Are you looking to purchase or sell an existing local gym, health club or franchise fitness business?
Whether you are an employee that has been given the opportunity to take over or you are trying to get started in the health and wellness industry, or you are on the other side and looking to sell your gym, fitness center or health club, there are a few important things you need to know. Purchasing an existing fitness facility or opening a wellness center is not as easy as you think, nor is selling one. There are a lot of details you need to consider before opening up your checkbook or signing off on a sale.
Your ignorance in the industry will lead you down every path besides bliss and success.
By taking the time to do due diligence you can avoid taking on someone else’s nightmare and saving yourself a lot of time, money, and frustration. Purchasing an existing facility can be a smooth process “IF” you know what to look out for. Your main goal in the fitness and wellness industry as well as life should be to AVOID GETTING ROBBED. Avoid purchasing a money pit, use Gro’s Tips:
- What is the facility worth? How was this number determined?
- How many current existing members are there? How many were there 6 months prior?
- What is the overall state of the facility? Is there wear on the equipment? Does the facility look as though it has been managed efficiently?
- Why is the current owner selling this establishment?
- List out the strengths and weaknesses of the facility, noting the most profitable features and expendable services.
Our team of professionals can help you find the answers to all of these questions and more. We will show you what to look for, how to proceed with negotiations, and help you secure funding for your purchase when the time comes. Besides making sure you make the right purchasing decisions, we can help you revitalize and renovate as well as provide our consulting services to ensure your facility opens to success!
Gro’s due diligence investigation
Although we are not certified public accounts or financial advisors, we are experts in understanding the implications that accompany purchasing a business and it is not always what you expected. Don’t be naïve. One misstep in a purchase this large can have detrimental effects to you and your family as well as any business partner’s personal finances.
Gro has already taken the time to establish strong relationships with a network of lenders, financial institutions, and web of investors looking to assist our clients in exchange for a small stake in the business.
How Can Gro With Us help you?
In addition to 13 years of hands on experience in developing facilities nationally and internationally, we own and operate our own fitness and wellness properties. We’re nationally recognized, and have the experience and professional skills to show you the best methods to use in obtaining the real purchase price. On average we assist approximately 65 facilities each year specializing in everything from small 1,200 square foot personal training studios to larger establishments of 60,000 square foot multi-use facilities.