Build and Run a Golf Course - 5 Year Financial Model

This excel template has been designed to fit the needs of anyone looking to see the viability of building and running a golf course. The financial model goes over 5 years and has focused on bottom-up assumptions directly related to this type of business.



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One of the most difficult things about getting into the golf course business is figuring out how to balance the time it takes to finish the course vs. the enjoyment of the course. Sometimes factors can be complementary, but sometimes you have to make decisions on what to optimize for.

The reason why is because you only have a certain amount of time that can be used in a day. That means a limited amount of rounds. As a business, you want to maximize the rounds per day, but also make the experience enjoyable for the golfers. The average size of golfing groups and the length of walking distances/golf cart utilization all play a factor in this.

For the above reason, I have built the revenue assumptions in a way where you can determine the total round capacity and then a % utilization of that capacity in your determination of potential monthly revenues over 5 years. You would be adjusting things like:
  • Playable Hours per Day
  • Avg. Minutes to Play a Round (18 holes)
  • Time Between Groups (minutes)
  • % Utilization (rounds actually sold of total possible rounds)
  • Playable Days per Month
  • Avg. Price per Round
  • Avg. Players per Round
There is a place for ancillary revenue assumptions as well, such as a food and beverage operation. Margins are editable for that and it all flows into the primary financial line items. You could adjust that to also include spa revenue or what have you.

There are assumptions for investor funding and dynamic returns per each entity and the owner's equity over time-based on the valuation entity's come in at and the final capital requirement after taking into account any financing/investor proceeds. See things like IRR and annualized ROI per entity.

There are expense assumptions for operations as well as CapEx, startup costs, and construction/land purchase.

Plenty of graphs and charts are also built in and change dynamically. The goal of the visualization area is to show the story of your assumptions. Usually, visuals are easier to consume compared to just numbers. There is a monthly and annual pro forma.

Enjoy!

Screenshots of Excel Template:
funding sources for golf course startup investment

revenue assumptions for golf course startup

construction costs per hole golf course

operating expense schedule for golf course

opex for 5 year golf course startup forecast

startup and capex costs for golf course 18 holes

cap table and IRR summary for golf course

annual cash flow and initial investment summary by investment round

DCF Analysis for multiple investment rounds

revenue and EBITDA bar chart

stacked bar chart for golf course revenue and expenses / EBITDA per golfer per year bar chart

cumulative cash flow bar chart excel

break even summary in excel 3D bar chart

golf course monthly pro forma

pro forma golf course 2

pro forma golf course 3

pro forma golf course 4