^[redacted]‌ - I don't have any experience personally other than not being a very good golfer myself - but did want to let you know IBISWorld has a Golf Course title (NAICS[redacted]that you can check out yourself via the trial access via Searchfunder. Below the report, you'll see a list of operational and impact questions for searchers to ask.

HI, ^[redacted]‌: Prior to Searchfunder, I was counsel for Nike Golf for 9 years. If you don't find a more direct lead on Searchfunder, please let me know and I'll touch base through my network,

Looked at a few golf cart dealers and loved that industry.

Because of the real estate component these are going to trade at a high multiple, which is going to make them difficult for the search fund model. Most likely not a lot of cash flow left after debt service to pay yourself. I have another friend going through this learning lesson now with another real estate heavy business.

^[redacted]‌ Just a few items to consider

1) there are not many comps in the space especially when it comes to recapitalizing the asset - friend works in commercial real estate and had a heck of a time find a cap rate for a golf course [7+ cap from what he found]
2) Be cautious about the differentiation between equity and non-equity membership mix - the equity side of things is oftentimes where you will need to go for major upgrades (could be good or bad)
3) The fairways & green maintenance is going to be very much based on the location of the course - there is a whole lot more to be done before winter anywhere that isn't sunny
4) Many golf courses make very little (if any) money and are a long term real estate play

I am probably stating the obvious so forgive me - but macro golf industry trends are not good. Now, I am sure there are plenty of very successful courses out there that will be doing well years from now, but this article basically sums it up: https://golfoperatormagazine.com/decline-of-golf/

I think if the plan is to acquire a single course, the macro stuff probably doesn't matter. But if you plan on acquiring more than 1, then stuff like aging population and young folks not playing the sport are a problem.

Top Golf provides the sport in a different format - that perhaps addresses some of these participation issues. COVID is crushing entertainment stuff like this, but that might be an opportunity. If Top Golf doesn't own their own real estate, perhaps you could try to buy the real estate and lease to them. Anyway, I am a contrarian at heart, so trends aren't everything. Good luck to you!

I was looking at a golf course for sale that had its own water source so that is a big savings. Their asking price was too high. I also know a PGA golf pro that does consulting.

I recently helped a bank with a troubled course. Check out these resources;

https://www.concertgolfpartners.com
https://www.clubcorp.com
https://www.clubbenchmarking.com
https://colliersreserve.com/?gclid=EAIaIQobChMIhMXS-rS95gIVhcDACh0KkwmnEAMYAyAAEgLM__D_BwE

Jeff

Thank you for the information