BANKERS: YOU WILL BE HIRING A MANAGEMENT COMPANY ANYWAY - WHY NOT US?
Banks own more golf courses than anyone in 2012. Considered toxic assets on their books, the traditional method for the bank is to hire a golf management company at fees from $7,000 to $15,000 monthly - over and above normal operational costs. Out method saves money for the bank, because we take direct management of the course. We are the general manager.
Here's a typical scenario:
Bank takes back ABC Golf Club of North Carolina and Hires a Management Company
General operating overhead is $750,000, which includes wages, administration, course maintenance, supplies, etc. The management company adds $7,000 a month, $84,000 in base management fees, then usually charges extra for accounting and administration costs, conservatively and additional $20,000. The failing golf course now has general overhead of $854,000, yet management is still only passive.
Our program fits almost entirely inside the original $750,000 general overhead costs, plus and additional $2,000 to $3,000 a month. We can do it that way, because we replace the current GM, and sometimes the current Superintendent with our own professional personnel. Our people are not high school kids. They are experienced golf course operators who run the golf course as professionally as there is in the business. However, they know their job is the get the golf course sold.
YES! THERE IS BROKERAGE - ONLY 2%
Our company earns its way via an exclusive brokerage agreement based on only 2% of the final selling price of the golf course property. We will work with local brokers by adding additional points so they will also get paid a fair fee. Meanwhile, our management staff is salaried and not working for any percentage of a sale and are legally qualified to show the property and its components to a prospective buyer.
GIVE THE MANAGE-TO-SELL APPROACH A SOLID LOOK
Consider our Manage-to-Sell approach to cleaning up that troubling asset on the books.
Call Mike Kahn: 941-739-3990, or write: mike@golfmak.com.