A reader wrote:
This is a question for all of today’s financial and business wizards plus any of those technos as well. I am looking for an idea. Here is the problem.I own a golf course. A small one on 30 acres. We purchased it 4 years ago and brought it out of almost extinction, only to find now that the clientel preferred it the way it was, not clean, or serviced, and over priced! Sound a little backward? I thought so too! So… onward and upward. It is time to change!
We are one block away from a city center of 20,000 people which is becoming a retirement place. The course has little competition, located on prime highway frontage, and one block away from Wal-Mart and Starbucks. We have a quaint little clubhouse on an old septic system and we live upstairs (until we can hook up to the city some day). I have decided to sell the golf course, but in the back of my mind, I feel there is a great opportunity here for something! The question is what? I am a golf pro for many years, but love to make money. What do your readers think I can do with this? I have my own ideas, but I would appreciate the readers thoughts! Thank you all in advance!
One commenter, choosen at random, will receive an autographed copy of The 4-Hour Workweek by Tim Ferris.
Mark @ TheLocoMono on November 14th, 2007 at 8:49 pm
Great question. I would keep the land and lease it to a more profitable golf course nearby who would be considering an expansion.
Lease the land and watch the money trickle down 18 holes on the green into one pocket, YOURS!
Jay Jones on November 14th, 2007 at 8:59 pm
There are two main selling points, in my experience, when it comes to a land-based business sale… 1) potential and 2) profit history. If your profit history hasn’t increased my any fair margin since you’ve purchased, I would consider holding onto it a bit longer and working out a plan to increase revenue. Otherwise, it definitely wouldn’t hurt to pursue sale.
I would also consider approaching the owners of the city center privately and discuss two options. 1) if you plan to sell, try to convince them of the idea of purchasing from you and making it a perk to residents. The other idea would be 2) to approach them about a partnership. Allow them a kickback for memberships to residents if they exclusively promote your course, or work out some sort of an arrangement with them where you mutually promote one another. This second option could help you increase revenue over the next few years and allow your course to be more sell-able.
Just some thoughts. ;)
Making Sales Making Money on November 14th, 2007 at 9:59 pm
Sounds like you decision is made , now I would focus on squeezing every dollar you can out of it. Commercial development perhaps, I agree with Jay and sell the potential of the land
Phil Connolly on November 15th, 2007 at 3:25 am
Retired people should be ideal for you as they’ll have the time and money to make most use of your course. Perhaps you could get advertising around the place. Try something like this http://news.bbc.co.uk/1/hi/england/surrey/6753911.stm It’s perhaps what they were doing with the Nazca lines!
Bertjan on November 15th, 2007 at 4:48 am
Interesting!
I think you can give it another go. What about making a special golf course for the elderly. With some small adjustments to the infrastructure you can make it good accessible. Make a visit to the local elder home and look for the modifications (fore instance; everything on the same level, extra handlebars, wheelchair facilities etc)
I think it doesn’t have to expensive, but you would have a specialized golf course and you are in the good region and demographic years pan!
Good luck!
Canucklehead on November 15th, 2007 at 12:27 pm
I would suggest you have no intention of keeping the course and found a great way to advertise the course for sale at the cost of an autographed book. Well, it may have worked. I have sent the info to my friend in Vancouver — he may be in contact shortly.
Dane on November 15th, 2007 at 9:08 pm
Just for clarification — the reader who asked this question had nothing to do with the book giveaway. That’s all me.
Chris Marr on November 15th, 2007 at 10:12 pm
The ’special golf course for the elderly’ concept jostled an old thought I had about creating a golf course that caters to ‘families’. My definition of ‘families’ includes seniors, kids, ‘first-time’ golfers, all of whom create extraordinary delays on many public courses(not being derogatory, just being honest). To that end, a golf course that creates/markets the concept of being a ‘family’ golf center, or golf course, that is selling a stress-free 3+ hour 9 hole round of golf, clearly differentiates itself from all other local golf courses and enhances the opportunity to sell your property to said competitors down the road. By creating a learning/training ground for golf etiquette/skill, and a comfortable environment for moms/dads to take their young children(or senior citizen parents) out to play, you will be on the front-end of a business concept for struggling or marginally profitable golf courses around the country.
If you are looking for an investment idea that costs money, I have been waiting for someone to install on every tee box(wireless sensors in the tee markers perhaps) the video technology that records in exceptional slow-motion players swings we see every weekend on television(okay, it doesnt have to be that swank of technology, but you get the idea). By networking the system to a wireless bar code scanning device at each tee box, a player could be provided a specific ‘GID’(golfer identification) Card and scan it on every hole to record their tee shots . At the end of their round, they are provided a DVD that compiles every tee shot from their round. Of course, you make players pay for the service before they tee off, so you dont lose those who have a really sh&%y round. :)
Sorry for the rant, just feeling inspired while surfing tonight. My first time on this site, keep up the good work!
Anyone ever needs an idea or wants to vet out a busness opportunity(venture capital is always good!), I am available at chrismarr@suddenlink.net.
ARMANDO RIVERA on November 16th, 2007 at 7:32 pm
In a few words , I will suggest , to sale the land around the golf course , to make a residential golf course.
Bill on December 8th, 2007 at 6:37 pm
Turn your course into a novelty night time glow in the dark golf course. Have glow in the dark jumpsuits for the players, glow in the dark pins and flags, glow in the dark strips on the carts, and of course, glow in the dark balls. Rent clubs and equipment for another profit center. The free publicity it would generate would be out of this world. They do this for bowling, but I don’t know of anyone who has ever done it for golf. Be a pioneer!
Doug Quance on January 24th, 2008 at 11:42 am
Before you get in too deep thinking about selling the property for commercial development… make sure that the site wasn’t previously used as a landfill.
Landfills make great golf courses, as there’s not much you can do with the property afterwards.
Pete on February 7th, 2008 at 8:31 am
The answer is simple. You have the perfect setup. You mentioned… change! Give the average golfers what they want….quick, affordable and less frustrating golf.
Try the new “Hybrid” golf ball developed for compact golf courses such as yours.
It’s guaranteed to improve the shorter course & par.
Courses now using this ball are showing growing numbers.
I play in a senior league where we use this Hybrid ball. Our membership fee includes a tri-pak of balls. Three years ago we started with 9 golfers, today have 80 golfers with ages 55 to over 90 and handicaps from 3 to 30. Other leagues using the standard golf ball are shrinking, while we continue to grow. The ball is reasonably priced and sold through the pro-shop.
Oh I for got…the ball floats and meets USGA standards.
Jody Wilcox on February 7th, 2008 at 7:03 pm
I would scrap the golf course idea, develope the land as a mix-use property and then lease the property to the various intersted parties. With the profits I would then create an upscale golf course close by but on new parcel with patio homes for the elderly and upscale facilities for the other residents and then advertise both the new course, mix use property as a business/vacation destination.
Jody Wilcox on February 7th, 2008 at 7:07 pm
…oops yes we all no there is no “e” in develop
Pete on February 27th, 2008 at 8:24 pm
Opportunity knocks.
http://www.pointfivegolf.com