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Table Of Contents

How fast is the industry growing?
1THE HEALTH CLUB INDUSTRY AT A GLANCE
Who joins health clubs?
Fundamental facts about the health club business: what kind of business is it?
Public companies in the industry
The industry’s three business models
2OVERVIEW OF FACTORS AFFECTING INDUSTRY GROWTH
Favorable factors
Unfavorable factors
3GROWING THE INDUSTRY
Supply-side drivers
Demand-side drivers
Has rapid growth produced saturation?
How deep is the market: the market readiness issue
Increasing demand: what needs to be done
Financing the health club industry: alternative sources, expected returns
4A BRIEF HISTORY OF THE U.S. HEALTH CLUB INDUSTRY
The shift from body building to total health
July 11, 1996: the greatest day in the history of the U.S health club industry
Celebrities that have served the fitness industry as role models
5EVALUATING A LOAN OR INVESTMENT PROPOSAL
Calculating demand: the four factors that matter most
Evaluating supply: the competitive environment
Primary trading areas: how large do they need to be?
Health club properties: to own or to lease, to build or to acquire?
What it costs to develop a club
Start-up operating capital: assessing the need
Critical success factors
Return on invested capital (ROIC): the private investor’s perspective
Return on invested capital (ROIC): the private equity perspective
Health club appraisals
6CHECKING OUT THE “DOWNSIDE”
The club mortality rate
Five factors that inhibit membership growth
Membership attrition: contextualizing the issue—it’s not as bad as it looks
Tax-exempt competitors: how serious a threat?
Home fitness: does it help or hurt the health club industry?
Commoditization: always a factor, always a threat
The industry in hard times: recession-proof or recession- resilient?
Transparency: an issue in the process of being resolved
Gender
Income
Race
Lifestyle segments
8UNDERSTANDING HEALTH CLUB OPERATIONS
EBITDA: the measure of performance
Corporate overhead: reducing the drag on unit EBITDA
Characteristics of clubs that fail
Characteristics of clubs that succeed
A fixed cost business with high operating leverage
The danger of discounting in a fixed cost business
Depreciation
CAPEX: how much is enough?
Operating expenses
9KEY OPERATIONAL ISSUES
The power of a presale
Membership pricing
Dues and non-dues revenue
Why non-dues revenue is important
Reasonable expectations: mature club revenue growth
Seasonality: still a factor
Reinvestment: how it affects club margins
10FORMULAS AND MEASURES
EBITDA
Debt/equity ratio
Sales/asset ratio
Return on capital employed (ROCE)
Interest coverage ratio
Loan-to-value (LTV) ratio for club properties
11INDUSTRY PROGNOSIS: THE NEXT 10 YEARS
Market potential
Demographics
Current trends as predictive of future probabilities
Women and Title IX
The industry infrastructure
Multiple appeals
Health benefits of exercise
Weight loss: an opportunity as never before
The Surgeon General’s Reports
Conclusion
P. 1
IHRSA's Guide to the Health Club Industry for Lenders and Investors: 2nd Edition

IHRSA's Guide to the Health Club Industry for Lenders and Investors: 2nd Edition

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Published by IHRSA
Designed primarily for clubs to share with potential lenders and investors, this publication will also be valuable to club owners trying to understand the operational details and the market conditions that can help their business succeed. Charts and graphics are used to aid in helping the reader develop a quick grasp of how a health club operates and the critical factors that can make, or break, the business.Investors, though interested in the health club industry, often lack the reliable information that is required to make informed investment decisions. Now, however, all of the details and data that bankers, venture capitalists and others need to evaluate club investments is available in a single publication. The Guide to the Health Club Industry for Lenders and Investors written by IHRSA Executive Director John McCarthy, was originally published in 2002. The 2nd edition has been completely updated, and is now available.
Designed primarily for clubs to share with potential lenders and investors, this publication will also be valuable to club owners trying to understand the operational details and the market conditions that can help their business succeed. Charts and graphics are used to aid in helping the reader develop a quick grasp of how a health club operates and the critical factors that can make, or break, the business.Investors, though interested in the health club industry, often lack the reliable information that is required to make informed investment decisions. Now, however, all of the details and data that bankers, venture capitalists and others need to evaluate club investments is available in a single publication. The Guide to the Health Club Industry for Lenders and Investors written by IHRSA Executive Director John McCarthy, was originally published in 2002. The 2nd edition has been completely updated, and is now available.

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Published by: IHRSA on Apr 02, 2010
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10/25/2011

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