It's Thursday and that means a 2 Minute Financial Drill! Now that we're slowly creeping into the fall and the pending restart of the HALO Academy in a new format (more on that later) keep an eye out for these.

This one is clipped from Pete Moore's panel with Brian Smith at Piper Sandler at this past Athletech News ATN Summit in NYC.

● PureGym US, Crunch area developers, and Planet Fitness area developers are the three strategic buyers actively circling independent clubs right now.

● These buyers are contractually obligated, through franchise development milestones, to open in a market whether or not an independent operator agrees to sell.

● Irrational development, i.e. overclubbing a market, is described as the biggest risk to profitability for independent operators and investors alike.

● If a strategic buyer reaches out, engaging is recommended over ignoring the outreach, since they will build around an operator who doesn't transact.

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