Fitness Business Partnership Agreement

What a good one includes

• Clearly specify the initial financial investments, equipment, or intellectual property each partner is contributing to launch the fitness venture.
• Detail the day-to-day operational duties of each partner, distinguishing between partners who handle hands-on client sessions and those managing business administration.
• Outline exactly how and when business revenues, profits, and financial losses will be shared and distributed among the partners.
• Establish a clear process for making major business decisions, including how to resolve deadlocks or disagreements regarding studio growth.
• Define the steps for handling internal conflicts, as well as the fair buyout procedures if a partner decides to leave the fitness business.
• Include clauses that address personal liability, client injury waivers, and the mandatory business insurance policies required to protect both partners.

Common mistakes to avoid

• Failing to document how client lists and proprietary training programs will be split if the partnership dissolves.
• Relying on a verbal agreement because of a close personal friendship, which often leads to misaligned expectations down the road.
• Neglecting to outline clear protocols for what happens if one partner becomes injured or unable to perform their training duties.
• Omitting a formal process for adding new trainers or expanding the business equity to future investors.

Frequently asked questions