Pusd11 Student Portal, Articles P

Youre about to cancel your subscription. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. We were opening our 5th store then. 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. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. NerdWallet strives to keep its information accurate and up to date. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. 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. Our partners compensate us. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. process lies in obtaining a current list of Planet Fitness franchise owners. Estimated total initial investment: $304,500 to $2.1 million. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Planet Fitness Independent Franchisee Council Join Us Today! If you can name a franchise business, it's probably on our Franchise owners marketing list. All financial products, shopping products and services are presented without warranty. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Please renew to keep using our services. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. We offer detailed franchise research and contact data reports. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Lead Assigning Editor | Small business finances, investing, banking. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. 6.4 miles away from Planet Fitness. This routine is an 18-minute HIIT workout that targets cardio and endurance. Our partners cannot pay us to guarantee favorable reviews of their products or services. [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. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Pre-qualified offers are not binding. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Our opinions are our own. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. As of December 2021, 98% of all franchised stores were owned and operated by A franchisee group that owned at least three stores, and while Planet Fitness Largest franchisee owned 175 Stores, Only 33% of its franchisee groups own more than 10 stores. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. When evaluating offers, please review the financial institutions Terms and Conditions. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Rated Excellent on TrustPilot with feedback from 50+ customers. Craig Benson has rejoined the board of directors of Planet Fitness, a national gym chain based in Hampton in which he is a substantial franchisee and which uses software from a company that Benson partly owns, according to a Securities and Exchange Commission filing. The Grondahls changed the gyms name to Planet Fitness in 1994. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. 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 [56][57][58] Planet Fitness has also provided mini "Judgement Free Zone" gyms to Boys & Girls Clubs in Manchester, New Hampshire[59] and Pasadena, California. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. Point of Sale System, and other Supplies, Your Out-of-Pocket Initial Training Expenses, Operating Cash (Additional Funds Pre-Opening and first six months), $7% of the total gross monthly and annual membership fees payable to you via EFT Dues Draft, Internet Membership and Balance Payment Administration Fee, Set according to our Methods of Operations, presently 55 per membership application or balance payment we process for your franchise location, Fees to Evaluate and Approve Alternative Suppliers, Our reasonable costs and expenses, which currently are expected to range between $1,000 and $5,000, although costs could greatly exceed those amounts depending on the product, Will var under the circumstances: estimated insurance premiums for your first year are $10,000 to $20,000. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. 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. 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. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Sorry. 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. [17] They also dramatically reduced prices to compete against better-known brands. 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 . Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. 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. [32][33], Planet Fitness started franchising units in 2003. Bode held several senior leadership positions at Dunkin' Brands, including serving as Regional Vice President of Dunkin' Donuts Northeast where he was responsible for overseeing the operations of more than 2,600 restaurants. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. [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. The chain has over a thousand locations with over 400 units outside the US. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Franchise. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Kick off your search with this list of nine of the most promising gym franchises to buy. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Initial term lengths last 10 years. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. The Initial Franchise Fee is uniform and non-refundable. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning 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. 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. Call (888) . 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. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 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. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. For those looking to get started with a Planet Fitness franchise, it's important to factor in all of these costs so that you have a clear understanding of the total investment required. Then, the last four workouts in the program will take place in the gym and you'll learn how . Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. Share. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Do not sell or share my personal information. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. Even more reason to consider investing in a gym franchise? Whether youre a gym rat yourself or youre passionate about helping others achieve their health goals, starting a fitness business can be a dream gig for health-conscious entrepreneurs. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. The initial Planet Fitness Franchise Fee is $20,000. He has covered financial topics as an editor for more than a decade. [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. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. 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. 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. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. Estimated total initial investment: $303,000 to $499,850. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. The initial Planet Fitness Franchise Fee is $20,000. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. Estimated total initial investment: $2,405 to $3,200. You have to pay this upfront fee when opening a Planet Fitness franchise. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 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. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. Prior to joining Planet Fitness, Mr. 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. All initial fees are the same for both initial and conversion franchises. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. 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. Bill Bode serves as Division President, U.S. On this Wikipedia the language links are at the top of the page across from the article title. 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? * 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. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. 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. 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. Throughout his tenure at Dunkin Brands, Mr. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. Find Accurate Contact Data for Fitness Franchise Owners. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. However, this does not influence our evaluations. 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. 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 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. With this purchase, which was for an undisclosed amount, United PF's club count has . 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. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. 1 comment. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Be advised to match Planet Fitness franchise cost and profit by analyzing low and high fees you need to pay starting a Planet Fitness franchise. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. It is reported to be the nations fastest growing fitness center franchise. in Management Information Systems from Northwood University. 8. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. ", "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? 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 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. All told, their gyms boast over 14 million members worldwide. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? [37], The club's two membership levels are $10 and $24.99 per month in the United states[38] and in Canada they charge $15 and $25 per month. [13] The new model was an effort to provide a fitness hub for everyday people. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Lets get started. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. Initial investments: $969,600 - $4,242,500 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. With that accessible attitude in mind, Planet Fitness tries particularly to target the 80% of the American and Canadian population who dont have gym memberships. 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.