Equine CPA practice - Tips and Requests?

[genco04]

Long-time lurker, and hoping I can pick the brains of all the posters here:

I’m a CA (CPA) that is looking at expanding my firm with a specific focus on equestrian operations. Currently I have a couple equine-related clients (hunter/jumper boarding/training facilities.) but I would like to develop this market even further. In my area, there are no equine-specific firms, and from what I’ve been hearing from my horsey clients is that they are sick of having to explain to accountants what a stud-fee is, or what performance gaurantees are, etc. With my pre-CPA background having been on cattle ranches, race tracks, and FEI, I’ve been more than able to address the day-to-day business and tax issues that arise in these businesses, and the owners very much seem to appreciate this.

So with that in mind, I would love to hear what the various equine, vet, and ag businesses here require or would appreciate from a CPA firm, specifically regarding equine-related issues or concerns. I know that a big thing for some clients is to be on top of farm-specific payroll tax issues, or specific costing analysis for the various “zones” of the barn or property, but I’m interested in hearing more of what current CPA’s dont offer, that you would instead like to see or have your accountant handle

Additionally, any advice on how to “approach” you as an owner so that you are made aware of a firm that specializes in the industry would be great. I’m very much adverse to active soliciting (I have a business to run myself, and don’t have time to do the door-to-door thing), but I do frequent the various shows and events in my area. Would a simple brochure on the local event post-it board suffice, or would that be something you would simply ignore?

TL;DR:
-What services would you like to see CPA’s offer their equine-specific clients and businesses.
-What would be the most effective method for a equine-specific CPA firm to market itself and get its name out to your business?

[twotrudoc]

This is a pretty successful equine related accounting firm out east, I follow them on Facebook, they are great!

http://www.abbyroadgroup.com/

[genco04]

Thanks for the link. Anything else you’d be willing to suggest or recommend?

[twotrudoc]

Not for CPA, sorry. I’ll sit for the CMA in a few years though

I will say this, people appreciate correct billing (I braid part time as well as work as a GL and payroll acct for my “real” job, helps pay for college). It is a rarity in the horse world, and very appreciated. They also love that I am legit, have a UBI and EIN so they can claim braiding if needed. One of my favorite trainers out here knows her stuff, she is a good business woman and her clients love her for it.

There is a huge need, but I think people do not realize what accountants do exactly? Email Abby Road, they are so nice. They are on Facebook too!

[gottagrey]

Shoot I think just knowing you specialize in equine business is a big help -

maybe assistance with issues around health insurance and workman’s comp.

[Training_Cupid]

Okay I don’t run a horsey business but just spitballing a few ideas here in addition to the issues mentioned above already:

• good understanding of partnership taxation
• referrals to good attorneys and insurance providers
• possibly understanding of charitable orgs (if there are rescues, etc)
• knowledgeable about depreciation, esp ag-related
• tax consequences of work-trade situations
• know to recognize hobby loss issues

[genco04]

Great, thanks for all of the replies so far. It’s certainly nice to know that there is indeed a demand for this type of specialized services. To be honest, my biggest worry is that it is almost “too specialized” a niche, but from what I’m hearing it sounds like this just might work.

And TrainingCupid, don’t feel you can’t contribute because you don’t have a “horsey business” - that list you detailed gives a lot of room for thought. Thank you very much