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In Kentucky, there is an alarming trend in terms of the growing number of obese and overweight
individuals. Currently 67% of all adults in Kentucky are overweight or obese, and 58% of these
people have a desire to lose weight (citation). This creates a need in Kentucky for a new kind of
fitness center, where healthy living is at the core of its mission. Further Than Fitness, a lifestyle
changing fitness center, is committed to the overall health and wellness of its members. This
healthy living fitness facility is designed allowing clients to train in an atmosphere that is most
conducive to their comfort and state of mind. This center is designed to take people from all
different lifestyles and body types and provide avenues for transforming their mind, body, and
spirit. Further Than Fitness differentiates itself by offering a 24-hour fitness center, a convenient
fresh food eatery, Lifestyle Advisors and accountability structure called Transformations that is
based on an accountability measures and behavior modification classes.
The Lifestyle Advisors provide the knowledge and support for the formation of a healthy
lifestyle plan, including obtainable fitness goals, nutrition and meal planning and accountability
matrices. Lifestyle Advisors are nutritionists, motivational coaches, and trainers. These advisors
work one on one with each client to ensure clients needs and objectives are met. In reference to
the Transformations program, the advisors will use the buddy system along with other
documented methods to hold each client accountable in obtaining their established goals. The
fresh food eatery consists of a food bar with scales for proportioning individual meals and a
small dining area where nutritional value placards will be displayed.
Additional amenities include a childcare facility, locker room areas, nutrition and behavior
modification classes, as well as various levels of fitness classes. Also, there will be three
different areas for exercising that cater to beginner, intermediate, and advanced levels of training.
These areas are separate from each other in order to create a comfortable and pleasant
atmosphere for each individual at any fitness level.
Further Than Fitness will be strategically located in the Prospect, Kentucky area because of the
high-income levels, population density, and high rate of population growth. With the growth of
the surrounding area, there is also room for expansion. Phase plans have been determined to
expand our facility over the course of the next few years.
Venture Overview (Page)
It is a well-known fact that a healthy lifestyle requires some form of cardio exercise at least 30
minutes a day, along with a healthy diet. The vision of Further Than Fitness is to help transform
an individuals mind, body, and spirit into a well-rounded lifestyle through efficient and effective
exercise, with on-going support and guidance.
A large portion of Kentuckys population is overweight, which has been linked to diseases such
as diabetes and heart disease. Recent awareness of this fact has many people looking for new
and innovative ways to improve their fitness and overall health. Fitness is a $17.6 billion
industry that has doubled in size in the last ten years, with over 23,500 health clubs in the
United States, a number that is growing each and everyday. (We need Kentucky stats heresize of market and industry in Kentucky for gyms).
Even with the current slumping economic conditions, according to an informal survey conducted
by our marketing research team, 83% of Kentuckians surveyed do not feel they will need to
sacrifice their gym memberships.
The mission of Further Than Fitness is to positively transform the mind, body, and spirit of each
member by providing a welcoming environment in which all aspects of a healthy lifestyle are
incorporated. The positive reinforcement from our Lifestyle Advisors will directly address the
spirit of each member by concentrating on their drive and motivation. Members will accomplish
this transformation by utilizing the fresh food eatery, Lifestyle Advisors, and cutting-edge
equipment. The objectives of Further Than Fitness are to be profitable by year three, to have a
60% membership renewal rate after year one, and to grow new memberships by 5% each year.
Products and Services (4 Pages)
Further Than Fitness will have a distinct competitive advantage by bringing together three
components of a healthy lifestyle: food, exercise, and support.
The product offering will consist of a high quality fitness facility that caters to all levels of
training. This includes the Transformations Program that facilitates behavioral modifications and
a support structure encouraging member attendance. The fresh food eatery will conveniently
offer fresh snacks and meals for members and outside customers to meet nutritional goals.
Lifestyle Advisors
Studies led by the Harvard School of Public Health and the Pennington Biomedical Research
Center have concluded that dieters who received regular counseling showed better results than
those who did not. The average person lost 22 pounds, compared to 9 pounds lost by those who
did not attend support group meetings (Feb 26th, 2009). The purpose of Lifestyle Advisors is to
provide members with support and guidance on their way to a healthy lifestyle. Lifestyle
Advisors will offer a free evaluation of new members to assess the individuals need for support
and behavior modification. Lifestyle advisors will host weekly group sessions for members of
the Transformations Program. Lifestyle Advisors will help guide individuals by teaching
members about nutrition and exercise. The Lifestyle Advisors will also put together a meal plan
that will be tailored to the needs of each member in order to simplify nutritional decisions.
that they feel encouraged. Our intentions are not to overwhelm our clients but hold them
accountable per their goal setting contract agreed upon during their enrollment.
Training Areas
Further Than Fitness is taking the gym atmosphere in a new direction. In addition to the regular
equipment that members expect, we will offer training programs that cater to all individuals and
intend on expanding in the future to include an indoor pool. Our research has shown that the two
closest indoor pools are over 10 miles away and that there is a large demographic for potential
swim teams to rent out our lanes. The gym will consist of three separate workout areas offering
equipment for different training levels. These areas will provide each member with equipment
and an atmosphere they require to meet their demands. The different areas consist of:
Beginners:
This area is characterized by a calm and un-intimidating environment to provide its users
with a sense of comfort, intimacy and confidence. The machines and cardio equipment
will have specific instructions for effective use; with the guidance of personal trainers,
members with minimal experience will have the tools necessary to accomplish their
goals. Members will be able to attend specific classes offered in the group class area.
Classes include yoga, aerobics, step, zumba, and spinning.
Intermediate:
This area of the fitness center will provide more confident and experienced members with
an environment in which to thrive. Individuals seeking more traditional equipment will
find free weights and heavy resistance machines. Members in this area can take
advantage of group fitness classes and an area with a larger quantity of cardio equipment.
Advanced:
This area focuses on the high intensity workout needs of professional fighters such as
boxers, kick boxers, and mixed martial artists due to the current trend of professional
fightings popularity. Martial artists and advanced athletes will be able to perform their
necessary trainings; however other members can take advantage of the unique equipment
and the high intensity classes offered in this area. A padded section will be provided for
ground workouts and for grappling fighting styles such as Ju Jitsu and wrestling. To
facilitate boxing and kickboxing style workouts ten heavy bags are located in a rubber
matted section. The hardwood floor will allow for training that requires open floor space
for example sprinting, jump roping, cone drills and many other workouts.
Memberships
Membership A allows for the member to pay for a year membership up front costing $350.
Membership B is a year contract membership with monthly payments costing $35 a month,
totaling $420 a year. Lastly, Membership C is a month-to-month membership with no contract
costing $45 a month, totaling $540 a year. It is apparent that long-term savings for the member
can be obtained by purchasing the more cost efficient membership. Competitive pricing and the
unique offerings of Further Than Fitness will leave few reasons for members to desire an
alternative facility. On the other hand, switching cost is one way that fitness centers attempt to
deplete members bargaining power. Nearly all gyms write into their contracts termination fees.
These fees are a way for gyms to keep existing members from breaking their contracts. The fees
can either be a large one-time fee somewhere around 50% of the current contract, or a buyout of
the remaining current contract.
Further Than Fitness is located just outside of the Louisville area, the correlation of these
numbers with the Prospect market show that there is a demand for a healthy living center that
can give targeted consumers a convenient location to exercise.
Industry Growth Trends
Trends in fitness centers tend to fluctuate based on health trends in the communities they serve.
According to the CDC (Centers for Disease Control and Prevention) obesity is the fastest
growing health problem in the United States. Kentuckys population of overweight or obese
adults totals 67%, making them seventh for the highest obesity rate in the nation. According to
the CDC, 42.4% of adults in Louisville, KY are at risk for weight related health problems due to
being over weight. This is the worst score for any city in the CDC survey, with the national
average being 36.09%. This creates a need in Kentucky for a new kind of fitness center, where
healthy living is at the core of its mission.
The total Louisville population in 2007 was 696,918 and projected to be 702,040 in 2010.
Currently households in Louisville that diet or practice weight control is 170,112 with the
median age being 50; households in Louisville that eat healthy is 134,507 with the median age
being 51.8; households in Louisville that exercise is 222,860 with the median age being 48.7;
households in Louisville that run or jog is 77,144 with the median age being 48.7; households in
Louisville that exercise by walking is 226,156, median age being 55.3; households in Louisville
that bicycle frequently is 103,518 and median age being 47.9. Since the highest population in
Prospect is 45-60, there is a direct correlation between the median ages in Louisville and
Prospect that maintain healthy lifestyles.
According to IHRSA (the premier health club industry association), health club memberships are
projected to reach 50 million by 2010, representing a 25% growth rate from current levels.
Research firm Ibis World, a firm that provides high-quality industry market research analysis
reports and publications, lists health and fitness clubs number five among the most likely
industry to experience growth rate in 2009 and beyond. The growth of fitness facilities is
expected to be 2.2% over the next year due to rising health care costs. A Blue Cross and Blue
Shield Foundation on Healthcare study found that more than 50% of health-insurance plans
offer discounts or reimbursements for gym memberships, including large insurers such as
Humana, Blue Cross and Blue Shield, Aetna, and Cigna. The National Business Group on Health
that represents 214 large employers, about 45 million U.S. workers, found in a recent poll, that
79% of corporations and companies will offer fitness incentive programs in 2009.
Nationwide, people in the 45-55 age range have 9.9 million gym memberships. Lobbyists are
pushing for legislation in the industry that may produce growth. The Personal Health Investment
Today (PHIT) Act would allow people to pay for exercise and physical fitness programs, some
exercise equipment and kids sports leagues with pre-tax dollars through their Flexible Spending
Account (FSA) or Health Savings Account (HAS). The Workforce Health Improvement
Program (WHIP) Act promotes wellness in the workforce by allowing off-site memberships to
be tax-free benefits to employees. Current law allows businesses to outsource this health benefit;
however employees are required to pay income tax on it.
Market Acceptance
The 50 largest fitness centers in the United States hold approximately 30% of the market share.
In 2008, the number one company listed by revenues of $1.8 million, was 24 Hour Fitness
Worldwide, Inc. There are approximately 60 fitness centers in the Louisville, KY market. Our
direct market encompasses the zip code 40059. There are four fitness centers in this specific zip
code, and in surrounding areas, there are eight fitness centers. The number one company by
memberships in the Louisville area is the YMCA with 53,750 members. They currently have
two locations within 30 miles of our proposed location. This will not be an issue for Further
Than Fitness because, according to Danny Walker, the bulk of the membership market is drawn
from a 5-7 mile radius from our location. Our location will be at least 10 miles from the nearest
fitness center. An informal survey conducted by the Further Than Fitness marketing research
team showed that people preferred to have healthy food options and advanced training
equipment that are offered exclusively by Further Than Fitness. This confirms the need for
Further Than Fitness, which encompasses both aspects.
Competitor Analysis
Studies show that location and accessibility are the most important factors for consumers
choosing a fitness center. Purchasing a fitness center membership requires both a financial
commitment and a time commitment. People with limited free time are less motivated to
commute long distances to reach a fitness facility; therefore strategic location of Further Than
10
Fitness is paramount. Our top competition includes the YMCA, Urban Active, and Snap Fitness.
The following chart compares products and services of Further Than Fitness and its competitors.
For Further Than Fitness, the threat of smaller less expensive centers, like Snap Fitness, is high.
Since larger gyms must charge higher membership fees in order to pay for marketing, employee,
and maintenance costs, they must have a creative marketing scheme and offer somewhat
differentiated products and services to their members. In addition, large churches and union
halls commonly offer gym access at no cost. This is a threat because potential members with
tight pockets will opt to go to the church or union hall instead of paying monthly or yearly
fees. Many employers such as LG&E and Humana offer in house fitness centers in order to
promote wellness. These gyms are generally at no cost to the employee, well maintained, and
have top of the line commercial equipment. Another threat to fitness centers is the likeliness of
potential members to build their own home gym.
11
12
monthly marketing meeting will be conducted by Brian addressing the comment cards and
monthly surveys conducted at the fitness center. He will also examine industry trends and
determine how Further Than Fitness will adapt to the trend.
Dawna Botkin
Chief Financing Officer: Dawna Botkin is a junior accounting major at The University of
Louisville. She has served as an intern for Extell Financial in Louisville, Ky. Her daily activities
will include monitoring the companys expenses and revenues.
Amy Wagner & Susan Stewart
Vice Presidents of Design: Amy Wagner has extensive design experience and expertise in art
and interior design. Along with her design experience, she has served as part of the Army
Reserves for the past eight years. Amy is a senior marketing major with a minor in
entrepreneurship at the University of Louisville. Susan Stewarts love for design is coupled with
her passion for photography. She is a junior marketing major and will double minor in
communications and entrepreneurship at the University of Louisville.
13
lack self-motivation. We will market to them through our Transformations Program. We intend
to market through weekly member testimonials, leaflets, commercials, free sign-up boxes, and
signage. We will generate awareness, interest, and new memberships through a grand opening
event.
Production
Our fresh food eatery will allow customers to create healthy meals according to portion size and
their preference to taste while following the meal plan designed by the lifestyle advisor. Further
Than Fitness will have certified trainers to help members from all fitness levels. Lifestyle
Advisors will help with nutritional plans and tailor the workouts to help each member
individually reach their personal goals. Through the Transformations Program Lifestyle Advisors
will maintain a relationship with each member of the program keeping track of their scheduled
workout times, meetings, providing encouragement and a support system.
14
Further Than Fitness will be built in three phases. In Phase 1, leasing and renovating the
building is the main goal. Leasing the building before purchasing it will help minimize the
initial start-up costs. The desired building will be approximately 40,000 square feet. A fitness
center will be implemented that includes: three separate workout areas (beginner, intermediate,
and advanced), one room for group classes, a fresh food eatery, a small childcare facility,
separate mens and womens locker room, and offices for staff members. As shown by our
survey in Appendix A, the target market has shown a desire for an indoor swimming pool.
Therefore, in Phase 2, it will be necessary to purchase the building and property in anticipation to
build an indoor pool in Phase 3. This phase will commence once membership total is 1800,
which is anticipated to occur in year 3. In phase 3 an indoor swimming pool will be added to the
fitness center to increase member satisfaction.
Personnel Strategy
Our facility will be staffed with 17 parttime employees, 2 Managers, 1 Accountant, 2 Lifestyle
Advisors, 2 Trainers, and 1 Training Coordinator. Four members of the management team (Brian
Ray, Susan Stewart, Dawna Botkin, and Amy Wagner) will only assist in executive decision
making for Further Than Fitness, and will not be involved in any administrative decision making.
During the busiest hours of operation, between the hours of 5am and 10pm, the staffing will
consist of the following employees:
Managers will work split shifts and oversee the daily operations
The Accountant will monitor the spending and revenue as well as administrative payroll
7 part-time employees 2 childcare, 2 front-desk, and 3 food service. All part-time
employees will also be responsible for cleaning the areas in which they are working.
15
There will be four 6 hour shifts that these employees will work; 1st will be 5am to 11am,
2nd will 11am to 5pm, 3rd will 5pm to 11pm, and the night shift will be from 11pm to
5am
2 Lifestyle Advisors to assist members in making the right lifestyle decisions for their
specific goals
The Training Coordinator manages and coaches Lifestyle Advisors, while staying abreast
The night shift will be staffed by one part-time employee due to low volume of members and
liability concerns.
Administrative Strategy
Managers will be in control of all administrative operations, including overseeing the training
coordinator to ensure the trainers are properly certified and operating efficiently. They will also
manage the Lifestyle Advisors to make sure the Transformations Program is running effectively.
The fresh food eatery will be supervised by our managers to ensure satisfaction of members as
well as outside customers.
Financial Strategy
The venture requires several types of financing including a SBA small business loan. Other
sources of financing include personal loans, which will pay for the majority of start up costs.
Leasing the facility as well as the more expensive cardio equipment will keep startup costs low.
All other equipment, including free-weights and machines will be purchased based on cost
efficiency.
16
Risk
Description
Contingency
Liabilities
Growth
Membership
Obtainment
Start-up Cost
Retention issues
Saturation
Evaluation of Weaknesses
Several weaknesses have been identified through careful observation of the market. Of these
weaknesses, some major risks need to be addressed in order to be successful. Internal risks
include liabilities and growth risks. Liabilities are in the form of employee or member injury
from equipment. Growth risks are in reference to the size of the fitness center. Another risk is
that the initial offerings of the fitness center will not meet the expectations of all possible
members.
17
External risks include membership obtainment, cost of start-up, fitness center saturation in the
market, and governmental risks. Because 35-40 percent of fitness club members do not renew
their memberships, it can be difficult to retain members. It will also be difficult to obtain
members from other gyms because of the high switching costs members would incur. In
addition, marketing costs will be high in order obtain new members. Governmental risks are
also an issue because of high tax rates and interest rates that could increase. These external risks
pose an uncertain revenue stream and could cause financial problems.
The average cost of gym cardio equipment is $5,000 to $10,000 for each piece. It will also cost
additional funds to teach our Training Coordinator innovations in the industry and train
employees to implement new methods. The most likely risk associated with our facility is
associated with fitness center saturation throughout the market. There are many fitness centers in
our geographic area, which offer some similar services to that of Further Than Fitness.
Escape Strategy
Although there are many risks in the market, Further Than Fitness has devised plans to
effectively overcome them.
In terms of preventing liabilities, proper training programs and excellent supervision of members
by trainers and employees will be the main strategy. In reference to the growth risks, the three to
five year phase plans will allow the facility to gradually develop and include all the necessary
components of a successful fitness center.
18
In preventing external risks, the strategy will address all of the areas mentioned in the
weaknesses section. With membership obtainment problems, promotion programs along with
the Transformations Program will be utilized to obtain and retain members. To address the risks
of high start-up costs, the financial strategy will be to initially lease the building and expensive
equipment on a three-year basis. In solving the largest problem, the saturation of the market,
Further Than Fitness will offer its Transformations Program along with the fresh food eatery and
competitive memberships. With innovative and cutting-edge technology, profits will be
maximized and therefore the taxes and interest expensed will not be a significant liability.
Board of Advisors
*Scott Miller- Owner of Kentucky Pool Management
*John A. DeCamillis- Attorney at Law
*Ron Crouch- Director of Kentucky State Data Center
*Danny Walker- Former owner of Paducah Gym
*Jeremy Byers- Real Estate Agent
19
$
$
2010
1,295,945
238,324
1,057,621
% sales
$
18.39%
81.61%
2011
1,294,089
237,983
1,056,106
% sales
18.39%
81.61%
2012
$ 1,332,507
244,782
$ 1,087,726
% sales
18.37%
81.63%
2013
$ 1,369,929
251,930
$ 1,117,999
% sales
$
18.39%
81.61%
2014
1,410,835
259,452
1,151,382
78,000
6.02%
58,000
4.48%
58,000
4.35%
58,000
4.23%
305,020
61,750
10,957
52,403
32,997
34,060
36,390
124,589
4,992
3,000
5,000
1,690
18,000
9,000
116,635
23.54%
4.76%
0.85%
4.04%
2.55%
2.63%
2.81%
9.61%
0.39%
0.23%
0.39%
0.13%
0.00%
1.39%
0.69%
0.00%
9.00%
314,171
61,750
11,285
54,696
32,997
34,060
36,390
124,589
4,992
3,000
5,000
1,690
18,000
9,000
116,468
24.28%
4.77%
0.87%
4.23%
2.55%
2.63%
2.81%
9.63%
0.39%
0.23%
0.39%
0.13%
0.00%
1.39%
0.70%
0.00%
9.00%
323,596
61,750
11,624
56,734
32,997
34,060
36,390
124,589
4,992
3,000
5,000
1,690
18,000
7,000
119,795
24.28%
4.63%
0.87%
4.26%
2.48%
2.56%
2.73%
9.35%
0.37%
0.23%
0.38%
0.13%
0.00%
1.35%
0.53%
0.00%
8.99%
333,304
61,750
11,973
59,479
32,997
17,030
36,390
124,589
4,992
3,000
5,000
1,690
18,000
6,000
123,294
24.33%
4.51%
0.87%
4.34%
2.41%
1.24%
2.66%
9.09%
0.36%
0.22%
0.36%
0.12%
0.00%
1.31%
0.44%
0.00%
9.00%
343,303
61,750
12,332
61,979
32,997
17,030
36,390
124,589
4,992
3,000
5,000
1,690
18,000
6,000
126,975
$
$
894,483
0.00%
69.02%
$
$
886,088
0.00%
68.47%
$
$
899,218
0.00%
67.48%
$
$
897,487
0.00%
65.51%
$
$
914,027
163,137
12.59%
170,018
13.14%
188,508
14.15%
220,512
16.10%
237,355
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
163,137
12.59%
170,018
13.14%
188,508
14.15%
220,512
16.10%
237,355
Tax
65,255
5.04%
68,007
5.26%
75,403
5.66%
88,205
6.44%
94,942
Net Income
97,882
7.55%
102,011
7.88%
113,105
8.49%
132,307
9.66%
142,413
2010
$
Less accumulated depreciation
Furniture, Fixtures, Fleet, Net
Other Assets
Total Assets
Liabilities and stockholders' equity
Current liabilities:
Short-term debt
Accounts payable
Other accrued liabilities
Income taxes payable
Total current liabilities
Long-term liabilities
Long-term debt
Deferred tax liabilities
Total liabilities
Stockholders' equity
Retained earnings
Total stockholders' equity
Total Liabilities & Stockholders' equity
$
$
$
$
$
$
$
$
437,603.3
61,272.5
61,272.5
560,148.3
14,554.8
195,743.6
210,298.4
36,390.3
173,908.1
734,056.5
2011
$
$
$
19,860.4
65,254.9
85,115.3
85,115.3
600,000.0
48,941.2
648,941.2
734,056.5
$
$
2012
532,376.8
58,945.5
58,945.5
650,267.7
14,554.8
195,743.6
210,298.4
72,780.5
137,517.9
787,785.6
$
$
$
19,831.9
68,007.1
87,839.1
87,839.1
600,000.0
99,946.5
699,946.5
787,785.6
$
$
631,227.5
59,972.7
59,972.7
751,172.9
14,554.8
195,743.6
210,298.4
109,170.8
101,127.6
852,300.5
58,000
2013
$
$
$
20,398.5
75,403.1
95,801.6
95,801.6
600,000.0
156,498.9
756,498.9
852,300.5
$
$
744,969.9
61,072.0
61,072.0
867,114.0
14,554.8
195,743.6
210,298.4
145,561.1
64,737.3
931,851.3
2014
$
$
$
20,994.2
88,204.7
109,198.9
109,198.9
600,000.0
222,652.4
822,652.4
931,851.3
$
$
857,572.7
62,251.1
62,251.1
982,074.9
14,554.8
195,743.6
210,298.4
181,951.3
28,347.1
1,010,421.9
21,621.0
94,942.0
116,563.0
116,563.0
600,000.0
293,858.9
893,858.9
1,010,421.9
20
2010
600,000
2011
437,603
2012
532,377
2013
631,228
2014
744,970
97,882
102,011
113,105
132,307
142,413
$
$
$
$
$
$
$
36,390
19,860
65,255
36,390
(28)
2,752
36,390
567
7,396
36,390
596
12,802
36,390
627
6,737
61,272
61,272
96,843
(2,327)
(2,327)
145,779
1,027
1,027
155,403
1,099
1,099
179,896
1,179
1,179
183,809
14,555
195,744
210,298
48,941
(162,397)
437,603
$
$
$
$
51,005
94,773
532,377
$
$
$
$
56,552
98,851
631,228
$
$
$
$
66,154
113,742
744,970
$
$
$
$
71,206
112,603
857,573
Funds Required
Offering
21
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recent sales, cost of living, crime, race, income, photos, education, maps, weather,
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Alberding, Franci. "Fitness Insider." Alberding Sales. 16 Nov. 2008
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Atilano, Daniel. "Tracking the trends: a look at how fitness centers are impacted by health and
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o This is a gym area that will provide more confident and experienced members
with an environment where they will be able to thrive.
o Free weights and heavy resistance machines will be available to individuals
seeking to use this type of equipment.
o Members in this area will be able to use a larger quantity of cardio equipment
and attend group fitness classes as well.
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