The Harvest Foundation

Martinsville,

Sports Complex Market And Financial Analysis

In 2014 the non-profit Harvest Foundation engaged B&D to conduct a market and financial analysis on its Smith River Sports Complex. The foundation sought to understand how the 90-acre complex could enhance its offerings and amenities in order to attract more users and improve overall operations. We led a Strategic Asset Value visioning session with key stakeholders to determine the project’s key drivers and objectives. This was followed by a market analysis and competitive context assessment to understand how the complex’s offerings compared with others in the region. We used this benchmarking information to analyze enhancement opportunities for the complex and to show the potential impact those enhancements could have on overall financial operations. Through our research and analysis, we made the following recommendations:

• Implement a phased rental rate increase plan for tournaments and multi-day events
• Create a targeted marketing strategy for key events
• Determine which groups, if any, received discounts for strategic/community reasons
• Allocate funds for deferred maintenance
• Develop a system to regularly monitor the economic impact of Complex events
• Consider enhancement opportunities, such as additional features and community events that could engage local residents and have a positive bottom-line impact on operations

Additionally, we helped the foundation understand local development opportunities associated with the complex, such as a hotel and retail offerings.