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 Elite Veteran
Posts: 972
  
Location: Texas! | How do they normally work out as if you were a trainer and going into a partnership with an owner on a prospect? I guess how does it normally work? Those that have done it did you just give the training as part of your “share” was the value appraised and split evenly then bills split? |
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 A Somebody to Everybody
Posts: 41354
 
Location: Under The Big Sky Of Texas | WYOracer - 2018-07-30 8:17 PM How do they normally work out as if you were a trainer and going into a partnership with an owner on a prospect? I guess how does it normally work? Those that have done it did you just give the training as part of your “share” was the value appraised and split evenly then bills split?
Most partnerships that I knew of didnt work out very well, I knew two partnerships that were super good friends, well not no more. So better have a tough skin.  |
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Extreme Veteran
Posts: 542
| The best way is to form an LLC with your partner even if it is the trainer. Some trainers will take horses on a deal where they are getting more than a jockey mount in exchange for training but many trainers go broke that way unless they are lucky. To answer your question tho you can split it up how you like as long as you SET OUT SPECIFICALLY whose paying for fuel, stall, vet bills, entries, feed, hay, training and then how your splitting purses and prizes. Many people get their butts all burned because of a trophy saddle, jacket, or arena equipment that the other partner claimed as theirs because they discussed how money would be split but not prizes.
Edited by runfastturnsmooth 2018-07-30 9:19 PM
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Defense Attorney for The Horse
Location: Claremore, OK | A partnership is a sinking ship :-( |
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  That's White "Man" to You
Posts: 5515
| The only partnership I know of that works long term is a marriage. Everything else is a time bomb. |
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 Expert
Posts: 2097
Location: Deep South | They are more likely to be referred to as "syndicates" but are fairly common in the racing and cutting industries. You may have better luck finding info by looking into them rather than asking barrel racers. |
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 Expert
Posts: 2128
| I know of some deals done where one party has the cash, the other has the talent (training, showing, riding). One pays for the horse the other does all the riding and they split the profit 50/50. |
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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | I have been involved in several partnerships on horses. All were 50/50 ownership deals with everything spelled out, including how to settle if one partner wished to buy out the other. All horses were insured and we even had it spelled out what we would do if the horse died or became unsound and not usable. We would buy a young prospect, train, show it and sell. My partner did the riding/training and that value was spelled out. Just as the value that we always used my rig for all travel and I did the driving and served as groom for all shows. We had many long conversations about setting up the partnerships -- and IMHO it is VERY important to set it all out in writing in a legal manner -- and to continue to have 'check in' conversations along the way to assure you are the same page regarding goals with the horse(s). It is a business relationship and has to be handled as such -- and business dealings require regular meetings to review progress and goals. The person I partnered with is a life-long friend -- as in over 50 years. Yes, we had some strong discussions at times, but we did them in a very civil and business-like manner and always returned to our original agreement to settle things. All-in-all we had some great horses, many memorable trips together, won a lot, laughed a lot, made great memories, stayed in some horrific hotels and have 'on-the-road' stories that could fill a book. |
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