Selecting Your Team
Every new owner is confronted by the urge to develop a stable on his
or her own, specifically the selection of the horses however,
Thoroughbred racing and breeding is a team sport. Success in the
game is dependent on more than the natural talent of its athletes.
As with any other good team, in addition to outstanding athletes,
the team must have a good coach, astute scouts, a quality physician,
adequate support personnel and a savvy owner.
Recognize early that the success of one's racing or breeding
operation will depend, to a significant extent, on the makeup of the
team. Exercise as much, if not more, care in selecting a team of
consultants as you would expect to exercise in the selection of your
first horse.
Given the size of your particular investment, and with the general
objectives of your business plan in mind, you should consider which
consultants should be retained. Your particular team of consultants
may be as few as one or may include any combination of the
following: A bloodstock agent, a pedigree advisor, a trainer, a
veterinarian and/or a mentor - someone already in the business such
as a farm manager or more experienced owner.
Consider how this team will assist you. Will they merely participate
in the selection and evaluation of potential purchases or in
refining your business plan as well? Again, in making this decision,
remember to exercise sound business judgment.
When selecting your team of professional consultants, keep in mind
the following thoughts:
1.
Thoroughbred racing and breeding are businesses; treat them as such.
2.
Be rational, not emotional. Keep an open mind during the preliminary
selection process.
3.
Disclose your objectives from the start. Ascertain whether they are
consistent with the areas of expertise of the consultants
considered.
4.
Stay within your budget created. Realistically evaluate your ability
to invest in the industry at the level you have selected. If not
certain, scale down your level of participation. Remember, it is
just as much fun to own part of a horse as it is to own the entire
thing.
5.
Once your consultants have been selected, allow them to do their
jobs. Stay involved, but allow the professionals to do what you have
hired them to do - provide learned advice in areas where you have
little knowledge or expertise.
