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Strategic Rescues for Failing Golf Clubs: Investment and Operational Insights

In the competitive realm of golf operations, understanding investment and operational rescues is crucial. This guide outlines essential tactics for club owners and operators facing challenges. Learn how to analyze market dynamics, identify operational weaknesses, and implement pivotal improvements. From assessing competition to addressing member satisfaction and optimizing facilities, discover actionable strategies to turn around struggling golf clubs. Concrete tips for renovation planning, exit strategies, and understanding customer needs will guide you in revitalizing your business amidst fierce competition.

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Strategic Rescues for Failing Golf Clubs: Investment and Operational Insights

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  1. Links 9-1-1An Investment & Operational Rescue Laurence A. Hirsh, CRE, MAI, SGA, FRICS Ron Carciere, MAI, SGA Doug Main, ASA,CCIM, CRE, SGA

  2. The Acquisition Rescue: • Know the market • Know the property • Be realistic • Do your homework The Operational Rescue: • What's a club owner/operator to do when business is struggling? • How do you Identify and assess key operation issues? • Top Five or Ten Fixer Tips: •             (guys we would list them out – could 5 or 10, your thoughts) • Are you Fittingly Serving the Player, Member or Guest? • Knowing your Club’s Handicap:  Online reviews - protecting your business reputation • The Sum of Operational Parts Affects the Whole:  Departmental Integration & Optimization The Investment Rescue: • Understanding the Competition (generally fierce in the golf business) • Economics of Renovations • Long-term Plan / An Exit Strategy • Current Investors Criteria

  3. Opportunities • Turnarounds • Regional • Revenue Minimums • Population • Pricing • Due Diligence Acquisitions

  4. Understand property • Market Position • Physical Characteristics • Deferred Maintenance • Operations/Staffing • Understand Market • Financing • Banks • Private Equity • Seller • Secondary Acquisitions/Exits - Mechanics

  5. Marketing • Cost Management • Product Improvement • Service • Review of Employees • Pricing • Programs What’s an operator to do when struggling?

  6. Be Honest with Yourself • Course Quality • Course Conditions • Service • Location • Equipment • Staff Assessing Key Operational Issues

  7. Fix What’s “Broken” • Improve Marketing • Reposition in Market • Tee Time Management • Value in Membership • Service Potential “Fixes”

  8. The Existing Member • The Future Member • The Guest • The DF Patron • The Outing Group • The Outing Participants • Kids, Women, New Groups Who is Your Customer?

  9. Member/Patron Satisfaction • Online Reviews • Play/Membership Trends • The Bottom Line (Gross & Net) Your Club’s “Handicap”

  10. Organizational Structure • Key Staff • Departmental Integration • Facilities Optimization The Whole vs. the Parts

  11. When should you develop an exit strategy • When you buy • Estate Planning • Golf Course Maintenance • Preparing a property for sale • Golf Specific Broker • Physical • Accounting • Updating Strategy • Not an overnight process • Title and property issues • Clean up • Who can Help? Developing an Exit Strategy

  12. Pricing • Realistic – Don’t scare buyers away • Financing • Can you provide seller financing? • Will you? • Documents • Make buyer’s due diligence easy • Leases/Contracts • Licenses Developing an Exit Strategy

  13. Planning renovations • Standards for renovations • Want vs. need • Brown vs. Green • Facilities • Phasing • What will make money first? • Non Golf Facilities Economics of Renovations

  14. Why renovate? • Sale • Revitalize • Reposition • Phases • Planning • Feasibility • Financing • Implementation Economics of Renovations

  15. SGA Investor & Lender Survey 2014 Edition Salient Indicators 2014

  16. Salient Indicators 2014

  17. Salient Indicators 2014

  18. Learn from YOUR specific market • Benchmark your performance • Golf Course Closures/Openings • Types of Markets thriving and in distress • Last 5 Years • Regional Focus • Financing Challenges • Future • Who is the future? • Type of commitments • Private vs. Public • Baby Boomer • Primary & Second/Vacation Markets Market Trends

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