F45 studios are still selling in 2026, but not the way they did in 2019.
If you own an F45 Training franchise and you’re planning to sell, you need to understand that this is a different resale market than the one that existed during the brand’s peak growth years — and that difference shows up in buyer expectations, lender scrutiny, and sale price multiples. F45 went public in 2021, faced operational and financial challenges in the years that followed, and has continued to evolve. That turbulence affected franchisee confidence, buyer appetite, and how SBA lenders view the system today.
From the F45 conversations I’ve had with owners in Colorado and the Mountain West – including Utah, and Idaho – the most common mistake sellers make is positioning their studio as if it’s still 2020. Buyers today want proof of stable monthly recurring revenue, active member counts that justify your asking price, and clarity on whether your studio meets current brand standards or will require a costly equipment refresh before transfer approval.
This isn’t a reason to panic, but it is a reason to prepare differently. F45 Training franchises still have buyer interest, especially if your financials are clean and your facility is up to spec. You just need to know what today’s buyers and lenders are actually looking for, how the corporate approval process works now, and what realistic timelines and sale prices look like in the current environment.
Current Resale Landscape for F45 Studios
The F45 resale market has shifted dramatically since 2021. Buyers today are more cautious, lenders are more selective, and the financial distress the brand experienced changed how the market values these studios.
Your studio can still sell. But it sells into a different environment than three years ago.
What changed:
- Buyer pool: Fewer first-time franchisees. More existing F45 multi-unit operators looking to consolidate or expand in proven markets.
- Financing: SBA lenders scrutinize F45 deals more heavily now. The SBA default rate for F45 loans sits at 5.7%, which puts the brand in a higher-risk category for some banks.
- Valuation multiples: Peak-era 3.5x-4x EBITDA multiples compressed to 2x-3x for most studios. That reflects both the brand’s contraction and broader post-pandemic boutique fitness headwinds.
- Member count expectations: Buyers want to see 150+ active members with strong retention. If you’re running below 120 members, expect more questions and lower offers.
I’ve worked with gym owners selling F45 studios who built strong local businesses but found that the corporate turbulence made buyers nervous. The studios that sell fastest have clean financials, documented recurring revenue, and local brand equity that stands independent of the national narrative.
Monthly recurring revenue matters more than topline revenue. A studio doing $35K/month with 160 members at $220/month is more attractive than one doing $40K/month with inconsistent pricing and high churn.
The network contracted significantly from its peak, which means buyers see closed locations in their research. You need to show them why your market and your operation are different.
Key Differences: F45 Resales vs. Independent Gyms
When you’re selling your gym, the process changes depending on what you own. An F45 resale and an independent studio might both be boutique fitness businesses, but they move through the market differently.
Brand Recognition vs. Creative Control
Your F45 brings built-in brand equity and what the franchise markets as a premium fitness experience. Buyers know the name. They’ve likely taken a class. That recognition shortens the education curve.
But it also means every decision flows through the franchisor. Your buyer can’t rebrand, pivot to yoga, or strip out the tech stack. An independent gym owner can do all of that.
Financing and Lender Appetite
SBA lenders evaluate F45 studios under franchise-specific underwriting rules. They’ll review the Franchise Disclosure Document, require franchisor approval, and apply stricter debt service coverage ratios than they did three years ago.
Independent gyms don’t carry transfer fees or ongoing royalty obligations. Lenders see them as higher risk in some ways (no corporate playbook) and lower risk in others (no forced refresh cycles or tech fees).
Buyer Pool Composition
Most F45 buyers today are existing franchisees adding a second or third location. They already understand the pioneering training systems and recurring revenue model. First-time buyers are still in the mix, but they’re more cautious than they were during the 2019–2021 growth window.
Independent gym buyers are often fitness professionals who want creative freedom and aren’t interested in franchise infrastructure.
What Transfers With the Sale
| F45 Resale | Independent Gym |
|---|---|
| Franchise agreement (with approval) | Full ownership and brand control |
| Standardized programming and tech platform | Proprietary systems or none |
| Equipment refresh requirements | Equipment sold as-is or negotiated |
| Transfer fee outlined in current FDD | No franchisor involvement |
Your F45 resale isn’t harder to sell—it’s just governed by a different set of rules. Buyers who want the F45 system will specifically look for resales. Those who don’t won’t even consider your listing.
Understanding the Corporate Approval Process
Selling your F45 franchise isn’t a two-party deal between you and a buyer. The franchisor holds final approval rights over the transfer, your landlord needs to consent to the lease assignment, and if the buyer is financing the purchase, their lender gets a vote too.
Required Approvals: Franchisor, Landlord, Lender
F45 corporate must approve every resale. They’ll review the buyer’s financial qualifications, background, and fitness to operate under the franchise agreement. This isn’t automatic. I’ve seen deals stall for months waiting on franchisor approval, particularly when the buyer is marginal on liquid capital or has no prior fitness industry experience.
Your landlord must approve the lease assignment unless your lease explicitly allows transfer without consent. Most commercial leases require landlord approval and give the landlord discretion to refuse based on creditworthiness. If your buyer has weaker financials than you did when you signed, expect pushback. Some landlords will also require a lease extension or rent adjustment as a condition of transfer.
If your buyer is using SBA financing, the lender becomes a third gatekeeper. Under SBA SOP 50 10 8, effective June 1, 2025, lenders scrutinize boutique fitness deals more closely than they did three years ago. The lender will review your studio’s trailing twelve months of financials, active member count, and lease terms. They may require the buyer to put down 15–20% and may condition approval on seller financing or an earnout.
Franchisor’s Buyer Qualifications
F45 sets minimum financial and operational standards for franchise buyers. While the exact figures live in your current FDD and may have changed since you signed, expect the franchisor to verify that your buyer has adequate liquid capital and net worth.
The franchisor will also run a background check and may require the buyer to complete training before approval. If the buyer is already an F45 franchisee looking to add a second or third studio, the approval process is typically faster. First-time buyers face more scrutiny, especially if they lack prior multi-unit fitness or franchise experience.
You can accelerate this process by pre-qualifying your buyer before you invest time negotiating a letter of intent. Ask your buyer to contact the franchisor’s resale team early and confirm they meet the financial threshold.
Transfer Fee: Inclusions and Scope
F45 charges a transfer fee when ownership changes hands. The amount is outlined in your franchise agreement and FDD. This fee typically covers franchisor administrative costs, buyer training, and onboarding.
The transfer fee is almost always the seller’s responsibility, though it’s negotiable. Some sellers try to pass it to the buyer or split it, but in this market, buyers have more negotiating power. Budget for it as a closing cost.
The transfer fee does not cover equipment refresh, rebranding to current F45 standards, or deferred maintenance. If your studio is using older monitors, outdated software, or equipment that’s end-of-life, the franchisor may require the buyer to bring the studio into compliance before approving the transfer. That cost can run tens of thousands of dollars and often becomes a sticking point in negotiations.
Typical Sale Prices for F45 Studios
F45 studio sale prices have compressed significantly since 2021, driven by tighter SBA lending criteria, lower systemwide enrollment, and a more selective buyer pool that prioritizes active membership and recurring revenue over brand recognition alone.
Causes Behind Recent Valuation Compression
F45 studios that sold in 2020 and 2021 often commanded 3.0x to 3.5x seller’s discretionary earnings (SDE), sometimes higher in competitive metro markets. Today, most F45 resales transact between 1.8x and 2.5x SDE, with the higher end reserved for studios showing consistent year-over-year revenue growth and minimal owner involvement.
The compression stems from three overlapping forces. First, the broader boutique fitness market contracted post-2022 as consumers returned to big-box gyms and home workouts normalized. Second, F45 went public in 2021, faced operational and financial challenges in subsequent years, and has continued to evolve—creating uncertainty among lenders and buyers unfamiliar with franchise instability. Third, SBA SOP 50 10 8, effective June 1, 2025, tightened underwriting standards for franchise businesses, and lenders now apply closer scrutiny to F45 deals than they did three years ago.
I’ve seen offers on profitable F45 studios rejected by SBA lenders purely because the franchise’s unit count has declined since peak. Lenders view contraction as systemic risk, even when your studio’s financials are clean.
Comparing Single-Unit to Multi-Unit Valuations
Single-unit F45 studios typically sell at the lower end of the valuation range because they’re owner-operator dependent and lack economies of scale. If you’re the head trainer, marketer, and bookkeeper, buyers discount the business accordingly—they’re buying a job, not a passive income stream.
Multi-unit F45 portfolios, especially those with a general manager structure already in place, attract higher multiples and a different buyer profile. These deals often close between 2.2x and 2.8x SDE because the infrastructure is transferable. I’ve brokered multi-unit F45 sales where the buyer was an existing F45 franchisee consolidating territories, not a first-time fitness operator.
Seller financing has become nearly standard in multi-unit deals. Buyers expect you to hold 10% to 20% of the purchase price as a note, which bridges gaps left by conservative bank appraisals and signals your confidence in the business post-transition.
Impact of Recurring Revenue and Active Membership
Buyers and lenders evaluate your F45 studio on two primary metrics: monthly recurring revenue (MRR) and active member count. Everything else—Instagram followers, equipment age, lease terms—matters less than those two numbers.
A studio with 180 active members paying an average of $180 per month generates roughly $32,400 in MRR. That’s the baseline most SBA lenders want to see before approving financing. If your membership has eroded to 120 members or your average revenue per member has dropped below $160, expect either a lower sale price or requests for seller financing to de-risk the deal.
Membership churn also gets scrutinized. If you’ve lost 15% to 20% of your base in the past 12 months, buyers will assume that trend continues under their ownership and discount accordingly. The studios I see sell fastest—and at the highest multiples—show stable or growing MRR over at least six consecutive months, with churn under 5% monthly.
Deal Mechanics Unique to F45
F45 franchise agreements carry structural terms that directly affect both your sale timeline and the buyer’s willingness to close. The remaining term on your agreement, the specifics of your protected territory, the condition and ownership status of your indoor fitness equipment, and the ongoing fee obligations all become negotiation variables once a letter of intent is signed.
Franchise Term Remaining vs. Renewal
Your franchise agreement with F45 runs for an initial five-year term with two additional five-year renewal options. If you’re selling with less than two years remaining on your current term, expect buyers to request that you trigger the renewal before closing.
Most lenders won’t finance a franchise with fewer than 24 months left on the term. Even cash buyers hesitate because they’re inheriting an immediate renewal decision and the associated renewal fee, which your FDD lists as 50% of the then-current establishment fee.
If you’re at 18 months remaining and haven’t renewed, that becomes a sticking point during due diligence. The buyer will ask you to renew, or they’ll request a price concession to cover the renewal cost themselves. I’ve seen deals stall for 60 days while the franchisee debates whether to spend the renewal fee before they even have a firm buyer.
Check your agreement date now. If you’re planning to sell in the next 12 months and your term expires within 24 months of your expected close date, start the renewal conversation with F45 corporate early.
Territory Boundaries and Protected Radius
F45 grants you an exclusive territory, but the exact boundaries and protected radius vary by market and by the date your agreement was signed. Early F45 franchisees often secured larger territories than those granted during the 2019-2021 expansion phase.
Your buyer will request a copy of your territory map and any amendments during due diligence. If your territory is smaller or if there’s an encroaching F45 location nearby, that affects perceived growth potential and defensibility.
Some territories were drawn based on zip codes. Others use radius-based circles or demographic trade areas. If your studio sits near a territory boundary and the adjacent F45 location closed, buyers may ask whether F45 will consolidate or reassign that area.
You won’t be able to expand your territory retroactively, but you should be able to articulate what your agreement guarantees and whether any disputes or boundary clarifications have occurred. If F45 corporate opened a studio closer than your agreement allowed, document that history.
Equipment Ownership, Leases, and Upgrade Costs
Most F45 franchisees purchase their equipment packs outright during buildout, but some financed through third-party lease programs. If you still have an active equipment lease, the buyer will either need to assume it or you’ll need to pay it off at closing.
F45 has updated its equipment standards and studio design multiple times. If your studio opened in 2018 or 2019, your equipment may not match current brand standards. Buyers and their lenders will compare your studio’s condition to the current F45 design guide.
If your equipment is dated, worn, or incomplete, buyers will request a concession or ask F45 corporate for a waiver to delay the refresh. Equipment refresh costs vary widely depending on what needs replacing, but expect $15,000 to $50,000 for a mid-cycle update and more if you’re bringing a legacy studio fully current.
Your buyer’s lender may require a facilities condition report or equipment inventory. If the lender flags deferred maintenance or non-compliant equipment, they’ll either reduce the loan amount or require an escrow holdback to fund the upgrades post-closing.
Assumption of Royalty and Technology Fees
F45 charges ongoing royalties and fees based on your gross sales, and those obligations transfer to the buyer at closing. The specific royalty percentage and technology fee structure are outlined in your FDD, and they may differ from what current franchisees pay if F45 has adjusted its fee schedule.
Buyers will review your royalty rate and compare it to the current FDD. If you locked in a lower rate during an early franchise incentive period, that’s a selling point. If your rate is higher due to a later agreement or market adjustment, the buyer factors that into their cash flow projections.
The technology fee covers access to F45’s proprietary workout programming, member app, and studio management software. If F45 has raised that fee since you signed, your buyer assumes the current rate going forward, not your legacy rate.
Some buyers mistakenly assume all F45 franchisees pay the same fees. If your agreement includes any fee waivers, caps, or promotional adjustments, disclose that in writing early. It avoids confusion once the buyer’s attorney reviews your franchise agreement and compares it to the current FDD.
Evaluation Criteria for Buyers and SBA Lenders
Buyers and lenders evaluate F45 studios through two distinct but overlapping lenses. Buyers care about cash flow sustainability and member retention. Lenders care about debt coverage and collateral.
What buyers scrutinize first:
- Active membership count and churn rate. A studio with 180 active members and 8% monthly churn is far more attractive than one with 220 members and 15% churn.
- Monthly recurring revenue (MRR) trend. Buyers want to see flat or growing MRR over the trailing 12 months. Declining MRR signals they’re buying a turnaround, not a cash-flowing asset.
- Labor cost as a percentage of revenue. Studios running above 35-40% on payroll typically have margin problems that won’t fix themselves under new ownership.
- Equipment age and refresh requirements. If your studio needs $60,000+ in equipment updates to meet current brand standards, buyers will price that into their offer or walk.
What SBA lenders require:
SBA lenders operating under the current SOP 50 10 8 guidelines apply stricter debt service coverage ratio (DSCR) thresholds than they did three years ago. Most want to see DSCR of 1.25x or higher based on trailing cash flow, not projections.
The 7(a) loan program still finances franchise resales, but lender appetite for boutique fitness deals has tightened. Expect lenders to request franchisee validation calls, proof of membership stability, and a business valuation that reflects current market multiples, not 2021 comps.
If your studio’s EBITDA won’t support the buyer’s debt service at current rates, you’ll need to consider seller financing or a lower price. Lenders also scrutinize the SBA default rate for the franchise brand and treat elevated rates as a red flag regardless of your individual unit’s performance.
Current Deal-Breakers in F45 Studio Resales
Buyers walking F45 studios today are coming in with a checklist that didn’t exist three years ago. The things that kill deals now aren’t always dramatic—they’re usually cumulative.
Stale equipment or deferred maintenance tops the list. If your rig system is rusted, your turf is torn, or your tablets are outdated, buyers assume they’re walking into a $40,000+ refresh before they can even open the door under their own name. That cost either comes off your purchase price or becomes the reason they walk.
Member churn above 8% monthly is the second red flag. Buyers and their lenders want to see stable or growing membership. If you’ve been bleeding members for six consecutive months, that’s not a trend they’re willing to bet on. Monthly recurring revenue and active member count drive the valuation conversation more than anything else.
Lease terms under 3 years remaining will scare off SBA lenders entirely. Most won’t finance a deal unless the lease extends at least 10 years from closing. If your landlord won’t extend or your rent is about to reset at market rates that don’t pencil, the deal stalls.
Inconsistent financials or missing documentation will stop a buyer cold. If you can’t produce clean P&Ls, tax returns, and member counts that match, they assume the worst. Lenders won’t move forward without it, and cash buyers just move on to the next listing.
Transfer fees and franchisor approval delays have also become friction points. F45 requires franchisor approval of the incoming buyer, and there’s a transfer fee outlined in your FDD. If the buyer doesn’t meet F45’s current qualifications or the approval drags past 60 days, financing commitments can expire.
Typical Sale Timeline and Timeframe Expectations
F45 studio sales can take six to twelve months from the time you engage a broker to the day the deal closes. That’s not a guess — it’s what I see most often when working with franchisees who have clean books and realistic pricing.
Some deals close faster. I’ve seen transactions wrap in 60 days when the buyer is another F45 operator adding a location and financing is already lined up. But those are outliers.
More often, you’re looking at 90 to 120 days minimum once you have a signed letter of intent. The franchisor transfer approval process alone can take 30 to 45 days, depending on how quickly your buyer submits documents and completes the required discovery day or orientation.
The timeline breaks down roughly like this:
- Preparation and listing — 2 to 4 weeks
- Marketing and buyer qualification — 4 to 20+ weeks
- Letter of intent and due diligence — 3 to 6 weeks
- Franchisor approval and financing — 4 to 6 weeks
- Final closing — 1 to 2 weeks
SBA financing, which many buyers still pursue under SBA SOP 50 10 8 rules effective June 1, 2025, adds time. Lenders are slower to approve boutique fitness deals now than they were in 2020 or 2021. Expect longer underwriting windows and more requests for clarification on your P&L.
If your buyer needs seller financing to bridge a gap, expect another two to three weeks of term negotiation. That’s normal in today’s market — not a red flag.
You should plan the process to sell your gym around your own schedule, not a compressed deadline. Rushed sales rarely close at full value.
Getting a Professional Valuation for Your F45 Studio
You need a realistic number before you list. Not what you paid to build out the studio. Not what F45 corporate told you it would be worth during the Discovery Day presentation. What a qualified buyer would actually pay today.
Most F45 owners skip this step or rely on a back-of-napkin multiple they found online. That usually leads to one of two problems: you overprice and sit on the market for months, or you underprice and leave money on the table because you didn’t know what moves the number higher.
A professional valuation gives you a defensible range based on your trailing twelve months of financials, your active member count, your lease terms, and current market comps. It also shows you what’s dragging the number down — maybe it’s your occupancy cost as a percentage of revenue, maybe it’s deferred equipment maintenance, maybe it’s that your EBITDA margin is thin because you’re still carrying too much labor.
What a good valuation includes:
- Comparable sales data from recent F45 transactions
- An adjusted EBITDA calculation that accounts for owner compensation and one-time expenses
- A multiplier range that reflects current buyer appetite and SBA lending conditions
- A written summary of what would increase your valuation before you go to market
I run valuations for gym owners through my brokerage, and the written valuation range usually surprises people — sometimes higher than expected if the fundamentals are strong, more often lower if monthly recurring revenue or member retention has slipped.
The valuation isn’t binding. But it gives you a floor, a ceiling, and a roadmap for the next six to twelve months if you’re not ready to sell yet.
