Conference Findings

2010 Annual Conference Insights - Are You Ready? Prior Planning & Organizing Gives You Options When
Opportunity or Necessity Arise

More than 20 educational sessions designed to help course owners and operators better manage their facilities were presented during the NGCOA’s 2010 annual Conference. The following summarizes the session titled Are You Ready? Prior Planning & Organizing Gives You Options When Opportunity or Necessity Arise.

Robyn Nordin Stowell, an attorney in the Scottsdale, Ariz., firm of Holme Roberts & Owen, compares getting ready to sell a golf course with the steps homeowners should take when preparing to sell their residence.

“If you have messy closets, the prospective buyer is going to wonder what else you’ve neglected to do to keep the home in top condition,” Stowell said.

Planning ahead and being organized will increase your chances for success, according to Stowell.

“There is a lot of due diligence required for a proposed sale and a lot of that requires significant lead time,” she said. “You can avoid that by planning ahead.”

The seller’s preparation should include gathering documentation for the facility’s liquor license, land surveys and inspections.

Sellers also should be as organized as possible to reduce attorney fees and the amount of back and forth with the prospective buyer.

“When your information is well organized and easy to understand, it gives the buyer the impression that you know your business,” Stowell said, suggesting sellers use a color-coded system to organize information.

In addition to detailed financial information, sellers also should be prepared to provide prospective buyers with information regarding contracts and leases, employees, permits and licenses, building and facilities, water rights and environmental and property issues.

The entire process can be lengthy. “It usually takes about three months, but these kinds of things can limp along for quite a while,” Stowell said.