Foley’s Fitness Center
Strategy | Finance | Operations
Founder of Foley’s Fitness Center, Mike Foley planned to build a new, all-inclusive fitness facility in Scarborough, Maine. He had established his vision and a loyal clientele but needed additional support to realize his concept. Mike sought out strategic advisory from a local partner, and engaged Opus Consulting for business plan development, financing, and project management.
Working with Mike and his partners, Opus developed a financial model to determine feasibility, break even points, and funding needs. Opus effectively researched and sourced financing for the project, working with lending institutions on the client’s behalf. Concurrently, Opus developed necessary modeling and documentation to obtain private equity investors.
Serving as a project management partner, Opus took on responsibility for monitoring construction budgets and cash, identifying cost savings, and managing consistent reporting to investors throughout development and construction. Opus coordinated vendor and service selection for all necessary equipment, software, and services and ensured compliance with local laws and reduction of risk through the implementation of a set of business best practices.
On Budget, On Time, Poised for Success
Foley’s Fitness Center opened in December 2019 to great fanfare and is achieving its business plan targets. The $5.5M project was on budget. Favorable lending terms were obtained through the SBA 504 program and multiple investors came on board. Foley’s Fitness Center is poised to be a long-term success.