Being in the C-suite is a high-pressure job with long hours, board responsibilities, and intense scrutiny. But what is it like to be a top executive when you’re off the clock?
Coins2Day’s series, The Good Life, shows how up-and-coming leaders spend their time and money outside of work.
Today, we meet Joey Gonzalez the executive chairman 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?
I started to invest in real estate at 22 years old. I was able to leverage that income-producing property at around 30 to invest my proportionate share in the first few Barry’s studios. Since then, I’ve made several real estate investments, almost all of which have been very successful.
And the worst?
I once invested in a restaurant concept of which I was very passionate. (A family-friendly Hollywood hotspot with Jessica Biel, called Au Fudge in 2016.) I believed in the brand and the partnership, but think we were a bit ahead of our time conceptually.
If you have children, what does your childcare arrangements look like? And how much does it cost each month?
My kids are 8 and 9. We haven’t had a nanny for around 3 years. School is in from 8 a.m. Until between 4 and 5 p.m. And one of us always manages to do pick up or drop off. I am surrounded by so many people who help: my partner, my mom, my best friend, and more.
What are your living arrangements like: Swanky apartment in the city or suburban sprawling?
I live in Miami on a west-facing house on the water. No matter how crazy a day may be, watching the sunset over the bay seems to bring the blood pressure down and make everything okay. This home is truly what I have dreamed of all my life.
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, which has been a game changer nutrtionally and helps me get in all the grams of protein!
Do you invest in shares?
I have a diverse portfolio which is managed by a trusted advisor. But the most exciting opportunities for me are finding entrepreneurs and new brands that are looking for investors—most notably ones where I might be able to lend value.
Most often it’s someone I’m introduced to through my network. I put myself out there often, take a lot of meetings, say yes to as many networking engagements as possible, and proactively ask for introductions. One recent investment is YALA, an incredible Greek yoghurt ice cream concept that is the best ice cream I’ve ever had (and cleaner 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 changed my life. Although the cost of the system isn’t cheap (they run at around $2-4k), it’s hard to imagine where you could better spend that money if you have it. I broke it down one day and if you have the mattress for 5 years, it’s like spending $2.70/night for the best sleep of your life. Worth every penny. I’ve finally gotten to a place where I’m able to sleep for 7.5/8 hours, which improves every other part of my life.
The Necessities
How do you get your daily coffee fix?
I am not a fancy coffee drinker as I’m perfectly happy with my Starbucks Pike Place which I drink both out and brew at home.
What about eating on the go?
I mostly make my own lunch and do meal prep each week. People joke that I eat the same thing every day, but I try and switch it up a bit. I’m honestly not a foodie, so being disciplined around what I eat and when isn’t very challenging.
Where do you buy groceries?
I usually order groceries for delivery either from Publix or Whole Foods. Nothing beats a trip to Costco! And yes, my list is almost always the same: eggs, egg whites, chicken breast, low fat ground turkey, fat free cheese, olive oil, blueberries, raspberries, blackberries, oatmeal, monkfruit, sweet potatoes, rice, soy sauce, broccoli, green beans, gluten free pasta, tomato sauce, pink himalayan salt, etc.
How often in a week do you dine out versus cook at home?
I probably eat out around 3-4 times/week if I’m not traveling. Based on how I eat, Mexican and Japanese are my favorite types of places to eat.
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?
With a Barry’s class, of course. I actually love to work out 4 to 5 times a week in the mornings. It’s my favorite time of the day. As a family, we actually love going to the movies. I know it’s a dying art, but we are regulars and love the tradition.
What’s your take on work-life balance at the top?
Sometimes I feel like I’m striking a good balance, but many days I feel like I just have to wake up and choose who I’m going to disappoint.
How do you treat yourself when you get a promotion?
I’m more about experiences than things, and my 2 favorite things are travel and massage. A reward for me usually includes one of those two things! Alternatively, nothing screams celebration more than a fun night out with my best friends and family.
How many days annual leave do you take a year?
It’s varied, but anywhere from 2 to 4 weeks in recent years. We actually have more vacations now that we have kids, which parents have appropriately rebranded “trips.” Because a vacation with kids hits much differently. It’s actually harder than going to work in many ways so using the word vacation feels wrong. We have spring, summer, Thanksgiving and holiday breaks—so we end up traveling at least 4 times a year. We recently sold our beach house in Newport Beach, California as we weren’t able to use it as often as when we lived in LA. We like to explore different places now that we aren’t tied down anywhere. My Mom was born and raised in Southern Italy, which ends up being a place we return to often!
Take us on holiday with you, where did you go this year?
We bounced around quite a lot this summer. Starting in Miami, the British Virgin Islands, the Hamptons, Greece, Croatia, Switzerland, Spain and Italy. It was the best summer we’ve ever had together as a family.
Coins2Day wants to hear from leaders on what their “Good Life” looks like. Get in touch with [email protected].
