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Secrets to Buying a Gym or Fitness Center for Sale

Will you achieve your dreams or plans for the future by buying a gym or fitness center? Will this fit the lifestyle that you want? Buying an existing gym or fitness center is advantageous because both have an established member base and ongoing operations. Financing from traditional sources is also easier. Below are tips in finding the right gym or fitness center opportunity. 1. Are you familiar with the products or services offered by the gym or fitness center? What type of gym do you want? Does it match your background and experience? Having some understanding of the type of gym will lessen the amount of time you spend familiarizing with the product service, market and industry. 2. Do you have the support of your family? Running your own gym requires a lot of time and effort. There are some tasks that you cannot delegate to your employees. Share your plans with your family, so they understand and support your commitment to the gym. 3. Did you research the market an…

How Do You Quit Your Job & Buy Your Dream Gym?

Starting a new gym is a daunting prospect for anybody, whether you are a budding entrepreneur or just an ordinary individual that wants to do what you love for a living. Whilst we all dream about quitting the day job that we hate and working for ourselves, there are many factors to consider and the process has to be fully thought through if you want to stand a chance of succeeding with your dream gym. There are certain things that you should think through and processes you should complete before quitting your day job and buying your dream gym. The eight steps below will provide you with a quick guide as to what you are supposed to do and help set you on the path to quitting your day job and buying your dream gym. Step One - Play To Your Strengths If you are considering the possibility of acquiring your dream gym then the last thing you want to do is to rush into buying any gym that seems cool. You must have a passion for the gym if you want it to be your ultimate dream …

Can Accountants Value a Gym For Sale?

Short Answer ... Yes. The Concept of Gym Valuation Whether you own a gym, fitness center or health club and want to sell it, or else you're an entrepreneur who desires to buy an existing gym, somehow or other you need to know what the gym is worth. On the selling side, the plan is to make the price low enough to attract a bevy of buyers, while making sure you're not giving away potential profits. From the buyer's standpoint, you want to assess the value of a gym in comparison to its posted cost. The price you pay for a gym can seriously affect months or years of down-the-road profits, so this factor is not to be taken lightly. In many cases, a seller will engage the services of an expert to determine a reasonable market value. Buyers oftentimes hire their own experts to assess the price of a gym they wish to acquire. These dueling experts may arrive at vastly different figures. Their ability to compromise can result in a mutually satisfactory transaction for both buyer and…

How Do I Get Advice on Buying a Gym?

Buy a Gym Today - Profit When? There's an old saying that states, "Free advice is worth [only] what you pay for it." While this is true in many situations in life, how does this homily apply to buying a gym? After all, anyone who wants to buy a gym will need some serious advice on the matter. They will want answers to such questions as, "What kind of gym should I buy?" and "What's the advantage of a franchise over an existing gym?" and "How do I know it's a good price?" and so many more. Additional concerns arise once the reality of buying a gym starts to sink in. Then buyers will want to know, "How much money do I need to operate the gym properly?" and "When will I start to show a profit?" The novice may not even know which questions to ask, not to mention having a clue about the answers. In this situation, free advice is both available and worthwhile. Even the cost of paying for such advice is nominal. Advice on Buying a Gym So do you settle for free advice, or pay som…

How to Buy a Gym for Sale

Buying a Gym for Sale Gyms for sale are all around us. There are a number of factors to consider when buying a gym, and plenty of questions to ask once you have settled on a couple of possibilities. Learn as much as you can before taking the big leap. Examine the Financials Check over the gym’s profit-and-loss sheets and cash flow statements. You should know everything there is to know about how much money has come into the gym, where it went, and what are the projections for future earnings. Enlist the services of an accountant or CPA to assist with these efforts. Pay special attention to the gym’s liabilities, as new owners usually acquire these along with the gym’s assets. The due diligence package should also include the gym’s income tax returns, legal filings, articles of incorporation, and information on lawsuits both past and pending. Understand Why the Gym is For Sale Everyone has his or her own reason for wanting to sell a gym or health club. Retirement is a p…

Finding Gyms for Sale with Seller Financing

Financing a Gym Purchase Few people who wish to buy a gym have the kind of cash it takes to pay 100 percent of the purchase price up front. Some sort of financing is almost always necessary. The traditional path to financing the purchase of a gym involves sitting down with a banker, filling out a loan application, and waiting to see if you qualify. Once the loan is approved - assuming everything is in order - you have the funds you need to proceed. Whether you are buying an existing gym, starting one from scratch, the path to gym ownership almost always runs through some sort of financial institution, whether commercial bank, credit union, or private equity firm. But there is another route available to you, if you happen to be buying a gym that is already up and running - having the existing gym owner provide some or all of the financing. What is Seller Financing? In its simplest terms, seller financing means that the current owner of a gym offers to carry some or all of t…

Can a Health Club Broker help you Buy a Gym?

If you are considering a health club broker to help you purchase a gym, it is important that you understand exactly what health club brokers do, what help they offer, and what you should look for in a health club brokerage firm. A health club broker works with you to access your needs and help you through the buying process. In most cases, the health club broker's fee is a percentage of the selling price, and is paid once the sale is complete, either by the buyer or the seller. Health Club brokers work somewhat like realtors. A good health club broker will evaluate the gym, and provide you with financial statements and cash flow statements for the gym you are considering. While they do not provide financing, they will usually work with you to find financing, or help the seller to owner finance the gym in a way that protects both parties. A health club broker that is working for you will ask you several questions, including why you want to start a gym, what your educational …

Reasons to Buy a Gym Today

With today’s rising unemployment, there is a corresponding rise in the number of prospective buyers looking for gyms, health clubs and fitness centers for sale. Many people dream of owning their own gym, being the boss, setting the rules, controlling their lives, and earning for themselves. Starting a gym can be difficult. You have to spend a lot of time and money coming up with an idea or service; testing it; developing its production or operation, marketing and selling it; hiring people; finding a location; sourcing equipment and vendors, and attracting new members. Many of these start-up frustrations are bypassed when you buy an existing gym. There is no better time than today to pursue your dream of owning your own gym. Why should you buy a gym? 1. The gym has immediate cash flow from day one. You start earning as soon as you sign the purchase contract. 2. Existing membership base is already in place. Start-up ventures sometimes fail because new members do not co…