A Family Affair: Spotlighting Precision Pilates

In the U.S., over 12 million businesses are owned by women. In honor of women’s small business month, we’re spotlighting Precision Pilates, an award-winning Pilates studio located on the North Shore co-owned by a mother-daughter duo.

We spoke with Nancy Higgins and Liz Rogers about how a business banking relationship with Rockland Trust helped them achieve their goals, and their advice for aspiring small business owners.

 

The Founding Story

As many business owners know, the path to owning a small business oftentimes begins with a passion – and passion is exactly what happened for Nancy Higgins following her first Pilates class in the '90s. “Taking Pilates allowed me to feel at home in my body for the first time. I knew that I needed to find a way to share that feeling with others,” said Nancy.

As a single mother, graduate student, and working professional, owning and operating a business was not in the cards, or so she thought. After mentoring in Boston and honing her own skills, Nancy soon opened Precision Pilates.

For years, she ran every aspect of the business. This all changed in 2012, however, when she received a stage 3 breast cancer diagnosis. It wasn’t long before her daughter Liz moved home to support both Nancy and the beloved studio, seamlessly transitioning into her newfound role of both instructor and leader. 

As it turns out, there are certainly some advantages to running a business as a mother-daughter duo! Perhaps the best advantage is that by working with family, both Nancy and Liz feel like the work becomes less of a job and more of a way of life.

“When we get excited about launching new programs or products, we don’t need to be in the studio to brainstorm and discuss ideas,” Nancy said. “Discussions can happen on a Sunday afternoon walk, over dinner, or at the grocery store. It's very joyful to share your passion with a business partner who happens to be your family member. It's truly the American dream.”

One of the things that sets Precision Pilates apart from other studios is the duo's desire to offer clients the health solutions they need. Nancy’s cancer diagnosis also put a lot of things into perspective and facilitated a commitment to helping people with chronic illnesses.

“We have a very strong passion for helping people who have had cancer or have any kind of physical limitations,” Nancy shared. “A lot of people may feel intimidated to come to a Pilates studio, but we have a diverse group of clients. Some use walkers, others are amputees. We also work with people with neurological conditions. Helping people is where we feel most satisfied.”

 

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Road to Expansion

With an increasing number of clients, the company outgrew its original studio and began renting its current studios in Danvers and Ipswich, Mass.

After 10 years, the Ipswich space went up for sale. Loving their beautiful studio and location, Nancy and Liz were interested in making the purchase. In order to make the jump, they needed a banking partner. So, the pair started doing their research.

“We started looking for a banking partner that aligned with our core values,” Liz said.  “I think had we started off without a good connection to a bank or a banker, we may have ended up looking for a rental and letting the space go to the open market.”

The duo found Rockland Trust thanks to personal recommendations. They were particularly drawn to the fact that Rockland Trust is a Massachusetts bank that was started in 1907 by local business owners. The word “relationship” kept coming up on the website, another indicator that Precision Pilates had found what they were looking for.

With guidance from Tony Carson, their Rockland Trust business banking officer, Nancy and Liz decided a SBA 504 loan suited their needs best.

“I was researching commercial mortgages, and you are usually required to put 20-30% down,” Nancy explained. “When we found out about the SBA, we were excited because we only needed to put 10% down; that was doable for us.”

As co-owners, the pair have successfully expanded to two locations and received acclaim along the way, including ‘Best Of’ awards from Northshore Magazine and Boston Magazine in 2023 alone. 

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Advice for Aspiring Business Owners

When asked about advice she’d give to aspiring entrepreneurs, Nancy emphasizes the importance of knowing your worth.

“Don’t undervalue your product or service,” she says. “If you’ve never had a role in sales, or have experience working in business, it can be intimidating. Knowing the worth of your service or product is so important to financial success. This is a lesson that took me some time to learn.”

A second piece of advice is to consider the role of your banking partner. When looking for a partner, Nancy and Liz recommend aspiring business owners focus on three pillars: accessibility, support and guidance.

“A lot of what we needed was someone to negotiate the unfamiliar landscape of a commercial mortgage,” Liz added. “Rockland Trust helped us understand the financials and legal requirements to acquire our space. Tony was never too busy to answer the phone. We felt like we were his most important customers at the bank. Even though we were a small business, Rockland Trust made us feel like a priority in every single interaction.”

 

Want to start a business?

Do you have dreams of starting your own small business, but aren’t sure where to start? From loans to commercial banking, Rockland Trust is here to support all of your entrepreneurial endeavors.