Page 11 - GBC summer English 2025

Golf is booming and business
is good, so what’s next? Since the
COVID-19 pandemic, the sport’s
popularity has increased signifi-
cantly across all generations.
Rounds are up an estimated 26.4%
in Canada since 20191, there were
more than 6 million golfers in
Canada as of 20232 and the golf
business is flourishing. Given the
magnitude of change in the industry,
and likely your business, there is no
time like the present to start
preparing for the future. To begin
this process, it is important to reflect
on the following questions:
• What are your next steps?
•  How much longer do you want
to own or run the business for?
•  Would you like to expand your
business through acquisition or
development?
•  Is there another use for the golf
course (i.e., development)?
•  Is there a natural successor with-
in your team or family?
•  Where do you sit with your per-
sonal financial plan?
•  What is the long-term vision for
your business?
These questions are important
considerations for business owners
planning for their and their business’
future. But, when and where do you
start? For many leaders, answering
this question is the first step in
navigating periods of significant
change, something the industry has
experienced since the onset of the
pandemic.
Developing a thoughtful strat-
egy well in advance to maximize
value, whatever that may mean to
you, can ensure success post
transition. As Bill George, a senior
fellow at Harvard Business School
said, “strategy execution is not a
single event, but a series of well-
orchestrated actions.”
The following guide outlines
key considerations and actionable
steps to help ensure a smooth and
successful transition.
PLAN AHEAD
“Plans are nothing; planning is
everything.”– Dwight D. Eisenhower
When it comes to succession,
early planning provides both
current and future business leaders
the best chance for success. By
planning ahead, you can assess the
impact of your proposed exit
timeline and carefully consider any
adjustments that may provide the
business with the greatest chance
for post transition success.
For example, if you are aiming
to exit the business within the year,
you likely have limited ability to
adjust current operations to
maximize value or fully prepare
the incumbent leader(ship) for the
transition and post transition
operations. In an ideal scenario,
future leaders are introduced to
performance metrics and key
processes well in advance.
Developing a succession plan
years in advance provides
flexibility and resilience. Whether
timelines shift or the market
changes, a proactive approach
allows you to adapt without
compromising your goals.
DETERMINE YOUR LONG-TERM
VISION
Clarifying your vision is the first,
and perhaps most important, step
in any succession plan. Ask yourself:
What does a successful transition
look like to you? This can vary
widely, from preparing the next
leader of the business to take over
and carry on the business’ legacy, to
maximizing the value of the
business for a sale to a third-party.
The two main areas to focus on
when determining the long-term
vision for the business are:
•  Legacy: Do you want your family
to retain ownership? Would you
be comfortable with relinquish-
ing control to a third-party?
Should the business stay golf-fo-
cused, or could part of the busi-
ness be repurposed? These are
important legacy decisions that
shape your transition path.
•  Financial: Your transition should
also support your financial goals.
Will you still have access to cash-
flow from the business? If you
sell, will the proceeds support
your retirement and estate plans?
A financial advisor and updated
valuation of your business can
help you answer those difficult
questions.
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