When we last chatted with Peter Terracina, he was busy preparing to open the first Gents Place in Chicago. We’re happy to report that he did precisely that, but it was not in the exact way he initially expected.
While Peter continued to work through deal points on the lease at the location for the club he planned to open, another opportunity arose, in the form of the takeover of an existing men’s grooming business in The Loop area of Chicago. This business was similar to The Gents Place, and the owners were looking to possibly sell. They first reached out to our founder, Ben Davis, at the beginning of October 2017, and then made a second contact in early November. After negotiation and due diligence, a deal was struck, and the acquisition took place in late November of 2017. Ben and some other TGP team members showed up on a Monday with Peter, and training began that same day, with a re-opening to the public that Friday.
The staff were understandably a bit skeptical at first. Veterans in the hair industry are not used to working at a company that lives and dies by its values first. But the overwhelming majority of the team were truly invigorated by the training and care they received and have not only decided to stay post-acquisition but are thriving as their practices and skills have been reinvigorated.
The same was true of the members. Nobody likes change, and some members were understandably skeptical of a company that they didn’t previously know. But as the months have gone on, they have responded positively and services and memberships are on the rise. The club has also already had its first networking event. Over 60 participated and many noted that this networking and association was something that they had not expected and truly appreciated.
While Peter is still planning to open the club we discussed the last time we checked in with him, it’s not his primary focus right now. “I want to get this club running at a very high level, and I’m taking lots of opportunities to get to know our members and how to grow this club well. That way I’ll start the next club even faster.” We’re excited to watch and will keep you updated on TGP’s continued growth in Chicago.