McGladrey Annual Report on Financial Status of Private Clubs in Florida Shows Increases in Positive Working Capital, Expected Capital Improvements
FORT LAUDERDALE (August 24, 2011) – RSM McGladrey, Inc. and McGladrey & Pullen LLP, which combined operate under the McGladrey brand as the fifth largest provider of assurance, tax and consulting services, recently released the 2011 edition of Florida Trends in Private Clubs, their 37th annual report on the financial trends in private clubs throughout Florida, the state with the largest concentration of clubs.
The report highlights trends uncovered through the last audit season as McGladrey & Pullen audited its more than 200 private club clients in Florida. Findings are presented from the statewide and regional perspectives, and are segmented by type of club (i.e. golf versus yacht, etc.). Club managers use findings in strategic planning and benchmarking. Customized reports are available as a service that pairs a client's information with smaller sample groups.
"The more than 200 private, member-owned clubs included in our report have withstood the worst of the recession and indicate that they are positioned for better days ahead," says Philip Newman, partner with McGladrey & Pullen. "Managers and boards of private clubs have taken the need to operate more like a business seriously. Over the last few years, they have been challenged to reduce expenses while maintaining a commitment to member service—a lesson companies in every industry can appreciate. What we are seeing is a commitment to discovering what it means to be a well-managed club. Our clients are faring well, emerging from a recessionary stance with more solid business models, and are making significant investments in the amenity offerings that current and future members expect."
"As a general manager and consultant, I find the McGladrey annual Trends report to be an invaluable tool and source of information. With the number of clubs represented and that McGladrey works with, Trends helps me keep my finger on the pulse of the industry," says Jack Sullivan, CCM, Vice President and General Manager of Hamilton Harbor Yacht Club in Naples, Florida. "The ability to take this report and work with the McGladrey team to customize it further for a closer representation of our peer group adds even greater value for me as I make operating and planning decisions."
Key findings include:
For more information on McGladrey's private club services visit mcgladrey.com/privateclubs.
- Banking/Financial Institutions
- Consumer Products
- Financial Services
- Food and Beverage
- Government Contracting
- Government Entities
- Health Care
- Life Sciences
- Manufacturing and Distribution
- Private Clubs
- Private Equity
- Real Estate
- Specialized Industries