DESCRIPTION: Company Overview And History: The Company Is A 9-Hole Par 70 Golf Course Located In The Beautiful Columbia River Basin. Opening In 1965 As A Private Club, The Facility Was Built By John Reimer, An Understudy Of Robert Trent Jones. The Current Owner, Along With Four Partners, Bought The Company In 1987 And Made It Semi-Private. Three Years Later, He Bought The Other Partners Out And Has Been Operating It As A Full Public Course Since Then. The Owner Has Made Significant Improvements Over His Span Of Ownership Including: New/Updated Irrigation, New Deck, Remodeled Upstairs Banquet Facility, New Roof, And Equipment Additions.
Presently, The Owner Is Looking For New Opportunities For Himself And Would Like To Identify A New Owner To Take Over This Efficient Operation. A New Owner Will Want To Implement An Aggressive Marketing Strategy To Build On Its Sound Foundation And Take Company To The Next Level Of Success. Volume Could Double Or More With The Present Course Without Over Crowding The Facilities. Further, A Market Analysis Demonstrates That Only 20% Of The Present Market Has Been Penetrated.
Financial History
The Company Operates Entirely On Its Generated Cash Flow. The Company Has Shown Solid Sales Throughout Its History. Operating Revenues For The Years Ending December 31 Were In 1996 $293,864, 1997 $369,111, 1998 $364,579, 1999 $366,044, 2000 $368,711, 2001 $327,103, 2002 $289,075, 2003 $244,034 And 2004 $254,786. The Course Has Continually Produced Positive Cash Flow. The Fair Market Value Of Inventory And Equipment Is Estimated At Just Over $100,000. Real Property And Improvements Have An Estimated Value Of $2,445,000, Which Is Detailed In The Financial Section Of The Offering Memorandum. The Owner Has Acquired 170+ Additional Acres, Which Would Allow The Development Of An Additional 9- Or 18-Hole Course As Well As Construction Of 120 To 300 + Homes / Lots Surrounding The Area.
Using Existing Resources And Facilities, The Owner Has Identified Several Ideas That He Would Suggest A New Owner Consider To Take The Company To The Next Level Of Growth (See Section 1.4 – Growth Opportunities). One Can Immediately See The Possibilities.
Competitive Advantages And Markets
The Company Is Positioned For Growth And Is Well Located To Serve A Broad And Active Market. Situated On Highway 26, Which Is Highly Trafficked From Seattle To Pullman, The Company Is Also Within 20 Miles From Interstate 90, Which Connects Seattle To Spokane. Additionally, The Company Is Only 40 Miles From Pasco And The Tri-Cities, One Of The Strongest Economic Territories In The Northwest. The Company Also Enjoys Its Status As A Full-Service Course Including An On-Site Restaurant With Full-Service Lounge, Pro-Shop, Teaching Facilities, And A First-Rate Driving Range, Which Features 40 Hitting Stalls. Its Reputation For Excellent Service And Attention To Customer Satisfaction, A Country Club Environment, Knowledgeable Staff With Years Of Experience In The Industry, And Its Low Water And Power Costs Also Contribute To The Company’s Significant Advantage Over Its Competitors.
Transition Of Ownership, Management Succession And Opportunity
Predictability For A Buyer Is Very Important. Certainly The Competitive Advantages Listed Above Have Helped To Bring The Company To Its Current Level Of Success. The Current Operation Is Strong, And All Processes Are Ready. The Seller Is Committed To Seeing That A Smooth Transition Of Ownership Takes Place. The Seller Has Successfully Acquired An Adjoining 170+ Acres For Future Development. With This Additional Property, Coupled With The Implementation Of An Aggressive Marketing Strategy Based On The Ideas Identified In Section 1.4 – Growth Opportunities, A New Owner Could Reasonably Expect A Significant Increase In Sales And Profitability. |
