The Intersection of Fitness, Finance and Behavior

Q&A with Investor, Jim Crowell, Founder of SageHouse Advisors and Capital

By: Nancy Trent

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Nancy Trent

As the owner of SageHouse Advisors and SageHouse Capital, Jim Crowell is a highly sought-after investor and advisor specializing in scaling fitness and wellness companies. SageHouse is a hybrid consulting-investing firm that builds long-term foundations for sustainable success, working closely with purpose-driven start-ups on a mission to change the world. By combining investing and consulting, Crowell and his team help companies structure for growth, improve products and customer experiences, and strengthen sales and marketing infrastructure to scale faster.

Crowell's extensive background in the fitness industry includes serving as CEO of OPEX Fitness, Co-Founder of proof3.com, which is a gym, online coaching and technology company in the fitness space, advising and educating fitness and fitness technology businesses for over 15 years, owning and successfully exiting multiple gyms, as well as a prior career as an energy hedge fund trader. His well-rounded experience makes him an insightful resource for understanding what investors look for in fitness and wellness brands.

In this conversation, Crowell shares his thoughts on what makes companies stand out, the trends shaping the industry, and how businesses can position themselves for success in a rapidly evolving market.

Jim Crowell

Nancy Trent (NT) - What kind of companies do you look to invest in?
Jim Crowell (JC) - We invest entirely in fitness and wellness companies. We've dabbled in pure health, but our primary focus is on the fitness and wellness side. We've invested in software and tech platforms, hardware companies, gym and sports facility management businesses, nutrition brands and even a smart shoe company, among others.

NT - What makes a company attractive to you?
JC - That's a big question. I've spent years building and refining a decision-making process to filter companies quickly and remove behavioral biases from our investment decisions. We look at several key factors:

• People: We're looking for outliers who combine vision with world-class execution. They need to have a deep passion for their idea and the grit to push through when things get tough.
• Competitive Advantage: We analyze whether a company can achieve market dominance and whether it has a unique edge that sets it apart.
• Innovative Business Models: We value models that break new ground while demonstrating clear, sustainable growth potential.
• Market Opportunity: The market should be large enough for significant impact but not so competitive that it becomes impossible to break through. New or niche markets often provide exciting opportunities.
• Belief in the Product: We want to believe in the product: its mission, impact and value to its audience.
• Customer Understanding: Founders need to be true experts on their audience. Knowing whom you're serving and how to engage them effectively is crucial.
• An idea of the risk involved: The higher the potential return and the lower the risk, all things equal the more we'd want to invest.

NT - What turns you off about a company?
JC - A lack of openness to other perspectives is a big one. I appreciate when founders listen to different opinions, analyze the information and then make their own decisions. Slow, low-quality execution is another red flag, as is neglecting the wellbeing of their customers and team. If a company doesn't understand its market, that's a deal-breaker, too. New founders don't get a free pass; they need to learn fast, never stop learning and run through many brick walls with their grit, resilience and work ethic.

NT - What interests you most about the wellness sector?
JC - It's one of the few industries where people often enter out of pure passion and a genuine desire to help others. Yes, there are some snake oil salespeople out there, but many brands are saving and extending lives in meaningful, cost-effective ways. Plus, the sector is a lot friendlier than many other industries. Most people genuinely get along even though, as companies grow, it can get a bit feisty. I've been in this space for a long time, and I love the continuous learning and pursuit of mastery it offers.

NT - Any tips for sprucing up an investor deck?
JC - Yes, several:

• Know your audience: Tailor your pitch based on who you're presenting to.
• Sell your vision, not just your product: Make sure you can connect the dots from where you are today to the big picture.
• Anticipate questions: Think through what potential investors might ask and have clear, concise answers ready.
• Keep it short: You often only get 30 to 120 seconds to capture attention. Make every second count.
• Do your homework: Understand what has worked, what hasn't and how you plan to use new resources effectively.

NT - What makes you perk up in an elevator pitch?
JC - I love when someone shows a deep, data-backed understanding of their audience, product and market. Traction helps, too. If you can demonstrate early momentum, it makes me pay attention.

NT - What trends have you been spotting?
JC - Digital experiences are finally living up to the hype. Apps and hardware from companies like Oura and Tonal have become so good that the mainstream is giving them a try. Strength training and Pilates remains huge, and improved technology is helping gyms enhance their member experiences.

Longevity clinics are popping up everywhere; we might see one on every corner soon. Most won't deliver on their promises, but a few will be gamechangers. Experiential wellness, like what Othership is doing, continues to grow, and sports-based activities are on the rise because people crave connection and play. GLP-1 medications are another trend to watch; the next wave of these drugs is going to surprise people.

NT - What do you predict for the future of wellness?
JC - Unfortunately, we're likely to see a growing divide in wellness access. The "haves" will live longer, healthier lives, while the "have-nots" will continue to struggle with health issues due to limited access to quality services. There are promising startups trying to change this, but affordability remains a challenge.

NT - What changes should brands make in this time of transition?
JC - It always comes back to knowing your audience. The best brands deeply understand their customers and serve them with authenticity. During times of uncertainty, fear often increases, so companies need to be supportive, empathetic and provide clear leadership to reassure and retain their community.

NT - Has your sports training impacted how you invest?
JC - Definitely. Sports taught me the value of growth and improvement. I'm less interested in competition itself and more focused on the process of learning, refining and getting better over time.

NT - Tell me about your hedgehog philosophy.
JC - In this context, hedgehogs are founders who aren't chasing quick wins. They're deeply committed to understanding their process and continually improving over many years. Those are the people we want to partner with. The great team over at Altos talk often about this belief too. I also have a personal passion for the intersection of fitness, finance and behavior. It's a fascinating space where each element influences the others in powerful ways.

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Jim Crowell's insights reveal the dynamic, opportunity-rich nature of the fitness and wellness industry. His focus on adaptability, innovation and customer-centric strategies provides a valuable playbook for entrepreneurs navigating the path to long-term success.

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