Replacing recently retired Bob Daley as CEO, John Giglio plans to take an active approach in growing his company’s network of franchised locations.
Once representing only half of Freedom Boat Club’s ownership, John Giglio has now taken sole control of the company as former co-owner and CEO Bob Daley retired earlier this month, Giglio told Boating Industry magazine.
Giglio, who first started with the company in 2004 as operations manager for its Florida locations, said he bought out Daley’s stake in the business more than a year after both purchased the boat club last March. Giglio will also become the company’s CEO.
“He loves the business and is still passionate about it, but he wanted to enjoy his golden years,” Giglio said about Daley, who joined Freedom nine years ago as an executive.
Moving forward, Giglio said Freedom will have a renewed focus on building its list of franchised locations throughout the United States.
“We are currently the country’s largest boat club, and we want to grow that gap from our nearest competitor,” he said.
Giglio said the many boaters who no longer have the option to own following the recession are choosing boat clubs as a less expensive option to get on the water. The trend, according to Giglio, has contributed to a minimum of 15-percent annual growth in revenue for his company.
And even as powerboat sales gradually rise, Giglio said his company also stands to gain from the industry’s overall improving health.
“It is great seeing people out there spending the money they weren’t spending,” he said. “And that is only going to help our business because we are still going to get a certain percentage of that business.”
Freedom recently hired a director of franchise development to further its growth goals. Giglio said Freedom is currently exploring Virginia, Maryland, as well as Great Lakes locations, particularly Michigan and the Chicago area, to open new franchises as well as acquire boat clubs.
In the next five years, the goal is to have 200 franchised locations that stretch as far west as California.
“This year we are on target for 20-percent growth in revenue,” Giglio said. “It is really a growing segment of the industry that has not slowed down.”