Private Club Success in a Post Pandemic World: Frank Vain CEO of the McMahon Group

Original Release Date: Dec 08, 2023 The private club industry enjoys a steady resurgence, with waitlists becoming the norm in markets across the U.S. Furthermore, experts predict the greatest generational wealth transfer in history, from Boomers to Gen X and Millennials, by 2045. So, how will this new generation spend its time and money? Frank Vain, CEO of the McMahon Group, joins us this episode to share his perspective on the future of private clubs, and what he believes will be critical for their continued success. Vain's perspective is unique. As the leader of the McMahon Group, he works with club leaders nationwide, surveys members, creates long-range strategic plans, and provides counsel. Therefore, he has a pulse on the industry and insightful thoughts on what clubs are, and should be, considering as they plan for the future. Generational experts will tell you that Gen X, Y, and Z value very different things than Boomers, and they measure their status and identity in distinct ways. How clubs adjust to these various demographics could be the difference between continued success and failure. The make-up of future club members is changing, and club leaders are struggling to keep longtime members happy while attracting new, younger ones. This balancing act involves many factors, and Frank Vain and his team at The McMahon Group help each club discover the right approach -- because, as we know, all clubs are unique! Key Moments The "Golden Years" of private clubs - 2:57 The pandemic is the best thing that happened for private clubs - 6:25 The target demographic in the "Golden Age" - 15:43 What clubs need to do differently to attract younger members - 20:36 In what areas are clubs investing? - 25:03 What successful clubs can do to stay healthy - 37:00