Posted: November 01, 2011
Top Company 2011: CorePower Yoga
Winner in the consumer business categoryMike Cote
While the tough economy has made it a less than ideal time to grow a business, CorePower Yoga has benefited from another 21st century phenomenon: the growing interest in fitness.
Since 2002, the Denver-based company has grown to 55 yoga studios in Colorado, California, Oregon, Minnesota and Illinois. CorePower plans to open 10 to 15 studios a year, aiming to grow to 100 within five years.
"I think it's largely due to a systemic change in values in our society," CEO and founder Trevor Tice says. "People put more value on health and wellness than they have in the past. There's just a heightened awareness."
CorePower employs 800 people and offers classes, teacher training, weight management and a line of retail products. The company generated $25 million in top-line revenue and netted $4.5 million last year, Tice says. CorePower is on track this year to generate nearly $40 million in business and bottom-line earnings of nearly $8 million, he says.
"I feel dumbfounded and blessed to be in the situation I am to be able to grow a business in this adverse economic environment," Tice says. "We've been exceptionally fortunate to thrive in this adverse economy."
Tice credits much of CorePower's growth to the culture the company has built around its specialized brand of yoga, which is taught by teachers trained by the company.
"We have a group of people who are unwaveringly committed to yoga and a healthy lifestyle, living an extraordinary life," Tice says. "A huge degree of our success is based on the community we have built. That's not only in the classroom. It's in the greater public and the world as a whole."
Through the CorePower Cares foundation, the company raised $35,000 for Haiti relief and $35,000 for aid in Japan last year. Locally, it organized a fundraiser at the FirstBank Center in Broomfield for the Gathering Place, a shelter for women and children, raising $15,000 through the Harvest Ball, a Thanksgiving concert by world music icon Michael Franti.
"We're constantly working on building community and opening what we call karma yoga to our students, creating venues for charity," Tice says.
CorePower operates 19 studios in Colorado and is building a 15,000-square-foot corporate headquarters and another studio at 30th Avenue and Zuni Street in the Highland neighborhood in Denver. Tice underscores how half of the company's revenue - some $20 million - is generated by the company's Colorado studios, which are primarily in metro Denver but also stretch to Fort Collins, Boulder and Colorado Springs.
Mike Cote is the former editor of ColoradoBiz. E-mail him at firstname.lastname@example.org.