CLEMMONS, North Carolina – The sun is shining, temperatures are in the 70’s and it’s a picture-perfect day to play golf in Clemmons, South Carolina, a suburban village located about 80 miles north of Charlotte, maybe 90 minutes from Wake Forest University.
For $39 you can book a prime tee time online at the semi-private course called Salem Glen Country Club, a Jack Nicklaus-designed 6,279-yard par 71. The 9-hole walking-rate is $20.
According to the Salem Glen Country Club website: “Salem Glen is a picturesque, playable jewel of a golf course that takes full advantage of its unique setting and abundant acreage. Our guests relish every shot and every hole. Salem Glen’s 18-hole championship course has gained national acclaim, earning the prestigious ranking of four-stars by Golf Digest’s Best Places to Play and rated as one of the best golf courses in the area year after year.”
After 25 mostly profitable years and hundreds of treasured memories, owner/general manager Darren Mangus has decided its time to get out of the golf business. Last month Mangus listed the award-winning property “FOR SALE” by Auction with Terrence Vanek, of Marcus & Millichap, the country’s premier real estate broker of golf clubs.
The 185-acre property with 23,000 sq. ft. clubhouse is being sold by auction with bids due before June 1. The online real estate brochure states the club has 313 members, hosted 28,000 rounds in 2019 with gross revenue about $2 million. The NOI of $235,000.
For every person who wants to get out of the golf business, there’s always someone wanting to get in. Golf is a passionate sport played by about 23 million people but hardly profitable, according to statistics gleaned from the National Golf Foundation and National Golf Course Owners Association of America. In 2018 there were 217 golf courses permanently closed and only 15 opened. The 2019 closures were higher.
What’s it take to own-and-operate a golf course especially in this coronavirus world we live in now?
First it takes deep pockets or a bank account with lots of zeroes, and you need a solid, trustworthy bank to secure financing and a line of business credit. Experience in the golf industry is a must. Then add in hard work, really long hours, plan to work weekends and holidays, many sleepless nights, you will need cooperative weather conditions and must hire help that won’t steal you blind.
If this sounds like something you or someone you know want to pursue then “Good Luck.” Contact Tom at New England dot Golf for further information: firstname.lastname@example.org.