Golf Instruction Company Shows 43% Profit Increase over Previous Year
DENVER – Like most successful businesses, Denver-based GolfTEC Enterprises, LLC, was born in 1995 out of ambition, passion and recognition. Mike Clinton and Joe Assell, both twenty-something graduates of Mississippi State University’s Professional Golf Management program, began with a concept to measure an amateur golfer’s swing using biofeedback sensors and video. This very concept created a fact-based measurement that allowed an instructor to find swing flaws and correct them, something which was virtually unheard of in the mid-90s golf industry. After their first summer in business, lessons were booked out at least six weeks, and Assell and Clinton had secured their niche.
"We knew we had something marketable, we just had to figure out how to make it work and grow," says Assell, now Chief Executive Officer of GolfTEC. "Over eleven years later, we have 63 locations open, and expect that number to double by the end of our fiscal year. As of 2006, we have taught 8% of all golf lessons in the United States."
One of the main reasons GolfTEC has managed such rapid growth is because Clinton and Assell began offering franchise territories in 2003, and opened the first official franchise in 2004. Since unique franchise concepts have been on the rise in the early part of the 21st century, GolfTEC caught like wildfire. There are currently 40 franchise territories, and at least 13 more are set to open for business by the end of 2007.
"We felt franchising was the most effective and quickest way to expand across the U.S.," says Clinton, now Chief Operating Officer of GolfTEC. "We may eventually get into international franchising, but for now we are focused only on opening stores across the U.S."
Another key element of GolfTEC’s rapid growth was a partnership with Austin-based Golfsmith formed in 2002. Golfsmith was in the process of revamping their image, and in the process found they had a lot of unused space in many of their stores. GolfTEC and Golfsmith reached an agreement to allow GolfTEC stores the ability to "rent" space and provide lessons for Golfsmith’s customers.
"It was really a perfect fit and perfect timing for both of us," says Assell. "It’s a definite win-win situation, and has certainly allowed us the growth we were hoping for."
GolfTEC is handling the rapid growth extremely well, with numbers continuing to improve each year. While stressful, both Clinton and Assell thrive in creating and growing a business they love. With 98 corporate employees and over 200 Professional Golf Association members and apprentices on staff, they have certainly come a long way from the one-man shop in Greenwood Village, Colorado.
Founded in 1995, Denver-based GolfTEC is a national chain of golf instruction facilities that provides expert teaching for golfers of all skill levels. GolfTEC centers use patented technology to teach the proper golf swing. There are currently 63 GolfTEC locations in 15 states across the U.S., with 40 franchise territories and 131 total committed locations. For more information, visit www.golftec.com.
Contact:
Marketing / PR Associate
GolfTEC
5555 DTC Pkwy, Suite A-4000
Greenwood Village, CO 80111
303-779-9900 x206
njensen@golftec.com
see us at www.golftec.com
