Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Jamie Medeiros joined Planet Fitness in 2000, where she worked at the front desk in the Companys third location before transitioning to the Planet Fitness corporate marketing team. FranchiseComplaints.org Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. 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. Find Accurate Contact Data for Fitness Franchise Owners. Our partners compensate us. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Initial term lengths last 10 years. Initial term lengths last 10 years. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Throughout his tenure at Dunkin Brands, Mr. Estimated total initial investment: $198,650 to $446,250. 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. Benson, who co-founded the former Cabletron Systems, once the . Planet Fitness has more members and locations than any other fitness brand. Performing this action will delete your account. 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. 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 second Toronto location opened in early 2015. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. 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. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 4. But buying into a gym franchise is a less risky venture than building a gym from the ground up. in Management Information Systems from Northwood University. Currently, the. This influences which products we write about and where and how the product appears on a page. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. 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. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. in Pilates. [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. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. 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. All told, their gyms boast over 14 million members worldwide. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. NerdWallet strives to keep its information accurate and up to date. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Do not sell or share my personal information. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . [4], In October 2011, Planet Fitness reached an agreement with NBC to sponsor the network's reality show The Biggest Loser beginning with the 2012 season. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. 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). You may need additional operating capital, or you may need it for a longer period of time. [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. Initial franchise terms are 10 years. . 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. According to their website, Pure Barre is the oldest and most established barre studio out there. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. On this Wikipedia the language links are at the top of the page across from the article title. The total investment ranges from $728,290 to $3,777,800. 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. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. 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 Estimated total initial investment: $304,500 to $2.1 million. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Annually Updated with New Owners of Planet Fitness Locations in the USA. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Here is a list of our partners and here's how we make money. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. Prior to joining Planet Fitness, Mr. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. 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. has opened over 4,000 locations on all seven continents. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. We offer detailed franchise research and contact data reports. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. [25][26] The company went public on August 6, 2015. He has covered financial topics as an editor for more than a decade. 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 number of fitness franchise locations has been steadily increasing to a total of about 2,039. . In this role, he is responsible for all aspects of financial strategy and management. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. We believe everyone should be able to make financial decisions with confidence. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Even more reason to consider investing in a gym franchise? Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Lets get started. Call (888) 977-4374. 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. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. 1 comment. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. Order now to get instant access to the complete Planet Fitness franchise owners. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Classroom Training: 80 hours [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. 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. You must commit to opening a one or more PLANET FITNESS locations as a condition of acquiring area development rights, either yourself or through one or more entities in which you own 51% or more interest. [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. So how do we make money? That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. 2% of the total gross monthly EFT Dues Draft. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. This is significantly lower than the midpoint investment of $3,273,500. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. "I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." ", "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? Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. 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. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. 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. Initial Franchise Fee: $20,000 When evaluating offers, please review the financial institutions Terms and Conditions. According to their website, Pure Barre is the oldest and most established barre studio out there. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Mr. Rondeau joined Planet Fitness in 1993, working the front desk at the very first location in Dover, NH, one year after the original founders, Michael and Marc Grondahl, started the Company in 1992. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. . [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. 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. 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. The initial Planet Fitness Franchise Fee is $20,000. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. As a result, she has played an instrumental role in the major strategic decisions made by the Company. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. The initial Planet Fitness Franchise Fee is $20,000. [29], In 2020, the company received criticism for charging its customers for March dues "despite closing its facilities nationwide due to the novel coronavirus pandemic. 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 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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. locations around the U.S. as well as Canada and the Dominican Republic. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. [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. It offers classes for dance, aqua, cycle, box, pilates, and many more. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. 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. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. We provide estimated franchise costs for some countries: Estimated total initial investment: $2,405 to $3,200. 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. 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. 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 franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Many of these are one-time fees that are needed to launch the franchise. 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. 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. If you can name a franchise business, it's probably on our Franchise owners marketing list. 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. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. The Initial Franchise Fee is uniform and non-refundable. 1. You must be logged in to view this form. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 6.4 miles away from Planet Fitness. [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. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. That said, all of the gym franchises on this list (and those that arent on this list) allow curious investors to request more information for free. West Hampton, NH 03842, USA, Interested? In this role, he has overall leadership and accountability of the brands primary revenue producing business segments, including U.S. and international franchise operations and development, equipment sales, and Corporate stores, in addition to both the technology and legal functions. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. Now, We Own 22 Locations", "What your new gym doesn't want you to know", "Planet Fitness vs. the lunkheads: Why is a health club trying to alienate people who love to work out? Sorry. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Building in competition to workouts enhances ones motivation and keeps consumers coming back. Planet Fitness Franchise Owners Contact List $ 149 Add to cart; GNC Franchisee Owners List $ 129 - $ 179 Select options; Club Pilates Franchisee Owners List $ 99 Add to cart; Golds Gym Franchisee Owners List This investment is much higher than the industry standard of $253,000. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. 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. Bill Bode serves as Division President, U.S. [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. Lead Assigning Editor | Small business finances, investing, banking. Have questions? Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. This FREE 10-part progressive program will help you get movin'. 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. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 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. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. This covers the cost of being able to use their name and logo. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. [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. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. There are some units of Planet fitness franchisees making more than that or some making less than that. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. 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. Burn Boot Camp 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. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. 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. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Mr. Barber holds a B.S. Initial investments: $969,600 - $4,242,500 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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. [13] The new model was an effort to provide a fitness hub for everyday people. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. 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 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
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