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Links 9-1-1 An Investment & Operational Rescue. Laurence A. Hirsh, CRE, MAI, SGA, FRICS Ron Carciere, MAI, SGA Doug Main, ASA,CCIM, CRE, SGA. The Acquisition Rescue: Know the market Know the property Be realistic Do your homework The Operational Rescue:
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Links 9-1-1An Investment & Operational Rescue Laurence A. Hirsh, CRE, MAI, SGA, FRICS Ron Carciere, MAI, SGA Doug Main, ASA,CCIM, CRE, SGA
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
Opportunities • Turnarounds • Regional • Revenue Minimums • Population • Pricing • Due Diligence Acquisitions
Understand property • Market Position • Physical Characteristics • Deferred Maintenance • Operations/Staffing • Understand Market • Financing • Banks • Private Equity • Seller • Secondary Acquisitions/Exits - Mechanics
Marketing • Cost Management • Product Improvement • Service • Review of Employees • Pricing • Programs What’s an operator to do when struggling?
Be Honest with Yourself • Course Quality • Course Conditions • Service • Location • Equipment • Staff Assessing Key Operational Issues
Fix What’s “Broken” • Improve Marketing • Reposition in Market • Tee Time Management • Value in Membership • Service Potential “Fixes”
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?
Member/Patron Satisfaction • Online Reviews • Play/Membership Trends • The Bottom Line (Gross & Net) Your Club’s “Handicap”
Organizational Structure • Key Staff • Departmental Integration • Facilities Optimization The Whole vs. the Parts
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
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
Planning renovations • Standards for renovations • Want vs. need • Brown vs. Green • Facilities • Phasing • What will make money first? • Non Golf Facilities Economics of Renovations
Why renovate? • Sale • Revitalize • Reposition • Phases • Planning • Feasibility • Financing • Implementation Economics of Renovations
SGA Investor & Lender Survey 2014 Edition Salient Indicators 2014
Salient Indicators 2014
Salient Indicators 2014
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