Guiding private clubs through the short-term
and long-term financial impact of Coronavirus
Our World Has Changed and economic and social activity in North America has been forced into hibernation for at least the next 30 to 60 days. The shutdown that began in mid-March has been extended to the end of April and it is possible that it will drag on into the middle of May.
While we could never have imagined such an abrupt change, we have been expecting economic winds to shift for some time. Based on historical patterns, the economy was obviously closer to the next recession than it was removed from the meltdown in 2007 and 2008. Far too many clubs are still feeling the effects of poor decisions made during and after the previous economic meltdown, due in large part to a lack of data and lack of understanding of the financial model of clubs. This white paper is a clarion call to the industry to ensure that we don’t repeat those same mistakes this time around.