Available for sale for $1,000,000. Seller financing offered to a qualified buyer.

Analysis August 8, 2009

DISCLAIMER: Below is a summary of my observations of the Ironwood Golf Club, located at Cordele, Georgia. This summary is designed to briefly describe the Ironwood golf course facility to a potential buyer. However, prospective buyers are advised not to rely solely on observations or conclusions indicated in this review. Potential Buyers are advised to conduct proper independent diligence. Mike Kahn

MY INITIAL SUMMARY: Ironwood is an excellent 18-hole course, with 4-sets of tees playing 5205 to 6869-yards, par-36-36-72 (my ranking: 7.5 on a 10 scale). Location may be Ironwood's greatest challenge ( for now), but the quality of the golf course I feel warrants the travel time and distance. In fact, access is quite easy - just off the 4-lane Georgia-Florida highway (GA 300). In fact the course is exactly 11.5 miles west of I-75 along the 4-lane GA-FLA Parkway. It is 26-minutes north of Albany, GA along the GA-FL Parkway.

With hundreds of golf courses on the market today almost none can be financed. Most have extensive deferred issues like redundant irrigation systems, and drainage problems. Many are courses built in the 80's 70's and 60's and even earlier. Most need new clubhouses, cart paths, maintenance buildings, irrigation systems and even greens. Many are too short or too narrow for today's long-ball hitters. Many are located in tired older neighborhoods - some even crime riddled. Ironwood is like a new golf course in a new neighborhood.

BEST OUT THERE: I rate Ironwood Golf Course at $1 million asking price offering seller-financing as one of the best golf course ownership opportunities anywhere in 2009. I am qualified to make that statement after over 50-years operating and consulting golf courses. I believe it is the best opportunity for a person who loves golf to learn to operate a golf course without the endless annoying problems owning some of the clunkers out there today.

FUTURE OPPORTUNITIES: Ironwood sits in a development property and is adjacent another 500-acre development property. It is indicated (by the current ownership) that a lodge could easily be added to the golf course. As the golf course is of excellent quality, a stay-and-play type lodge may be well suited for Ironwood. With a very good practice range, Ironwood could become a site for a golf school, camp, or academy.

CURRENT CHALLENGE: The challenge faced by Ironwood is getting the message out to golf players. The business is nearly invisible in the marketplace, as there is virtually no marketing effort of any kind in place (as of August, 2009). Ironwood needs exposure in various media, which in my experience will have a positive impact on rounds of play - and revenue. For various reasons, including a slightly checkered past, Ironwood more or less disappeared from the area golf market.

I believe the sign located on Hwy 300 near the turn to the golf course - naming Lake Blackshear Development - should include reference to the golf course.

The Ironwood web site is idle and needs to be revived. Online tee times need to be reactivated. Email addresses should be collected for email marketing opportunities.

COMPETITIVE PRICING: I believe Ironwood will increase rounds by being more price-aggressive. Ironwood has priced its fees as high, or higher than its competition. Although, lowering the price too much can actually have an adverse affect (in the market's esteem), I recommend a special series of promo-days offering a very low 'introductory' rate. I believe encouraging golf players to play the golf course will cause a new market exposure for Ironwood. If presented in its current condition (with the greens running a little faster), golfers will circulate their positive experience at Ironwood. Word-of-mouth is still the best form of advertisement, which holds especially true among the golf playing fraternity.

Consistency in service is also very important - currently not evident at Ironwood. Golfers need to be confident that various services and items - especially normal needs and wants are available when they attend the facility. I believe the grillroom needs to be open for business virtually the same hours as the pro shop (during the day). I believe the grillroom should be available when there are still a reasonable numbers of golfers on the course. I believe if a basic food and beverage service is consistently available player loyalty will grow and endure.

NEW RESTAURANT MANAGER: A new restaurant manager began at Ironwood in August. I observed encouraging signs of activity in the restaurant, as the grillroom area tables were fully occupied on the evening of August 7th.

COMPETITIVE OBSERVATIONS

I visited golf courses considered by Ironwood personnel to be material competition, including:

1. Georgia Veterans Golf Course (GV), 10-minutes nearby - Cordele (My 1-10 scale rating 7.5)
2. Pine Hill Golf Course - Cordele, 10-minutes nearby, (My 1-10 scale rating 5, due to its poor condition)
3. Flint River Municipal Golf Course - in Albany, 35-minutes, (My 1-10 scale rating 7.5)
4. Grand Island - in Albany, 35-minutes, (My 1-10 scale rating 8, due to its location)
5. River Pointe Golf Club - in Albany, 35-minutes, (My 1-10 scale rating 8 due to location and amenities)

Two courses indicating substantial play were River Pointe (parking lot had over 100-cars), and Grand Island. A clerk at Grand Island told us they hosted 39,000 rounds last year. I believe Ironwood deserves to achieve better than 25,000 rounds by comparison.

GEORGIA VETERANS: Obviously, the Georgia Veterans Golf Course, state owned, is the closest competitor and is a well regarded layout. Fees and dues structures seemed similar, if a few dollars apart, with Ironwood. However, I don't necessarily consider GV as much a competitor, rather, adds to the draw to the neighborhood similar to why Burger King locates near a McDonald's restaurant. GV apparently caters to vacationing golfers. Vacationing golfers tend to want a variety of golf courses to play, which sometimes actually make GV a draw for Ironwood.

I believe Ironwood needs to price itself competitively close to Georgia Veteran's daily fee structure as possible.

PINE HILL: Pine Hill appears in a mess. It is suffering from neglect, not just the golf course, but the clubhouse and surrounds. Signs of decay are everywhere: Weeds, neglected clubhouse landscaping, and an empty pro shop. With annual dues at only $500, the course (business) cannot survive. In fact, it appears Pine Hill is suffering a slow death. Daily fees are as low as $20.00. NOT A SERIOUS COMPETITOR.

FLINT RIVER: A nice municipal golf course with green fees today at only $18.00. I'm not sure Flint River attracts the same players that would frequent Ironwood. However, the golf course appears to be an excellent layout. A COMPETITOR, BUT I'M NOT SURE FLINT RIVER ATTRACTS THE SAME CUSTOMERS AS WOULD PLAY IRONWOOD.

GRAND ISLAND AND RIVER POINTE: The two courses located in Albany are the types of competitors Ironwood would like to emulate. Both have clean surroundings, excellent golf courses in very good condition. Both command a higher green fee and showed to be attracting a larger share of golf players. GRAND ISLAND AND RIVERPOINTE SHOULD BE 'TARGETS' TO EMULATE FOR IRONWOOD TO ATTRACT THE TYPE OF GOLFER THAT PLAYS EITHER OF THEM.

BRIEF AREA INFORMATION: The main area population centers are Cordele, pop 11,600 and Albany, pop 75,000. Ironwood serves part of Crisp County, Georgia, pop 22,000; Lee County, pop 33,600; Turner County 9,200; Worth County, pop 21,000; and Dougherty County, pop 95,700. According to Golf.com, There are 26 golf courses within 40-miles of Cordele and Ironwood Golf Club including 6 private clubs. The 26-course radius includes Tifton to the south and Perry to the north.

IRONWOOD FACILITY ANALYSIS:

PRO SHOP AND CLUBHOUSE: I like the small, manageable size of the two separate buildings. They are spotlessly clean and tidy. I especially liked the well equipped full-service kitchen and its utilities. The walk-in cooler was among the best I've seen after reviewing hundreds of golf course kitchens. The kitchen appears it can cater to very large groups.

Landscaping around both buildings is pleasing and very well maintained. The 'sense of arrival' can be improved inexpensively - possibly with a white fence, or shrubbery to define the driveway to the clubhouse to separate it from a vacant lot. The parking lot is the only unfinished item and will need paving or gravel at some time soon.

GOLF COURSE:

GREENS: Very good. Grass is the typical Tiff-dwarf, Bermuda variety. I saw very few blemishes and only occasional sedge or goose grass. They are excellent size, with various but not too penal undulations. I observed some green sizes appearing over 5,000 to 6,000 sq ft, some nicely trapped, but not highly penal. The superintendent has them running a little slow, but indicated he can 'speed them up' as needed.

FAIRWAYS: The general condition of Ironwood's fairway-proper, 419-Bermuda grass turf is among the best for daily fee golf anywhere. The cutting height, color, and contouring is excellent. I believe Ironwood can claim to have among the best fairways anywhere for a daily fee golf course.

TEE BOXES: Among the best anywhere. The teeing areas are all perfectly flat, and mowed at an excellent height. Like the fairways, Ironwood deserves to brag about its tee boxes.

SAND TRAPS: Ironwood's sand traps are nicely designed and in fair to very good condition. I believe Ironwood deserves to brag about its sand bunkers.

ROUGH AREAS: Decent, or better than most daily fee golf courses. [To keep the rough areas from becoming unsightly and avoid a source of weed infestation, Ironwood needs at least one good all-purpose tractor and a gang rotary unit to stay ahead of this maintenance area.]

CART PATHS: Above average condition for a golf course built in 1994. Only hole without a cart path all the way is number 18. As the golf course drains very well, carts can go most anywhere - even after heavy rains.

PRACTICE RANGE: Very good. I feel it is little too far from the clubhouse.

COMFORT STATIONS: One on each nine, clean and nicely presented. I like the single 'unisex' washrooms resulting in less maintenance.

MAINTENANCE BUILDING: Brand new with a concrete floor. The all-metal Building includes superintendent's office, washroom and storage room. Its two high bay doors are a positive.

MAINTENANCE EQUIPMENT: Actually better than most golf courses can show in 2009. Only a proper all-purpose tractor and a 120-inch gang rotary mower are desired needs.

IRRIGATION: It is an early 90's Toro electric system with controllers on the golf course. The pump house pulls from a 12-inch line from a pond fed by a charge well. I'm told Ironwood has never run short of water for irrigation. Irrigation is described as very reliable.

PUMP HOUSE: The pump house and its 3 pumps - two regular pump motors and a jockey - is one of the best conditioned I have seen anywhere. It has been very well maintained. I believe it can have many years of trouble-free operation.

DRAINAGE: Appears excellent. I did not observe large areas showing evidence of long standing water.

CART STORAGE BARN: It is brand new with a concrete floor in a drive-straight-through setup (illustrated). I believe the cart fleet can be properly rotated they way it is set up. Carts suffer less damage, because they don't have to be backed into a parking spot.

GOLF CARTS: A very attractive, fully appointed 2008, EZ-Go, 55-cart fleet (leased). All are in excellent condition and should operate for several years - trouble free.

OVERALL: Ironwood is better than 7.5 on a 10-scale for, challenge, enjoyment, and overall condition - keeping in mind the plight of so many golf courses today. The current superintendent has managed to present a highly competitive facility on less than a $300,000 budget.

THE FUTURE OF IRONWOOD GOLF COURSE

Ironwood is already Lean and Mean! I believe Ironwood will become a solid and enduring golf course business. First and foremost is the ease of maintenance and overhead - especially important during the present (2009) challenges of the industry. The golf course is currently maintained to competitive condition, apparently, for less than $300,000 - possible as low as $250,000. We (the superintendent and I) determined the course could show even better by adding an all-purpose tractor and gang rotary (lease), plus one more laborer.

The clubhouse and grillroom are both small buildings and either can be managed with one person for up to 90% of business hours.

It is conceivable that Ironwood can be operated in its entirety for less than $450,000 including payroll, taxes, utilities, cart leases and supplies. The first 1/3 of 2009 shows total expenses at $147,000 (rounded) which forecasts to $450,000 for the 09 year's expenses. It is very simple math to see how few rounds are needed to show positive revenue results on only 20,000 rounds averaging $25.00:

After my observations of the Ironwood golf course and its marketplace I firmly believe Ironwood can and should easily host 20,000 rounds of play at $25.00 (average). In fact, a colleague of mine, Jack Brennan, Paladin Golf Marketing, completed a market study for Ironwood in 2004. He indicated his analysis concluded a potential of 28,000 to 32,000 rounds as a reasonable target for Ironwood.

SUMMARIZING: I believe Ironwood Golf Course available for $1 million dollars with seller financing is one of the best golf course owner-operator opportunities anywhere in golf today. In my experience I believe it will take up to a year of marketing, including old fashioned guerilla-marketing techniques, to reach positive cash flow. Looking at the long range future, especially with over 500-acres to be developed on Ironwood's doorstep, a ten-year forecast looks very attractive.

We will have a PGA golf professional available to show the Ironwood Golf Course to prospective buyers.

To plan a site visit to conduct a complete and thorough view of the golf course call me: 941.739.3990, or email to: mike@golfmak.com. Our site professional will call you to help you arrange a site visit and review. You are invited to view the property unannounced, as Ironwood is a public golf course. However, to conduct a proper review and have your questions answered, you should make an appointment.

Michael A Kahn
Golfmak, Inc.
941-739-3990