F45 Training FDD Analysis
Top Findings
Item 20 — Massive Net Unit Decline is a Serious Warning
F45 peaked at over 700 US franchised locations and has contracted sharply. The brand closed or terminated hundreds of locations since 2022. The parent company went through financial distress, CEO changes and restructuring. Net unit decline at this scale in recent Item 20 data is one of the biggest red flags a buyer can see. Brands losing units rapidly have unit economics problems.
Item 3 — Franchisor Financial Instability
F45 Training Holdings went through significant financial distress including missed payments, executive departures and restructuring. The company was delisted from the NYSE and underwent debt restructuring. A financially distressed franchisor cannot provide the same support, technology investment and brand marketing as a healthy one. It may not survive a deeper downturn.
Item 7 — Investment vs. Risk Ratio is Unfavorable
Total initial investment ranges from approximately $249,000 to $498,000. Given the brand's current unit decline and financial instability, the risk-adjusted return is poor. Boutique fitness is crowded. F45's differentiation has weakened as competitors adopted similar functional training formats without the F45 licensing fee.
Fee Burden Estimate
| Royalty | 7% of gross sales (plus technology licensing fee) |
| Ad Fund | 2% of gross sales |
| Combined | ~9–10% of gross |
| Est. Annual Fees | $45,000–$50,000 |
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Risk Grade
5 red flags
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