Have questions? 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. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp 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. [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. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. 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. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 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. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. Planet Fitness Franchise Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Planet Fitness | Judgement Free Zone | Gym and Fitness Club We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. [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. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. 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. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. [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. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Cash Required $1,500,000. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. Initial Franchise Fee: $20,000 Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. 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 This routine is an 18-minute HIIT workout that targets cardio and endurance. Burn Boot Camp And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Pre-qualified offers are not binding. Planet Fitness Announces 2019 Franchise Awards Prior to joining Planet Fitness, Mr. Annually Updated with New Owners of Planet Fitness Locations in the USA. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. 8. [32][33], Planet Fitness started franchising units in 2003. 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. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. 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. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. industry. Based on a midpoint investment of $1,378,500 with estimated profits of $94,820 (10% profit margin) it would take about 15 years to recoup your investment. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Here is a list of our partners. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. 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. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. The initial Planet Fitness Franchise Fee is $20,000. However, the profit varies on your location also. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. There are very few reasons why one might want to open a Planet Fitness franchise. Total Investment $728,290 - $3,777,800. 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. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. Many of these are one-time fees that are needed to launch the franchise. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. ", "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? Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. 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. Top Fitness Franchises to Check Out - Franchise How ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Robert Beaupre leads the SMB team at NerdWallet. Building in competition to workouts enhances ones motivation and keeps consumers coming back. 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. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. The chain has over a thousand locations with over 400 units outside the US. The name came from his daughter's school project, "Fitness Planet". There are some units of Planet fitness franchisees making more than that or some making less than that. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. 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. Even though the history of barre dates back to 1959, when the discipline was created by former ballerina Lotte Berk, the ballet/Pilates/yoga hybrid saw a huge boom in the 2010s. Today the brand has over 2,000 locations system-wide. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Rated Excellent on TrustPilot with feedback from 50+ customers. This investment is much higher than the industry standard of $253,000. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Estimated total initial investment: $2,405 to $3,200. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. You'll also benefit from . Order now to get instant access to the complete Planet Fitness franchise owners. Liquid Cash Requirement: $1,500,000. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. In other words, franchising takes most of the heavy lifting off your shoulders. Estimated total initial investment: $198,650 to $446,250. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Largest Planet Fitness Franchisee Group Acquired by New York Private Planet Fitness Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Initial term lengths last 10 years. 1. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. The Best Fitness Franchises You Can Buy - Trafft He has covered financial topics as an editor for more than a decade. Then, the last four workouts in the program will take place in the gym and you'll learn how . List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. [25][26] The company went public on August 6, 2015. 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. 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. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. 10 Qualities of Highly Successful Fitness Franchise Owners All initial fees are the same for both initial and conversion franchises. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Find Accurate Contact Data for Fitness Franchise Owners. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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. 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. Over the last three years, the company has been expanding. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Franchise Owners Marketing Lists - Dataman Group Direct Youre about to cancel your subscription. Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And 2% of the total gross monthly EFT Dues Draft. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. That way, participants can both track their own progress, and see how it stacks up to other people in the classso if you thrive on competition, this is the gym franchise for you. Prior to that he served as the Chief Operating Officer since 2003. Our opinions are our own. 4. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Planet Fitness Franchise Costs, Fees, Revenues, Profits (2022 Review) The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. 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. Planet Fitness Franchise Owners Contact List We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. [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. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. According to their website, Pure Barre is the oldest and most established barre studio out there. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. 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. All told, their gyms boast over 14 million members worldwide.
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