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.