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Golf Course - Washington
Location Washington,United States
Asking Price Range $1.0M - $2.5M
Gross Revenues $289000
Net Profit / Cash Flow $15000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1965
Number of Employees 4 - 5
Inventory 100000
Relocatable No
Number of Employees 4 - 5
Real Estate Owned
Training Yes
Reason for Sale Personal Reasons
Description Company Overview and History
The Company is a 9-hole Par 70 golf course, on 69 acres, 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 2004 $254,786, 2005 $309,639, 2006 $276,628, 2007 $288,782. The course has continually produced positive cash flow. The fair market value of inventory and equipment is estimated at just over $180,000. Real property and improvements have an estimated value of $3,445,000, which is detailed in the Financial Section of the offering memorandum. The Owner has acquired 130+ additional acres, which would allow the Phase I development of an additional 9 - Holes and 160 plus lots / home sites.
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