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 background is, what special skills and interests you have, the maximum down payment that you are able to put down, if there is a specific type of gym that you are interested in buying, where you would like to be located, and what the minimum income required to meet your living expenses are.
It is important to note that most sellers will not allow the health club broker to give you detailed financial information about a gym until you make an offer. Therefore, it is important to make an offer that is reasonable as soon as you know that you wish to learn more about the gym. You can always withdraw your offer if you find that you are no longer interested. The health club broker should provide you with enough information to make your initial offer.
Good health club brokers usually prove to be an asset to both the buyer and the seller, saving both parties time and money, by offering advice and consultation, handling negotiations for the sale, answering all questions that either party may have, and walking both parties through the process of buying or selling a gym.
