"[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. 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. All initial fees are the same for both initial and conversion franchises. [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. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. On this Wikipedia the language links are at the top of the page across from the article title. Planet Fitness, Inc. to Acquire 114 Locations From One of Its Top 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. Ms. Kaplan holds a B.S. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. service, Computer System. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. 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. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. locations around the U.S. as well as Canada and the Dominican Republic. process lies in obtaining a current list of Planet Fitness franchise owners. Comment. 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. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Verizon Wireless, and Westin, just to name a very few. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. Total Investment $728,290 - $3,777,800. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and 2% of the total gross monthly EFT Dues Draft. 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. Franchise candidates can expect to pay anywhere between $354k to $1.2m. 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. Over the last three years, the company has been expanding. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. 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. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. PDF Together We Are Franchising 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. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Franchising | Planet Fitness The initial Planet Fitness Franchise Fee is $20,000. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Throughout his tenure at Dunkin Brands, Mr. [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. You have to pay this upfront fee when opening a Planet Fitness franchise. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. But perhaps most important to this process is interviewing current franchisees. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 4. Here is a list of our partners and here's how we make money. in Pilates. 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. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Initial Franchise Fee: $20,000 [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. That said, as of June 2022, Planet Fitness has paused offering franchises. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. Due Date: Paid monthly and annually. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. 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. Building in competition to workouts enhances ones motivation and keeps consumers coming back. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. This is a good indication of high growth as a company overall. 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. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. 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. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Burn Boot Camp Corporate Governance - Management Team - Planet Fitness Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. 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. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 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. [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. Order now to get instant access to the complete Planet Fitness franchise owners. 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. 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. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations.