Saturday, October 19, 2024 | ||
9:00 am - 4:00 pm PT | CMI Workshop | 6 NE; CC = Accounting, Finance, and Data Analytics, Leadership |
Delta Hotels Grand Okanagan Resort
1310 Water St, Kelowna, BC V1Y 9P3
This CMI Workshop provides an opportunity for club management professionals to participate in a deep dive into the data-driven private club finance and business model. The session will be organized around the following modules:
Introduction and Context
A summary of sixteen years of research and experience working with over 800 clubs across North America. Attendees will explore the reason getting “finance right” is so difficult and discuss the opportunities and challenges for managers and finance executives. This module will lay the foundation of why financial competence is critical for a manager’s career and provide a view of the industry’s future approach to finance. It will also address a review of the income statement and balance sheet for those needing a bit of a brush up on accounting.
The Purpose of the Operating Ledger and its KPIs
A fact-based, data-driven view of the operating ledger will illuminate the purpose of the operating ledger including new, mission critical research. Once the purpose is established, the operating ledger KPIs that must be monitored in every club and the associated concepts will be addressed. Every general manager, department head and financial executive must be in confident command of these concepts and KPIs.
The Purpose of the Capital Ledger and its KPIs
Data and research leave no doubt the capital ledger is the primary financial driver in every club. This module will draw a clear, data-driven link between the capital ledger, the balance sheet, the member experience and the initiation fee. All of which are central concepts that club professionals must confidently command, along with the associated KPIs.
Comprehensive Capital Planning
Given the capital ledger is the primary financial driver in every club, the mission critical nature of comprehensive capital planning becomes clear as well as how poorly, overall, the industry does at capital planning. This module will address a framework establishing the tenets of comprehensive capital planning and how the capital plan and strategic plan must be integrated. Too often, without a long-term vision and a complimentary comprehensive capital plan clubs turn to reactive debt or reactive assessments. Proper planning will avoid these reactive measures while assuring every member contributes their “fair share” of capital over time which is the root of sustainable financial outcomes.
Attendees are asked to bring audited financial statements; their fixed asset register and prior to the session submit the data necessary to generate the Net Worth and Balance Sheet benchmark for their club. Each module will be “hands on,” as attendees will be calculating the KPIs for their own club as the day progresses.
Ray Cronin, Founder and Chief Innovator, Club Benchmarking
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Club Benchmarking was founded in 2009 after Ray became involved in the governance of his club. He realized discussions and decisions of the Board and Committees were driven by opinion and was concerned with the lack of data and fact. Since 2009, Club Benchmarking (CB) has been gathering financial, operational, membership and compensation data from over thousands of clubs across North America, Australia, and Europe. Ray has visited, and presented to, the professional staff, Boards, Committees and Members of over 800 clubs across North America, Europe, Australia, and Asia and was selected as Boardroom Magazine’s Educator of the year in 2018 and 2022 and was awarded the John Fornaro Impact Award in 2019. Ray was President of Thorny Lea Golf Club for three years and a Board member and officer for ten years in total. He holds a BSEE from WPI and an MBA from Harvard Business School. |
Chris Barron, CCM, Executive Director, Northeast U.S. & Eastern Canada, Club Benchmarking
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Chris studied Sports Management at the University of Massachusetts, Amherst and began his club career at Vermont National Country Club where he served as General Manager for seven years. He earned his Certified Club Manager designation (CCM) from the Club Managers Association of America in 2014 and in 2016, he became the first General Manager to serve Thorny Lea Golf Club in Brockton, MA. He joined the Club Benchmarking team in January of 2020 as a CB Partner for clubs in the Northeastern United States and Eastern Canada. Originally from Colchester, VT, Chris is based in Plymouth, MA. |
Eric Gregory, CCM, Executive Director West Coast, Club Benchmarking
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Eric is a recognized club industry expert on the subject of capital planning and capital strategies. His club career spans more than two decades including 10 years as GM/COO and an adjunct professorship teaching Advanced Club Management at Cal Poly - Pomona. As a regional CB Partner, he supports the entire range of Club Benchmarking Solutions for clubs in the Western US and Western Canada from his home base in Pasadena, CA. |
Registration Rates:
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