?????? about LLC's.

[VOL JACK]

Is anyone on the board own a share of a horse with West Point or any other partnership? (excluding Dee Tee).
I was wondering if when U buy in for the 10% does it take care of all the expenses until the horse is done racing or claimed. Or do U have to pony up every year. (no Pun intended) Thanks.

[ELA]

Every one is different. You have to do your homework.

Eric

[Storm Cadet]

When I was with West Point and others, the 10% purchase price usually covers you for a set training period if your buying 2 YO's. So the 10% is for the price of the horse plus say 3-6 months training fees.

Then quarterly you will be either: a. assessed the next quarter training fees or b. receive a check for race profits-training fees.

With a claiming partnership, the company pays for the claim and assesses the new owners 10% claim purchase price as well as a quarterly training fee up front to carry them for the next quarter.

You agree ELA?

[VOL JACK]

Originally Posted by Storm Cadet

When I was with West Point and others, the 10% purchase price usually covers you for a set training period if your buying 2 YO's. So the 10% is for the price of the horse plus say 3-6 months training fees.

Then quarterly you will be either: a. assessed the next quarter training fees or b. receive a check for race profits-training fees.

With a claiming partnership, the company pays for the claim and assesses the new owners 10% claim purchase price as well as a quarterly training fee up front to carry them for the next quarter.

You agree ELA?

Storm Cadet, do U recommend going with West Point? Who was the trainer of your horse? Who was the Rep. U communicated with? Thanks.

[Storm Cadet]

They are VERY Expensive...know all the expenses. You can get into the game with less. Shop around and ask questions!

Rick Violette was my trainer as well as Gary Contessa. Contessa is no longer with the company.

Rich Christiano was the rep. Great guy!

[ELA]

There really aren't any "rules" so to speak. Everyone structures their deals differently.

I spoke at a new owners seminar once and I prepared a handout for new owners, prospective new owners, etc. I'll try and find it for those who are interested. Anyway, and AGAIN, as I have said NUMEROUS times -- most of these partnership companies are not in the business of racing horses . . . they are in the business of selling partnership interests. Unless you understand that and how it impacts you, then don't go into a partnership.

The handout I produced had a spreadsheet/grid, but it also did a comparison of the different ways of getting into the game. I don't remember all of them, but I had a Q&A section where I never recommend a partnership company unless you can answer every single one of the following questions "Yes" :

1) are you prepared to lose 100% of your "investment" (and I use that word very loosely)?

2) are you prepared to have to use an "intermediary" or "gate-keeper" in order to get info, find out about your horse, visit the barn area, talk to your trainer, etc.

3) be more of a "passive" and "have no say" partner as opposed to being in the business

Again, I don't remember all of them, but these were a few. Going into a partnership is not the only way to get into the game. Most of them -- Dogwood, WPT, Team Valor, etc. buy yearlings. Long time before you even know if you are in the game so to speak.

There are tons of private partnerships as well -- claiming horses, yearlings, 2yo's in training, etc. You just don't pull the trigger! That's why 90% of the people in this business lose money!

Eric