Buying a Health club, Fitness Center or Gym in 3 Easy Steps

Overcome Your Fear of Buying a Health club, Fitness Center or Gym in 3 Easy Steps with Jim Thomas’ Fitness Management & Consulting 

If you want to own your own health club, it is easier to buy an fitness business than it is to start you own gym business from scratch. An established health club allows you to skip past the startup phase entirely, which is where the majority of all new gyms fail. If you buy a health club then you can concentrate your efforts on making your health club larger and more profitable. 

Buying a health club does not have to be a challenge. You want to avoid overpaying for the business or buying a lemon. The easiest way to avoid this is to follow these three steps in buying your own business.

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STEP 1: Due Diligence
The first step is due diligence where you determine whether or not this gym or fitness center is one you want to buy and at what price you are willing to pay for it. Find out why the seller is selling the health club.  This may involve talking to the employees, suppliers, and customers. Once you are satisfied that the reason is not to flee from something negative that you will be inheriting, you can do further due diligence. 

Your examination of the health club will start with analyzing the last three years of financial data. You should uncover any pending lawsuits, relationship with supplier and customers, intellectual property rights such as copyrights or patents, and any potential liabilities.

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STEP 2: Make Offer
There are formulas that are commonly used to value a health club or gym and this should be the starting point to determine how much to offer. The value needs to be adjusted to account for any information uncovered during the due diligence period. Having an accurate picture of the value of the gym will help you to decide whether or not to proceed and the maximum price you are willing to pay. Once you have arrived at a price you present the seller with a letter of intent. This letter of intent will detail the price and terms in which you will purchase the fitness business. Once both parties agree, a purchase and sale agreement is drawn up for both parties to sign. The purchase and sale agreement can be quite lengthy because it itemizes every aspect of the sale. This step usually involves hiring an accountant and a lawyer to assist you in the process.

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STEP 3: Arrange Financing
The last step in buying a health club is financing. There are many sources available that you can tap to put together the financing. These sources include family, friends or banks. Whatever the source of funds, lenders will have requirements that you will need to meet in order to be approved for the funds. They will require you to have enough money available for the down payment as well as have enough adequate working capital to maintain the health club. You can either pay for the closing costs out of pocket or arrange to have them included in the amount that you are financing. 

Owning your own health club is something that many people dream of accomplishing. Buying a health club is one way to make this dream come true. If you follow these three steps you will be on your way to owning your own gym.

Fitness Management & Consulting

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Are You Ready to Open Your Own Gym?

You're a General Manager, Sales Director, Personal Trainer or a fitness enthusiast and you decide it's time to open your own gym.  You can do it better than what's being done right now, right?   Now, thinking that you can do a better job than others in the gym business is not a strategy for success in the fitness industry.  I receive frequent inquiries from potential gym owners asking... "What are some things they should consider before taking that next step to open a gym"....well, here are some thoughts: 

Write a Business Plan
It's surprising how often this doesn't happen. Your business plan should be your roadmap for success.   Surround yourself with experts in the gym business.  Don't rely on trial and error to figure things out.  The idea is to shorten the learning curve and improve bottom line profitability.  Ask yourself - What's the best that can happen?  What's the worst that can happen?  I speak to many potential investors who want to become gym owners that only look at the best case scenario....be realistic.  Oh, one more thing, don't surround yourself with "yes" people. 

Do You Really want to be a Gym Owner?

The idea of being a gym owner sure sounds like fun, but are you ready for everything that will be thrown your way each day?  Yes, owning a gym can be a great experience, but are you prepared to manage a budget, hire, train, and manage a staff, deal with unhappy members and what if your opening person can't make it? 

Do You Have the Support of Family?
Don't underestimate this.  You need to have this conversation before you decide to open your gym.  Be sure and have everyone on board with your plan of gym ownership.  You will likely experience a significant change in your daily schedule and income (at least for the short-term.)   You want everyone to be on the same page before you sign on the dotted line. 

Are Your Finances in Good Shape?
Most landlords and/or financing groups will want to see your financial statement and last 2 years tax returns. You will need a cash cushion to start your gym.  Most gyms fail because they are under-capitalized.  In my experience, you should have at least 12-24 months of cash on hand to pay all your personal expenses.   

 Are You a Good at Networking?
You will need to be a promoter. Get started networking today and meeting people. Get in touch with old colleagues and friends.  Attend local networking meetings and Chamber events.  Start conversations with people you meet.  Now is the time to get comfortable with this.  Try this web site for a jump-start: www.meetup.com. 

Can you maintain your current job while you start?
Opening your new gym while you're still employed is a great way to get started and actually immerse yourself into being a gym owner without leaving the regular paycheck behind.  Plus, depending on your financial circumstances, that regular income may be required by your new landlord in order to get a lease done. 

Are you a good student?
Learn as much as you can about the gym business in advance of opening.  As a business owner, regular education should be your constant companion.  You want to be sure and shorten the learning curve as much as possible.  Trial and error can be expensive. 

Have fun and remember why you want to be a gym owner
No doubt about it - you should enjoy the journey.   Your new gym business may flourish right away, or it might take longer.  Don't forget to have fun and have   a sense of adventure on your way. 

Now, go open your own gym! 

Jim Thomas's Fitness Management & Consulting

www.fmconsulting.net

 

Health Club, Fitness Center and Gym Real Estate Site Location

Selecting the right location starts with knowing your area’s demographics.  Don’t know where to start? That’s okay because Jim Thomas’ Fitness Management & Consulting can provide you with a demographic report and help you analyze them. When selecting a site for your non-franchise model, you should also consider the following:

Does the location satisfy your target market?

Analyze the demographics around the proposed site, taking into account such factors as age, gender, family size, spending patterns, occupation, average income, etc.  Does the profile of the average local resident or worker coincide with the member profile outlined in your feasibility study?  If not, find another site or alter your plans to accommodate the needs of that market.

Does the street have heavy traffic?

If you’re depending on walk-in-traffic to generate sales, your gym must be located on a busy street.  To ensure this, research and compare the number of drive-bys that pass a prospective site during the curse of an average day.

Is the site visible from the street?

Locating a gym on a highly trafficked street does little good if your facility will be obscured from view.  In order to generate walk-in traffic, your facility must be visible to passersby.  Easily visible signage is also very important.

Is the location convenient?

Most people will join a facility only if they perceive it to be convenient.  Industry studies indicate that members will not spend much more than 15 minutes driving or walking to a gym, so it’s important that your facility be located within 15 minutes of the greatest concentration of prospective members.  This rule, however, can sometimes be broken.  In general, the smaller the community, the less people will want to travel because they’re used to having everything easily accessible.

Is there enough room for parking?

Adequate parking is a critical success factor.  In densely populated urban areas an abundance of parking may not be essential, since many people are likely to walk to the gym from their home or offices or use public transportation.

Fitness Management & Consulting

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Fitness Management & Consulting Announcing Joint Venture with American Gym Trader

Jim Thomas’ Fitness Management & Consulting partners with Dave Didion and American Gym Trader, the industry leader in offering gyms, fitness centers and health clubs for sale

Dallas, TX – August 10, 2012 – Jim Thomas’ Fitness Management & Consulting announced today a joint venture agreement with Dave Didion and American Gym Trader, the industry leader in offering gyms, fitness center and health clubs for sale. 

According to Jim Thomas, “If you want to experience the thrills of owning a fitness business - while avoiding the pitfalls by learning from people who have -been there and done that - you're in the right place.  American Gym Trader is the perfect place for you to buy or sell a gym - or to simply learn more about the business. ” 

 American Gym Trader was created to provide an easy, affordable way to buy or sell a fitness business.  Whether it’s a seasoned gym owner who wants to sell your business, or someone who's considering an entry into the fitness business, we can help.  “I am pleased to announce my joint venture with Dave Didion founder of American Gym Trader,” say Thomas

The extensive background and experience of Fitness Management & Consulting and American Gym Trader helps to maximize productivity and eliminate all of the guess work for health club and gym owners across the country. The philosophy of treating each club owner like a partner makes American Gym Trader an ideal business associate. “We have taken all of our knowledge and turned it into an easy-to-navigate, one-of-a-kind web site.  We pride ourselves on helping gym owners and future gym owners become more savvy about the business side of health and fitness.”.

Whether you operate a health club, fitness center, gym or other fitness vertical, Jim Thomas’ Fitness Management & Consulting has a program to fit your needs, expand your market base and keep you productive and profitable. 

About American Gym Trader       

American Gym Trader specializing in helping gym owners sell their gym and fitness franchise at the highest possible price, to the best possible buyer.  They do not put emphasis on conventions or equipment manufacturers; they assist the individual health club owner in the everyday operation of their center. Whether you have an 800sq ft or an 80,000sq foot facility they are there to assist you.  For more information, go to www.americangymtrader.com

About Jim Thomas’ Fitness Management & Consulting

Fitness Management & Consulting is a consulting firm specializing in health club business consulting, turnarounds, new club start ups without franchisee fees and sales training.  Its’ founder, Jim Thomas, has over 25 years experience in all aspects of health club sales, club ownership and management. Fitness Management & Consulting is a privately held company based in Dallas, Texas. For more information on Fitness Management & Consulting, please visitwww.fmconsulting.net.

Media Contacts:

Fitness Management & Consulting

jthomas@fmconsulting.net

www.fmconsulting.net

Skype: jtmanagement

800-929-2898 |Fax 214-292-9553

 

American Gym Trader

dave.didion@americangymtrader.com

www.americangymtrader.com

571-477-0201 | Fax: 1-866-808-7302

 

Gym Broker | Health Club Broker |Fitness Center Broker | Athletic Club

Gym Broker | Health Club Broker |Fitness Center Broker | Athletic Club

Are you ready to buy a gym, health club or fitness center? We can help.

Are you ready to sell your gym, health club or fitness center?  We can help.

A health club broker is a professional business intermediary brokerage organization specializing in Health Clubs for sale. They perform business evaluations, Mergers and Acquisitions serving Texas, and represent clients on a nationwide basis in both the small closely held business up through the large private and corporate holdings. Email us today with details on your club.

WHEN IS IT TIME TO SELL?

Owner’s of Health Clubs all reach a point in the history of their enterprise when it is time to "hang it up."

Many factors will tell you when it is time:

• Owner’s "burn out" Owner’s or key employee’s health problems
• Business relocation or rerouting of expressways
• Lease expires and you do not want to renew for another term
• Changing technology Get estate in order
• Not interested in investing long-term capital
• Children do not want to enter family business
• Under-capitalized
• Largest accounts in financial difficulty
• Bank unwilling to renew credit lines
• Supplier problems
• Staff problems
• Customer’s habits changing
• Seeks retirement
• Wants to cash out and go fishing

Whatever the reason, you will need to plan an orderly transition to new ownership with less involvement on your part.

For More Information, Please Contact Us: 800-929-2898 fax 214-292-9553
Email us today with details on your business

Testimonial:
“To refer to Jim as a colleague would be incorrect, he has been an integral force in my success in the industry over the last 8 years. I worked for Jim Thomas in a General Manager Capacity for one of his top health clubs that he managed. During that time, Jim took what tools and experience I had in the Fitness Industry to the top level of expertise. During my time with Jim, he was always mindful of training and getting me to be the best that I could be. As a result of his training and skills, I know that I will be secure in my profession at whatever club I choose to be at. He gave me that extra boost of confidence that makes me the most successful Corporate membership director that the club has ever had, and thank goodness my income reflects this. I will always be grateful for Jim Thomas giving me the chance to be part of his awesome team. I would do it all over again if the chance was given.” A. Canyon

Fitness Management & Consulting

When The Going Gets TOUGH The Smart Get Help ™        

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REAL ESTATE SERVICES FOR HEALTH CLUBS, FITNESS CENTERS, GYMS, OR STUDIOS.

Jim Thomas' Fitness Management & Consulting

http://www.fmconsulting.net

800929-2898/214-556-4625

        

REAL ESTATE SERVICES FOR HEALTH CLUBS, FITNESS CENTERS, GYMS, OR STUDIOS.

We know it’s easy to start with great intentions but then get pulled off track with the sheer busy-ness of the real estate business.

That's why the acclaimed Fitness Management Real Estate Consulting team are here to help you. With over 40 years experience in real estate consultation, development and brokerage, real estate site selection, based on extensive demographic research and analysis for public companies and individual ownership.

That includes broad and niche markets our real estate and franchise sales team will combine the synergy for the result of bringing a new franchisee and site location at the same time; anywhere in the USA or Canada.

Email us today.

Fitness Management & Consulting

When The Going Gets TOUGH The Smart Get Help ™        

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p 214-556-4625 f 214-292-9553 skype jtmanagement

Own A Gym or Health Club with No Franchise Fees

Jim Thomas' Fitness Management & Consulting

http://www.fmconsulting.net

800-929-2898/214-556-4625

              

Opportunities are Available in the Fitness Industry to be a Health Club, Fitness Center or Gym owner 

No Franchise Fees.  No Royalty Fees.  Save Thousands. 

Be your own boss and own your own health club or gym.  We have clients nationwide that can provide a qualified buyer with the opportunity to be their own boss and earn an above average income.  The consulting services of Fitness Management & Consulting and proven programs make it easy for you to get started on your path to achieving your dream of starting your own health club. 

The Fitness Industry is a Growing

The Fitness Industry is booming. The percentage of people belonging to health clubs and gyms has doubled over the past 20 years. More growth is expected, fueled by an aging Baby Boomer generation in search of eternal youth and the reality that regular exercise can prevent or control diseases that are driving health care costs relentlessly upward.

Economically, the health club industry has proven to be recession-proof, averaging an 8% annual growth rate since the early 1990’s across all health clubs and gyms.

How Fitness Management & Consulting Helps You Become Successful

Our dedicated support team is here to help you get started and become a successful health club owner. 

• Financing assistance: Available through our network. Whether you are a first time business owner or an established entrepreneur, our associates will be able to help you navigate the process and help you to get the financing you need to help you realize your goal of starting your own fitness business. 

• Real estate and site selection: Our real estate team helps you choose a location with maximum profit potential through a review of your desired area, demographics research and much more. Plus we assist with lease negotiation, helping you to get started on opening your fitness club quickly. 

• Build out and design of your Health Club: Our dedicated network is here to help you with the planning, design and execution of your clubs build out. 

• Pre-opening training: To help you become a successful health club owner from the day you open your doors, we offer consulting services on everything from business operations, sales and marketing, membership support and much more, to get you started on the right foot. 

• Grand opening training support: We support your Health Club grand opening with consulting services to help spread the word about your club in the local community. 

• Continued success training and support: Year-round consulting offering business support along with sales and marketing programs keep your club operating smoothly. 

• Equipment and Accessories: We supply the best fitness equipment (all brands) and accessories at the best prices. 

• Website and Social Media design along with online sign up 

• Billing Company and Collections 

• No Franchise Fees.  No Royalties.  Save Thousands. 

Contact us today to learn more about why Gym ownership is the right investment. 

Fitness Management & Consulting

When The Going Gets TOUGH The Smart Get Help ™        

Linkedin | Twitter | Facebook | YouTube 

p 214-556-4625 f 214-292-9553 skype jtmanagement