However, this does not influence our evaluations. 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 Youre about to cancel your subscription. All told, their gyms boast over 14 million members worldwide. 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. Even after the pandemic hit, it continued to grow at a rate of over 100 units. In this role, he leads all aspects of our U.S. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. 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. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. On this Wikipedia the language links are at the top of the page across from the article title. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. This could be an indicator that franchisees are doing really well. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. 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. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. 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. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. 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. 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. 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. [47] The contestants on the show worked out on Planet Fitness equipment and then at Planet Fitness gyms near their homes, working with Planet Fitness instructors. 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. Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. 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. Thanks to that near-legendary status in the fitness world, and their loyal customers. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. In this role, he is responsible for all aspects of financial strategy and management. In her role as Division President, Corporate Clubs, Ms. Simmons will be responsible for leading the Company's Corporate Club portfolio including driving overall performance, leading and developing the team, and identifying strategic growth and expansion opportunities of the brand's corporate store fleet, which consists of more than 200 locations across 14 states and Canada. [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. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Bill Bode serves as Division President, U.S. Although gym franchises require that the owner has previous management experience, most dont require experience in the. 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. 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. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. 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. Looks like your subscription is due. You must maintain your equipment according to Planet Fitness brand standards. When evaluating offers, please review the financial institutions Terms and Conditions. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Our opinions are our own. This metric is the standard industry investment amount for a single unit franchise investment in this industry. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. [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. Year Business Began: 1992. All told, their gyms boast over 14 million members worldwide. 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. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. 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). 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. 4. [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. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). 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. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. We provide estimated franchise costs for some countries: [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Please renew to keep using our services. Even though its smaller than Pure Barre. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. Like. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Orange Theory is currently headquartered in Boca Raton, FL, and is run by its CEO Dave Long who previously served as the main developer and owner of the European Wax Center. 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. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. 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. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. Please scroll down for a partial list of franchise businesses. 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. 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. You'll build confidence while increasing your fitness knowledge. They provide an affordable, high-quality fitness experience in a welcoming environment. 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. Burn Boot Camp In this role, he oversees the Companys accounting and treasury functions. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 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. Do not sell or share my personal information. 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. has opened over 4,000 locations on all seven continents. As a result, she has played an instrumental role in the major strategic decisions made by the Company. 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. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Sorry. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Bringing Franchise Owners Together to Share and Grow. 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. 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. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. 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. 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. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Planet Fitness Independent Franchisee Council Join Us Today! Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. 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. The chain has over a thousand locations with over 400 units outside the US. 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. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Browse 1000s of reports on 1000s of franchise systems. [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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Robert Beaupre leads the SMB team at NerdWallet. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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 All initial fees are the same for both initial and conversion franchises. * 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. 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. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. . 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. Estimated total initial investment: $303,000 to $499,850. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 8. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. Please confirm by clicking on the Cancel Subscriptionbutton below. According to their website, Pure Barre is the oldest and most established barre studio out there. Lets get started. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. The U.S. has the biggest Fitness market in the world, both in terms of revenue and in the number of members enrolled in a fitness facility. The Area Development Fee is uniform and non-refundable. [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. According to their website, Pure Barre is the oldest and most established barre studio out there. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. Find Accurate Contact Data for Fitness Franchise Owners. 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 the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Orangetheory claims to be one of the fastest-growing franchises in the world, and theyre ranked 60th in Inc. Magazines Fastest Growing Private Companies List. Disclaimer: NerdWallet strives to keep its information accurate and up to date. He also currently serves on the Board of Directors of the NH/VT/ME Region of the American Red Cross and the Business & Industry Association of New Hampshire. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. The Grondahls changed the gyms name to Planet Fitness in 1994. Headquarters: Hampton, New Hampshire. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. This influences which products we write about and where and how the product appears on a page. 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. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International.
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