Welcome back to Wednesday's Spotlight. Today, we are looking at Quail Ridge Golf Club, a public 18-hole course outside Grand Rapids that its general manager and superintendent bought in January 2025 for $7.3 million without putting any of their own cash into the deal.

Kyle Holmes and Tim Topolinski had spent years running Quail Ridge before buying it. Holmes managed the club, while Topolinski had served as superintendent since helping build the course in 1998. When the investors decided to sell, they approached the two operators first. The eventual price was $7.3 million for a business on 275 acres that Holmes estimated were worth at least $10 million.

Quail Ridge is in Cascade Township, east of Grand Rapids. Its original investors were mostly Detroit-area businessmen who played golf but had no ties to West Michigan. By the time of the sale, eight remained, with three controlling the decision. Holmes first became general manager in 2015, left to run another resort, and then returned. Topolinski had been superintendent throughout.

Holmes and Topolinski offered $6.5 million, expecting the sellers to ask for as much as $8 million. The counteroffer came in at $7.3 million. He and Topolinski accepted. Holmes says golf courses typically sell for four to nine times EBITDA, with building condition and deferred maintenance affecting the multiple. Here, the buyers also saw value in the acreage beyond the course.

An SBA 504 loan covered 40% of the price, a conventional loan from a separate bank covered 50%, and the sellers volunteered a note for the remaining 10%. The bank’s portion followed the 504 loan’s 25-year amortization schedule, bringing combined payments to about $42,000 a month, or roughly $500,000 a year. Holmes estimates that financing the purchase over five to seven years would have required monthly payments four to six times higher.

The sellers had spent two decades paying down their loan, leaving the business with little interest expense. Holmes and Topolinski’s acquisition financing added roughly $350,000 to $400,000 in annual interest costs. The 25-year repayment schedule helped keep payments manageable, but the business still had to cover that additional expense.

In 2025, its first year under new ownership, Quail Ridge generated $3.3 million in revenue against $2.1 million in operating expenses, producing $1.2 million in net operating income. That covered annual debt payments about 2.4 times. After interest, depreciation, and the golf cart lease, the reported result was just under $700,000, comparable to the previous owners’ strongest years.

The course handles approximately 45,000 rounds annually. Golf fees account for about 70% of revenue, the driving range contributes another 10%, and the daily restaurant brings in 6% to 7%. Weddings, graduation parties, and memorials held in the event center make up the remainder. Of the property’s 275 acres, roughly 155 to 160 are used for the course. The remainder includes woods, wetlands, and half of a lake.

That footprint would be difficult to recreate near a growing metropolitan area. The National Golf Foundation reported record rounds in 2025, even though the country had roughly 2,000 fewer golf facilities than two decades earlier. Closures had fallen to their lowest level since 2004. New courses were being developed, but primarily within private clubs, resorts, and residential communities.

Holmes and Topolinski also brought operating experience that an outside buyer would have needed to replace. Topolinski knew the turf and the property. Holmes had introduced GPS-equipped carts and installed Toptracer on the driving range, which he says was the first installation in Michigan. The sellers wanted the club to remain independent and had rejected a local group that had acquired eight or nine courses within 40 miles.

Michigan’s weather limits how much the course can earn, but payroll and utility bills continue through the winter closure. Holmes says unusually good weather helped the club’s 2025 results. Conditions have been less favorable this year. In August, golf rounds across the East North Central region, including Michigan, fell 9% from the previous year as rainfall in its major golf states more than doubled.

They are spending $1 million on The Nest, an eight-bay indoor-and-outdoor facility offering TrackMan simulators, instruction, and club fitting, scheduled to open in October. Holmes is also planning a year-round banquet facility and residential development on about 30 unused interior acres.

For Holmes and Topolinski, years of managing Quail Ridge led to owning it. The sellers’ backing and long-term financing made the purchase possible. Their next chapter will draw on their knowledge of the property, finding ways to bring in customers during winter and putting unused acres to work. They have bought a successful golf course with room to build a broader business around it.

Palm Beach County pool and hardscape builder asks $750K on $364K cash flow

Asking price: $750,000
Cash flow: $363,655
Revenue: $1,200,000
Asking multiple: 2.06x cash flow
Years established: 4
Employees: 7
Seller financing: $150,000 over 48 months at 12%

The company designs and builds custom pools, paver patios, retaining walls, outdoor kitchens, and complete site work for high-end residential and commercial customers in Palm Beach County. It is home-based and owner-operated, with seven employees working Monday through Saturday, and cash flow represents about 30% of revenue. The seller lists a new opportunity as the reason for selling and will provide two weeks of training. The seller note would cost the buyer about $3,950 a month, and the asking price includes furniture and fixtures valued at $15,000.

Translation, if you own one: With the owner running the business and only two weeks of training offered, the handover could be difficult if the owner holds most of the responsibilities. The $150,000 seller note reduces the cash needed at closing, but its 12% interest rate adds a high financing cost the buyer must cover from future earnings.

Source: Established High Growth Pool And Hardscape For Sale

The landlord's standard lease usually includes an assignment clause that most owners sign without reading. On Friday, we show how that clause can hold up a sale years later and what to negotiate before you sign.