planet fitness franchise owners list planet fitness franchise owners list

[13] The new model was an effort to provide a fitness hub for everyday people. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. 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. 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. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. The initial Planet Fitness Franchise Fee is $20,000. With that said, a Planet Fitness franchise . We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Browse 1000s of reports on 1000s of franchise systems. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. 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. [32][33], Planet Fitness started franchising units in 2003. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Even though its smaller than Pure Barre. West Hampton, NH 03842, USA, Interested? 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. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. This is a good indication of high growth as a company overall. NerdWallet strives to keep its information accurate and up to date. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. ? Looks like your subscription is due. 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. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. 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. Please scroll down for a partial list of franchise businesses. 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. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Like. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. 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. 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. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Estimated total initial investment: $198,650 to $446,250. [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. service, Computer System. 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. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Depending on the location and pre-existing structure that is being purchased, you could see your expenditure being on the lower or higher end of this spectrum. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. has opened over 4,000 locations on all seven continents. 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. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 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. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. 2% of the total gross monthly EFT Dues Draft. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Thanks to that near-legendary status in the fitness world, and their loyal customers. The Initial Franchise Fee is uniform and non-refundable. Initial investments: $969,600 - $4,242,500 Ms. Kaplan holds a B.S. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. 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. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Initial term lengths last 10 years. 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. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. Burn Boot Camp Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. ", "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? But buying into a gym franchise is a less risky venture than building a gym from the ground up. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. So how do we make money? [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. 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 Independent Franchisee Council Join Us Today! [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". Net Worth Requirement: $3,000,000 - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. [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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. You have to pay this upfront fee when opening a Planet Fitness franchise. 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 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. Ad Royalty Fee: $300/mo. [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. Our partners compensate us. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. 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. 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. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. 1,600+ locations open and we're just getting started! Call (888) 977-4374. 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. We offer detailed franchise research and contact data reports. 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. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. Franchise. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. 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. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. We provide estimated franchise costs for some countries: Lets get started. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. 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. 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. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. Share. 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. 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. in Pilates. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. 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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. You must be logged in to view this form. Initial franchise terms are 10 years. Throughout his tenure at Dunkin Brands, Mr. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. 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. Kick off your search with this list of nine of the most promising gym franchises to buy. To be eligible to open a. , candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. [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. At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. 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. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. All reactions: 8. In this role, he leads all aspects of our U.S. You have to pay this upfront fee when opening a Planet Fitness franchise. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. 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. He has covered financial topics as an editor for more than a decade. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. You must maintain your equipment according to Planet Fitness brand standards. ", "2017 Top Franchises from Entrepreneur's Franchise 500 List", "Planet Fitness members outraged over March bill amid coronavirus closures", "Planet Fitness CEO says gym visits are holding up against the omicron variant", "Planet Fitness Seeing Minimal Impact So Far From Omicron", "Planet Fitness Franchise (Costs + Fees + FDD)", "Planet Fitness Franchise Costs & Fees, Planet Fitness FDD & Franchise Information | FranchiseDirect.com", "Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Investment Information", "Planet Fitness Prices & Membership Cost", "17 January Gym Discounts That Are Too Cheap to Pass Up", "Planet Fitness is raising the price of its Black Card membership but still offers a $10 option", "American gym powerhouse chooses Brampton for first suburban Canadian location", "Cheap 'n' cheerful chinups: Canada welcomes Planet Fitness, the $10 gym for those bad at gym", "Planet Fitness Continues International Expansion in Dominican Republic", "Planet Fitness opens first Hawaii location at Ala Moana Center", "10 Million Reasons to Get Pumped About Planet Fitness", "Planet Fitness to Sponsor 'The Biggest Loser', "50 Cent and Joan Rivers Kick It At The Gym [PHOTOS]", "Planet Fitness To Launch New Global Campaign On New Year's Eve", "Planet Fitness sponsors New Year's Eve celebration despite pandemic", "David Gilliland Racing Fielding Fourth Entry for Joey Logano in Bristol Dirt Race", "The Judgement Free Zone: Judgement Free Generation Video Contest", "Planet Fitness Opens In Fremont, Donates $1K To Boys & Girls Club", "Planet Fitness 'Judgment Free Zones' a Model of Inclusion", "Planet Fitness Anti-Bullying Initiative $1M Success", "Planet Fitness debuts fitness room for kids at Boys and Girls Club in Manchester", "Planet Fitness Opens Judgement Free Gym at Pasadena Boys and Girls Club", "Planet Fitness raises $1M for Boys and Girls Clubs of America", "Planet Fitness named national gym sponsor of 'The Biggest Loser', https://en.wikipedia.org/w/index.php?title=Planet_Fitness&oldid=1142494313, Companies based in Rockingham County, New Hampshire, Companies listed on the New York Stock Exchange, Health care companies established in 1992, Medical and health organizations based in New Hampshire, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 March 2023, at 18:29. 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. Find Accurate Contact Data for Fitness Franchise Owners. 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. 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. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. [31], While Planet Fitness closed many facilities during the onset of the COVID pandemic, during the Delta and Omicron variants there was not a decrease in gym attendance. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. 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. You'll also benefit from . [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. 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. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Comment. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. 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. Bill Bode serves as Division President, U.S. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Lead Assigning Editor | Small business finances, investing, banking. Total Investment $728,290 - $3,777,800. We were opening our 5th store then. 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. The chain has over a thousand locations with over 400 units outside the US. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. in Management Information Systems from Northwood University. This FREE 10-part progressive program will help you get movin'. 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. Many of these are one-time fees that are needed to launch the franchise. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. The name came from his daughter's school project, "Fitness Planet". She received her Bachelors degree in Public Communications from American University in Washington, DC, and served on the Board of Directors for the Boys & Girls Clubs of Manchester, NH. 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.