How do I check a gym’s equipment age and maintenance records before buying?
Make an inventory of every machine with its make, model and purchase date, then compare it with service records. Machines that are old and poorly maintained are future costs. Try each one, and ask members and trainers which ones break down or get avoided.
Walk the floor with a clipboard and record each piece. Note the brand, the model, the visible condition and whether it works. Ask the seller for purchase dates and invoices. If dates are missing, ask for a rough age and see whether the wear matches the story.
Request maintenance records, service contracts and repair invoices. Regular servicing is a good sign. A pile of repairs for the same machine suggests it is near the end. Ask who does the repairs, how quickly they come and what spare parts cost.
Use the equipment. Check cables, pads, belts and seats, listen for noises and look for rust or tape. Ask trainers and regular members what they trust and what they avoid. Machines that members avoid may not deserve keeping, and sparsely used areas can be a sign of failing equipment. Find out what is owned and what is leased or financed, and who is responsible for removal at the end. A specialist can help you estimate remaining life, and your accountant can help you plan replacements across future years so the cost does not arrive all at once, and ask the seller what replacements have already been postponed. Take photographs of the labels and meters, and keep them with the seller’s answers for your lawyer.
Key takeaways
- Build an inventory with make, model, age and condition.
- Read repair history for repeat failures.
- Confirm what is owned, leased or financed.
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Due diligence
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentEquipment valuation: How to do it
- 02Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 03Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
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