In this 2.5 hour session, Chris Barron of Club Benchmarking will present five key financial concepts that every club manager must understand. These concepts have been derived by CB's study and analysis of data from over 1,000 clubs across North America over the last 13 years. These concepts and success factors are possessed by clubs that have strong balance sheets and possess a high level of member satisfaction. The concepts that will be covered include:
- Clubs are high fixed cost businesses – expenses are not "bad." The operating expenses reflect the scale of a club's footprint and the breadth and quality of the member experience.
- Members must understand the key drivers of success in the club industry and avoid imprinting the knowledge of their own business on the club industry.
- Every club stakeholder should understand the concepts reflected in the most important financial metric – Net Worth Over Time.
- Every club stakeholder should understand the story told by the balance sheet and the impact of Net Worth Over Time on the balance sheet.
- Clubs compete on value, not price and the members of every club are responsible for properly funding the club so that it can compete successfully over time.
In the last hour of the session, Chris will dig into concepts and strategies that are crucial to managers to be empowered and confident on their financial acumen when it comes to speaking to the finances of their club. This session will "piggy back" on many topics discovered during "The 5 Key Concepts" section and will involve an interactive discussion on managers successes and challenges that they face.
During lunch learn about wines from CMAACT sponsor Halleck Vineyard. Founder, Ross Halleck will share about his journey to building a successful Vineyard while supporting their mission of "Building Community Through Wine." Taste their award winning Pinot Noir!
Thank you to our hosts at Indian Harbor Yacht Club:
General Manager: Remus C. Ciolomic
Assistant General Manager: Joel Labuzetta
COO: Sharon McGrath
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