Onyi Odunukwe: from a supplement store at 21 to a $247 million net worth
He dropped out of nursing school during finals week. A stranger owner-financed a supplement store for him at 21. A tanning salon he opened as an afterthought became Glo Tanning, with over 100 locations. Here is how, the numbers, and what you can copy.
Overview
Onyi Odunukwe is the son of two Nigerian immigrants: his mom a pharmacist, his dad a surgeon. They lived modestly. He got five shirts and two pairs of jeans, and a worker's permit at 13 so he could buy the rest himself.
He was on track for medical school in Arkansas. He went to nursing school and dropped out during finals week of his senior year. In college he had sold weed, got caught, and picked up a federal felony, which meant he could not work in a hospital with the charge pending. It also meant no SBA loans later.
He was a bodybuilder. At 21, someone offered to owner-finance a supplement store for him. That was his start in business. A tanning salon came next, almost as an afterthought.
By 30 he had seven salons. In 2018 the biggest tanning chain in the world, Palm Beach Tan, wanted to buy. His terms: close within a week, before he left for London with his girlfriend, or no deal. They closed in a week. He netted $2.3 million for five salons and later sold the other two for $2.5 million.
How it really happened
- The supplement store. He was a bodybuilder. At 21, someone offered to owner-finance a supplement store for him. It did well, and within six months he was looking at a second location.
- Why tanning. The second space was too big for a supplement store, so he needed something else to fill it. Students at the University of Arkansas who were from Dallas kept telling him the tanning in Arkansas was terrible compared to home. Fayetteville had real demand and no good salon. He signed the lease in 2009.
- His parents. A pharmacist and a surgeon, watching their son go from nursing school to tanning beds. "They weren't fond."
- Too many things at once. He was running the supplement store, a limo service and more. "I was trying to run a supplement store, a limo service and more, when I decided to put all my effort into Glo Tanning. That's when everything changed."
- Spending almost nothing on ads. For the first few years he put the money into the customer experience and let referrals do the marketing.
- The label. In his twenties, a young Black founder in Arkansas driving a Ferrari, people assumed he was a drug dealer. "I don't drink, I don't smoke, I don't party. I literally work."
- The one-week deal. At 30 he had seven salons, five cars and a Ferrari, and was not looking to sell. The person who connected him to Palm Beach Tan warned them not to lowball him. He set the terms: close in a week, before his trip to London, or no deal. They closed in a week.
Timeline
| Year | What happened |
|---|---|
| Age 13 | Gets a worker's permit and his first job |
| College | Sells weed, gets caught, ends up with a federal felony |
| Senior year | Drops out of nursing school during finals week |
| Age 21 | A stranger owner-finances a supplement store for him |
| Next | Opens a tanning salon, almost as an afterthought |
| 2018, age 30 | Seven salons. Sells five to Palm Beach Tan in one week for $2.3 million. Later sells the other two for $2.5 million |
| After | Starts again with Glo Tanning and franchises it |
| About 2021 | Starts buying the strip malls his franchises sit in |
| Last June | Turns down $250 million for 49% of Glo |
| Today | Over 100 locations, 27 to 28 strip centers, net worth about $247 million |
The numbers
| Figure | Number |
|---|---|
| Net worth | About $247 million |
| Net worth at 30 | $3 million to $4 million |
| First exit (2018) | $2.3 million for five salons, closed in one week |
| Second sale | $2.5 million for the last two salons |
| Offer turned down | $250 million for 49% of Glo Tanning |
| Glo locations | Over 100 |
| Cost to open one Glo | About $1.1 million |
| Franchise fee | $45,000, plus 9.5% of all revenue to corporate |
| Real estate | 27 to 28 strip centers, about $100 million in value |
| One building | Bought for $5.5 million, now worth just over $12 million |
| Personal spending | $75,000 to $100,000 a month |
| Share of income he reinvests | 90% to 95% |
How it makes money
Onyi makes money three ways:
- Franchising. A franchisee pays $45,000 to join, borrows most of the roughly $1.1 million it costs to open (Glo even earns a commission from the bank for arranging the loan), then pays 9.5% of all revenue to corporate forever.
- Real estate. He buys the strip malls his franchises sit in, renovates them with his own construction company, and says he usually doubles a building's value within two years.
- New concepts. A subscription nail salon and a coffee shop, both headed for franchising.
What they did right
1. He took the opening in front of him
He was a bodybuilder, so a supplement store made sense, and someone offered to finance it. The tanning salon came next.
2. He set his own terms
When the biggest chain in the world came to buy, he said close in a week or no deal. They closed in a week.
3. He started over and built bigger
"Two and a half million dollars eight years ago was the same thing to me as two hundred and fifty million dollars today." He put it all back in and built Glo.
4. He owns the ground under the business
Buying the strip malls his franchises rent from turned franchise growth into real estate growth.
5. He reinvests almost everything
90% to 95% of what he makes goes back in. He does not fly private or even first class.
Do what they did: step by step
1. Start with the business you already understand.
He was a bodybuilder, so he started with supplements.
Do this: write down the three things you spend the most time and money on. Which one could you sell to people like you?
2. Get creative with the money to start.
His first store was owner-financed. He did not need a bank.
Do this: find one small business for sale near you and ask the owner if they would accept payments over time.
3. Make one location work before the next.
Do this: write down what one location, one product or one customer earns you after costs. Only add another when that number is good.
4. Put the money back in.
Do this: set a fixed amount you live on and reinvest the rest, the way he reinvests 90% to 95%.
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Sources
- School of Hard Knocks newsletter, "Tanning beds made $60 million"
- Glo Tanning company announcements (2025)
- Hampton, Moneywise with Daniel Berk, "$247M Net Worth, $100k/Month Burn: Inside Onyi Odunukwe's Money" (interview and full transcript)
