As a new owner you may be tempted to build your racing stable on your own. Many new owners have tried this approach and most have experienced difficulties because of their lack of knowledge and expertise. Most experienced owners would recommend the new owner develop a team of advisors to provide the needed expertise to assemble a racing stable. It's nearly as important to select the right advisors as it is in selecting horses for your stable.
Your advisor team can include one or more experts providing you, the new owner, advice and direction. Your team may include your trainer, a veterinarian, a bloodstock agent and possibly an experienced owner you know and trust. Be sure any advisor you select fully understands your business plan and operates to help you fulfill that plan.
Don’t be afraid to ask questions. Don't hesitate to ask the advisor(s) to explain their selection process for a horse. Also be sure you understand any fees associated with this process. If thee are fees, have an agreement, in writing detailing any and all fees. Be sure to visit the OwnerView Advisor section for a list of TOBA members that are industry Advisors.
When selecting your advisor(s), as a new Thoroughbred Owner be mindful the following:
- Treat your Thoroughbred racing ownership as a business
- Disclose your goals and objectives from the start. Be sure your objectives are consistent with the areas of expertise of your advisors
- Get references and check those references before hiring an advisor(s)
- Keep to your budget. If your advisor(s) attempts to get you to invest more than you are comfortable with, find a new advisor. Thoroughbred Ownership is more about your enjoyment than anything else. Stay in your comfort zone.
- Determine what fees (if any) your advisor will charge for their services in writing.
- Allow your advisor(s) to do their jobs. You should be involved, but let the professionals do what you have hired them to do..
Sources for selecting an Advisor: