Should You Sign a NDA when Buying a Gym of Fitness Center?
There are some steps in the gym for sale process that benefit both the seller and you, the buyer. These steps protect the seller from “time-wasting” buyers, and the buyer from acquiring lemons. One of the most important questions when buying a gym is “Can I see your financial statements?” Numbers provide vital information to help you decide if you should buy a gym or fitness center. Even if a seller has placed the gym on the market, he or she remains reluctant to share highly confidential and sensitive records to any potential buyer. If the seller thinks you are a credible prospective buyer, he or she will let you sign a non-disclosure agreement before the gym’s proprietary information will be opened to you.
What is a Non Disclosure Agreement?
This is a standard legal agreement presented by the seller to the buyer to protect the former’s gym if a potential sales deal falls through. This agreement gives both parties room for an open and honest atmosphere that may lead to a…
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American Fitness Associates Health Clubs Recommendation
David Nahama
32 Valley View Street West
Morristown, NJ 07960
April 14, 2014
Dear sir/madam:
If you’re looking to sell your business or purchase an existing one, there’s no better person than Thomas Wynn at Wynn Realty. Thanks to Thomas Wynn I was able to sell my business. Mr. Wynn is an exceptional individual with superior skills and knowledge.
I have personally been involved in the health club business for over thirty five years and have met many professionals in this industry; Thomas Wynn is at the top of the list. What I find most amazing is that I originally commissioned brokers in my area; yet, Mr. Wynn was alongside me to assist and guide me through the whole process even though he was located in Dallas. Mr. Wynn is available day and night to guide me and lend me his expert advice.
Because of Mr. Wynn’s good judgment and proven work habits, I would highly recommend Thomas Wynn and Wynn Realty.
Sincerely,
David Nahama
President
American Fitness Assoc…
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5 Major Mistakes When Buying a Fitness Center or Gym
Owning your own fitness center or gym can be a very financially rewarding experience. The thrill of being the boss and having complete control over your own destiny are the primary reasons people leave the work force to operate their own gym. Owning your own fitness center or gym can easily turn in to a nightmare if you make mistakes. These mistakes are avoidable if you know what to look for in the gym. You have a better chance of becoming a millionaire if you avoid these 5 major mistakes when buying a gym.
1) Due Diligence, Due Diligence, Due Diligence
Not everything is as it seems and that is especially true when buying a gym. The owner can produce financial statements that show a gym is thriving. You need to do due diligence to make sure the information presented to you is valid and shows an accurate picture of the condition of the gym.
You want to make sure you know what items the gym actually owns, what is leased, what is owed to the gym and what the gym owes to oth…
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How Do You Get Gym or Fitness Center Financing From The SBA?
The U.S. Small Business Administration has various loan programs that provide gym and fitness center for small businesses. It particularly caters to new and existing small gyms that are unable to secure business loans from lending institutions on their own.
The SBA does not directly provide financing. It works with other lending companies and guarantees that the SBA will pay the loan if the gym defaults on it. This makes the lending company more confident in offering gym loans. Here is some information on these loans.
How to Get a Business Loan for your Gym
The SBA has a standard set of criteria for loan applicants:
1. The gym should be small with at most $7 million in tangible net worth and a net income of $2.5 million or less. Size limits can vary according and are determined by the number of employees and annual income.
2. The gym must be operated for profit. It should be capable to generate cash flow to repay the loan.
3. The gym should be in the United Stat…
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The Role of Health Club Appraisers
If you are looking to buy or sell a gym or fitness center in the near future then you may want to consult an independent source for an accurate valuation of the business. No matter whether you are buying or selling, you should get your own valuation so you know what sort of figure you should expect to pay or receive. This is where a specialized health club business appraiser comes in.
The role of health club business appraiser in the buying and selling of a gym is to establish the value of the gym in question, put in the simplest possible terms. Of course, there are a lot of different aspects to the role of health club appraisers, but that is the general function. As such, they are vital if you are a budding entrepreneur and want to expand your health club portfolio or wish to get on that ladder in the near future.
What Do Health Club Appraisers Do?
The role of health club appraisers is essentially to go into a gym and value the total property and assets to be sold. Thi…
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Selling your Gym | Fitness Center | Health Club
Fitness Management & Consulting has buyers for clubs in your area. Call us today for a free broker's opinion of value. We are seeking facilities between 5,000 - 75,000 square feet and can include real estate.
We know that selling your gym, fitness center or health club can be an overwhelming process. We can help you with a free broker's opinion of value, marketing to the broadest possible audience and negotiating the best possible return on your investment. We will match our buyers and network with your health club to confidentially market your business to targeted buyers and obtain maximum exposure. With our broker expertise, a proven and well-established marketing approach along with a network of health club and gym buyers...Fitness Management & Consulting will get you the best available sales outcome.
Call us today at 800-929-2898, emailjthomas@fmconsulting.net or visitwww.fmconsulting.net orwww.fmconsulting.net/gymsforsale.
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Do you have what it takes to Succeed in the Gym Business?
The one trait the majority of all millionaires have in common is that they owned their own business. Every year thousands of people attempt to follow in their footsteps and start their own business. Failure rates are high for new businesses with over half of them out of business within five years. How do you avoid this fate? There are certain things you can do that will let you succeed at your own gym or fitness business. Here are the skills sets that successful gym owners say are critical to have if you want to succeed.
Defined Goals
The one thing that separates successful gyms from failures is planning. If you want to succeed then you need to have a well-defined plan. This plan should be in writing and it should include step-by-step directions. This plan will be your roadmap that shows the best and quickest way for you gym or fitness center to gain profitability. All actions taken should be measured against your goals to see if they are driving you one step closer to succ…
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How Do You Score as a Health Club Owner?
I recently spoke with a health club owner about his business. He had traveled the career path of health club employee to now, the health club owner. He learned that being in the “hot seat” was much different than just being concerned about himself or his department each day.
As we talked, I started thinking about what it takes to be a successful owner of a health club, and some the critical qualities that should be present every day. That said, there is no way to eliminate all the problems that are associated with running and operating a successful health club. You can, however, improve your chances of success with good planning, daily preparation and surrounding yourself with people who excel at what you’re asking them to do. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of the health club. Consider each of the following questions:
How well do you get along with a variety of p…
Buying a Gym or Fitness Center With No Money Down?
Cash-Poor Entrepreneur
Many of us have dreams of owning our own gym or fitness center. Opportunities abound for people who have ready cash to spend, although it can take close to six figures ($100,000) to do a proper job of it - what with the initial fees, start-up or build-out costs, inventory, supplies, and so on. But what about those entrepreneurs who have a self-employment wish but little or no money to sink into the venture? Breathe a bit easier, folks, because it CAN be done.
The Real Estate Model
In all kinds of financial times, but especially when things are a bit tight, there are plenty of stories about people who buy houses with "little or no money down." Although this article is aimed at actual gym businesses - "flipping" houses by buying, fixing up and reselling them is clearly a business, but outside the scope of this discussion - many of the techniques used by budding real estate magnates are applicable here as well. And the secret to buying a gym or fitness …
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