Training starts with one week at the companys San Francisco headquarters, followed up by three to six months of training, led by a dedicated trainer, in your home location. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. You must be logged in to view this form. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. We believe that this franchise is an option for those that are passionate about fitness and are willing to put in the hours to make the business run smoothly. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. The franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. ? Our partners cannot pay us to guarantee favorable reviews of their products or services. [52], In March 2016, Planet Fitness partnered with STOMP Out Bullying,[53] a national organization dedicated to bullying prevention, and the Boys & Girls Clubs of America to launch the company's national philanthropic initiative to address bullying, The Judgement Free Generation. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. [31], While Planet Fitness closed many facilities during the onset of the COVID pandemic, during the Delta and Omicron variants there was not a decrease in gym attendance. Find Accurate Contact Data for Fitness Franchise Owners. This information may be different than what you see when you visit a financial institution, service provider or specific products site. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. He joined the Company as General Counsel in 2014 and played a critical role in the Companys initial public offering in August of 2015, and has since overseen all public company, corporate governance and franchising matters as a key member of the companys leadership team. Prior to that, Ms. Gentilozzi served as Senior Vice President of Human Resources at Aropostale, supporting over 25,000 employees in 1,000 retail locations throughout the U.S., Canada, and Puerto Rico. Annually Updated with New Owners of Planet Fitness Locations in the USA. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. Bill Bode serves as Division President, U.S. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. [18] This low-cost business model focuses on the needs of occasional or first-time health club members, rather than more experienced members,[6] and depends on many members rarely showing up. It is reported to be the nations fastest growing fitness center franchise. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Over the last three years, the company has been expanding. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. That said, franchisees are responsible for additional costs, including a monthly continuing franchise fee (CFF) of either 20% of gross revenue or at least $250 per month. After four years the Initial Franchise Fee for each location opened under the Area Development Agreement will be equal to then-current Initial Franchise Fee being charged to new franchisees. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Annually Updated with New Owners of Planet Fitness Locations in the USA. With this purchase, which was for an undisclosed amount, United PF's club count has . If you sign an Area Development Agreement, the Initial Franchise Fee for each location opened under the Area Development Agreement will be $20,000 for Franchise Agreements entered into within four years of the effective date of your Area Development Agreement. But perhaps most important to this process is interviewing current franchisees. * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. Planet Fitness Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Share. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. In other words, franchising takes most of the heavy lifting off your shoulders. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. This FREE 10-part progressive program will help you get movin'. Paid by you to advertisers or Planet Fitness if it elects to collect from you. There are very few reasons why one might want to open a Planet Fitness franchise. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. All reactions: 8. Mind that the franchise requirements for sale could be different depending on the format and scope of business. in Management Information Systems from Northwood University. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Year Business Began: 1992. industry. [3] The company reports that it has around 2,400 clubs, [4] making it one of the largest fitness club franchises by number of members and locations. has over 8,900 franchises across the country. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. The gym utilizes a "lunk alarm", which is a loud siren and rotating light that is used when a gymgoer grunts too loudly or drops weights. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Franchising Since: 2000. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. You'll also benefit from . All financial products, shopping products and services are presented without warranty. You must maintain your equipment according to Planet Fitness brand standards. Lead Assigning Editor | Small business finances, investing, banking. Former Gov. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Its also a good idea to reach out to at least a few former Planet Fitness franchisees to find out why they left or were terminated from the franchise system. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Mr. Rondeau joined Planet Fitness in 1993, working the front desk at the very first location in Dover, NH, one year after the original founders, Michael and Marc Grondahl, started the Company in 1992. Thanks to that near-legendary status in the fitness world, and their loyal customers. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Cash Required $1,500,000. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. You'll build confidence while increasing your fitness knowledge. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. In addition, he served as an online media manager for the University of Nevada, Reno. By contacting current franchise owners and asking about their experience with the franchised business, the earnings and/or success thus far, training and support from the franchisor, Pla-FitFranchise, and whether or not they would buy the franchise again if they could do it all over again, you can learn what its really like to own a Planet Fitness business before you actually purchase a franchise. But buying into a gym franchise is a less risky venture than building a gym from the ground up. [43], With the addition of a Planet Fitness outlet in Hawaii in January 2018,[44] Planet Fitness had 1,500 locations with an estimated 10 million members across 50 states, the District of Columbia, the Dominican Republic, Mexico, and Panama[45] and Canada. Even after the pandemic hit, it continued to grow at a rate of over 100 units. 2% of the total gross monthly EFT Dues Draft. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). Total Investment $728,290 - $3,777,800. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a. takes you straight to the source. We were opening our 5th store then. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Their website reads, We are not currently accepting new franchisee applications for US expansion.. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. [25][26] The company went public on August 6, 2015. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. She also served as Senior Vice President of Human Resources at Macys Inc., and has held various leadership positions at The May Department Store Company, including corporate and division roles. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness rates are flat from month to month, which makes it easier for you to plan and organize your expenses. Orange Theorys success is quite similar to Pelotons rise to fame. Even though the history of barre dates back to 1959, when the discipline was created by former ballerina Lotte Berk, the ballet/Pilates/yoga hybrid saw a huge boom in the 2010s. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. Many or all of the products featured here are from our partners who compensate us. They provide an affordable, high-quality fitness experience in a welcoming environment. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely . McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Liquid Cash Requirement: $1,500,000. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. In this role, he leads all aspects of our U.S. Like. Craig Benson has rejoined the board of directors of Planet Fitness, a national gym chain based in Hampton in which he is a substantial franchisee and which uses software from a company that Benson partly owns, according to a Securities and Exchange Commission filing. The most popular workout model from Snap Fitness is known as MYFIT. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. That way, participants can both track their own progress, and see how it stacks up to other people in the classso if you thrive on competition, this is the gym franchise for you. FranchiseComplaints.org It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. The Grondahls changed the gyms name to Planet Fitness in 1994. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. Net Worth Requirement: $3,000,000 Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Burn Boot Camp "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. 1- Based on a midpoint investment of $3,273,300 with estimated profits of $77,293 at a 5% profit margin it would take about 42 years to recoup your investment. Gathering all available information about each potential franchise will help you land on the gym that not only works for you financially, but that also resonates with your lifestyle and values. Planet Fitness Initial franchise fee: $20,000 Estimated total initial investment: $1 million to $4.1 million Planet Fitness trademarked the phrase "judgment free zone," so that alone. Youre about to cancel your subscription. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. Classroom Training: 80 hours - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. You must maintain the franchise premises according to Planet Fitness brand standards. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Prior to that he served as the Chief Operating Officer since 2003. There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. At Yum! Whether youre a gym rat yourself or youre passionate about helping others achieve their health goals, starting a fitness business can be a dream gig for health-conscious entrepreneurs. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . Pre-qualified offers are not binding. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. This metric is the standard industry investment amount for a single unit franchise investment in this industry. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. If you are an individual with a passion for fitness and are willing to invest an amount ranging from $657,542 $2,105,322 or more, Orange Theory might be the right fit for you. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD).
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