期刊名称：Journal of Case Research in Business and Economics
印刷版ISSN：1941-3378
出版年度：2009
卷号：1
出版社：Academic and Business Research Institute
摘要：This paper attempts to formulate a business model and its financing option for one
of private country clubs. Primary subject matter of the Country Club of Mendon is the
governance structure. Due to the governance structure, management could not make
timely and critical decisions to respond to challenges and create values. Key success
factors in private clubs are value creation strategy, club managers’ commitments to help
the club attain its goals and shareholders and board’s delegation to managers. A new
model suggests the club seek a small group of shareholders who purchase all outstanding
shares. The transaction requires existing shareholders transfer all common stocks to new
shareholder(s) and give up ownership and control. New investors make new capital
injection and the existing stockholders retain transferable preferred stock warranting
permanent playing privilege. The effects of this transaction are: it reduces strain on new
investors’ finances to implement new business strategy; current stockholders are freed
from assessments and financial worries; and permanent golfing privilege on the improved
course and upgraded facilities raises the value of preferred stocks.
