planet fitness franchise owners list

So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. [17] They also dramatically reduced prices to compete against better-known brands. 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. 6.4 miles away from Planet Fitness. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. ? Do not sell or share my personal information. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. The total investment ranges from $728,290 to $3,777,800. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. Liquid Cash Requirement: $1,500,000. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. "I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. 4 Liberty Ln. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. You have to pay this upfront fee when opening a Planet Fitness franchise. West Hampton, NH 03842, USA, Interested? This covers the cost of being able to use their name and logo. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. In this role, he is responsible for all aspects of financial strategy and management. 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. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Under Rondeaus 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 Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Comment. 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. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. If you can name a franchise business, it's probably on our Franchise owners marketing list. The Planet Fitness initial franchise fee is $20,000. You must maintain your equipment according to Planet Fitness brand standards. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. [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. FranchiseComplaints.org We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Orange Theory is currently headquartered in Boca Raton, FL, and is run by its CEO Dave Long who previously served as the main developer and owner of the European Wax Center. 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. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). Call (888) 977-4374. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . 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. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. She received her Bachelors degree from Eastern Connecticut State University. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. They provide an affordable, high-quality fitness experience in a welcoming environment. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Headquarters: Hampton, New Hampshire. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Although gym franchises require that the owner has previous management experience, most dont require experience in the. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Join PFIFC 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. service, Computer System. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? 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. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. 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 Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. At Yum! The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Planet Fitness has more members and locations than any other fitness brand. The chain has over a thousand locations with over 400 units outside the US. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Bringing Franchise Owners Together to Share and Grow. 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. One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. 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. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. locations around the U.S. as well as Canada and the Dominican Republic. 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 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. Assistant Assigning Editor | Small-business finance, personal finance. 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. This could be an indicator that franchisees are doing really well. Even more reason to consider investing in a gym franchise? 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. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. In other words, franchising takes most of the heavy lifting off your shoulders. 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. Lets get started. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. The prospects for growth and success within the industry and the Orange Theory brand itself, are extensive, and some markets continue to be available as they move forward with growing their presence across the country. All told, their gyms boast over 14 million members worldwide. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. 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. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 This FREE 10-part progressive program will help you get movin'. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Over the last three years, franchises have opened at a rate of 148 units a year. Have questions? [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. 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. 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 We now have: 2,400+ locations open (and we're just getting started!) So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 8. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. This is a good indication of high growth as a company overall. 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. [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. This influences which products we write about and where and how the product appears on a page. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. 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. process lies in obtaining a current list of Planet Fitness franchise owners. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. . Ongoing Royalty Fee: $449 - $549/mo. Even more reason to consider investing in a gym franchise? Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. 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. 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. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Even though its smaller than Pure Barre. Many or all of the products featured here are from our partners who compensate us. Please scroll down for a partial list of franchise businesses. 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 franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Franchise fee: one-time $10,000 for a 10-year renewable agreement. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. 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. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely . 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. [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. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. 1. in Pilates. There are very few reasons why one might want to open a Planet Fitness franchise. 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. Estimated total initial investment: $1 million to $4.1 million. 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. 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. All told, their gyms boast over 14 million members worldwide. Bill Bode serves as Division President, U.S. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. NerdWallet strives to keep its information accurate and up to date. The Initial Franchise Fee is uniform and non-refundable. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. 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. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. Initial term lengths last 10 years. The second Toronto location opened in early 2015. 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. Estimated total initial investment: $198,650 to $446,250. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). 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). 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. 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.