Rick Caro
A Remarkable Life, an Unparalleled Legacy
BY JIM SCHMALTZ
Rick Caro recorded this video in February 2025 as part of his induction into the HFA Hall of Fame. It shows his deep love of the industry, his desire to educate the industry, and his praise for the next generation of industry leaders.
Remembering an industry visionary who mentored generations of leaders.
Richard “Rick” Caro, a founding father of the modern fitness industry and its most influential voice for five decades, passed away on August 31, 2025, at the age of 79.
A co-founder of HFA, Caro was instrumental in forging a new path for a fragmented, undercapitalized industry. His foresight in helping to create a unified association transformed a loose collection of individual fitness facilities into a cohesive, professional sector with global reach.
The news of Caro’s passing was like a thunderbolt reverberating around the entire industry. He was a mentor and friend to multiple generations of fitness professionals whether they were running multinational corporations or studio startups. At the same time, he developed strong ties to the Wall Street community and brought infusions of capital into the industry. Because of Caro’s ingenuity and financial acumen in establishing these connections decades ago, private equity and global investment groups are now commonplace in a sector once viewed with skepticism by financial institutions.
“Rick was not only a visionary leader but also a dear friend and mentor to me,” says Liz Clark, HFA president and CEO. “From the moment I became CEO, Rick was there with encouragement, wisdom, and steady guidance. I am deeply grateful for the time, care, and perspective he shared with me. His generosity of spirit and unwavering commitment to helping others succeed left an indelible mark on my life and on the lives of so many in our industry. We will miss him dearly, but his legacy will live on in the institutions he built and the leaders he inspired.”
Fortunately, Caro was able to enjoy the gratitude of the industry that benefited from his vision. Last year, he was inducted into the inaugural class of the HFA Hall of Fame. He was also honored in 2025 by organizers of the Fitness Technology Summit, who established the Rick Caro HALO Innovator Award (HALO standing for health, active lifestyle, and outdoors) to honor his legacy of innovation.
A Trusted Authority
As president of Management Vision, Inc., the consulting firm he established in New York City, Caro advised more than 1,900 clubs, suppliers, and organizations throughout his career. His expertise spanned every aspect of the business—from market analysis and club evaluations to financial guidance and strategic planning. For facility operators, developers, entrepreneurs, and investors alike, Caro’s counsel was considered invaluable.
Before becoming a consultant, Caro owned and operated a chain of eight clubs in the Pacific Northwest, six of which were multi-sport facilities, giving him firsthand experience with the challenges and opportunities club operators faced. After selling that business in 1983, he also served as chairman of Spectrum Clubs, Inc., overseeing operations in Texas and California with revenues exceeding $60 million.
Caro authored more than 200 articles and wrote “Financial Management,” a comprehensive guide that became known as the “bible” for fitness businesses, helping to standardize financial practices across the industry.
Opening the Door to Wall Street
Caro put the fitness industry on Wall Street’s radar by conducting comprehensive studies of club business performance, compiling data-driven insights, and recasting the fitness industry as a legitimate investment opportunity.
For nearly three decades, he assembled and moderated a financial panel at HFA’s annual convention, consistently drawing standing-room-only crowds. Each year, Caro invited distinguished investment experts to discuss the financial state of the global industry, creating a crucial bridge between fitness professionals and the financial world.
His presentations at more than 400 industry events further amplified his influence, spreading his message of professionalism and long-term strategic thinking.
Mentoring Generations
Caro took genuine pride in guiding young entrepreneurs, and his influence can be traced through the development of countless businesses and careers. Industry professionals consistently describe him not just as an advisor or consultant but also as a trusted friend who lifted others up and made them better. (See page 32 for tributes from those he influenced.)
He also helped create numerous platforms for industry collaboration and learning. He was a member of industry roundtables (Faust and REX) and helped establish the hosted-buyer event SIBEC. He served on multiple boards, including the American Council on Exercise, two major club company brands, and seven non-profit organizations.
A Man in Full
Beyond the boardroom and convention halls, Caro was a devoted sports fan of New York teams and of tennis. He attended the US Open the day before he passed, a tradition he had followed for decades.
He is survived by his wife, Susan Denison; his sister Cathy Caro-Bruce and her husband, Calvin; his brother, Peter; and his sister Patty Caro Levine and her husband, Steve, as well as many nieces, nephews, and great-nieces and nephews.
In lieu of flowers, the family requests that donations be made to the Safe Children Coalition in Sarasota, Florida, or to Augie’s Quest.
Friends, colleagues, and the many people whose lives he touched will gather to honor a truly irreplaceable professional leader and cherished friend.
Memories of Rick Caro
Industry leaders share their thoughts about a man who was mentor, confidante, and friend to generations.
Below are tributes from those in the industry who knew Rick Caro best. This is not a comprehensive list of everyone Caro mentored and advised over the years—that would fill several magazines—but the heartfelt words from these peers are representative of the enormous impact he had on so many lives.
Luke Carlson, Founder and CEO, Discover Strength, and Chair, HFA Board
As the co-founder of HFA, Rick was a visionary. He was as passionate about the health of the entire industry as anyone I have ever met. He cared about every stakeholder—owners, operators, vendors, equity partners. He was passionate about education, and he saw the key role of HFA as educating club operators.
I had a long phone conversation with Rick a couple of months ago, and on that call, he displayed passion and ownership for improving and growing nearly every aspect of our industry. He was all in.
Every industry needs visionaries, pioneers. Rick was one of ours.
Norm Cates, Founder, Club Insider
I have known Rick Caro for more than 50 years, and in that time, he has made my life and the lives of countless others around him better. That includes so many in this great industry.
Over the years, my son, Justin, and I called him “Uncle” Rick. That’s because, to us, he was that wise family member we all hope to have. And, he was the industry’s best friend.
That began in the 1960s when he had the idea to merge the National Tennis Association with the National Court Clubs Association to create the International Racquet & Sports Association, which eventually became the International Health Racquet & Sportsclub Association (IHRSA), and then HFA as we know it today.
Throughout the history and evolution of the association, Rick was indispensable, and his annual financial panel was a must-attend event every year. In 1993, through the late Dr. Gerry Faust’s Roundtable, Rick, Gerry, and others around that table helped create Club Insider, which once again changed my life and, I hope, helped the industry.
There will never be another like Rick. I wish his beloved Sue the best during this hard time. May Rick Caro rest in peace.
Justin Cates, Publisher, Club Insider
As long as I can remember, Rick Caro has been in my life. That’s why we always called him “Uncle.” He had held me as a baby and shaken my hand as a man. He has been a confidant and mentor, both personally and professionally, helping guide me through the easiest of times and the hardest.
All along the way, I knew I was not alone in receiving such kindness and attention. That is just who Rick was. Somehow, he always found a way, made time, and offered a word. The most incredible symbol of that to me was his birthday cards. He never missed one, and they always had a personal message, funny joke, or word of advice to me.
Uncle Rick, you will be missed, but rest easy knowing it is impossible for you to be forgotten because of the legacy you have left in all of us.
Joe Cirulli, Founder and CEO, Gainesville Health & Fitness
My friendship with Rick Caro goes back so far I can’t even recall when it began. What I do remember is entrusting him with projects more than 30 years ago—and that decision came easily because my trust in him was absolute. Over the years, our paths often crossed at health club events where we would catch up not just on business but on life.
One of my favorite places to spend time is Sarasota, Florida, where I have a condo. By chance, that spot became the center of a new circle of friendship. Gale Landers bought a place nearby, and soon after, Rick and Sue did the same.
Out of that proximity, a tradition was born. We began gathering for breakfasts that eventually grew into a regular club, often joined by Art Curtis, Geoff Dyer, and others who lived close by. What started as three friends quickly became a lively group of nine or more, each gathering filled with energy, laughter, and, of course, Rick at the helm.
Rick was always the ringleader. He came prepared with questions, ideas, and even little presentations to spark conversation. Everyone looked forward to it. Many people saw Rick as the numbers guy or the financial voice on industry panels, but he was so much more. He loved to travel, to see the world, and he had a laugh that I can still hear whenever I think of him.
I would often call Rick just to check in when he was back in New York City. A simple phone call seemed to mean so much to him, and in turn, he always made me feel better. My last call with him came on the morning of his final day on this earth.
Rick will be deeply missed—not only by me but by the thousands of people whose lives he touched and the industry he helped to shape. His friendship, leadership, and laughter leave a legacy that will never fade. Rest in peace, my friend.
Chris Craytor, CEO, Welld Health, and CEO, ACAC Fitness & Wellness Centers
There are so many reasons Rick Caro was essential to the foundation and growth of the fitness industry. With depth of financial knowledge, research focus, and an extensive professional network, Rick clearly deserved his HFA Hall of Fame recognition.
What I hope is remembered with even more clarity is who Rick was as a person. When I first met him, we were doing a market study for a new club location. I was new to the industry and wondered: Who is this Rick guy with the 30-page resume? Even though I was young and inexperienced, he offered his kindness, patience, and time without ever asking for anything in return. Over the past 21 years, I am proud to have become his friend.
I will miss his dry sense of humor, willingness to speak his mind, and wise counsel more than any piece of data he could provide.
Rick Caro was truly one of a kind, someone who left an indelible mark on our industry and all those whom he touched. I offer my condolences, most of all to his loving wife, Sue, to his family, and to all those who knew him well.
Art Curtis, President, Curtis Club Advisors
It is hard for me to imagine our industry without Rick Caro being actively involved in helping shape its direction. In 1981, Rick, along with several other industry pioneers, founded what has now become the Health & Fitness Association. Over the course of the next 44 years, Rick tirelessly gave his time and expertise to help the industry and association evolve.
Among his greatest accomplishments has been to lead the charge to legitimize our industry to the international financial community. The annual financial panel that Rick organized and moderated for 28 years is testament to the relationships that he has fostered with the financial community, contributing to billions of dollars being invested in the industry.
From a personal perspective, it’s difficult to imagine not being able to call Rick for his guidance and advice or being at the table during our monthly breakfast gatherings in Sarasota with our industry friends and colleagues. I will certainly miss our phone conversations. They were always a mix of business and a lot of discussion about what is going on with kids and his beloved wife, Sue.
Like many of you who are reading this, I was very fortunate to be able to call Rick a good friend, trusted advisor, and mentor. It was certainly a great honor to be able to introduce Rick into the HFA Hall of Fame at The HFA Show last March. The pictures from that night will always bring back lots of fond memories.
Brent Darden, Principal, Brent Darden Consulting, and Chair, REX Roundtables
Rick leaves an indelible and everlasting mark on our fitness industry. His broad influence transcends generations of club leaders across all sectors of our industry.
I was blessed to consider Rick a friend, colleague, consultant, REX Roundtable chair, and personal resource for all things related to our business. The depth of his industry contacts was unmatched. He seemed to know virtually everybody—and know something about everybody.
He shepherded me through the opening of my own club, the eventual sale of my club, navigating my service on the HFA Board, becoming a REX Roundtable chair, and my tenure as the interim CEO of HFA. He was always willing to give of his time and ready to offer advice—whether I asked for it or not. The industry won’t be the same without Rick.
Geoff Dyer, Principal, Crunch Fitness: West Florida, Charlotte, Dallas-Fort Worth, and Atlanta
I really got to know Rick on a much more personal level over the last seven or eight years. He has a winter home in Sarasota, and we would get together. My relationship with him grew from a business relationship to a personal relationship where I would genuinely call him a friend. Actually, I don’t know anyone who doesn’t consider Rick a friend.
I got to know a side of him that was quite unique. He was a caring, loving guy and devoted to his wife, Sue. He always had an enormous passion for the industry, and he prided himself on his connections.
His ultimate love was the people in the industry and his passion for them and willingness tohelp them grow. His legacy is that he’s mentored so many people and helped guide them to achieve success.
I believe he would think his greatest accomplishment would be the founding of IHRSA, which is now HFA.
He lived to be almost 80 years of age. That’s a good life. He would want us to celebrate his life, not mourn his loss. He will be missed by so many.
Annbeth Eschbach, CEO, ResetOne
Professionally, Rick Caro was the grandfather of our industry. A visionary, an architect, a mastermind—Rick didn’t just shape HFA, he shaped the entire fitness industry. He was the HFA whisperer; the most powerful individual in the business—bar none.
Rick was a force. Unrelenting. Consistent. Strategic. His fingerprints are on every major direction the industry has taken. He had the vision, the intellect, and the drive to push us all forward. He didn’t just talk about change—he built it. He is perhaps best known for creating and moderating the legendary Financial Panel at HFA conventions—an event that became a catalyst for transformation across the industry.
But as towering as his professional legacy is, Rick’s personal impact was even more profound. He was unlike anyone I’ve ever known. Selfless. Caring. Razor sharp. Hilarious. Thoughtful. He kept meticulous notes—remembering every detail you ever shared, big or small—and would reference them months or even years later, making you feel like the most important person in the world every single time you spoke.
Rick was the embodiment of Charlotte’s web—bringing people together, holding every piece of each individual with care and precision. He built hundreds of careers, businesses, and friendships over his lifetime. Rick was a builder and a giver—two qualities that rarely coexist, but in him, they did. Fully.
We say goodbye to a giant—with gratitude, with love, and with the deep knowledge that this industry, and all of us in it, are forever better because of him.
Mark Harrington Jr., President, Healthworks Groups
I was always grateful to spend time with Rick. He was so gracious. No matter what he was doing, he always seemed to make time and be truly interested in what I was saying.
It’s really hard to imagine going to The HFA Show or other conferences and not seeing him there. He had such a large presence. It’s going to be strange to not have him host his financial panel. It was such an important part of the show.
His legacy is that he helped professionalize our industry by getting backing from financial investors and creating best practices. He advocated for standards and advancement that accelerated the growth of the industry.
He was never afraid to give you the unvarnished honest truth, but he did it in a way that it made you want to be better. The breadth of his knowledge and his connections were vast, and he would use them to help others to advance.
Mel Kleist, CEO, East Bank Club
I have very fond memories of meeting with Rick alongside Daniel Levin, East Bank Club’s founder, each year to share insights about our industry. Rick always arrived with an enormous appetite to learn about what we were doing, matched by his enthusiasm to share what the broader industry was experiencing.
He carried an abundance of knowledge and an unshakable optimism for what we could accomplish. When someone takes the time to share their knowledge and experiences, they are sharing a piece of themselves. That thought gives us comfort, knowing that our memories of Rick will live on as a lasting gift.
Gale Landers, Co-founder and CEO, Fitness Formula Clubs
Rick Caro was more than a pioneer in the fitness industry—he was its compass. He co-founded IHRSA, now the Health & Fitness Association, and with remarkable foresight, he hired John McCarthy as its first executive director, a decision that shaped the organization’s enduring impact.
He also built Management Vision, the first company in our industry to provide financial benchmarking and consulting tools that transformed how clubs operated. And decades ago, he had the vision to start the fitness industry roundtables, where learning and sharing best practices became commonplace in our industry.
But Rick’s greatest legacy isn’t found in charts, reports, or even organizations—it’s in people. He was always just a phone call away, willing to share his wisdom with anyone, whether you were a seasoned executive or brand-new to the field. His counsel was clear, candid, and delivered with generosity. He was an amazing collaborator and incredibly impactful to hundreds of us.
Those who knew him also remember his relentless follow-ups—Rick made sure nothing slipped through the cracks—and his occasional joke lists and puns that brought smiles to inboxes across the country. That was Rick: equal parts rigorous and lighthearted, serious about the work but never too serious about himself.
He leaves behind an industry forever shaped by his vision and a community of professionals who are better leaders, collaborators, and people because of him.
Alan Leach, CEO and Director of Sales and Marketing, West Wood Club
Rick Caro was big in so many ways. Big in stature. Big in reputation. Big in his generosity and passion for the global fitness industry. And above all, big in his willingness to share his knowledge with others.
Even before I met him, the name Rick Caro was synonymous with the fitness industry. In my more than 35 years of attending HFA conferences and serving on the HFA board, his name was never far from any conversation.
My first contact with Rick was many years ago when I attended one of his legendary financial presentations at The HFA Show. His command of the macro-financial landscape of the fitness industry was extraordinary. Yet what made Rick unique was his ability to make the complex simple—delivering numbers and insights in a way non-financial people could immediately understand and apply. I once told him, “Rick, if you can make finance this engaging, you could present anything.”
Rick was also a huge contributor to so many of the publications that helped West Wood Club grow into what it is today. His research was always meticulous, and his generosity in sharing it unmatched.
I was lucky enough to be on the teaching team with Rick at the former IHRSA Institute. He was warm, funny, and immediately welcoming. I’ll never forget him joking with me: “You’re lucky, Alan. You get to present the exciting stuff—sales and marketing. I have to present boring finance.”
I would often bump into Rick at conferences. No matter how many people stopped him to shake his hand, he always made time to ask me how things were going back in Ireland. That was Rick: approachable, humble, and genuinely interested in others.
When I became HFA chair, Rick was the very first to call. We ended up on the phone for two hours. He spoke to me as if we had been friends for 40 years—easy, warm, and engaging. In that moment, I realized Rick was not only a giant in the global fitness industry but also one of the kindest and most personable men you could ever meet.
Rick’s passing leaves a huge void in our industry. His wisdom, his generosity, and his presence will be greatly missed, but his legacy will continue to shape and inspire the fitness world for decades to come.
Carol Nalevanko, President, Village Health Clubs & Spas
I have known Rick Caro for my entire career in the health and fitness industry, which spans over 40 years. Rick has been my mentor, my advisor, sometimes my second “dad,” and best of all, my good friend.
In the early morning of Sunday, August 31, I received a call from another fitness industry friend. He let me know of Rick’s passing. At first, I couldn’t believe what my friend was telling me. Then the shock and sadness set in.
As with almost everyone I know who heard about Rick’s passing, I said to myself, “I had just spoken to Rick last week.” He always had time to take all our calls and give us advice. Rick loved our industry with a passion, almost as much as he loved chocolate.
I had the pleasure of being on our executive roundtable with him for over 25 years. Rick was always pushing me to be better, to sit on one of his panels, or call someone he thought I should meet. He was always challenging me, asking me the tough questions but at the same time asking about my family and how I was doing.
Just yesterday I picked up the phone to call Rick with a question. It will take some time for me to realize he’s not going to answer. It’s been an honor and a privilege to have had Rick Caro in my life for so many years. I will miss his silly laugh, his guidance, and his friendship. I’m pretty sure Rick is up in heaven organizing a financial panel and demanding everyone attend. Rest in peace, my friend.
Al Noshirvani, Co-founder and Managing Partner, Alta Technology Group
Rick had a rare gift for making everyone feel as though they belonged to him. His wisdom, sometimes delivered with tough love, was always insightful and remarkably accurate.
In the days after his passing, I spoke to at least 50 people and was struck by how many people shared that they had just spoken with him—a reflection of the deep, lasting impact he made on so many in our industry and, perhaps more importantly, the time he was always willing to share.
I will be forever grateful for his unselfish dedication to everyone he touched. It was never about him.
Ray O’Connor, CEO, Wisconsin Athletic Club
Rick genuinely cared about people. Whenever we talked, business was always a part of the conversation, but the human connection came first for him. He’d ask about my family, what my kids were up to, and how everyone was doing. He often spoke about his wife, Sue, and it was clear how much he adored her. The last time I called him was to share that one of my daughters had gotten engaged.
He was the ultimate networker and did so much for our industry. Rick co-founded HFA, helped develop the roundtable business, built strong relationships with investors, and created the financial panel at The HFA Show, which he led for nearly 30 years. It was an enormous amount of work, and I don’t think most people realized how much time and energy he poured into it.
Rick seemed to be everywhere in the industry. I can’t think of a single chairperson or CEO of HFA who didn’t hear from him regularly. He was always reaching out with ideas to make things better. His passion and love for this business inspired so many of us to succeed.
On a personal level, my business and I are better for having known him. Rick was one of a kind and truly irreplaceable. We will all miss him deeply.
Rodney Steven II, President and Owner, Genesis Health Clubs
Rick Caro was one of a kind. Our most valuable asset is our time, and Rick would literally give you as much time as you needed on any topic and as often as you would want to discuss it.
He would never forget a topic and would ask you how you were doing on a topic from literally years ago. How would he remember all your kids’ names and what they were involved in and be genuinely sincere with his follow-up on how the family was doing and growing?
When Rick would call me, I would get so excited because it would be such a highlight of my day. He made me feel very special, and I will always be indebted to him for the time he gave me and the free wisdom he so kindly and sincerely shared.
These types of people come around once in a lifetime—someone dedicated to making all of our lives better in this small industry. There isn’t anything he wouldn’t do for us or this industry.
I’m forever grateful to him.
Matthew Stevens, President and CEO, The Bay Club Company
Words cannot express how much Rick meant to both Bay Club and me personally. He was a friend, colleague, and mentor to hundreds, if not thousands, of us in the industry. If any silver lining exists, I’m glad he got to spend his final day on earth at the US Open, his 76th straight year.
Eddie Tock, CEO, REX Roundtables
I was fortunate to know Rick since my first day in the fitness industry 42 years ago. Over those 42 years, he became a good friend and my mentor, helping me grow REX Roundtables from four groups in 2008 to the 28 we have today.
Rick was never boastful or egotistical but always caring and thoughtful. His passion and desire to share his knowledge and help others made him an amazing person. It’s because of Rick that we have grown as an industry, as he’s responsible for HFA and getting the attention of Wall Street and so much more.
Some of my most memorable conversations were not talking about work but were talking about the Yankees and our personal lives. I will miss that part of Rick the most!
Rick was instrumental in our decision to launch the REX Leadership Academy just a few weeks ago in July. He helped us shape the agenda. But the best part was having Rick spend a day with us in person. He told me he was so proud of all of us. As a result, we have created a scholarship to the REX Leadership Academy in his name.
There was no one like him. He’s irreplaceable, and we’ll all miss him.
Greta Wagner, Executive Director and Executive Vice President, Chelsea Piers Connecticut
Rick, what do I do now that I can’t call you? You’ve always been the ear I turned to, my mentor, my friend, my advocate, my biggest cheerleader. You were the one who gave me the reality check I needed, always with humor and a smile when I started to stray off course. I guess I thought you’d always be there, that a man as large in presence but as gentle in spirit as you would somehow live forever.
I’ll always cherish the memories of our meetings, club tours, or an impromptu meal in the city. Those moments, casual as they were, meant so much. They were reminders of how present you always made yourself for the people you cared about.
You were there like clockwork with your check-ins, and you were always available when someone reached out. Every conversation started the same, with questions about family before anything else. You knew what truly mattered, and you never let me forget it.
I know these words are mine, but they could just as easily be spoken by so many others. We were all lucky to have had you in our lives. Blessed, really. And while I can’t pick up the phone and hear your voice anymore, I’ll carry forward your example, your lessons, and your kindness with me always.
We love and miss you.
Jim Worthington, Owner and President, Newtown Athletic Club
To me, the perfect description of Rick would be the godfather of the fitness industry. He was the tip of the spear in terms of knowledge and what the industry represented.
Rick had a passion for growing the industry and being a mentor. He was very generous not only with his time but with giving you his guidance. I would call him and ask him for information, and he was like a spigot that you couldn’t turn off because he wanted to tell you everything he knew. If you were smart, you would just shut up and listen.
His legacy will be felt everywhere, even by people who have never heard his name. A 10-, 20-, or even 50-year member of my club most probably never heard Rick’s name, but without question was impacted by him every time they came in.
He’s an icon. If you carve a Mount Rushmore of fitness leaders, he would be one of the four. There will never be another like him.