July 09, 2010 // Franchising.com // MINNEAPOLIS, Minn. – Peter Taunton, Founder and CEO of Snap Fitness, the world's fastest-growing franchisor of state-of-the-art 24/7 express fitness centers, was recently named an Ernst & Young Entrepreneur Of The Year in the Upper Midwest Region for Consumer Services.
The Upper Midwest program recognizes companies in Minnesota, Wisconsin, North Dakota and South Dakota and awards entrepreneurs who demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities. The group of leading entrepreneurs was selected by an independent judging panel made up of regional business, academic and community leaders. Winners were revealed at a gala event on Thursday, June 10, 2010 in Minneapolis.
"To be named an Entrepreneur of the Year is an incredible recognition for which I am very proud," said Taunton. "The award recognizes not only the hard work and success I have enjoyed, but also the hard work and dedication provided by the entire Snap Fitness family."
Founded in 2003, Snap Fitness is rapidly encouraging workout enthusiasts to trade in their memberships at big-box facilities for the convenience and affordability offered by 24/7 compact fitness clubs. By scaling down in size and eliminating unnecessary amenities such as swimming pools and racquetball courts, Snap Fitness offers customers a quality, affordable workout with strong emphasis on customer service and convenience.
Today, the burgeoning brand serves more than half a million members in 48 states, Canada, Mexico, India, Australia and New Zealand.
"We have definitely found a successful business model not only in the fitness club industry, but also the franchising industry," Taunton added, noting the company's continued recognition by Entrepreneur Magazine and Inc. Magazine as one of the most successful franchise concepts in the country. "We provide flexibility for both our owners and customers and that has resonated very well."
William Miller, Partner and Strategic Growth Markets Leader with Ernst & Young's Minneapolis office added, "Ernst & Young believes in the power of entrepreneurship. These Entrepreneur Of The Year award winners and best in class, and we are proud to honor their outstanding success."
Regional award winners are eligible for consideration for the Ernst & Young Entrepreneur Of The Year national program. Award winners in several national categories, as well as the overall national Ernst & Young Entrepreneur Of The Year award winner, will be announced at the annual awards gala in Palm Springs, California on November 13, 2010.
Named the 16th fastest-growing private company in Inc. Magazine's prestigious 2009 Inc. 500 ranking, Snap Fitness is experiencing phenomenal growth with more than 2,000 locations sold nationwide and some 30-40 new stores added monthly. Founded in 2003 by CEO Peter Taunton, the Minnesota-based franchisor offers compact, state-of-the-art, 24/7 express fitness clubs that emphasize fast, convenient and affordable workouts in neighborhoods across America and worldwide.