As one of only 24 members of the Society of Golf Appraisers, Mr. Evans is uniquely qualified to provide knowledgeable, qualified, and experienced valuation estimates for golf, club, and resort properties (www.golfappraisers.org).
Golf is a unique business - one that requires constant and specialized oversight and management. If a golf-related property is collateral for a loan, part of an investment portfolio, or is managed by third party, the risk of the asset will be mitigated greatly by having a knowledgeable professional monitoring performance on a timely / real-time basis. GCG provides monthly, quarterly, and annual reviews of operations, benchmarking them against industry best-practices, inspecting the asset, and reporting to the client (lender, investor group, management) concerning findings.
Golf Loan Analyses / Underwriting
One of the most important functions GCG offers is the analyses of current golf loans to determine their relative risk, and long-term potential. This potential analyses will include the business of the underlying asset, and the potential for the lender to receive full payment on the loan.
Operational Audits and Consulting
The most common form of an operational audit is an analysis of historical or projected operating results for a golf project. An additional service is an on-site visit to gauge the effectiveness of current management practices. This would be followed-up with meetings with the pro, superintendent, golf manager, food and beverage manager, and sales manager. These 1- or 2-day visits are often critical to decisions regarding future disposition of a course, a current loan, or potential acquisition.
Market Analyses / Financial Projections
One of the prominent areas of our business is providing market analyses and financial projections for existing courses. Similar to a feasibility study, this service provides lenders, investors, and current course owners with detailed analyses of specific competitive markets and market niches. The result of such an analysis is often the production of financial projections, utilizing an extensive database of actual operating statements (kept confidential) from hundreds of comparable and competitive courses, as well as information from national surveys and publications. These projections serve as a baseline for new developers/owners and lenders interested in becoming involved in a project. They often are used by an existing course to help alleviate some operating deficiencies, or a change in the operating structure of the course.
Acquisition Analysis and Due Diligence
If you are considering an investment in an existing or proposed golf asset, the required due-diligence is extensive. This process can include an in-depth review of past operating performance, proposed operating performance, club facilities inspection and an assessment of competitive market standing. Our expertise will help in this time-consuming and vital process, and hopefully clear the path for a successful investment.
Property Inspections / Visits
There are many instances when a golf property needs inspection. For instance, property inspections are completed in order to analyze management’s style and effectiveness with customers. An inspection is often required by a lender when they are first considering a potential loan in a project. A one-day inspection by someone intimately involved in the golf industry can provide the lender with the up-front knowledge required to move forward or stop a potential loan engagement.
We maintain close relationships with the top brokerage firms in the country that specialize in golf courses. Mr. Evans is also an Ohio licensed sales associate (license escrowed). If you have a course to sell, or wish to purchase a course, we will help you identify buyers, or appropriate courses to meet each of your criteria. With an extensive national network of contacts, GCG can assist in any golf transaction.