What I Learned from Rick Caro
- For this article, Log In to:
-
Download PDF
Frank Guengerich
The global health and fitness industry lost one of our most precious friends this month, Rick Caro. I've known Rick for decades, and he was a mentor, colleague, resource and friend. He was always willing to share his insights, share a smile and talk to anyone that approached him. Unpretentious, yet so highly skilled and intelligent. Rick will be badly missed.
He impacted our entire industry and thousands of people along the way. Icon status. For me, Rick was one of the very first people to make an impression on me when I was very early in my career as a General Manager. I attended a session that he presented back when our trade association, HFA, was named IRSA. For those that aren't old enough, like me, to remember or even know this fact, our Association was initially called the International Racquet Sports Association (IRSA), and Rick was one of the original Founders. In any event, Rick was talking to the group about financial management, and I had never heard such clear and concise explanation on how to approach your business.
These are the lessons I learned from Rick:
- Straight Talk: Rick was always a straight talker. Whether you liked what he had to say or not, he told you the truth, and you never felt he had an ulterior motive. Most of my interactions with Rick were about financial management of businesses I was an owner of or was involved with, and he was always a steady hand at providing me insight based on his experiences.
- Planning: My first interaction with Rick when I was a new General Manager and I was unclear about so many things when it came to running a business. He was the first to explain to me the difference between a budget and a forecast. He also showed me how to do projections. Now, I view these tasks as "business as usual," and candidly, I don't understand how a club owner/operator doesn't ensure these items are part of their everyday management. But, none of this would have happened for me if Rick didn't take the time and had the expertise to educate me.
- Keep it Simple: Rick reminded me to keep it simple and not overcomplicate things. The world of finance is complicated enough, so I learned from him just to be rigorous and accurate but not complicated.
- Don't Misrepresent: Rick was a fanatic about being truthful and not to misrepresent your financials. If you want to gain trust and be in business over the long haul, it is vital that you never misrepresent your data.
- Commitment: If you say you'll do it, then do it! Be your word. Rick was a consummate professional, and he delivered on his commitments. He was reliable, dependable and a steady influence.
- Integrity: There is never a reason or excuse to lose sight of your moral compass or compromise your integrity.
Hot Tip: Be passionate, then it's not work.
Rick never stopped working. He didn't have to work; he chose to. This industry and the people in it was his passion, and he reminded me that, if you do what you love, it's not work, it's a labor of love. I'm blessed not to have to work either. I chose to, just like Rick, and I always will in this amazing business.
I learned so many things from Rick. As a matter of fact, I'm not sure I ever taught him anything. Sure, he was always interested in my businesses and would ask questions. He was so very curious as he wanted to be able to shine light on a subject.
Rick Caro will forever be missed. How amazing it is that we were able to induct him into the Hall of Fame as one of the original founders of IRSA, now HFA. There are some that are truly a trail blazer and Rick was one of them. Our "Superman" of the health and fitness industry!
