Thoroughbred racing is a team sport. The success of a racing operation will depend, to a significant extent, on the makeup of your team. Exercise as much care in selecting a team of advisors as you would exercise in the selection of your first horse.
Your particular team of advisors may be as few as one or may consist of several advisors including a bloodstock agent, a trainer, a veterinarian and a mentor.
Bloodstock agents are people who are paid a commission to buy and sell horses. A bloodstock agent assists owners in the evaluation of horses, based upon pedigree and conformation, for the purpose of buying and selling at public auction or private sales. Generally speaking, they may also facilitate the purchase process, including establishing credit with the sales company, finding an equine veterinarian and selecting an appropriate boarding facility.
When selecting bloodstock agents, remember:
Ask other participants in the industry, including sales company executives, owners, trainers, racing officials or investigators, their recommendations and endorsements.
Evaluate the candidates as you would any other financial advisor.
Agents typically will charge a small commission (i.e., 5%) for the purchase or sale of a horse. Obtain assurances that your agent will fully disclose all commissions for every transaction. Determine if the agent regularly buys from the same consignor. This may evidence a good working relationship, and it should be discussed openly and frankly with your agent.
Review their past purchases with the references. Have the horses been successful? Does this agent have experience buying within your price range?
Above all, recognize it is your investment, your money and ultimately your horse. Retain the final say.
The owner/trainer relationship is analogous to a marriage. An honest relationship is essential. Take your time and select the individual that fits your needs and personality. Keep in mind, as you interview trainers they may also be evaluating you as an owner/client, particularly your willingness and ability to accept advice.
The racing office at most racetracks can provide a stable list, including trainers' names, barns and phone numbers. This information may assist in locating a trainer for your stable.
When selecting a trainer consider:
Do you want a trainer who excels with allowance, claiming or stakes horses, fillies/mares or colts, young racing stock, turf or dirt horses?
In the past, many owners were passive and interaction with their trainers was minimal. As owners have become more active, they have demanded greater communication. Some trainers resent these demands, but most have readily accepted owners' desires to more closely monitor their investment.
Considering the size of your investment and the size of the trainer's stable, your expectation regarding communication must be realistic. Obviously, this is an important subject that should be discussed and understood by both parties from the outset of the owner/trainer relationship.
Do you want the trainer to automatically call you if the horse is going to work, or if it is sick, or if something is developing with its physical condition or training program? Do you want the trainer to include you, or consult with you, on the selection of races for your horse?
Consult statistics from Bloodstock Research, the Daily Racing Form and The Jockey Club Information Systems to verify suspicious representations. Keep in mind the size of the stable and the trainer's experience when evaluating this data.
Go to the paddock and observe trainers in action. How do the horses, the stable assistants and those associated with the operation appear? Does the trainer speak with the owner or the jockey? Those observations should provide an indication of the trainer's practices and character. Visit the stable area of tracks where you would like to race. Get the feel for the tidiness and staff.
Does the rate change if the horse is taking a break or is laid up for a month or so, yet still under the trainer's care? Are the feed, bedding, stable employees' wages, stall rent, exercise riders, ponies for workout, paddock and gate schooling, vitamins, bandaging and similar "supplies" all included in the day rate? Some commonly non-covered expenses in the day rate are, though not limited to: farrier expenses, veterinary costs and transport costs.
Review their policy regarding the medical care given to the horse. Does the trainer ask owners to authorize veterinary care expenses? Who maintains the horse's health records? Do they use certain medications regularly? Some trainers use vets almost compulsively, and with good results, while others use them sparingly and with equally good results. It depends on the trainer and, to some extent, the quality of horses he has to work with.
Asking these questions should give you a feel for the character, skills and beliefs of the candidates. If you are not comfortable with what you have learned, interview additional trainers until you have found the right one.
Once you have made a selection, be certain that the two of you have a clear understanding of each other's expectations and responsibilities. Don't begrudgingly turn over the responsibility to them to do their job. Be positive and enjoy the experience.
Finally, consider whether a written contract would be appropriate. Note: Written contracts are not common practice on the racetrack, and the mere proposition of one may evoke a less than positive response. Nonetheless, if you feel you must have one, find a trainer who is willing to enter into a contract.