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Finding The Right Syndicate For You-Part 2, Presented By Taylor Made Partnerships

The Midwestern sage, Mark Twain espoused, “The secret of getting ahead is getting started.” Nothing could be more apropos when considering joining a Thoroughbred racehorse partnership.

Getting started is the hardest part for most prospective owners. The world of Thoroughbred racing can seem as inaccessible as the Churchill Down's Turf Club on Derby Day. The good news is joining a partnership makes getting started easier.

In the first part of this series, we provided basic information such as investment levels, tax considerations and the entertainment value partnerships offer.

In Part 2, we will provide insights into the experiential considerations that can make your personal journey into ownership more valuable.

Owning More That 5%

You should always begin by considering what is going to be financially comfortable for you. If your investment level is below $1,000, your focus should be directed toward micro-share opportunities like MyRacehorse, Wasabi Venture Stables, or a racing club at your local racetrack. These vehicles offer participation for as little as a couple hundred dollars and generally offer less than 1% interest in a horse. Micro-share partnerships rarely present any financial windfalls, but do give you the excitement of participation and a friendly conversation starter at your next social event. They also make great gifts for a horse lover in your life.

If you are comfortable in investing $1,000 or more, look for an opportunity where you can buy in for at least 5%. Truth be told, percentages have their privilege in Thoroughbred ownership. We all know that 5% of a $10,000 claimer is quite a bit less than 5% of a $1 million yearling.

What you may not know, there are significant benefits of being at least a 5% partner. Owning 5% means that most racing jurisdictions will require you to become a licensed owner. Once you are licensed, you now have access, and access is where the real fun begins.

Trainer observing morning workouts | Coady Photography

With a state-issued owner's license, you typically will have access to the stable area and your horse. Watching morning workouts, spending time in and around a functioning training operation, and gaining insight into how the stable area operates are a handful of the most fascinating activities an owner can experience. Feeding carrots and treats to your horse can be worth the price of your investment alone.

On race day, you will have access to the paddock area to see your horse prepare to head out to the racetrack. The paddock is where you can interact with your jockey, trainer and other partners. Most racetracks also offer owner privileges like free admission, free programs, reserved seating areas and invitations to special events. These perks are part of your return on investment and an enticing incentive to own at least 5% of a racehorse and becoming a licensed owner.

The Partnership Personality

You are now at the point where you are hungry to get started. Do not make the mistake of buying the proverbial sizzle of a partnership… you want the steak. What a partnership portrays in advertising or by the general partner may not be what is served. You need to learn about the partnership's personality, in other words, where the meat is. How does the partnership communicate with its owners? How often does the partnership send out updates on horses? Do they use social media, e-mail, or other platforms? What level of input will you have?

Some general partners are great at taking input, others prefer to remain focused and rely on their own experience and skills. If you are a person that likes to socialize, do not hesitate to ask what events, or get togethers, are typically planned. Talk to current partners and get their feedback while simultaneously gaining a sense of whom you will be sharing the experience. Part of your return on investment are the relationships you develop. Simply make sure you get the steak and not just a bunch of sizzling mushrooms.*

Geography

Most partnerships run their horses at specific racetracks or on a circuit. You need to determine if you are ok with watching your horse race on the computer or if you want to go to the racetrack and enjoy watching your horse race live. There are racetracks that are great for bringing friends and family with you and others that do not make the greatest first impressions.

California racing | Benoit

Where you live or where you are willing to travel is important in how immersed you can get into ownership. Living in Missouri does not mean you should not own a racehorse, it just means you may have to travel more vs. someone that lives in Southern California. Conversely, if you are solely interested in a financial return on your investment or are allergic to hay and hate the smell of manure, seeing your horse in person may not matter. The bottom line is: know where your horses are most apt to race and determine it if falls in line with what you are seeking.

The Mission

There are partnerships for breeding, buying yearlings, pinhooking, buying two-year-olds, claiming, and everything in-between. What is best for you is a choice. Start by asking yourself if you like action or if you are willing to be patient and potentially end up with a Kentucky Derby horse. Most new owners benefit from getting involved in a claiming partnership first.

With these partnerships, you can make your investment one day and be at the races to watch your horse run within weeks. Typically, new owners start in a claiming partnership, move to buying into unraced younger horses, then yearlings and down the road becoming part of a breeding opportunity. All are available to you with partnerships and you will be learning and becoming more adept along the way.

The Cherry On Top

An area that has become especially important to new owners coming into the sport, and rightfully so, is aftercare. Prospective new partners should ask, “What will happen once our horse is done racing? Can we still follow our horse after it retires?” Do not hesitate to ask these questions about any partnership you are looking to get involved in.

Some partnerships have aftercare programs in place, some have aftercare organizations they work with, and others unfortunately have no answer to this question. When you buy a Thoroughbred racehorse, you will discover an intrinsic connection to the horse, it is inevitable. Making sure you participate in a partnership that cares for their horses after their racing career is over is to be applauded and supported.

Wonder Wheel | Sara Gordon

The path to becoming a Thoroughbred racehorse owner has never been easier. Partnerships have led the way in making ownership more accessible to everyone that loves horse racing or horses.

Finding the right partnership for you is a process, a process that hopefully has been made simpler by knowing what to ask, what to look for, and what really matters to you personally.

Note: a mushroom is a term in racing is often referred to an owner who is kept in the dark and fed manure.

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Partnerships: In Front Racing Stables Personifies Integrity Through Partnerships

In Yiddish, a mensch is a person who personifies integrity, morality, dignity and a sense of what is right and responsible. But mensch is more than just an old Yiddish adage, it is a word that best describes the managing partner of In Front Racing Stables, Howie Heiberger.

Heiberger was born and raised in Brooklyn, New York and that meant having Aqueduct as a beacon of fun and excitement just a few miles away. As a teenager in the late 70s, he and his friends would put forward the $1 it cost to take the Express Bus east to Queens to take in an afternoon at the races. The gang of wide-eyed neophyte gamblers would pool their money in the hope of making a score just like their seasoned counterparts. However, more often than not, Heiberger and his young Brooklynites would end up having to take the subway home, which only cost 35 cents since the bus fare was long gone.

Heiberger has spent the last 20 years building a successful catering and event center business in Freehold, New Jersey. The success of his Aurum Events and Exquisite Caterers now means he doesn't need to take the bus any more, but the memories of Aqueduct have never left. Always a casual horseplayer, Heiberger decided to dip his toe into the ownership game and began buying into partnerships about 10 years ago. Owning 3% to 5% of different horses made it clear to him that you did not have to own the whole horse to enjoy the total experience. That revelation inspired him to start In Front Racing Stables in June 2021.

Howie Heiberger | Howie Heiberger

Within weeks of getting the stable set up, Heiberger, some family and a few close friends dropped a claim slip on a 4-year-old mare named Tenderness (Medal Count). The $20,000 claimer would be the start of a long eight months of frustration for the new partnership group. In Front Racing Stables had 14 starts and waited eight months before they finally visited the winner's circle with one of their horses. Not everything was dark clouds for the new stable though, prior to their first win they were able to hit the board with their horses 50% of the time, so money was coming in and the bills were getting paid. With exactly 100 starts, as of the writing of this article, you can now find 15 winning photos on the wall and the group sporting an in-the-money strike rate of 46%. The success of the stable is a team effort. In Front Racing Stables currently employees the services of trainers Linda Rice, Jose DeAngelo and John Toscano to train and race their horses.

Heiberger also works with Larry Kaufman who is on the ground at the NYRA tracks to find the right horses to claim and add to their stable. Claiming is the name of the game with In Front and it has become their bread and butter.

In Front Racing Stable offers a unique proposition to its current and future partners: No bills. Once a partner decides to invest in a racehorse, there are no cash calls for training, vet work, transportation, etc. The ability to offer partners this unique opportunity is achieved through a formula that gives trainers 60% of the In Front horse's net purses earned and the partners 35%. Heiberger retains 5% of the net purses to cover the costs of running the operation. As the general partner, Heiberger also marks up all claims 15%. “Our partners really like the model we have established because they know what they want to invest and that is it,” he said. “No cash calls or bills. I have been in business a long time and you have to believe in the product that you are selling. I believe in this model.”

So do his partners, who now exceed 75 participants. Active partners number around 45 and 25 partners are in on almost every horse claimed. Most are from the East Coast, but In Front has partners that live in Arkansas, Oklahoma and as far away as Arizona. “We primarily race in New York and Florida, but I have the Oaklawn Park condition book in my hands now, so we may be expanding west,” he added.

In Front Racing Stable | Howie Heiberger

In Front partner Michele Farina had the same experience of sneaking off to the track while still in school. “We talked about experiences having grown up around the game and had things in common,” said Farina. “Besides being such a nice man, I respect how he has established and grown the stable. Also, meeting the other partners has been great and we basically all hang out together when we're at the track whether we're running a horse or not and that is what I really enjoy.”

One of those other partners Farina referred is Joey Zayas. “Howie ensures you are part of everything, from your thoughts on the horses they select as a possible claim to the race selections when that flexibility arises. I started with MyRacehorse, and even though they provide a great experience for the new, perhaps inexperienced horse owners, you are not that engaged with the day-to-day operations like In Front.”

In Front partner Steven Rapoport also has had experience with other partnerships. “I was a member of Karakorum Farms, Drawing Away Stables and Top Hat Thoroughbreds in the past,” he said.

“We have a group of 60 or so partners here who can look at claims. evaluate horses and try to make intelligent claims. The no-bills aspect makes it affordable.”

Heiberger is appreciative of the owner perks NYRA offers and one of the reasons he strongly recommends partners own at least five percent or more, so they can get licensed. “When you are a New York licensed owner, you get free admission for yourself and immediate family, free programs and owner's parking,” he said. “They even have an owner's lounge area. These things bring value to horse ownership.”

Teaching novices about ownership, introducing them to trainers, jockeys and others in the game is what drives Heiberger to grow In Front Racing Stables. “I want to give our partners a great experience just like with my businesses,” he said. “I also want them to learn, and interact with all aspects of the game, and most of all I want them to have a shot at making some money.”

This may seem like a lot to offer to small percentage owners, but that is simply what a mensch, like Howie Heiberger, does.

Joe Scurto is the principal at Horseshoe Marketing. His Twitter is @RacingHorseshoe.

Editor's Note: Partnerships, presented by Taylor Made Partnerships, is a new TDN feature which explores different partnership groups at different investment levels across the country. Each month, we will choose a different group to profile.

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Friday’s Racing Insights: Juvenile Colts Take To The Churchill Stage

5th-CD, $120K, Msw, 2yo, 7f, 2:45 p.m.
Currently in fifth place on TDN's first-crop sire tally behind fellow Spendthrift Farm leader Maximus Mischief, Vino Rosso will look to add to his haul when MASMAK hits the track for the first time Friday afternoon.

Originally purchased for $70,000 by Tom McCrocklin at the Keeneland September Yearling Sale, the chestnut colt went to FMQ Stables at the OBS Spring Sale earlier this year for $475,000. Trained by Brad Cox and ridden by Florent Geroux, Masmak's dam GSP Nite in Rome is also responsible for SW Stan the Man (Broken Vow) and GII John A. Nerud S. hero Three Technique (Mr Speaker).

Also making the gate is Frank Fletcher homebred Top Gun Rocket (Into Mischief). The bay colt, trained by Riley Mott and piloted by Junior Alvarado, is the full-brother to GII Prioress S. heroine Frank's Rockette. TJCIS PPS

7th-CD, $120K, Msw, 2yo, 7f, 3:50 p.m.
Speaking of Brad Cox and homebreds, Juddmonte has a gray colt named Dragoon Guard (Arrogate) who will be making his debut in the other seven-furlong race carded for juvenile colts at Churchill Downs. The homebred is out of GII Goldikova S. winner Filimbi (Mizzen Mast), who hails from an extended female family which includes half-sibs Weep No More (Mineshaft), winner of the GI Central Bank Ashland S. and GIII Dixiana Bourbon S. champ Current (Curlin).

Sweet as Sin (Candy Ride {Arg}) makes his first trip to the races for Hall of Fame trainer Steve Asmussen. The chestnut colt, who was purchased at this year's OBS March Sale for $410,000 by L and N Racing and MyRacehorse, and includes Edge Racing as part of its ownership, counts MGSW Family Tree (Smart Strike) as a half-sister and GI Longines Kentucky Oaks runner-up Liora as a full. Sweet as Sin's dam, SW Giant Mover (Giant's Causeway), is out of two-time GII Princess Rooney H. scorer Gold Mover (Gold Fever).

Continuing the homebred theme, Gary and Mary West send Title Contender (Tapit) to the post. Trained by Cox, the gray colt's dam–out of GII Cotillion H. winner India (Hennessy)–is a half-sister to G1 Yasuda Kinen S. and G1 February S. hero Mozu Ascot (Frankel {GB}). TJCIS PPS

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1/ST Racing Invests In MyRacehorse

MyRacehorse has entered into an agreement with 1/ST Racing, which is among a group that has invested $7 million in the company that sells fractional ownership and will help market MyRacehorse at its family of tracks, according to a joint press release from the groups Thursday morning.

Michael Behrens, the founder and CEO of MyRacehorse, told TDN that his company was looking to add investors with the passing of B. Wayne Hughes. Hughes, who owned Spendthrift Farm, was an early supporter of MyRacehorse and an investor in the company. MyRacehorse continues to own horses in partnership with Spendthrift but the farm itself is not an investor in the company.

“I've been talking to people globally now that we're in Australia, Ireland, the UK and the U.S., and have put together a nice collection of investors, led by 1/ST,” Behrens said. “We raised $7 million collectively. This is the next chapter in our journey and validation that people see what we've done in democratizing ownership and getting more and more people involved is working. 1/ST has been a big supporter since day one. With 1/ST's commitment to innovation, this made a lot of sense and I was happy they decided to come in.”

1/ST will not have an ownership stake in any of MyRacehorse's horses and will have no influence over any decisions that are made regarding a horse's career or racing schedule, said Behrens.

“1/ST's mission to introduce and engage the next generation of fans and owners in innovative and entertaining new ways aligns perfectly with the MyRacehorse concept,” said Aidan Butler,
Chief Executive Officer, 1/ST RACING & GAMING. “The ability to become an owner of a Thoroughbred racehorse and to be part of an ownership experience that until now has been inaccessible for many, is truly exciting. We have seen firsthand the success of MyRacehorse and we look forward to helping scale this platform across racing, wagering and beyond.”

“The majority of this investment will go toward the building out the framework of the technology to continue to provide better technology for mass ownership for horse racing and set us up for expansion into other sports,” Behrens said. “It's 1/ST. There will be a lot of interesting collaborations around the on-track experiences and gaming through their ADW. They own all the assets that are symbiotic with ownership and I think that you will see an evolution of the product and the ownership experience.”

Behrens said MyRacehorse will team with 1/ST to provide on-track experiences and perks available to MyRacehorse customers and that new initiatives will be announced in the months ahead.

“(1/ST CEO) Aidan (Butler) and the whole team at 1/ST have always been big supporters and have always helped us to provide the best possible experience,” Behrens said. “With this partnership there are a bunch of things in play that we will be announcing over the next months and quarters that will be incremental to the ownership experience. We will plan on larger and larger events now that we have the partnership solidified. The race-day experience you will see right away will evolve at those tracks.”

The funding will also be used to allow MyRacehorse to expand its stable of horses, Behrens said. Launched in Los Angeles in 2018, MyRacehorse offers prospective owners the chance to buy into a racehorse for as little as $100. Hughes was one of the investors in the seed-round funding, and became an active partner, campaigning the 2020 Kentucky Derby winner Authentic in partnership with MyRacehorse, among others.

“In our first chapter we have served nearly 100,000 users and the app has enabled us to fractionalize more than $50 million in racehorse offerings,” said Behrens. “We see this partnership and investment as the start of new chapter–one of significant scale and growth. Just the fact that we are well capitalized and have raised $7 million, that gives us access to not only having liquidity in the company but also being able to get more money through credit lines to buy more horses. Luckily, we've been in a position where the majority of our horses sell out relatively quickly. We've been trying to balance our growth. When Wayne first came in, we went from buying a handful of horses to dozens of horses. I would expect another step change. We went from being very modest founder-funded to being able to capitalize with our partnership with Spendthrift. It was a major step change. I see this as another move. We now have the ability to go out there and meet demand.”

The platform currently boasts more than 50,000 active owners and 100 active horses who have won over 160 races worldwide, with earnings in excess of $20 million. MyRacehorse is
predominantly focused in the United States and Australia and has recently expanded to the United Kingdom and Ireland.

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