renamed “trips.”. Traveling with kids presents a significantly different experience, often proving more challenging than work, making the term "vacation" feel inaccurate. With breaks for spring, summer, Thanksgiving, and the holidays, we travel at least four times annually. We recently sold our beach property in Newport Beach, California, as its use diminished after we relocated from LA. Now, we prefer exploring various destinations since we're no longer geographically bound. My mother's birthplace and upbringing in Southern Italy means it's a location we frequent!
Take us on holiday with you, where did you go this year?
Our summer involved extensive travel. We began in Miami, then visited the British Virgin Islands, the Hamptons, Greece, Croatia, Switzerland, Spain, and Italy. This was our most enjoyable summer as a family.
Coins2Day wants to hear from leaders on what their “Good Life” looks like. Get in touch with [email protected].