Anthony:
It's a mixed blessing. I thought about trying to put together a group to purchase High Pointe -- I really loved the course, and could almost see myself retiring to run it and refine it in another 5-10 years. But the owner just wanted too much for it, the deal did not make sense.
In hindsight, it's probably just as well. The LAST thing I need when I get home from Scotland/France/Nebraska/China is to worry about the pump station and the cash register at a golf course in Traverse City, instead of catching up with my wife and family and office duties. If there was really little or no work going on, it might be different -- and it could still be different. But for now, I think I may be one of Mike Y's last 50 guys standing in the architecture game. I might even make it to the last 10 or 20.
It would be wonderful to be one's own client, just once, so I had total freedom on the design front. I've had a few clients give me "carte blanche," but even if they say it and mean it, it would be unprofessional not to worry about how their course will be received and whether it will be successful. Of course, most architects would have to worry about the same things if they were the owner, but I think I would feel a little more freedom not to worry about the total on the scorecard, at least.
P.S. Regarding owning your own courses, there are several notable cases in Ron Whitten's book The Architects of Golf, of architects who wound up owning one of their own courses after the Depression and running it for years afterward ... and dying poor!