process lies in obtaining a current list of Planet Fitness franchise owners. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. 1- Based on a midpoint investment of $3,273,300 with estimated profits of $77,293 at a 5% profit margin it would take about 42 years to recoup your investment. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. When evaluating offers, please review the financial institutions Terms and Conditions. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter All told, their gyms boast over 14 million members worldwide. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Initial franchise terms are 10 years. 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. The Initial Franchise Fee is uniform and non-refundable. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. She received her Bachelors degree from Eastern Connecticut State University. Fitness Franchisee Contact Lists - FranchiseComplaints.org Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Estimated total initial investment: $303,000 to $499,850. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. When evaluating offers, please review the financial institutions Terms and Conditions. You must maintain your equipment according to Planet Fitness brand standards. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. Planet Fitness Franchise Owners Contact List $ 149 Verified List of Planet Fitness Owners Contact Data We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Verizon Wireless, and Westin, just to name a very few. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. [51] In April 2022, Planet Fitness appeared as a sponsor on a race truck for the first time in the 2022 Pinty's Truck Race on Dirt with Logano driving the truck. Pre-qualified offers are not binding. 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. [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. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia 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). Call (888) 977-4374. Annually Updated with New Owners of Planet Fitness Locations in the USA. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Are fitness franchises profitable in 2022? - Glofox - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Cash Required $1,500,000. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Corporate Governance - Management Team - Planet Fitness Have questions? 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. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. All reactions: 8. 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 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Sorry. Bill Bode serves as Division President, U.S. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. But perhaps most important to this process is interviewing current franchisees. Initial investments: $969,600 - $4,242,500 Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 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. Annually Updated with New Owners of Planet Fitness Locations in the USA. There are very few reasons why one might want to open a Planet Fitness franchise. 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. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. 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. [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. It offers classes for dance, aqua, cycle, box, pilates, and many more. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. 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. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . This is a good indication of high growth as a company overall. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. After establishing a strong reputation across the fitness industry, Latham decided to seek a larger challenge and transitioned from the study of physiology to owning a gym that implemented a business model that remains in place across all studios to this day: offering trainer-led group workout sessions, which are broken into intervals of cardiovascular and strength training. By contacting current franchise owners and asking about their experience with the franchised business, the earnings and/or success thus far, training and support from the franchisor, Pla-FitFranchise, and whether or not they would buy the franchise again if they could do it all over again, you can learn what its really like to own a Planet Fitness business before you actually purchase a franchise. [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. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in 9 Best Gym Franchises - NerdWallet The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. 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. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. 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. Largest Planet Fitness Franchisee Group Acquired by New York Private Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. The chain has over a thousand locations with over 400 units outside the US. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. 6.4 miles away from Planet Fitness. The Best Fitness Franchises You Can Buy - Trafft It is reported to be the nations fastest growing fitness center franchise. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. 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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. This influences which products we write about and where and how the product appears on a page. You must maintain the franchise premises according to Planet Fitness brand standards. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. 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. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. However, this does not influence our evaluations. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. 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. 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. 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. Kaplan holds a B.S. 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 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 [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. 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. 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. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. Headquarters: Hampton, New Hampshire. West Hampton, NH 03842, USA, Interested? 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. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help Estimated total initial investment: $198,650 to $446,250. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. Even though its smaller than Pure Barre. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. [25][26] The company went public on August 6, 2015. Even after the pandemic hit, it continued to grow at a rate of over 100 units. According to their website, Pure Barre is the oldest and most established barre studio out there. The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco But buying into a gym franchise is a less risky venture than building a gym from the ground up. 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. Additional Training: Ongoing training 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. Net Worth Requirement: $3,000,000 Rated Excellent on TrustPilot with feedback from 50+ customers. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG Find other similar franchises in our catalog! Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. All financial products, shopping products and services are presented without warranty. 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. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. This could be an indicator that franchisees are doing really well. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Do not sell or share my personal information. Our opinions are our own. [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. Estimated total initial investment: $2,405 to $3,200. The franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. However, the profit varies on your location also. The Planet Fitness initial franchise fee is $20,000. 2% of the total gross monthly EFT Dues Draft. Please renew to keep using our services. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. [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. You'll also benefit from . Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . Over the last three years, the company has been expanding. 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. Our partners cannot pay us to guarantee favorable reviews of their products or services. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Even more reason to consider investing in a gym franchise? ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. 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. In this role, he is responsible for all aspects of financial strategy and management. The Area Development Fee is uniform and non-refundable. Please confirm by clicking on the Cancel Subscriptionbutton below. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Many or all of the products featured here are from our partners who compensate us. Find Accurate Contact Data for Fitness Franchise Owners. Paid Grace Period. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. 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. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. 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. 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. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. As a result, she has played an instrumental role in the major strategic decisions made by the Company. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire [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.