So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. This investment is much higher than the industry standard of $253,000. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Due Date: Paid monthly and annually. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Planet Fitness Gym - Franchise Solutions "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." Thanks to that near-legendary status in the fitness world, and their loyal customers. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. 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. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. in Pilates. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Assistant Assigning Editor | Small-business finance, personal finance. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. 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. 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 As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. All initial fees are the same for both initial and conversion franchises. "[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. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of The most popular workout model from Snap Fitness is known as MYFIT. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Find other similar franchises in our catalog! The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. [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. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. has opened over 4,000 locations on all seven continents. The initial Planet Fitness Franchise Fee is $20,000. Headquarters: Hampton, New Hampshire. 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. All told, their gyms boast over 14 million members worldwide. 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. Planet Fitness Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Join PFIFC 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Many of these are one-time fees that are needed to launch the franchise. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. [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. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). 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. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 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. ", "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? 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. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. You have to pay this upfront fee when opening a Planet Fitness franchise. In this role, he is responsible for all aspects of financial strategy and management. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. 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. Pre-qualified offers are not binding. service, Computer System. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Benson is back on the board of Planet Fitness 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. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Franchise. This is a good indication of high growth as a company overall. Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. She is based in Santa Monica, California. When evaluating offers, please review the financial institutions Terms and Conditions. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Do not sell or share my personal information. All financial products, shopping products and services are presented without warranty. Rated Excellent on TrustPilot with feedback from 50+ customers. In addition, he served as an online media manager for the University of Nevada, Reno. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. We now have: 2,400+ locations open (and we're just getting started!) 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. For those looking to get started with a Planet Fitness franchise, it's important to factor in all of these costs so that you have a clear understanding of the total investment required. 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. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. Estimated total initial investment: $2,405 to $3,200. This information may be different than what you see when you visit a financial institution, service provider or specific products site. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. 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 financial products, shopping products and services are presented without warranty. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x.