My Gym franchise opportunity: Are you familiar with it?
If so, please share your experience, opinions or insights with a comment below.
My Gym claims that risk-reduction is a benefit of their franchise. Their info packet states:
“THE BENEFITS OF BUYING A FRANCHISE
…in purchasing a well-structured franchise, you greatly minimize the risks and strains of starting a new business….
“Our pre-opening, post opening and continuing support to our franchisees is unparalleled in the field of franchising.
“My Gym Children’s Fitness Center is a proven, productive business with locations across the country.
“Comprehensive financial, marketing and administrative systems help you avoid the mistakes and perils independent business owners must combat alone.”
However, according to Entrepreneur, My Gym locations declined from 179 US franchises in 2008 to 152 in 2011
According to data released by the Small Business Administration (SBA), My Gym franchise owners who qualified for SBA-backed franchise loans have an outrageously high loan failure rate of 51%.
That earns My Gym a spot in UnhappyFranchisee.com’s list of WORST FRANCHISES IN AMERICA (by SBA loan defaults)
The apparent drop in My Gym franchises in recent years and the high loan default rates are franchise due diligence red flags.
| My Gym Franchise | |
| My Gym U.S. franchises in 2008: | 179 |
| My Gym U.S. franchises in 2011: | 152 |
| Growth in franchise units 2008 – 2011 (#) | -27 |
| Growth in franchise units 2008 – 2011 (%): | -15% |
| SBA loans granted since 2001: | 68 |
| SBA loan failure rate: | 51% |
| Sources: Entrepreneur (growth), Coleman report (SBA) |
The inability to repay an SBA-backed loan (or any franchise loan, for that matter) indicates a serious situation for the franchisee.
It’s likely that My Gym franchise owners who received SBA loans may have collateralized their franchise loan with their homes or other personal assets, and many were unable to repay those franchise loans… despite the serious incentive to do so.
Are you familiar with the My Gym franchise opportunity?
What do you think accounts for the SBA loan failure rate of My Gym franchise owners?
What steps should My Gym be taking to stop further franchise failures?
Has My Gym taken serious action to address the problems that led to these loan failures?
Please share a comment (anonymous is fine) or Contact UnhappyFranchisee.com.
If you are a My Gym franchise representative or employee, please feel free to leave a comment or email us at UnhappyFranchisee[at]gmail.com.
ARE YOU FAMILIAR WITH THE MY GYM FRANCHISE OPPORTUNITY?
ARE YOU A CURRENT OR FORMER MY GYM FRANCHISE OWNER?
PLEASE SHARE A COMMENT BELOW.
My Gym, My Gym franchise, My Gym franchise complaints, My Gym complaints, My Gym Enterprises, MGE, children’s franchise, Kid’s franchise, fitness franchise, gym franchise, children’s gym franchise, franchise failure rates, SBA franchise loans, worst franchises, Cory Bertisch, Jamie Bertisch, Mike Chalovich, Monique Vranesh, Randy Bertisch, Susi Sherman, Yacov Sherman
Recent developments have left franchisees worried and uncertain about their futures. To advocate for greater…
The Building Kidz Worldwide franchise is an opportunity to own a preschool & childcare center…
PAINT NAIL BAR has undergone some significant changes since franchisees contacted us with their complaints,…
U.S. Veterans magazine has removed JDog Brands as its #1 "Best Franchises for Veterans" list.…
More than 400 Veterans & military families who invested in JDog Brands franchises have failed,…
Genevieve McDaniel is a former franchisee turned franchise researcher, franchisee advocate, advisor and fiercely honest…
View Comments
I opened my franchise of My Gym in 2004. It has been difficult along the way but the support from My Gym Enterprises has been amazing. My Gym is a wonderful program that focuses on child development and physical fitness.
I can't imagine owning any other business and I would be happy to speak with anyone about my experience.
Hi Lorna - My wife and I are considering a fixed location My Gym, we're researching as much as we can. It'd be great to hear more about your experiences, please let me know if you'd like to connect.
Hi Lorna, Adrien and Wendy,
We are also thinking about owning a My Gym fixed franchise and would love to hear any experiences and personal opinions on your decisions so far.
Please let me know if you are interested in sharing, thanks.
Good morning, we are also looking for more information about My Gym franchise, if you guys had any experience or found something you didn't like or actually went through with the idea please let me know!
Thank you!!!!
I would love to hear your thoughts on owning a MyGym franchise.
Thanks!
Hi,we are also looking into my gym franchise. Would love to hear your thoughts- pros and cons.Thank you very much.
Hello, I would love to hear the pros and/or cons about franchising a MyGym as well. I am very interested in the franchise business.
I am very interested in any information on My Gym franchise. I just recently came across a location in Exton, PA and was thinking it would be an asset to my hometown in Arkansas.
Thank you in advance.
Owning a My Gym for the past 10 years was the best business decision I ever made. It has been very profitable and the assistance from corporate if ever needed was immediate. I can't say enough about how wonderful this franchise is and how good it makes you feel to just walk in the door.
Hi Beth,
I would love to talk to you about your experiences owning a My Gym. I am very interested in opening a fixed locations and would like to hear more about the business advantages and disadvantages.