The Financial Outcome of F&B + the Five Things Every Member Should Understand

Registration Status:
Closed

Event Date:

Event Time:
9:00 am - 1:00 pm

Category:
Education

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Data Driven Perspective of the Financial Outcome in F&B

+
The 5 Things Your Members Need to Hear

OVERVIEW: The Infamous Ray Cronin from Club Benchmarking will be speaking at our April meeting! This is an excellent opportunity to invite your Board Members for an engaging, 2.5 hour content heavy seminar. The presentation will cover 2 important topics your Board of Directors needs to hear, but you don't have to be the one to tell them. 

WHEN: Monday, April 12th, 2021 from 9am -1pm

WHERE: The Club at Rolling Hills

COST: $55/person and includes education, light continental breakfast and lunch.

TIMELINE: 
9AM  Check-in, coffee and social
9:30AM - 9:50AM  Chapter Board of Directors overview
9:50AM -10:50AM  Speaker Ray Cronin "A Data-Driven Perspective of the Financial Outcome in Food & Beverage"
10:50AM -11AM  Break 
11AM -12:15PM Speaker Ray Cronin "The Five Things Every Private Club Member Should Understand" 
12:15PM -12:30PM Break
12:30PM -1PM Lunch
Meeting adjourned

SEMINAR TOPICS:
1) A Data-Driven Perspective of the Financial Outcome in Food & Beverage
The debate over F&B profitability is the industry's most dangerous and pervasive issue and we are determined to help clubs break through the myths and misconceptions. Our data clearly shows that clubs subsidizing F&B are the "green bucket" clubs. Green Bucket clubs enjoy significantly higher initiation fees, more capital income and full (or very close to full) membership rosters. The 20% of the industry making a profit in F&B are the clubs that have too little capital income (many of these clubs are capital starved), have the most vacancies in the membership roster and have the lower initiation fees.

The F&B trap is characterized by an unhealthy focus on the financial outcome in F&B impacting the financial dialogue in the Boardroom, Finance Committee or House Committee. Clubs can become stuck in the trap (such a perspective can clearly become part of a club's culture) and certain people can become struck in the trap (the Treasurer, House Chair, etc.).

This session will address the F&B Trap from the perspective of data. The objective of the session is to deliver a data-driven perspective on the financial outcome in F&B to help managers and staff put the proper context on the table in their own club. There will be data and concepts presented that can be immediately applied in your own club. Board and Committee members are welcome (encouraged) to attend. The data will present new context that will impact the perspective of any, and every, objective thinker.

2) The Five Things Every Private Club Member Should Understand
Club Benchmarking's unremitting collection and analysis of financial and operational data from over 1,000 clubs over a twelve-year period has shed clear light on the private club's financial and business model. The data and associated fact-based insight are central to every club's mission. This session will directly address the simplicity of the drivers of sustainable success – delivering a member experience that is compelling enough to assure a full membership roster and generating enough capital to continuously re-invest in, and evolve, that membership experience. This session will present, based on data, the five concepts that we must assure our members understand:

1. Clubs are high fixed cost businesses – expenses are not "bad." The expenses in a club reflect the scale of a club's footprint and the breadth and quality of the member experience.

2. 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.

3. Every stakeholder should understand the concepts reflected in the most important financial metric – Net Worth Over Time.

4. The story told by the balance sheet of every club and the impact of Net Worth Over Time on the balance sheet.

5. 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.

REGISTRATION:  Please register online or by contacting Cortney Murphy at:
cortney@cortneymurphy.com or 303-601-5968

PAYMENT: You may utilize our online payment portal or snail mail a check payable to the Mile High CMAA to the following address:

Mile High CMAA
C/O: Cortney Murphy
15275 W. Auburn Ave
Lakewood, CO 80228