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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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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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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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…
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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 …
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How to Buy a Gym the Right Way

Buying a gym or health club is a big and life-changing decision that also involves your family. You have so much at stake – your savings, energy and time – that the buying process could be overwhelming. Buying an existing gym is less risky than starting a new one. Its advantages include an existing market, trained employees, ongoing revenue and a proven working system in place. With these conditions in place, the question now lies on your capability to run the gym. Are you ready to be an entrepreneur? How can you avoid making the wrong decisions when buying a gym? How to Buy a Gym for Sale 1. Choose a gym you are not only interested in, but one that matches your skills and experience. Not knowing anything about the gym will entail spending valuable time and possibly costly mistakes to acquire the necessary knowledge. What type of gym matches your skills? The gym should thrive from your strengths. Choose a gym that you enjoy and find fulfillment. 2. How much cash …
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Owning a Gym – From Dream to Reality

Is owning a Gym or Fitness Center in Your Future? At one time or another, nearly every gym employee dreams of owning a gym. Perhaps you’re tired of all your hard work ending up helping someone else achieve his or her entrepreneurial success, or you may fear for losing your job in a weakened economy. Whatever your motivation, the compulsion to own a gym is strong in many of us. But the risk involved in turning that dream into reality has, all too often, acted to derail even the best-laid plans. How to Own a Gym Every prospective gym owner is forced to wrestle with many different kinds of questions. Concerns about money certainly lead the pack, but knowing what kind of gym best suits you is even more important. The best place to start is by examining the reasons why you want to own a gym. Here are some benefits to consider: Take advantage of all those years of work experience for your own benefit, not for the sake of others. A flexible schedule allows you to spend more…
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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…
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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…
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