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. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Franchise. [46], Planet Fitness reported that it has around 2,400 gyms worldwide with a total membership of 17 million, generating an annual revenue of $936.8 million at the end of 2022. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management after graduating with a Marketing degree from Northwest Missouri State University. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. The graph includes a comparison against the Russell because there is no industry benchmark or line-of-business index for the fitness industry or a peer group that is publicly traded. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. On this Wikipedia the language links are at the top of the page across from the article title. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Join PFIFC industry. You must maintain your equipment according to Planet Fitness brand standards. It offers classes for dance, aqua, cycle, box, pilates, and many more. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. This routine is an 18-minute HIIT workout that targets cardio and endurance. 2% of the total gross monthly EFT Dues Draft. 8. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. In this role, he oversees the Companys accounting and treasury functions. We got you! 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. 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. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Additional Training: Ongoing training - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. 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. Former Gov. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. -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 . 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. 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 [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. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Brands, he supported the team tasked with transforming and modernizing technology and data systems both domestically for KFC and internationally in Australia for Pizza Hut. Join now to become a registered PFIFC member and gain access to a wealth of information that will help you succeed as a Planet Fitness owner. With that in mind, Planet Fitness franchisees will need to pay for that international brand recognitionopening a Planet Fitness franchise may cost over $4 million. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 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 . 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). Franchise fee: one-time $10,000 for a 10-year renewable agreement. [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. Initial term lengths last 10 years. Ms. Kaplan holds a B.S. Their popularity mostly comes down to their unique business model: All Anytime Fitness locations are open 24 hours a day, seven days a week, and members can access any of those 4,000+ locations no matter where they are in the world. 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. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. 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. [13] The new model was an effort to provide a fitness hub for everyday people. 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. When you go to sell a Planet Fitness franchise based on the median multiple of .67 and net sales in 2021 of $1,545,877, it would sell for $1,035,737. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. We now have: 2,400+ locations open (and we're just getting started!) We offer detailed franchise research and contact data reports. 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. Please scroll down for a partial list of franchise businesses. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Then, you will be in compliance with the LAF requirement if you spend an amount that satisfies the LAF obligations for all the Planet Fitness businesses in the aggregate. There are very few reasons why one might want to open a Planet Fitness franchise. 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. Under Rondeau's 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' America's Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. Prior to that, he served as the Director and General Manager of internet startup Kozmo, where he was responsible for new market development and operations. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. Once you start operating your Pure Barre location, youll be responsible for a monthly royalty fee of 7% of gross sales and a 1% monthly marketing fee. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Orange Theorys success is quite similar to Pelotons rise to fame. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. [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. 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. * 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. Cash Required $1,500,000. 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. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. . "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. 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. 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. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. service, Computer System. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. 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. 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. It is reported to be the nations fastest growing fitness center franchise. 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. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. 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. Do not sell or share my personal information. ? Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. This is a good indication of high growth as a company overall. Benson, who co-founded the former Cabletron Systems, once the . Use this opportunity to ask qualitative questions that you wouldnt necessarily have answered through the FDD, or from the franchisors marketing materialslike how happy they are with the initial training and ongoing support they receive, and their opinions about the overall outlook of the business. 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. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Burn Boot Camp 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. With this purchase, which was for an undisclosed amount, United PF's club count has . "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Even after the pandemic hit, it continued to grow at a rate of over 100 units. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. Building in competition to workouts enhances ones motivation and keeps consumers coming back. 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. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. The initial Planet Fitness Franchise Fee is $20,000. You must pay a supplemental fee of $5,000, per location remaining to be developed, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Order now to get instant access to the complete Planet Fitness franchise owners. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. [17] They also dramatically reduced prices to compete against better-known brands. 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. Find other similar franchises in our catalog! Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Throughout the years, Chris played a critical role in developing and refining the unique, low-cost/high-value business model and lean operating system that revolutionized both the fitness and franchising industry. You'll build confidence while increasing your fitness knowledge. 1,600+ locations open and we're just getting started! As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. Comment. You have to pay this upfront fee when opening a Planet Fitness franchise. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast.