Steve Graves from CGM seems to be the go to guy for clubs struggling with how to navigate the current private club dynamic. I know of several clubs he has worked with. In every case, the recommendation was to transition from the equity model (maybe get your money back if you leave provided you clear the massive sell list) to a lower priced non refundable initiation model (if you leave you forfeit the downstroke)
It is an interesting study in people’s thinking. Clubs used to be marketed as low risk since you will get your money back when you leave. However, you are on the hook for dues while you wait for your name to move to the top of the sell list. With long sell lists at most clubs, this has become problematic. The consultants believe prospective members are now more interested in a low non refundable initiation fee with the flexibility of walking on a moments notice.
I guess my dad know what he was talking about. When I was considering joining my first club, he told me to forget about ever getting that downstroke back. Just consider it prepaid extra dues. The guy was 30 years ahead of his time.