Before making the transition from racetracker to owner, before claiming that horse you´ve been eyeing, before you even fill out your application to own, there are questions to be asked of yourself. You are entering a whole new world of business, one which will easily, and seductively, consume as much time, energy, passion and money as you care to give it. In order to be an effective player, you will need to devote some significant percentage of your time to managing, decision-making, tracking and learning about your new avocation: can your bank account, your friendships, your other businesses, and the well-being of your family life afford this new commitment?

If, to whatever extent, the answers are "yes," you have several styles or forms of doing business to choose from - Sole Ownership, Private Partnership with friends, Public Partnership, Limited Partnership, Corporation, Association, Syndicate - and some are more consuming than others.

Regardless of which style you choose, perhaps the most important bit of advice veteran owners can give in this regard is: Start small, and GO SLOWLY at first. Before you make too costly or permanent a commitment, give yourself time to find out if you have the time for this avocation, to discover whether you enjoy the art and the challenge of owning a racing stable, and to see if you´re comfortable with the on-going costs which are inevitably involved (see chapter on "Operating Costs").

The third bit of wisdom we have to offer is this: Before making the decision on how you are to "do business," obtain professional advice (perhaps from your accountant) which will take into consideration both your personal assets and your personal goals.