Smart Financial Planning Strategies for Horse Professionals

Tuesday, June 15, 2010

On July 5, 2010, Equestrian Professional will begin a three-part seminar series on financial planning for horse professionals. This series will focus on what horse professionals can do to create a secure financial outlook for their businesses and their own financial future.

The recession has had a widespread effect on the equine industry
The Problems
Sales barns and breeders are supporting unsold inventory or are selling horses below cost. Show barns have reduced the number of shows they attend, are competing closer to home, and/or are bringing fewer customers on the road. Trainers and professional riders are implementing new strategies to attract and retain clients: i.e. leases and syndicates have gained popularity.  Additionally, some trainers are moving into new markets, like selling online training programs.  Boarding stables are dealing with more past due accounts and abandoned horses than ever before. Rescues are over burdened with unwanted horses and their donors are tapped out.
The Reactions
Many horse business owners have dipped into their retirements and savings (or maxed out their credit) in order to weather the recession. Others have made significant (and successful) changes to their businesses, but are finding that they must now adjust their business model in order to make these changes more profitable.  Still others are in a state of uncertainty – the recession may have presented them with an opportunity- for example, to purchase discounted real estate or invest in a special horse.  However, they find themselves reluctant to make a commitment in the current economic climate.

Whether a business has taken a direct hit or only been marginally effected - the recession has created a tumultuous business climate and currently, most horse businesses are either financially unstable or in some stage of economic recovery.
The Solutions
In order to properly address these needs,  Equestrian Professional's Smart Financial Planning Strategies for Horse Professionals will take a three-pronged approach. The first seminar we will address financial recovery and stability.  The speaker will be successful farm manager, Pam Saul of Breslin & Young financial planners. The second seminar in the series will focus on asset and earnings protection. The speaker will be equine insurance expert, Reed Schroeder, who will cover insurance options for horse professionals. The third and final seminar in the series will focus on building for the future - financial planning and prosperity. The speaker will be investment manger, Marc Reisman, who will discuss retirement planning and investment options for horse professionals.

If you are in the horse business, you can't afford to miss this seminar series. Equestrian Professional's seminars can be attended online via webcast or via your phone. The lecture portion is free to all  horse professionals but you must register to attend.*

We encourage you to learn more and to register for the first seminar in the series – “Smart Financial Planning for Horse Professionals – Part 1 Recession Recovery - Stabilizing Your Horse Business”

*Equestrian Professional members also have access to the seminar replay, special seminar hand outs and the members only Insider Tips and Live Q&A session immediately following each event where they can interact directly with the speakers. We encourage all serious horse business owners to learn more about becoming a member.