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I want to buy my gym, how do I go about it?I want to buy my gym, how do I go about it?

I want to buy my gym, how do I go about it?I want to buy my gym, how do I go about it?

I work for a ladies only gym. It is owned by a man. I want to make an offer to him. The gym is a franchise. Who should I talk to before I talk to him about buying his gym.

Nadine Urban - In Franchises - Aug 27, 2009

Fairfax County, VA

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Answers (3)

Don Barrick

The BAF Group LLC
MD

I don't disagree with David, at all. But I think there are about two dozen other things to think about and have answered before talking to the owner.

Web reference: www.bafgroup.com

Aug 27, 2009

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David Dolitsky

Franchise Advisory Group
PA

Nadine,

Even thought the business is a Franchise, it is up to the individual Franchisees to sell the business, so you would want to approach him first. You do have to look at his Franchise agreement to see what fees you and him would have to pay and whether he can transfer his agreement to you, or the Franchise will grant you a new agreement. There will be a transfer fee to pay to the Franchise (typically paid by the seller), and there might be a training fee, which is typically paid by the buyer. You also may have to travel for training and would have to consider that expense as well.

Web reference: www.franchiseadvisorygroup.net

Aug 27, 2009

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