Employees and Personal Trainers
We recommend that you, at a minimum, review the following:
- Compensation: Review the job descriptions and payroll structure with current staff.
- Personal Training Revenue: How is personal training revenue currently being processed and reported?
- Personal Trainer Employment Status: Independent Contractor or Employee?
- PT Suite/Live Programming: Is Live Programming being offered in the club?
- What will happen with the utilities upon your takeover?
- Are all accounts current?
Profit & Loss Reports
Ask the seller to provide you with the P & L's for the club. We recommend that you, at a minimum, review historical data. We also recommend that you compare revenues to membership lists and membership process and analyze whether all expenses of operating the business have been included in the P&L.
Does the seller have other contracts related to the operation of the business? If they do, you should understand their terms and determine whether you want or need to assume them. Coordinate any assignment with the closing.
Review members outstanding in collections and decide with seller how all collections should be wrapped up prior to closing.
Prior to purchasing a club, it is very important you inspect the club's security components as you might inspect a home prior to purchase. Technology changes rapidly, and you want to ensure that everything in the club is in proper working order.
Security Compliance Inspection
A Security Compliance Inspection relies on a walk-through inspection with a ProVision Security Certified Installer to determine the condition and compliance of the existing security components. Through a multistep checklist, the installer will assess the condition of each system component and complete a detailed report identifying actions needed to rectify any issues. The results of the Installer's report are sent to ProVision Security Solutions Coordinator, who will provide you with an estimate for any security maintenance and/or upgrades that the club requires. This information assists owners and buyers in understanding operation, maintenance and any upgrades which may be required.
To request service for a Security Compliance Inspection, please contact ProVision Security Solutions at firstname.lastname@example.org or via phone at 866-315-0777.