From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . ", "Planet Fitness revokes woman's membership after transgender complaint", "Planet Fitness Has New Investor; Promotes Rondeau To CEO", "Former Radio Shack CFO Fills Planet Fitness Hole", "Planet Fitness goes public, hits mark in first day of trading", "Ranking America's Best And Worst Franchises: Which Are The Best Investments? Previously, she served as Head of Marketing and Sales for Zipcar, the worlds leading car-sharing network, where she was a key member of the executive leadership team responsible for demand and revenue generation and all marketing functions. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. However, this does not influence our evaluations. 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. 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. Based on a midpoint investment of $1,378,500 with estimated profits of $94,820 (10% profit margin) it would take about 15 years to recoup your investment. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. This could be an indicator that franchisees are doing really well. While this may be the business for you, make sure also to check out other companies offered on Vetted Biz and in the Fitness Industry. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Currently, the Orangetheory franchise has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). 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. It is reported to be the nations fastest growing fitness center franchise. 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. The $10 per month level includes access to cardio and strength equipment, unlimited group fitness instruction and pizza and bagels once a month; the $24.99 per month ("Black Card") level allows members to bring one guest per day at no charge, access to all Planet Fitness locations, and access to extra amenities, such as tanning booths, massage chairs, red light therapy and water massage beds. Our partners cannot pay us to guarantee favorable reviews of their products or services. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. You have to pay this upfront fee when opening a Planet Fitness franchise. This FREE 10-part progressive program will help you get movin'. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Total Investment $728,290 - $3,777,800. Many or all of the products featured here are from our partners who compensate us. 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). The chain has over a thousand locations with over 400 units outside the US. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. [32][33], Planet Fitness started franchising units in 2003. Planet Fitness Franchise Plus, that smaller pool of franchisees means each one receives more personalized support from the company. In this role, she is responsible for all aspects of the companys internal and external communications, including public relations, crisis management, executive communications, philanthropy, community relations and sustainability. Annually Updated with New Owners of Planet Fitness Locations in the USA. Headquarters: Hampton, New Hampshire. The Area Development Fee is uniform and non-refundable. [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. [25][26] The company went public on August 6, 2015. To be eligible to open a Crunch Fitness franchise, candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. 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. We believe everyone should be able to make financial decisions with confidence. At Yum! Kick off your search with this list of nine of the most promising gym franchises to buy. Today the brand has over 2,000 locations system-wide. With that said, a Planet Fitness franchise . This covers the cost of being able to use their name and logo. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. And with an incredibly low initial franchise fee and upfront investment, Jazzercise is one of the best low-cost franchises youll find, especially within the health and fitness industry. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Planet Fitness - Wikipedia By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. In addition, he served as an online media manager for the University of Nevada, Reno. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Start a Planet Fitness Franchise in 2023 - Entrepreneur Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Order now to get instant access to the complete Planet Fitness franchise owners. All told, their gyms boast over 14 million members worldwide. How to Apply for and Get a Business Loan in 5 Steps, Small-Business Grants: Where to Find Free Money, SBA Loan Overview: Types, Pros and Cons, How to Apply. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. Mr. Barber holds a B.S. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Share. Rated Excellent on TrustPilot with feedback from 50+ customers. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. 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. Under Rondeaus leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 Fastest Growing Franchise List, Franchise Times Top 200, Forbes Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. [51] In April 2022, Planet Fitness appeared as a sponsor on a race truck for the first time in the 2022 Pinty's Truck Race on Dirt with Logano driving the truck. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. Jennifer Simmons joined Planet Fitness in 2013 as a business analyst, later joining the executive leadership team as Senior Vice President of Business Strategy and Analytics and in 2022 was named Division President, Corporate Clubs.
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