June 15, 2023
272: Board Chats: Future of Golf Club Design and Capital Planning w/ Phil Miller
Ever wondered how the magic behind renovating a new golf club happens? Well, today's your lucky day! Join us for an insightful chat with Phil Miller, Executive Vice President of Development, Construction, and Capital at Concert Golf Partners. With over 23 years of experience in the hospitality industry, Phil generously shares his expertise in capital planning, renovations, and design. Together we explore his transition from the hospitality to the golf industry, along with the capital spending...
Ever wondered how the magic behind renovating a new golf club happens? Well, today's your lucky day! Join us for an insightful chat with Phil Miller, Executive Vice President of Development, Construction, and Capital at Concert Golf Partners. With over 23 years of experience in the hospitality industry, Phil generously shares his expertise in capital planning, renovations, and design. Together we explore his transition from the hospitality to the golf industry, along with the capital spending and facility management needs of a club. Plus, we learn about the emerging trends in the industry and how Concert Golf Partners stays ahead of the curve.
Take a thrilling tour of the acquisition process and capital planning as Phil breaks down the operations team's role in assessing opportunities, creating budgets, and, most importantly, listening to club members. Discover how Concert Golf Partners provides capital from day one and how their in-house experts execute capital projects quickly and thoroughly. Phil also reveals the advantages of economies of scale when it comes to getting large quantity discounts, and how this benefits clubs in the long run.
Lastly, we dive into club renovation and sustainable design, ensuring a timeless and everlasting appeal for both members and staff. Phil discusses the importance of working closely with club communities to develop the design, as well as how to incorporate sustainability into construction projects. So, whether you're a golf enthusiast or just curious about the behind-the-scenes action at your favorite club, this episode is sure to delight and educate. Don't miss out!
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01:11 - Board Chats
16:37 - Acquisition Process and Capital Planning
25:18 - Capital Planning for Private Clubs
31:03 - Club Renovation and Sustainable Design
WEBVTT
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Welcome to Board Chats here on Private Club Radio brought to you by our friends, concert golf partners, boutique owner operator of high-end golf and country clubs nationwide, here on Board Chats.
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this is where we have boardroom discussions.
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This is where they take center stage finance strategies, governance, you name it anything related to making sure your boardrooms keep your club as stable as possible.
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And we're going to hear from executive vice president of development, construction and capital, phil Miller, over at concert golf partners.
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He has well over 23 years of experience in the hospitality industry.
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He also teaches some various classes at Cornell University, which is pretty cool, focusing on hospitality planning and facility management.
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We talk about the capital planning, development, renovations, design, all cool little things to help our clubs move forward.
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Without further ado, welcome our friend from concert golf partners, phil Miller.
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Congrats on your 30th club.
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Yes, I'm very excited about that Great club Just a historical club Great area.
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It's a great area for us to move into location-wise.
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We're excited, Excited to start learning the membership and take care of their needs.
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How long was the process?
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with them.
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Well, the development side of it, just the connection, was probably well over a year And then, once we got to the point where due diligence started, it's pretty fast, pretty quick process.
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For us It was about 45, 60 days once we got due diligence going.
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That's pretty quick.
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Yeah, yeah.
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That's pretty quick.
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Peter and the development team do so much of that legwork up front communication and that just the collaboration with the board members.
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And then when it's my turn, i just come in and start working on the due diligence side with PSAs And actually the PSA is completed and working on the capital, every thing's ended for that club.
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What's your back?
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So where'd you come from?
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So I came to concert after about 20, 23 years in the hospitality industry.
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So I've been working with resorts, hotel resorts, spending all of my time in development, capital spending, capital planning, renovations, design.
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So I've been fortunate to work.
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I worked for two of the top older operators in the industry And I spent a lot of time with my first company I was 18 years with them And then my second company I was a little bit over five years.
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So there's some solid runs.
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Yeah, yeah, just some great opportunities at those companies and really great people in a great industry.
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So it was a great, it was just an incredible thing.
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So I was in a great position as a general segue when I got talking with concert about their needs and where the golf industry is in capital spending and where the portfolio is today and where we could be in the future, and it just sounded like some great synergies between where I've come from and the systems that I've worked within and the relationships that I have throughout that construction, design and hospitality industry to just kind of pull that into the club industry.
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But for me it's all about the.
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I love the planning, i love the process.
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Starting.
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I teach a couple of classes, i facilitate a couple of classes at Cornell Oh, no way.
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On hospitality, yeah, hospitality planning.
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We break it down into five different disciplines in this course.
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In this course for a certificate, of course, from initial planning to how do you plan your guest room, how do you plan your public space, how do you plan your back of house space And how does that all come together to develop, renovate or build from scratch a hotel.
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Then I also facilitate a few other facility management classes for them on how.
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Now, how do you properly run a facility management team in a large entity, a large hotel, convention center, resort, whatever?
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I enjoy a lot of that aspect And I do other smaller ones too, like contract and contract negotiations and contract administration.
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How do you properly do that?
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You know, setting up so you're not just you know putting your skin, you're yourself for your company in trouble.
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So what were some of those previous projects like?
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For hospitality.
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For me a project was mostly it could range from a new construction project, you know, 50 million, 80 million, you know, large resort or hotel complex to renovation, you know, and renovations and our type of properties with roll up scale to luxury, you know, would range anywhere from 15 million to.
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I mean, my largest renovation was actually $100 million in the state of Hawaii on one hotel.
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So you know my renovation, yeah, the renovation cost raised you know, it was everything in between from 20 million to 40 to 100.
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But you know the capital spending for the year, my average capital spending, outside of just renovations, which also included capital, you know just the capital needs.
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the yearly, daily capital needs that a property has with, you know, reshaping, replacements and boilers and chillers and air conditioning units and all that stuff that you know to operate it range anywhere from 150 million to 200 million a year.
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So I was, you know, really, really, really fortunate again to be in that position to have that type of quantity, to have that type of You know amount of work and you know to oversee.
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Now you've been, you know, doing this a while and you're newer with concert.
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Any like emerging trends or cool things you see happening that you know A are good, but then also that you know concert might be on the forefront of.
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Yeah, definitely, you know, as I joined concert over the last year and it was, you know, the learning process of how we look at a club, And it may not be just an existing club we have today, but it might be a club that we're looking at bringing it into the portfolio.
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It's really interesting to see our ops team and they're so talented and they're so, you know, they're so creative in looking under every stone for a revenue opportunity And that's not.
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you know that's with existing membership and you know what future membership I look like.
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They're so creative and learning from them has been crucial the last couple months, really, and what we're seeing, you know the trends I'm seeing are, you know, outdoors venues.
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you know flexible outdoor spaces that can transfer from, you know, from meetings to events to, you know, to special occasions, and it may be a quasi indoor outdoor space that attracts, you know, groups within the membership.
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Well, some of the things that we're doing on the interiors clubhouse are our flex spaces.
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you know flexible event spaces where they can be transformed from smaller to larger space activated with bars.
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You know we can transform our bar space too, and our member bar space to have great events for the membership And it's just great.
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It's great to see how our F&B teams are in, our operators, how they really look at these.
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you know every square foot of the clubhouse and you know are trying to exsituate it and really promote every area that they can.
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So, and then one of the really cool things I think we're working on that, i think we're on the forefront and it's activating the spaces that are typically dead on the interclubhouse or in the golf course.
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you know, at any given time.
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So you know they drive at a range, for example, it's dead right, there's nothing going on.
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So what we're trying to do is we're bringing in top tracer technology and providing the membership with their own personal top wall.
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You know experience.
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So now we can get the families out there, the birthday parties, you know, the graduation parties, just to get together.
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We can get them out to our day or night out to our ranges and have parties.
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you know, and it's really exciting to see that come along, and you know we're looking for every opportunity to give our members just a new experience, you know, within the club.
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And I'm sure those glow in the dark light bulbs.
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Oh my God, i'm sure those glow in the dark.
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golf balls are really popular.
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then too, they are.
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They're fine.
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It's a great opportunity for the young to get together, You know, and it's not, you know, it's just exciting to be young kids, as you know, and the parents can sit back and enjoy themselves, you know, and have a great family atmosphere.
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You don't have to wait for, you know, two hours at your local Tottengolf to try to get a bay.
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you know, come out to your own private one.
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I refuse to wait.
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Like it's great technology, great fun, and we're happy to bring it to our membership.
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Any like declining trends or things you see not being as popular anymore, maybe losing its flair or Well, i'd say that would be club by club, you know, in region by region, but again kind of parlays on what we're doing more aggressively with flexible spaces.
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You're seeing less of that fixed.
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you know that transfixed dining room, you know, yes, it's only open from this time to this time and you know now, you know it could be, could feel a little stuffy because there's just no activity going on and you might be the one or two you know people in there grabbing something to eat or drink, whereas more of our dining experiences are.
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They're in flexible spaces that have a flow with the need of the club and you don't feel like you're in a vast wasteland of space, you know, at different times of the day.
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So I think that the design trends are going more towards that flexible, open, integrated space, if you want to, clubhouse.
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What have been some past hurdles?
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you know in kind of delivering, you know capital projects.
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A lot of that stems from COVID, as you can imagine.
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The supply chains, you know we were fortunate the Gulf initially was, i think during COVID to have a lot of interest, you know, and they were able to continue to operate well.
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I think projects suffer just because we were very busy.
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We were very busy with our membership and activities but we couldn't give material, you know, and that goes from lumber to drywall to electrical components, all the way up to, you know, mechanical equipment and anything with a circuit board you just couldn't get.
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And that's really only come to ease and be more readily available over this early part of this year.
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So we're just now getting to the point where we can design and plan.
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We can plan, design and really procure a project under our normal timelines.
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Then, you know, in the past we were really at a lot of the suppliers' mercy.
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You know, when we wanted to start a project we had to.
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Really, you know, we had to sit and wait until we knew when we were going to get product.
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Yeah, and now we're back into reasonable timelines for most of our products that we need.
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Have you noticed any opportunities coming from some of these challenges?
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You know the only way through is through, and I know everything's like a learning experience, so have you guys learned anything throughout that time in practice?
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Definitely.
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I think it's just being more proactive in the planning, the time that we allow for planning, i think, you know, a lot of times we have these, we have these ideas, we have this desire to jump into a project and then we realize not going to get down as quick as we can, because it takes time to document the project correctly.
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It takes time to get a permit.
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I mean, getting projects permitted too has been a Achilles' heel for a lot of municipalities that we work in.
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But there's those little, those unthought-in-all items that just take longer.
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And we're, you know the experience that we have as a company and the amount of projects we've done.
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We've been able to really learn from those and now we're setting up our timelines, you know, with very reasonable expectations and giving ourselves the right amount of that pre-construction, pre-planning time that we need.
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Now, how do you contribute to the whole process of acquisitions?
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Well, from acquisition side, once we've identified a potential club and our business development team has done their exceptional work with working with the members, the committees and really getting them to understand who we are, how we can help them, how we're here to take that baton and run this club that they so love and have done a great job cultivating we're ready to take that next stop Once they agree with that.
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And then the ops team and myself that's when we get involved.
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We go in and we look.
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The ops team does a great, the operations team does a great job of again assessing where are the opportunities.
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There's things that are going great in the club.
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There's maybe some hidden gems of low hanging fruit.
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There might be some more long term strategic ideas that we start talking about.
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And then that's when I come in, we start pricing that out.
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We put a budget together.
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It could be as simple as hey, what's it going to take just to do a carpet change for this clubhouse?
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Or what's it going to take to build an event center or a pavilion or, like I said, an outdoor decks, event space?
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what's all that going to cost?
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And I work, i put a budget together and we all agree on what also visiting I forgot to be the big point was also listening to the members, too, why they are confident in us, but what they'd like to see within capital from us, that's we have the capital.
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There's a lot of times we're coming in because they don't have the capital.
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They have a lot of great ideas and a lot of desires, but they just don't have the capital that we're able to put it in the clubs.
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And so we listen to them and most of the time we're coming in, we're building our capital plans based on what their current needs already are.
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That's the first step And then taking our growth and our ROI type projects that we know will accentuate and be profitable for the club in the future.
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So that's when we're working together to build these budgets And these built budgets.
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Well, it might be initial capital day one.
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That's how the other beauty we are ready to put capital in day one.
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We don't have to wait for a reserve to build, we don't have to wait for a construction loan to be bought out.
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We're ready day one.
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So we have additional capital that we want to put in.
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Then we have a two and three year plan that we put together and we complete over that time And things come in and out, as you know.
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As your own real estate do, things pop in and become more of a priority, and that's again the benefit of having a company like Concert.
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we can add and flow with those needs And if we need more capital than what we originally planned, it's available And we're ready to do the right thing for the club and its members.
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That's very big.
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I think that's when you start seeing.
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The value is when stuff like that happens and how it's handled.
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So how else does Concert differentiate itself in terms of the planning and the execution of capital?
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And those are just two cool things.
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How else do they show their value?
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Well, i think the value created is again getting in right away and having that capital available, as opposed to a member-owned equity club.
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They've got to raise the capital on projects that they're talking about and assess the membership, and we don't do that.
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We say from day one there'd be no assessment.
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Capital is on us, capital is what we're going to be responsible for.
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That helps in one way of getting quicker into the projects.
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But the way we address capital is again we listen to the members but we go right into design.
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We have design experts that know the club world.
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We have procurement experts that know the right sources.
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We've got contractors lined up all over the country that knows the needs of a club, of how we have to get in, phase it correctly and get out in the certain off-seasons that we have.
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And unfortunately, with member-owned equity clubs, they're working on committee basis, right.
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So you might have a committee in design, then you might have a committee for finance And then you've got to get it.
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You have a committee maybe overseeing the construction And those people are working hard.
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Those people are volunteering their time and their resources for the good, but they're experts and professionals at something else.
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They're trying to do what's best for the membership, but they're the lawyers and the doctors And then the sales professionals, and they need to be doing that And they need to be coming to the club and enjoying the club and not having to worry about all of the ins and outs and the struggle of doing major projects.
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So I think our advantage is that again we listen, we understand the needs but we're able, just from our expertise and our systems and our resources throughout the hospitality construction industry, we're able to get in and just enter and attack these projects a lot quicker and a lot more thoroughly in detail than I think most of the other clubs are able to do on the one-off basis.
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And I've got economies of scale.
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I'm working on four, five, six projects a year of renovation.
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So I've got economies of scale where I'm able to.
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I've got the large quantity discount pricing on carpets, on lighting, on seating, on mill works, for bars, for everything.
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So it's again the one-off club members.
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They don't have that advantage for mass cost reductions and we fortunately do.
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Yeah, that's Peter and I were talking about that on.
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I think it was the last episode on finance.
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just like the savings and buying power is just massive.
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It is.
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And that's my job is to get out there too, to these manufacturers and teach them who who Codser is, and then piece them who the 30 other clubs that we have within our group and know that, hey, I'm doing a lot of work And I've got a lot of capital out there billions of dollars and I'm bringing.
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I don't have to have just one carcass manufacturer or one seating manufacturer, I have two or three.
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So we don't get the right answer on a time.
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Somebody tells me it's a 12-week lead time and I need it in 10.
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I can go to the next manufacturer until I get the right lead time And again, we have the resources to do that and to search for and make sure that we're getting these projects done efficiently, quickly, so the members don't feel the pain.
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That's the biggest thing.
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I don't want them to feel the pain.
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I want them to be able to just one day see it and go wow, you guys, we're done, Yeah.
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Just disrupt their flow as much as possible and get them out there using the services.
00:22:11.996 --> 00:22:18.607
Yeah, what does an acquisition really involve?
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What's that process?
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Well, you know, once we get involved from an operational and capital standpoint, the first assessment is, again, condition.
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What are the conditions?
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You know, that's when I'm typically on a club.
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I'm walking around meeting with the current general manager and the staff, even meeting some of the members.
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You know, when you're saying, what are your future plans, what have been your future plans?
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What are your needs?
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I could see with my own eyes.
00:22:51.153 --> 00:22:53.338
You know what some of the needs are, but I want to hear from them.
00:22:53.338 --> 00:22:58.215
That's the first step And we assess that and we get all of our data in on what the.
00:22:58.215 --> 00:22:59.317
You know what.
00:22:59.317 --> 00:23:03.003
The third process, that may be a list of five projects, it may be a list of 30.
00:23:03.003 --> 00:23:04.715
Yeah, i don't, you know, you never know.
00:23:04.715 --> 00:23:09.601
And then you know those are the need, condition-based projects.
00:23:09.601 --> 00:23:16.333
And then we dive into the once we do what we started with diligence, we do a property condition analysis.
00:23:16.333 --> 00:23:21.476
That's where we bring in experts, engineers, architects to do a deep dive behind the wall.
00:23:21.476 --> 00:23:30.196
You know again, i can see and I know what we need from a visual standpoint, but I need somebody to be in the roof, you know, on top of the roof, in the.
00:23:30.217 --> 00:23:33.772
You know, in the plumbing, in the electrical, make sure there aren't any surprises.
00:23:33.772 --> 00:23:37.823
You know that we need to know about today, to plan for and budget for.
00:23:37.823 --> 00:23:40.980
You know I don't want surprises when we're in construction or renovation.
00:23:40.980 --> 00:23:42.355
I want to be able to plan for it.
00:23:42.355 --> 00:23:43.413
So you know.
00:23:43.413 --> 00:23:46.240
Does you know some of the plumbing need to be upgraded?
00:23:46.240 --> 00:23:48.296
Does the electrical?
00:23:48.296 --> 00:23:49.559
is it inadequate?
00:23:49.559 --> 00:24:00.361
You're talking about dealing with some of these historic clubs and clubs that are from the 40s and 50s and 60s And sometimes you find out there's not enough electrical capacity to run the.
00:24:01.261 --> 00:24:05.636
You know the current equipment that we need, you know, to be successful.
00:24:05.636 --> 00:24:11.435
That protection, roofs, windows, doors.
00:24:11.435 --> 00:24:13.960
You know weatherproofing is all of that.
00:24:13.960 --> 00:24:15.323
You know proper.
00:24:15.323 --> 00:24:17.609
So you know, or does that need to be planned for?
00:24:17.609 --> 00:24:23.113
Maybe not, maybe it's not today, but is it something on the radar that you know might need a roof in five years from now?
00:24:23.113 --> 00:24:23.775
That's great.
00:24:23.775 --> 00:24:25.238
I want to know for it, i want to plan for it.
00:24:25.238 --> 00:24:26.981
So it's part of our capital plan.
00:24:26.981 --> 00:24:29.836
So it's not one of those surprises that you know.
00:24:29.836 --> 00:24:32.461
Now I need to put most of my capital for the year on a roof.
00:24:32.461 --> 00:24:36.652
I want to be able to plan for it for the right time, You know.
00:24:36.652 --> 00:24:50.135
So once we get you know the condition needs, the property condition assessment needs, the infrastructure needs, then we look at those, those what we call growth projects or return on investment project.
00:24:50.135 --> 00:24:55.176
What are those things that we can add to the club, you know, added value projects.
00:24:55.690 --> 00:25:00.981
We always add a extension to the driving range.
00:25:00.981 --> 00:25:02.183
You know, or is it?
00:25:02.183 --> 00:25:03.286
would it be a?
00:25:03.286 --> 00:25:07.900
maybe would it be a green's renovation or a bunker renovation that they haven't already been?
00:25:07.900 --> 00:25:08.320
you know been.
00:25:08.320 --> 00:25:14.592
You know looking at doing, you know could it be adding an event center or pavilion, like I said earlier.
00:25:14.592 --> 00:25:16.920
But you know that's get all that data.
00:25:17.049 --> 00:25:18.877
You know I pull, i pull a budget together.
00:25:18.877 --> 00:25:37.809
I work with the business development team, but it always has to you know that that budget of initial capital and future capital has to flow with the pro forma And it has to be within the preform of, you know, the integrity of the preform, and then we sit down and if it's not, then we figure out a way that we'd have to.
00:25:37.809 --> 00:25:38.531
We can make it work.
00:25:38.531 --> 00:25:49.112
You know, and, and you know, we just really we really work together as a, as a great cohesive team, from business development to operations to, you know, my capital side.
00:25:49.112 --> 00:25:52.259
You know to, to get to the right capital plan.
00:25:52.259 --> 00:25:58.300
Yeah, and, and we're really emphasizing now going forward, you know what is that right capital plan.
00:25:58.300 --> 00:26:01.521
Is it a three year capital plan or is it a five year?
00:26:01.521 --> 00:26:04.775
Yeah, some, some it's three, some it's five, it just depends, you know.
00:26:04.775 --> 00:26:07.732
On on on the overall needs Now.
00:26:07.772 --> 00:26:09.597
how does it benefit both parties?
00:26:11.932 --> 00:26:13.236
Well, it's, you know it.
00:26:13.236 --> 00:26:23.400
It starts with you know how long has the has the membership committees, how long have they been really working on capital needs?
00:26:23.400 --> 00:26:39.275
And that's the first question, right, and you know, and, and what we find is these you know these, these clubs that are are at the point where they really see added value to bring in a concert, have been really struggling with, with coming up with their capital.
00:26:39.275 --> 00:26:43.737
You know their first of all, determining between the groups what is the right capital.
00:26:43.737 --> 00:26:45.596
You know where should we put capital?
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