Financial Analysis
The equine industry is extremely fluid and often driven by emotion. A member of our firm is certified as both an equine appraiser and public accountant. Because of this, we are in a unique position to provide an objective opinion to clients who want to include sound financial analysis in their decision making process. A few examples of situations requiring financial analysis are: stallion prospect purchase, broad mare prospect purchase, and futurity prospect purchase.
Business Plans
Business plans are vital components of any operation. Again, they are especially important to equine businesses. Business plans, or lack there of, are considered by taxing authorities when challenging a horse business. Management’s willingness to develop, follow, analyze results and make necessary changes is not only good business practice but indicates to the IRS the degree of seriousness an equine business is operating. Working with our clients, we build business plans for their breeding, training or boarding operations and offer yearly review and adjustments as required.
Budgeting
Budgets are often overlooked as a business tool. A thoughtfully constructed budget provides a sound foundation to every business owner and manager. When combined with a good business plan, management is empowered to make good decisions. We work with our clients to develop a budget which brings together management’s expectations for the upcoming year with our expertise in budgeting. Together we set goals toward which a successful equine operation can work. Periodic review of the budget and necessary adjustment to programs that have been implemented is required in order to achieve maximum benefit.
Regardless of the size of the equine business, we have a unique combination of experience, knowledge and expertise necessary to help our clients succeed in the demanding and passion driven horse world.