He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 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. Classroom Training: 80 hours She is based in Santa Monica, California. With this purchase, which was for an undisclosed amount, United PF's club count has . But perhaps most important to this process is interviewing current franchisees. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the, You must maintain your equipment according to, Your actual costs may be higher or lower depending on the size of your, You must maintain the franchise premises according to, Franchise Disclosure Document (FDD) Database, Your Lender; Approved Suppliers; Our Affiliate, Paid to various media companies and other third parties to promote the opening of your business, Computer System, Point of Sale System, and other Supplies, Utilities, banks/credit card companies, leased equipment vendors, alarm company, telephone company, Your Out-of-Pocket Initial Training Expenses. 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. Robert Beaupre leads the SMB team at NerdWallet. 9 Best Gym Franchises - NerdWallet Planet Fitness Franchise Cost and Requirements for 2023 - IFPG [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. [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. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. [32][33], Planet Fitness started franchising units in 2003. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Benson is back on the board of Planet Fitness Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. Greater of $60,000 or 7% of the total gross monthly membership fees payable to you via EFT in a quarter, and the greatest of $5,000 or 3% of the total gross monthly membership fees payable to you via EFT in a month. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. [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 costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp In this role, he is responsible for all aspects of financial strategy and management. Estimated total initial investment: $2,405 to $3,200. FranchiseComplaints.org This investment is much higher than the industry standard of $253,000. 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. 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. 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. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Initial term lengths last 10 years. According to their website, Pure Barre is the oldest and most established barre studio out there. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. 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. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Franchise. 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. locations around the U.S. as well as Canada and the Dominican Republic. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Mr. Barber holds a B.S. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. 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. Prior to that he served as the Chief Operating Officer since 2003. Youre about to cancel your subscription. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com Have questions? Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Pre-qualified offers are not binding. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. They provide an affordable, high-quality fitness experience in a welcoming environment. [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. Orange Theorys success is quite similar to Pelotons rise to fame. Estimated Number of Units: 2,300. 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. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. 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). Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Prior to that, Ms. Gentilozzi served as Senior Vice President of Human Resources at Aropostale, supporting over 25,000 employees in 1,000 retail locations throughout the U.S., Canada, and Puerto Rico. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). Annually Updated with New Owners of Planet Fitness Locations in the USA. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. 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 If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. [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. Prior to joining Planet Fitness, Mr. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Order now to get instant access to the complete Planet Fitness franchise owners. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Franchise Owners Marketing Lists - Dataman Group Direct 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). 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. This covers the cost of being able to use their name and logo. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. Franchising Since: 2000. [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. 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. 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. This could be an indicator that franchisees are doing really well. Over the last three years, the company has been expanding. Franchising | Planet Fitness Here is a list of our partners. Please scroll down for a partial list of franchise businesses. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Today the brand has over 2,000 locations system-wide. Kick off your search with this list of nine of the most promising gym franchises to buy. Former Gov. 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. 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. 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. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. When evaluating offers, please review the financial institutions Terms and Conditions. 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. 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. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. The most popular workout model from Snap Fitness is known as MYFIT. Initial franchise terms are 10 years. This FREE 10-part progressive program will help you get movin'. 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. If you can name a franchise business, it's probably on our Franchise owners marketing list. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter FranchiseComplaints.org 1. Then, the last four workouts in the program will take place in the gym and you'll learn how . Franchise Owners Contact Lists - FranchiseComplaints.org 4. Many of these are one-time fees that are needed to launch the franchise. 1,600+ locations open and we're just getting started! Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Largest Planet Fitness Franchisee Group Acquired by New York Private Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Assistant Assigning Editor | Small-business finance, personal finance. This is a good indication of high growth as a company overall. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. This is significantly lower than the midpoint investment of $3,273,500. 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. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. Total Investment $728,290 - $3,777,800. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. service, Computer System. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. 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, all of the gym franchises on this list (and those that arent on this list) allow curious investors to request more information for free. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed. All financial products, shopping products and services are presented without warranty. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the Annually Updated with New Owners of Planet Fitness Locations in the USA. 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. Planet Fitness franchise is growing, and it is growing fast. She received her Bachelors degree from Eastern Connecticut State University. 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. Even more reason to consider investing in a gym franchise? 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. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? 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? We offer detailed franchise research and contact data reports. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. We believe everyone should be able to make financial decisions with confidence. Building in competition to workouts enhances ones motivation and keeps consumers coming back. In addition, he served as an online media manager for the University of Nevada, Reno. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Even though its smaller than Pure Barre. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Burn Boot Camp Verizon Wireless, and Westin, just to name a very few. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness class A common stock relative to the performance of the S&P 500 Index and the Russell 2000. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. 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. [17] They also dramatically reduced prices to compete against better-known brands. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. 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. When evaluating offers, please review the financial institutions Terms and Conditions.

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