planet fitness franchise owners list

Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. Additional Training: Ongoing training Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. This could be an indicator that franchisees are doing really well. Depending on the location and pre-existing structure that is being purchased, you could see your expenditure being on the lower or higher end of this spectrum. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. All told, their gyms boast over 14 million members worldwide. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. 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. Robert Beaupre leads the SMB team at NerdWallet. The total investment ranges from $728,290 to $3,777,800. The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group Planet Fitness franchise is growing, and it is growing fast. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Lets get started. Estimated total initial investment: $2,405 to $3,200. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Year Business Began: 1992. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. NerdWallet strives to keep its information accurate and up to date. Call (888) 977-4374. Bill Bode serves as Division President, U.S. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Franchise. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the, You must maintain your equipment according to, Your actual costs may be higher or lower depending on the size of your, You must maintain the franchise premises according to, Franchise Disclosure Document (FDD) Database, Your Lender; Approved Suppliers; Our Affiliate, Paid to various media companies and other third parties to promote the opening of your business, Computer System, Point of Sale System, and other Supplies, Utilities, banks/credit card companies, leased equipment vendors, alarm company, telephone company, Your Out-of-Pocket Initial Training Expenses. On this Wikipedia the language links are at the top of the page across from the article title. https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. The fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. 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. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. She received her Bachelors degree in Public Communications from American University in Washington, DC, and served on the Board of Directors for the Boys & Girls Clubs of Manchester, NH. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Even though its smaller than Pure Barre. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Estimated total initial investment: $198,650 to $446,250. [5] It markets itself as a "Judgement Free Zone" that caters to novice and casual gym users, and has faced both praise and criticism for its atmosphere. The Grondahls changed the gyms name to Planet Fitness in 1994. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. 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. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. Have questions? As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. He has covered financial topics as an editor for more than a decade. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. [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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Classroom Training: 80 hours The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. 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. 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. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 According to their website, Pure Barre is the oldest and most established barre studio out there. Total Investment $728,290 - $3,777,800. The name came from his daughter's school project, "Fitness Planet". Planet Fitness trademarked the phrase judgment free zone, so that alone should give you a sense of this gyms major value: inclusivity for all people, regardless of their fitness levels. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. 6.4 miles away from Planet Fitness. The Initial Franchise Fee is uniform and non-refundable. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 1 comment. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. 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. 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. 4. When evaluating offers, please review the financial institutions Terms and Conditions. But perhaps most important to this process is interviewing current franchisees. Mr. Hymes has over 30 years of experience leading domestic and international retail, franchise, and e-commerce businesses for global companies, most recently serving as the President and Chief Executive Officer of Jiffy Lube International. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. [25][26] The company went public on August 6, 2015. All told, their gyms boast over 14 million members worldwide. 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. [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. You'll build confidence while increasing your fitness knowledge. Planet Fitness has more members and locations than any other fitness brand. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Call (888) . Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. Then, the last four workouts in the program will take place in the gym and you'll learn how . To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. You have to pay this upfront fee when opening a Planet Fitness franchise. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. This covers the cost of being able to use their name and logo. Orange Theorys success is quite similar to Pelotons rise to fame. Pre-qualified offers are not binding. Estimated total initial investment: $304,500 to $2.1 million. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. 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. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Liquid Cash Requirement: $1,500,000. 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. locations around the U.S. as well as Canada and the Dominican Republic. Estimated Number of Units: 2,300. Initial term lengths last 10 years. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. Bringing Franchise Owners Together to Share and Grow. It is reported to be the nations fastest growing fitness center franchise. Comment. 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.

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