We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. All told, their gyms boast over 14 million members worldwide. 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. When evaluating offers, please review the financial institutions Terms and Conditions. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. 1 comment. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. 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. 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. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. 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. 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. [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. 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. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 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). Building in competition to workouts enhances ones motivation and keeps consumers coming back. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. 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. [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. 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. 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. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . Franchising Since: 2000. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Mr. Barber has over 20 years of experience in leadership experience across a variety of industries, most recently serving as the Senior Vice President of Information Technology at United Natural Foods Inc. 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. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. 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. 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. [3] The company reports that it has around 2,400 clubs, [4] making it one of the largest fitness club franchises by number of members and locations. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Do not sell or share my personal information. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of . 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. 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. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Even more reason to consider investing in a gym franchise? Classroom Training: 80 hours Performing this action will delete your account. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Estimated total initial investment: $304,500 to $2.1 million. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. 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. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. We now have: 2,400+ locations open (and we're just getting started!) This is significantly lower than the midpoint investment of $3,273,500. 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? Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. 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. You'll also benefit from . Rated Excellent on TrustPilot with feedback from 50+ customers. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). You must maintain your equipment according to Planet Fitness brand standards. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. Benson, who co-founded the former Cabletron Systems, once the . Initial franchise terms are 10 years. Find other similar franchises in our catalog! 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.
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