Our franchise contact lists contain contact details for both owners of single franchise units and multi-unit franchise owners, that is, franchisees that own many franchised locations. 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. 9 Best Gym Franchises - NerdWallet 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. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Our partners compensate us. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in 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. ", "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? Our opinions are our own. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Ms. Kaplan holds a B.S. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 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. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. However, this does not influence our evaluations. Franchising | Planet Fitness Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. 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 Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. The second Toronto location opened in early 2015. 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. 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. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. Although gym franchises require that the owner has previous management experience, most dont require experience in the. 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. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. Planet Fitness franchise is growing, and it is growing fast. But buying into a gym franchise is a less risky venture than building a gym from the ground up. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. ? Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. But perhaps most important to this process is interviewing current franchisees. Benson, who co-founded the former Cabletron Systems, once the . Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Franchising Since: 2000. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Orange Theorys success is quite similar to Pelotons rise to fame. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. [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. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Planet Fitness Initial franchise fee: $20,000 Estimated total initial investment: $1 million to $4.1 million Planet Fitness trademarked the phrase "judgment free zone," so that alone. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. PDF Together We Are Franchising Planet Fitness franchisees also compete against other smaller gym and fitness business locations. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. [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. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. 1 comment. Burn Boot Camp Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Planet Fitness Franchise [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. process lies in obtaining a current list of Planet Fitness franchise owners. Classroom Training: 80 hours Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Corporate Governance - Management Team - Planet Fitness West Hampton, NH 03842, USA, Interested? As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Initial term lengths last 10 years. We now have: 2,400+ locations open (and we're just getting started!) 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. 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). They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Annually Updated with New Owners of Planet Fitness Locations in the USA. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. 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. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. Use this opportunity to ask qualitative questions that you wouldnt necessarily have answered through the FDD, or from the franchisors marketing materialslike how happy they are with the initial training and ongoing support they receive, and their opinions about the overall outlook of the business. Franchise Owners Marketing Lists - Dataman Group Direct Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Lets get started. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. [54][55] Also in 2016, the company donated more than $1 million to the program. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. 6.4 miles away from Planet Fitness. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. 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. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. You have to pay this upfront fee when opening a Planet Fitness franchise. Order now to get instant access to the complete Planet Fitness franchise owners. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Planet Fitness | Judgement Free Zone | Gym and Fitness Club It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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. All told, their gyms boast over 14 million members worldwide. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. You must be logged in to view this form. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Assistant Assigning Editor | Small-business finance, personal finance. Here is a list of our partners and here's how we make money. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. 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. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com History of Planet Fitness in Timeline - Popular Timelines 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. 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. The initial Planet Fitness Franchise Fee is $20,000. Youre about to cancel your subscription. All initial fees are the same for both initial and conversion franchises. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. 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. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Initial term lengths last 10 years. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. [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. 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). Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. 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. We got you! Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. 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. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. [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.
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