Learn How to Get the Best Result in Selling a Fitness or Gym Franchise for Boutique Gyms, Functional Fitness, Big Box Gyms, 24/7 Gyms Franchise Business Opportunities in the Fitness Industry.
Episode Timeline
- 0:00 – Intro
- 0:40 – The sellers not putting a buyers ‘hat’ on
- 1:38 – Selling a business is not like selling a house
- 2:06 – What does it look like to ‘put the buyers hat on’ in a fitness or gym franchise?
- 3:23 – Sellers keeping the sale a secret and the impact on staff
- 4:07 – Not planning around the lease
- 6:07 – Lease is scary for many, so engage a specialist
- 6:46 – Undervaluing modernisation requirements in a fitness business sale
- 7:29 – Thinking about prices from years ago vs today’s reality
- 8:28 – Avoiding equipment/fit-out updates when selling
- 8:52 – Normal modernisation requirements in fitness businesses
- 9:49 – Extending equipment life vs reinvesting
- 10:57 – Positive impact of a modernised business
- 11:27 – Owner ‘being’ the business in a service model
- 13:11 – Wrap-up
What are the simple mistakes that sellers of gym and fitness franchises are getting wrong? These are the things that are having significant impact on their ability to generate the strongest return for their efforts.
Once again, Dustin Slypen, a business broker with 200+ transactions in the wellness niche and in fitness and gym franchises in particular, outlines these crucial components to a successful sale.
The four key components that were covered are;
1- Sellers often won’t put their ‘buyers hat’ on,
2- A lack of planning around their lease of the business’s property,
3- Undervaluing the modernisation requirements of the franchise brand on the change over of owner depending on the cycle in the business,
4- Where the owner IS the business and by default, goodwill.
