The Pellucid Perspective - February 2023 - 9

I could go on, but I think you get the point that there are
many key dimensions of market analysis which aren't
" optional " in trying to evaluate the performance of your
course or if you're a buyer or seller of a course.
integral part of whomever is brokering the two parties in a
transaction but I've been told by one of the larger firms in this
space that knowing unfavorable facts and failing to disclose
them is either illegal or a mortal sin (not sure which). If so, then
I guess the responsibility lies with educated buyers to demand
market analysis be included in the seller's package much like
the success that CARFAX has had in convincing used car buyers
that they should have the dealer provide that as insurance
that the car hasn't suffered any major repairs or damage from
previous owners. I'm not sure what cute animal representative
we could come up with for this, given that geckos and foxes
are already taken (I like otters, maybe " you otter get a market
analysis " ; wow, that's a really bad Dad joke) but it should be
fundamental to any type of transaction IMO, whether good
or bad. One final point, channeling Anita Bryant, " it's not just
for transactions anymore. " By that I mean that ongoing operators
should understand their market dynamics and that insight
should be at least bi-annual, depending on how dynamic your
market is and whether rounds are rapidly rising or declining
from your anecdotal observations and local market networking.
Toward that end, our Golf Market Research Center does incorporate
a Market Profile for the DMA in which each course
resides, updated annually.
It's not as precise as what I've outand
Velocity (all last year statics, doesn't
lined above but it does provide facts on the golfer base, rounds
in the market place
trend them over time like the above). For more information, go
here for GLMA Market Analysis or here for GMRC. With
any luck, the above little diatribe will help service providers and
principals in transactions in the future correctly acknowledge
that market analysis matters and, one can only hope, that it will
make the next version of the Top 10 list of required elements for
due diligence.
n
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The Pellucid Perspective - February 2023

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