Unearth the intriguing world of private club membership deposits with us, your hosts, and our esteemed guest, Van Tengberg, a tax lawyer, and golf industry guru. This episode discusses the evolution of membership deposits and their transformation from a sneaky developer tax loophole to a lucrative revenue stream for clubs. Journey with us as we navigate the changing tides of golf clubs, shifting away from a sole golf focus to more family-friendly offerings. We unravel the intricacies of refundable and non-refundable memberships and their potential legal implications.
As we continue to peel back the layers, we clue you in on the changing mindset of the modern club member. Today, they are less inclined to pay hefty amounts for memberships that promise a refund 30 years down the line. We expose how the market's shift in disposition has led clubs to reevaluate their refund policies and the legal consequences of such changes. Brace yourself as we tackle worst-case scenarios like clubs filing for bankruptcy to eradicate membership deposit refund liabilities. But, not to worry, there are always other options, and we make sure to explore them all, including restructuring and member negotiation.
In our final act, we handle the sensitive issue of membership resignations. We underline the need for empathetic approaches to ensure fairness for both the club and members. From unique solutions like economic packages and dual track memberships, to the importance of transparent communication, we cover it all. As we wrap up, we introduce Concert Golf Partners, a company that offers unique solutions for struggling clubs. We encourage you to learn more about their approach and how they can help revitalize clubs. So, lend us your ears, and let's dive into the captivating world of private club membership deposits together.
Follow us on the socials
(https://www.facebook.com/groups/privateclubradio) Private Club Radio Instagram
(https://www.instagram.com/privateclubradio/) Private Club Radio Linkedin (https://www.linkedin.com/company/private-club-radio/?viewAsMember=true)
Denny Corby Instagram
(https://www.instagram.com/dennycorby/) Denny Corby Linkedin (https://www.linkedin.com/in/dennycorby/)