Really a terrific thread; thanks John. I suspect the McRaynor portion was merely a way to try and incorporate the franchise idea, finding a model that works and that can be duplicated would defray at least a portion of the start up costs. Of course, the unique nature of each site makes it more difficult than building a fast food restaurant but there are likely to be some savings. Others have discussed the cost of land acquisition. To me, the real issue is determining demand. We are overbuilt. The suggestion to move to the inner cities begs the question of whether the economics are likely to work in those areas absent a subsidy. Is this an activity that will warrant a governmental subsidy in this environment? If we go elsewhere, the suggested solution is to acquire existing underperforming courses. I know a little about that process and it is possible. But the reason they are underperforming may have a lot to do with oversupply. One must be certain that along with a rational acquisition price, the owner/operator is buying a property that is susceptible to changes that will make it operate efficiently and that can compete for rounds with its competition. If it does, those competitors are likely to feel economic stress and be required to make changes. This may drive the cost of golf down but will it result in an increase in rounds or will one merely see equivalent rounds at a lower price? In each market, somebody will have to try to determine the elasticity of demand before making a long term investment. There are certainly going to be opportunities to get into ownership more cheaply than in the recent past. If the owner is so inclined, there also will be opportunities to improve architecture and incentives to do so if the changes reduce maintenance costs, speed play and create interest. But making it work financially will take a significant amount of skill and more than a modicum of good fortune. Nevertheless, even if there is a significant contraction, there will be survivors and there will be opportunities to make intelligent buys/builds in a falling market.