339: Driving Value: A $12 Million Golf Upgrade w/ David Kent, PGA

Transcript

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Hey everyone, welcome back to Private Club Radio, your industry source for conversations, trends, news and updates.

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I'm your host, denny Corby, as always.

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Appreciate you all so much for being here.

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Thanks for being a part of this journey.

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So last episode we talked with Josh about renovations and going through updates and everything.

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In this one I get to talk, chat, chat, chat, chat chat.

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I get to talk, chat with David Kent from Crown Colony down in Naples and they're about to embark on a massive renovation.

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So I think it's it might be this week they are going to vote a massive.

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It's about 12 million, with 10 million on the course, about 1.2 million on the clubhouse.

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David talks about his club a little bit, very golf focused, very small membership, although they are not on a waiting list, which is probably because of the need for a golf renovation.

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So they're doing $10 million going to be done in about five months, which is wild, and they're really going down to the cause.

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It hasn't been updated in about 25 years.

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So it's much, much, much needed, not so much visually, but all the under inner, inner workings need to be done and, as always when you come to doing renovations and updates and very costly ones we talk about how to handle those conversations with the members, how to chat and communicate with the members who aren't happy about it or don't see value in some of the things that the other members do, since it is a very golf-heavy course not so much of a country club, more of like a strictly golf club.

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There's members who aren't happy about the clubhouse being updated because they don't really care about it.

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So we just talk about that in the conversations and working around that arena, how to navigate that.

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So it's not a very long episode, it's a short episode.

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I got to visit David when I was down in Florida.

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I just had popped over and did a quick little chat and thought it would be beneficial, especially since we just talked about Josh going through his.

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This is one that is going to be happening soon.

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Before we begin, a quick little note from some of our show partners.

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Head on over to ConcertGolfPartnerscom, set up a confidential call with Peter Danula and that's it.

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Simple as that.

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Also, be sure to check out our episodes of Board Chats here on Private Club Radio, brought to you by our friends.

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You're going to have a chat with Paul Dank.

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No-transcript, david Kent.

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So tell me about the renovation, yeah.

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So the renovation to fast forward to that is tip to tail on the golf course full.

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It's really an infrastructural endeavor.

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Course is almost 25 years old and it hasn't seen any significant capital lift.

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So irrigation starting to fail, the drainage is starting to fail, the turf is 25 years old so it's starting to mutate and things like that.

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So when you play the golf course you don't see it right, but underneath the superintendent is really starting to see things change.

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So we're looking at roughly 10 million on the golf course.

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And then an additional one point something to do.

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The mystery number right, call it 1.2.

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Yeah, to do, um, a clubhouse expansion.

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Every clubs down in florida you want outdoor dining and outdoor bars and so we don't have that.

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So we're going to build off the back of the clubhouse and do a standalone outdoor area to eat and drink.

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That'd be nice yeah, then I'm assuming nice cooling areas or cooling things, and then, when it's hotter out, keep it nice and cool in there.

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You can secure it with roll down doors or shutters, huge fans when it's cool, infrared heaters.

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The centerpiece is going to be the bar in an octagonal shape structure right behind our new proposed 18th green.

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So the golf course isn't seeing a ton of redesigned features, it's just all new infrastructure.

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Really, I mean to do irrigation alone on a course where you're roughly 100 acres.

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I mean you're looking at $4 million to $5 million just to do irrigation alone.

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It's a lot of work.

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It's a lot of work and you're starting from scratch, then you really are.

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You're going down to the Yep.

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So our notice for annual meeting went out a couple weeks ago.

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The annual meeting is April 11.

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Proxies have hit mailboxes and inboxes and we're collecting proxies up through the 10th of April this is like current.

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This is right now.

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This is right now Yep.

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this is right now.

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Membership is eagerly awaiting the vote to be announced on April 11th.

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I anticipate that it's going to pass resoundingly so.

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The project is 2026.

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Completion.

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That's when we'll start.

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Oh wow.

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So we find two years of lead time just to make sure the permitting Southwest Florida Water Management District that we check all the right boxes with the engineer, the architect, everything.

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So we'll start.

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It's an off-season project, so we'd start April of 26 and then cut the ribbon hopefully December 1st of 26.

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Wow, seven months, six or seven that's wild.

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Oh yeah, that's a lot of work in a short amount of time.

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It's the growing season.

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So we'll hit it fast and furious and then by mid-summer you're pretty much done.

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And the superintendent and his team?

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They're just growing everything in.

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So, yeah, that I would assume a good planning for two years for that.

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Is there any challenges?

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Looking as the world and technology and everything's like expanding and everything's new now and updates are coming quicker and sooner, is it difficult planning for that far out or not really?

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Having that lead time is adequate.

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Okay, so the plan itself for the course and the clubhouse piece, they're done.

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Once we get the approval from the membership vote, then we'll dive deeper with grading plans and greens plans and it starts to come to life in a 3d fashion, whereas right now it's just renderings, albeit done.

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We have the architectural piece and the renderings for the clubhouse.

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Then you'll start looking at the plumbing and the build and the electric and the FF&E to figure out how you're going to furnish it, all things like that.

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So having two years lead time, it's a nice window to work with.

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Yeah, and the anticipation gets to go there and you get to really build up that excitement and momentum.

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And now do you think this is going to help also with memberships?

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Then as well, that's going to be a bigger 100%.

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Yeah, I mean, I can't necessarily say it's like a field of dreams, build it and they will come.

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Yeah, but you have to be relevant and you have to be vibrant in such a competitive marketplace.

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Like Jason would tell, we're one of the three most competitive markets in the country.

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You've got Jupiter in the Palm Beaches on the East Coast, you've got Palm Springs out West and you have Southwest Florida.

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So you have 150 private clubs in Lee and Collier County.

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So if you aren't engaging these significant, obligatory and aspirational capital improvements, you're dying because everyone else is doing it.

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And the clubs that have done this, that have made all of the really wonderful improvements to their amenities and member experience, they're all full, all their memberships are full.

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And you've been here since 2020.

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So has this been one of your kind of like major things that you've been really hoping and pushing for 100% and it's less of a personal achievement milestone.

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It's just knowing and believing it's the right thing for the club.

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How?

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many memberships do you have here?

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So the cap is 260.

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And so it's not bad.

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It's a small membership.

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It's just a golf club.

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It's golf and food.

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So the golf is the centerpiece.

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It needs to be taken care of.

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Enhance the practice facility.

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Make sure the infrastructure on the course is good, that you're delivering a premium product and experience every day, and you're 24 or 5 years old it's time.

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Yeah, yeah, I'm just thinking from my point of view.

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Or five years old, it's time.

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Yeah, yeah, I'm just thinking from, like, my point of view.

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Like if I was looking at a golf club, like I would hope to come in and everything's nice and fresh and new and up to you know, you want to bring your friends, you want to 100%.

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You want that wonderful, rich experience from the minute you get here Lunch, golf, golf cocktails, dinner however that looks golf and go.

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You just you want it to be right every day.

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What have been some of the bigger challenges and hurdles with the whole process so far?

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Building the capital.

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The relevance to a club now and in the future is the club's net worth and the club's capital.

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So how are you guys doing that now?

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We've really accelerated robust growth and contribution to our capital reserve through capital dues, through growing the membership that are paying the dues, through raising initiation fees.

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As long as you feel the experience is relevant to the initiation, it's very competitive in the marketplace, so it's really it's growing that capital reserve to be prepared for the future.

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Assessment's a dirty word in the club business, so you don't want to just hey, we've got this great pie in the sky concept and oh, by the way, we're going to pass the hat for $50,000 of membership.

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You want to be able to build that reserve for now and the future and that's through capital dues and initiation fees.

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Are you looking to?

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Are you going to borrow?

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Are you looking just to fully cash it out?

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There'll be some borrowing as well.

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So the project call the project in total 12 million.

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It'll be one third from capital reserve, one third from borrowing and one third from member assessment.

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That's not horrible, yeah, so $4 million each yeah, no, that's not bad and hopefully you can probably get a good rate.

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We hope so, hopefully.

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We hope the rates start dropping.

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The capital model a few years ago looked a lot better than it does now, but it's still adequate for us to service the debt through the capital dues and our capital reserve.

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Are there any short-term pains you and the club have made, or kind of I don't want to say sacrifice, but has there been some things?

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Because you're looking to plan, you know, do, have you push with it?

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Have there been some areas where we're like, hey guys, listen, this might be a little bit janky for a bit, but just bear with us because we know the fruits are going to be better.

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So the initial look from the master plan committee it was golf, golf, golf.

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Let's make sure that we enhance our practice facility, obviously lift the infrastructure to where it needs to be.

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So everything was golf-focused, golf-focused.

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Then boards change, committees change.

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So then, holistically, it was let's see if we can lift the house piece as well.

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So then the clubhouse expansion came online.

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Now it's only 10% of the total spend.

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I was going to say yeah.

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But it really stoked emotions of the membership where some are like this just puts it over the top for me and I am totally in.

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And there are some that think why on earth would you do something like that?

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So you can't, you're never going to please all people all the time, right, but the board and myself, we feel this is the best.

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This is the best plan for the club as a whole.

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The social members have something they can enjoy.

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The golf members just have their overall experience enhanced by doing a house piece.

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But for it to shift from golf, golf, golf, golf, golf, golf, golf and then all of a sudden and house, it's very interesting to see the response of the membership.

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Yeah, so it almost sounds like the golf and go people more who don't really care.

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They're just like hey, you're just for one reason 100%, I'm not.

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Why should I have to give extra because I don't use the facilities?

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And that's why our golf membership is four times the size of our social membership, Because if you're a member here, you're here for a phenomenal golf experience every day.

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And then you add the house piece.

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Social members think it's great Some golf memberships.

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They think it's great, Some not so much.

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What makes your experience here so great, or why would people your members say it's so great?

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It's the culture.

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It's the culture of the people, the members and the staff.

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It's unpretentious, it's laid back, it's come as you are, let's eat, drink, be merry, go home and do it again the next day.

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Yeah, just, it's a really laid back warm and, the membership being small, it really nurtures relationships.

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You're not a number.

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You're a name and a relationship and a face.

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You must have a lot of training in that with all your staff as well, because that's like some top level stuff we do.

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We want to make sure and it shows in the retention of the staff that, aside from bringing the right training and the steps of service for the membership, we create such a great environment for the staff that our level of staff retention is as high as anybody's in town.

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We're not chasing staff.

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We have staff that when they're on board and they're ingrained in the experience and service, they stay because they're happy too.

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The members are happy and the staff is happy.

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Going back, how, with those members who are irritated, you know whatever, how have you smoothed that over?

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I know there's still some more time and decisions to come, but how have you, as the leader, kind of diffused or tried to get them on board?

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It's respect of opinion and active listening.

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You understand that not everyone is going to agree on everything all the time.

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You want to see that really happen.

00:16:16.071 --> 00:16:16.933
Just change something.

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It doesn't matter what you're changing the cheese on the burger, the tissue in the bathroom?

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You're going to get all sorts of opinions.

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Just actively listen, understand them, respect their opinion, even if it's not in alignment with what you think or what the board thinks is the best for the club.

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That's challenging.

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I don't think I can say his name because the way I phrased it when we were talking he didn't like it, so I'll hold out.

00:16:46.761 --> 00:16:47.924
But he said your goal and I'm paraphrasing.

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We're having a fun conversation.

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He goes the goal is to only piss off 10% of your members every year, but keep it the same 10%.

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He said like at like most.

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He's like cause you're not gonna make everyone happy, he's like.

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So if you can make 10% or less and keep it the same cause there's managers that come in that keep pissing off different 10% and now after four years it's 40% of the membership is not like you for some reason or like another.

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He's like at that every.

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I've not heard it like that before.

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I'm probably phrasing it horribly.

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That's just how I took it.

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It makes complete sense.

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It's um, it's hard.

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Every club has them every club oh yeah, it's gonna have the whole poker, the complainer looking for the shadow in the corner, and that's, that's their mo and that's fine.

00:17:42.593 --> 00:17:46.186
You just kill them with kindness and you kill them with consistency.

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Just consistent, consistent.

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Just wear them down, that's it.

00:17:50.644 --> 00:17:53.858
Just do it and you might turn one.

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We're delivering an experience and a lifestyle.

00:17:56.980 --> 00:18:00.510
We're not saving lives, but we can change lives for the better.

00:18:00.510 --> 00:18:09.368
Offer consistent, sustainable product and service for the members and hopefully you get a few more on your side every year.

00:18:09.368 --> 00:18:11.842
Yeah, you know, everyone's on the bus.

00:18:12.984 --> 00:18:13.747
The energy bus.

00:18:13.747 --> 00:18:16.292
Great book, great book.

00:18:16.292 --> 00:18:23.902
I just pulled that one off the bookshelf to go through it again Cause one of those like things just like get filtered and it's like I haven't read that in a while.

00:18:23.902 --> 00:18:25.767
It's just fun to go through To me.

00:18:25.767 --> 00:18:32.906
I engage with my books, write and highlight, not ask a question, but just have fun with it.

00:18:32.906 --> 00:18:35.405
It's just fun to go through what I like that.

00:18:36.661 --> 00:18:37.684
It's great looking back.

00:18:37.684 --> 00:18:38.647
My books are the same.

00:18:38.647 --> 00:18:43.884
Highlighted dog-eared underlined the whole deal I got it from.

00:18:44.164 --> 00:18:47.384
Very good, there's just like, and then even like, the corners.

00:18:47.443 --> 00:18:51.489
I'm like oh, if I don't have a thing on me, I'm like, oh, just do the corner as well, yeah.

00:18:51.489 --> 00:18:54.423
How was have you read?

00:18:54.423 --> 00:18:55.405
The Obstacle is the Way.

00:18:56.229 --> 00:18:56.730
Listen to it.

00:18:56.920 --> 00:18:59.364
So got them from Wyndham Clark.

00:18:59.364 --> 00:19:04.471
Yeah, I was reading an article about him, about his US Open success and how he tweaked his mindset.

00:19:05.092 --> 00:19:05.894
The Obstacle is the Way.

00:19:06.034 --> 00:19:06.954
The Obstacle is the Way.

00:19:06.954 --> 00:19:09.784
That's Not that he wrote it.

00:19:09.784 --> 00:19:11.730
Wyndham Clark won the US Open.

00:19:11.730 --> 00:19:16.948
He was giving an interview or an article to Golf Magazine or Golf Digest.

00:19:16.988 --> 00:19:17.249
My bad.

00:19:18.561 --> 00:19:24.205
And he recommended those two books and I'm like I'm going to buy them, Read them both and phenomenal.

00:19:31.359 --> 00:19:32.442
Energy Bust was great and the obstacle is away.

00:19:32.442 --> 00:19:32.943
Both ryan holiday.

00:19:32.943 --> 00:19:33.987
I've uh started, that's right.

00:19:33.987 --> 00:19:34.327
Yep, I've been.

00:19:34.327 --> 00:19:35.411
I've been drinking his juice hard, yeah, um, it's good.

00:19:35.411 --> 00:19:43.642
I know it's like, it's so easy, it's hard, you're like, of course this is like you're the master of the obvious yeah, but it's just and it goes like it's just the thinking that's been.

00:19:43.922 --> 00:19:45.924
this is what the, the people said and like.

00:19:45.924 --> 00:19:52.755
I haven't read like the you know all like the stoic books, but I've read them through him, so to speak.

00:19:52.755 --> 00:20:10.701
But it is interesting that when he phrased it a few ways, it's basically you're reading people's like, you're reading these thoughts of people who did not intend to be published, Like this was before, like there's like they're writing their stuff for their own, not any like there's no tweets there's no, nothing, yeah, and then to get it all, it's like that's the same stuff.

00:20:10.781 --> 00:20:31.589
Everyone's just going through 100, whether it's back then, but any like words of I don't say words of wisdom, or just any like people starting to go through the process now, any words of wisdom, words of the wise, any people who might be starting to like go through a similar progression two things are top of mind.

00:20:32.131 --> 00:20:39.290
So number one is we're in the business of making decisions on data and fact, not on opinion and emotion.

00:20:39.290 --> 00:20:40.855
I think that's number one.

00:20:40.855 --> 00:20:45.425
We all have an opinion and we all have emotions, and they're triggered by different things.

00:20:47.288 --> 00:20:54.407
But we have to be in the business of making those decisions on fact and data not sexy, no flair to it, but it's when you make the most sound decisions.

00:20:54.407 --> 00:20:59.963
Second, transparent and frequent communication all the time.

00:20:59.963 --> 00:21:05.900
It doesn't just stay in the boardroom or in my office or in a committee meeting.

00:21:05.900 --> 00:21:19.348
Tell the story over and over, and over and over and over and over the same way, because you'll be astonished that even when you do it, then you'll get asked the question what about this?

00:21:19.348 --> 00:21:30.346
And you're thinking well, we've already answered that 4,800 times, but we're going to do it 4,801 with a smile on our face, just to keep communicating all the time.

00:21:31.248 --> 00:21:31.367
It's.

00:21:31.367 --> 00:21:35.862
You can't over communicate, especially when it's hey, guess what?

00:21:35.862 --> 00:21:39.569
We want to spend 12 million dollars and engage this project.

00:21:39.569 --> 00:21:42.442
It isn't like we're doing it now.

00:21:42.442 --> 00:21:43.163
Give us the money.

00:21:43.163 --> 00:21:43.945
It's.

00:21:43.945 --> 00:21:58.691
These are the reasons why and you bring them all along with you, so you're more and more people are on the bus because you've told the story over and over with the wise rooted in the fact, and just be as transparent as you possibly can.

00:21:59.531 --> 00:22:03.708
it's fine, thank you sir yeah, thank you, great to meet you as well.

00:22:03.867 --> 00:22:05.290
Hope you all enjoyed that episode.

00:22:05.290 --> 00:22:06.073
I know I did.

00:22:06.073 --> 00:22:12.031
I just love learning so much of the ins and the outs and how different clubs do different.

00:22:12.031 --> 00:22:13.201
Oh, this is so fascinating.

00:22:13.201 --> 00:22:13.962
I love it.

00:22:13.962 --> 00:22:17.432
So thank you all so much for being here enjoying, supporting the channel.

00:22:17.432 --> 00:22:20.648
Hope you all are enjoying the content as much as I do.

00:22:20.648 --> 00:22:21.971
Uh, obviously you are.

00:22:21.971 --> 00:22:30.203
But if you are always appreciate a like, share or subscribe if you haven't done so already, subscribe to our newsletter.

00:22:30.203 --> 00:22:33.952
Head on over to privateclubradiocom to subscribe and that's it.

00:22:33.952 --> 00:22:35.365
Until next time.

00:22:35.365 --> 00:22:36.830
Catch on the flippity flip.