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About Stephanie Frost
Expertise
Questions about Thoroughbred training, racing and breeding. Rules and regulations regarding Thoroughbred racing. Mainly focused on racing in the USA. I can also answer breeding and bloodstock questions, along with pedigree advice, plus advice about forming a realistic plan for starting into the racing or breeding business. No handicapping questions, please.
Experience
I have been a licensed Thoroughbred trainer for 20 years, a thoroughbred farm owner and Thoroughbred breeder. Owner of Alchemy Bloodstock, a full service bloodstock agency, specializing in locating quality racing and breeding stock for clients, and representing clients at various Thoroughbred sales. Alchemy Bloodstock has been instrumental in the purchase and training of several graded stakes horses, as well as many extremely profitable sales horses.
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You are here: Experts > Sports > Horse Racing > Horse Racing > How to be a new owner
Expert: Stephanie Frost
Date: 6/6/2004
Subject: How to be a new owner
Question
Hi,
I live in Auburn, Washington (Emerald Downs), I've very high interest in horse racing. I would like to start a new stable and hire a good trainer and a jockey, but don't know how to do so and how much capital would i need to start a new racing barn for regional races with 3 horses with a value of $8,000 per a horse.
I would like to know how much capital do i need to start a new barn?
How much expense are needed per a horse/per a year (training, medicine, food etc....)?
How do i find a good trainer/jockey?
What is the minimum total capital suggested?
I wanted to be a new owner, what advice will you give me?
Any helps from you or others are appreciated, Thanks
Mike
Answer
Mike,
Welcome to the wonderful and exciting world of horseracing!
First of all, you should understand that there is absolutely no guarantee that you will ever make a dime in the horseracing business. Never use necessary funds to get involved in this business, hoping to hit it big. There is nothing like owning a racehorse and hopefully watching it cross the finish in front of the pack, but even with careful planning, things don't always work out that way. Horses can get injured or sick, or simply not run nearly as well as we hoped when we bought them. Always consider your horseracing budget to be expendable funds. You can minimize the risk to your pocketbook by doing your homework, though.
Absolutely the most important part of success at the races is actually purchasing the stock. If you hire someone to do it for you, be very careful in your choice of an agent. Many agents will tack on a hefty commision for themselves that you will never know about. It is not unheard of for a buyer's agent to add on several thousand to a horse's purchese price, all of which goes directly into his pocket. Make certain you hire someone that you trust. If you are doing the buying yourself, get good advice. If the horse has raced before, go over the past performances with an objective eye, (an unbiased observer to view them along with you wouldn't hurt) and don't accept any silly excuses for a poor performance. Be picky about conformation. Good conformation can go a long way, even with a lesser pedigree. Pedigree is important, but the horse runs with his legs, not with his papers. You won't find a perfect horse, so have some idea what faults you can live with. A few of my personal conformation rules are :over at the knee is far better than back at the knee, poor hind end conformation is almost always a deal breaker, and a good deep shoulder can overcome a whole lot of tiny faults. Of course, a proven past performance almost always overcomes anything.
Finding a trainer is the next hardest part. I would suggest talking to friends who have racehorses, or going to the backside of Emerald Downs and wandering around. Watch what goes on at the different barns, how the help acts, what the horses look like, etc. Write down the names of trainers whose stables appeal to you. Once you have a list of possible trainers narrowed down, then go and talk to each one in person. Don't be afraid to ask questions about things that concern you. Ask the trainer about average vet bills for his stable, and why he uses various medications. Ask him about his theories about training and placing horses. Ask him how he regards owner input. Some trainers get along better with absentee owners, and some welcome your advice. Find a trainer that you are comfortable talking to, and who seems to have ideas that run alongside your own about the business of racing. No matter how good a trainer is, if you aren't comfortable dealing with him, the relationship will likely be unsuccessful. You might also ask to speak to some of his current clients, if possible. This may not be possible, though, due to the other client's privacy requests.
Rates can vary widely from trainer to trainer as well. I'd guess an average in your area would be anywhere from $35.00 per day to $55.00 per day. This covers usual daily expenses, like feed, care, and rider. Vet work, blacksmith and shipping costs are always extra. Some trainers also have other fees, like extra charges for supplements, any one time medications like Bute, or sometimes even fees for bandages, or wear and tear on equipment. This is unusual in the extreme, but I've known trainers that did, so it always pays to have everything spelled out in advance, to avoid unpleasant surprises.
The cheapest trainer isn't always the best deal, as the cost cutting has to come from somewhere. Often that is poor feed or hay, or not galloping the horse every day as they should. I'm not saying that the most expensive trainer is automatically the best, but if the offer seems too good to be true, take a good hard look around, because it probably is. Some trainers will offer to train for you on a "deal". That is when a trainer doesn't charge you for training at all, but in return he gets a large percentage of the horse's earnings when he runs. This is usually a horrible idea. Often your horse gets shorted due to lack of income on the trainer's part. A trainer's day rate usually doesn't cover much beyond the his basic expenses, with his purse earnings being the actual profit that allows him to survive, so if he isn't bringing in a day rate to cover those expenses, things can get short in a hurry if he has a bad spell at the races.
As for a jockey, your trainer is probably the best judge of a good rider. He will have the contacts needed to find one, and should probably be left to take care of arranging things with the jockey agent for race day. You are certainly entitled to input as regards your trainer's decision, but he'll have the best luck doing the actual hiring, since he'll already be known to the agent, and he also has other horses to entice the rider with. Riders tend to pay more attention to bigger stables, as they can get more mounts from a large stable then from a smaller one.
Vet bills vary according to trainer. Some trainers rarely use a vet, except for emergencies, and some routinely run up vet bills in the hundreds of dollars per horse each month. Again, ask your trainer about his average vet bills during the interview process. Also ask what kinds of conditions would cause him to call out the vet. Being too conservative about vet work can sometimes be just as bad as being too spendthrift. Some health issues really need to be traeted right away, and not left to simmer.
As far as total capital expenditure, that is very difficult to answer. If the horses that you buy are ready to run, then have enough put away to cover expenses for about 6 months. If the horses aren't running well enough to cover things by the end of month five, then you might try looking to sell and cut your losses. If you are buying young stock, then allow at least a year's worth of expenses or so, depending on how young they are. (yearlings versus weanlings, etc.)
I hope that I've covered all of your questions. If you need any other advice, or have any questions that I didn't cover well enough, feel free to email me, and I'll try to help out further.
Stephanie Frost
www.alchemybloodstock.com
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