What should I ask about a functional fitness box’s barbell and rig inventory?
Ask for a list of every barbell, plate set, rack and rig section, with age, condition and who owns each. Find out how the rig is anchored, how often it is inspected and what is leased or financed. Then confirm in the purchase agreement exactly which pieces come with the business.
Equipment is a large part of what you are buying, so ask for an inventory you can check on a walk-through. Look for specifics: how many barbells and of what kind, plate sets, racks, rig sections, kettlebells, rowers and storage. Compare the list to the floor and mark anything missing or worn.
Safety matters here. Ask how the rig is mounted, who installed it and whether it is inspected on a schedule. Look at the bar sleeves, welds, bolts and grips for signs of wear. Ask whether any pieces have failed or been repaired, and what happened. Records of inspections and repairs are a sign of a careful owner.
Next, ask about ownership. Some gear may be leased, financed or owned by a coach, and some may be on loan from a member or sponsor. Check for liens. Also ask what the seller would need to replace in the near term and how long the gear has been in use. Your accountant can fit that into your forecast. Finally, list the included items in the purchase agreement, so there is no argument on closing day. Ask when the last full equipment audit was done, and whether the seller knows of anything that members have brought in for shared use.
Key takeaways
- Ask for a full equipment list and check it against what is on the floor.
- Inspect the rig and ask for records of safety checks and repairs.
- Confirm ownership, liens and loaned items before you sign.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
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