Mini Golf Business Moat

Alex Lieberman, chairman of Morning Brew, proposes acquiring mini golf (putt-putt) courses as an investment opportunity. The idea combines real estate ownership with an entertainment business model.

Key Points:

• Business Fundamentals:

  • Recession-resistant entertainment business
  • Cash-flowing operations
  • Limited competition in the space
  • Real estate component adds value
  • Affordable entertainment option for consumers

• Investment Considerations:

  • Reasonable purchase prices due to limited competition
  • Combines business operations with real estate play
  • Management intensive - requires staff oversight
  • High capital requirements relative to returns
    • Example given: $2M investment might yield $20-30k/month in revenue

• Challenges Identified:

  • Labor management complexity
  • Lower returns compared to digital businesses
  • Operations-heavy business model
  • May not be best use of specialized skills (for someone with digital/newsletter expertise)

• Marketing Value:

  • Announcing interest generated significant social engagement
  • Creates interesting personal brand narrative
  • Positions person as "fun and rich"
  • Can generate continued content through:
    • Course tours
    • Business economics breakdowns
    • "New venture" announcements