Harness Racing Blog

So you want to own a racehorse do you? Well, that’s what I said back in the late ‘80’s when I got started in harness racing. A decision that I would never have thought would become my livelihood today. It’s funny how things evolve.

I’m sure there are many fans today that have had the thought of becoming an owner but quickly dismissed the notion for a number of reasons.

Whether the notion is dismissed for lack of information, lack of association, misunderstandings of the investment required, the result is the same. I’ll just stick to my $2 bets and enjoy the sport that way.

Well today is different. Unlike when I started, the organizations that are available to the new investor are becoming more and more prevalent. I know my Harness Racing Canada is one of many groups that are popping up everywhere. Regardless of whether you want to go at it only or partner up with a number of other fans just like you, some decisions are critical in determining your ability for success. In this my 2nd column for Harnesslink I thought I would start with Harness Ownership 101 to get you started.

Decision #1 - Picking a trainer

Once the decision has been made to get involved, the most important decision you will ever make is picking your trainer. A trainer, like an investment broker is your key to success. I have been fortunate over the years to have been involved with a few very good trainers and like most who have been involved a few duds as well. As you get more knowledgeable yourself the duds seem to have that beacon flashing over their heads.

First tip, avoid the flashing beacons.

It’s easier said then done but crucial to your success. When picking our trainer for Harness Racing Canada, we thankfully discarded a few duds and teamed up with local Aussie Mike Porter to handle the assignment. Michael Porter has many of the traits required to formulate a good trainer. Knowledge, Patience, Experience is just the beginning. Your trainer needs to be able to communicate with you as an owner and explain the process that you are getting into. If a trainer tells you to put your money down and then go away, turn around and walk away. This is supposed to be an experience for you. If I wanted just an investment, I would have bought some stock and avoided the horses all together. Remember the trainer works for you and not the other way around. Do not be intimidated. Ask questions and expect answers.

With syndicates such as ours this crucial decision has already been made for you. If you decide to go at it alone, many organizations are available that will help you in determining your trainer choice. In our jurisdiction, Standardbred Canada is an important and integral tool in helping the novice owner get started. Regular “New Ownership Seminars” are consistently held that answers the most common questions of getting started and picking your trainer.

What do I need to find out? What questions do I need to ask my potential candidates?

As I stated earlier, the trainer works for you and as such you need to get answers to some very important questions. It is imperative that your potential trainer be upfront and honest with you on what you can expect. Avoid at all costs the trainer who offers guarantees of success. This is a tough business. Hard work by your trainer is your keys to success and nothing less.

First and foremost in your questions is cost. Obviously the upkeep of our equine investments requires monthly upkeep. They don’t train themselves now do they!

Trainers base their fees on a daily rate for their training regiment. Additionally an owner will also incur the expense of stall rent, vet work, shipping and a few odds and ends required to get your horse to the races. All of these fees are standard in the industry but can be confusing if not told beforehand what to expect. Ask the questions and get it in writing. The last thing you want is to be given a bill at the end of the month only to be asking the question “What’s this”. The ownership experience becomes less enjoyable quite quickly when you get these little surprises. Occasionally these are not so little.

You’ve done your homework and determined the cost structure to expect. You have narrowed down a few trainers who fit into your expected budget. What’s next in order to make the decision? Visit the facilities where your investment will be kept. You can tell a tremendous amount about a trainer and his work ethic by his surroundings. If you were investing in stocks and visit a potential broker and find his office a filthy mess and unorganized how would that make you feel about his abilities to handle your finances. It’s the same in harness racing. A successful trainer has his/her act together. They have proper staffing levels, strict daily routines, an organized environment and an atmosphere that breeds confidence. If you see this you can feel it. If you don’t, be careful.

Now you have the costs down. You have visited the facilities. You are generally happy with your answers. Don’t stop there. Ask for referrals. The best information you will ever get on your trainer choice will come from other owners. Ask for a referral list and ask that your potential candidate provide a few names of former owners. Generally owners will be complimentary if they have an existing relationship with the trainer. The more honest answers make come from owners that have left for whatever reasons. Although the more you hear the better, keep in mind that some of the information can be biased by the ownership experience whether good or bad.

Your successful choice in trainer will feel right to you. You have asked the questions and received the answers that you feel comfortable with. The cost structure has been explained and you understand how it works. Step one is done. You have your trainer and your partner. Oh yes, he is your partner. Your success is his/her success and don’t forget that. Your trainer will take you through the next process of picking a potential horse for purchase. He will begin your foray into the exciting world of horse ownership.

Let the fun begin.

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This article was submitted to us by Paul Garofalo of Harness Racing Canada.

Image above is Mach Three

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