The Real Story Behind SoulCycle: Ruth Zukerman & the $90 Million Lesson

In this episode of Inspired to Lead, host Talia Mashiach sits down with Ruth Zukerman — co-founder of SoulCycle and founder of Flywheel Sports — for a raw and powerful conversation about building two iconic fitness brands, being pushed out of the company she created, and finding the strength to start over at 52. Ruth shares how she went from aspiring dancer to accidental fitness pioneer, how a painful divorce led her to discover spin, and the devastating partnership betrayal that cost her everything she built — while her former partners walked away with $90 million each. She also opens up about the personal growth, therapy, and resilience that carried her through each reinvention. Timestamps: 1:22 – Meet Ruth Zukerman 2:24 – Ruth's early dream of becoming a professional dancer 4:37 – Getting married and putting career aside 8:42 – Divorce and discovering spin at the Reebok Club 11:49 – Becoming a spin instructor and building a following 13:08 – Innovating with music and personal recognition 15:53 – The idea to open a standalone spin studio 17:57 – The three co-founders come together 20:48 – Choosing partners: lessons on friendship vs. business 24:19 – Opening SoulCycle: the hole-in-the-wall on 72nd Street 27:07 – Business explodes — the Hamptons barn 30:10 – Word of mouth, no advertising, no signage 33:08 – Scaling to the Upper East Side 36:07 – No operating agreement: a costly mistake 38:24 – The partnership unravels — Ruth is pushed out 42:20 – Going back to teach at SoulCycle as an employee 44:40 – The birth of Flywheel Sports at age 52 46:55 – What Ruth did differently the second time 49:58 – Flywheel grows to 42 locations and gets acquired 51:31 – SoulCycle sells — each partner makes $90 million 53:58 – The emotional toll and how Ruth processed the loss 55:18 – Resilience, reinvention & life's biggest lessons 59:37 – Advice on partnerships, contracts & knowing yourself 1:15:37 – Closing thoughts & sponsor message Guest Description: Ruth Zukerman is an entrepreneur, author, and keynote speaker best known as a co-founder of SoulCycle and the founder of Flywheel Sports. A former dancer turned fitness industry pioneer, Ruth helped create the boutique fitness movement and grew Flywheel to 42 locations before its acquisition. She is the author of a memoir and business book sharing the life lessons behind her journey. Ruth is the keynote speaker at the upcoming JWE (Jewish Women Entrepreneurs) conference. Come meet Ruth live at the JWE Powered by HER Conference and in person on April 27, 2026 in Newark NJ. Spots are limited. By your ticket today at thejwe.com/conference and use code PODCAST to save $10 off your ticket . This episode is sponsored by Roth and Co., innovators in accounting and business advisory.