Rock LaManna04.13.21
The Horseracing Integrity and Safety Act (HISA) was just signed into law. It creates a uniform national drug policy for horse racing that covers race-day treatment, performance doping, and medications that can mask injuries. HISA is a major step in addressing the potential conflict of interest in veterinary care.
Why the horse racing industry has struggled with ethics among their elite providers
Greed, ego, and pressure to make snap decisions in the pressure of the moment can lead to veterinarians acting without the animal’s best interest. Greed, especially. Horse racing is an industry where the money flows. According to statistica.com, “The market size of the horse racing track industry in the US was valued at over $3 billion in 2020.”
Two articles helped the public become aware of these ethical issues.
A special report from the New York Times entitled “At the Track, Racing Economics Collide with Veterinarians’ Oath” came out in 2012 when the first version of HISA was introduced. NBC News did an inside report, “Every Day, I Almost Quit: Confessions of a Racetrack Veterinarian” that dug into the complicity of team owners, trainers and regulating boards who were driven by money.
How can veterinary experts at this level be swayed from their ethical duty and their rigorous professional code? Like experts in every industry, they get the stars in their eyes. They are immersed in a world where their ego gets stroked. They’re pressured by owners and trainers to make exceptions. They let external factors, not their internal compass, decide where their ethical line is.
All industries have areas where ethics can be an issue
When we apply that to our industry, we can’t assume top level experts will be ethical. With clients and in my personal life, I’ve dealt with supposedly-reputable experts who parlayed money and influence. They expected favors where the rule of law and fair play should prevail. I’ve heard through the grapevine of experts who did not recuse themselves when there were serious conflicts of interest. I have severed professional relationships with individuals who used inside information to make purchases, enter into contracts, and ultimately line their own pockets.
The lesson? Where money is involved, be on guard. Whether it’s the horse racing industry or the graphic arts industry, it takes a trusted relationship and an alignment in values and purpose to find advisors who operate from a place of crystal clear integrity and service to their clients.
Attract the right kinds of expert providers when building your advisory team
As you build your dream team of business advisors, think about who can provide references to other proven experts who understand our industry and are known to be trustworthy and reliable.
Look for the best of the best in these categories:
• Leadership, culture and vision coaches and facilitators
• Legal expertise
• Estate planning
• Tax advisory
• Real estate consultants
• Wealth and investment advisors
• Industry thought leaders
Check to see if advisors pass the sniff test – with you and with each other
As you create your list of prospective experts, focus on those who will have chemistry with you and the other advisory team members. Seek professionalism of the highest degree, including timely communications, self-discipline and discretion in how, where and when subjects are handled and discussed. Of course, you must pay attention to honesty and a lifelong practice of putting ethics before interests. There are no shortcuts when it comes to integrity and truth. I can‘t say it strongly enough: check credentials before sealing the deal. Morals before money, always.
I hope my example of top-level equine veterinary professionals in the racing industry has given you insight. There are temptations for experts and advisors within all types of professions. Choose wisely in your most trusted relationships.
Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process.
The top owners in any industry know that success is amplified by the people around them, from their employees to outside experts. An owner can’t do everything themselves, nor should they. They’re the big thinkers, the strategists, and they circle themselves with experts who can give them the proper educational wisdom to act in confidence.
Take horse racing, for example. When owners of thoroughbred racehorses build a team of performance experts, do you think it’s a matter of googling the word “veterinarian”?
Of course not. This is not a casual search. There is a scrupulous hunt for best practitioner in the proper category. If you want the best of the best in veterinary care for a racing thoroughbred, you are specific. Large animal, not domestic pet. Equine, not any large animal. Thoroughbred, not plow horse.
Furthermore, you would ask for, seek and investigate someone who had:
In my own state, for example, professional groups, such as the Florida Association of Equine Practitioners, have an Equine-Exclusive Division. Experts of this caliber manage their own teams of best-of-category specialists, just as they do in our industry.
Like owners of thoroughbred racing teams, the top owners in our industry don’t wait until the last minute to put together a dream team. Why should you plan ahead when seeking top level experts? Here are four reasons:
1. Lay the groundwork. The experts who are most in demand won’t jump at the drop of a hat. They work with the most prestigious private clients. You don’t pick up the phone. You put the word through trusted channels and hope you will be invited to work with them. Most operate privately in specialty practices that only accept cases on a referral basis from other practitioners.
2. Build a stellar reputation. It takes deep self-knowledge and self-assurance to attract the best – and then confidently answer when they ask: “Why should I work with you?”
3. Cultivate ongoing relationships. You’ll need to get into circles with these experts and their people, whether it’s social media, organizations or community groups. The goal is to get them to remember you, contact you (or take your call) and agree to meet with you once they have an opening. Do your research, keep networking and be patient. Pay attention who’s already on your team because your prospective experts will be checking that as well.
4. Immerse yourself in industry thought leadership. These experts are out there networking, presenting at industry events, writing for publications like this one, and talking to today’s owners. An expert who is even a few years out of the loop might have “a good deal” that may seem like a bargain, but who do you really want advising you in a complex and fast-moving world?
Finally, be sure to ask for referrals, call references, and look for unbiased endorsements as well as complaints. Investigate the status of licenses, and check professional groups and credentialing organizations. Everything should be above reproach.
If there are any issues, seek clarification but know that once someone willfully chooses the dark side, it’s a huge red flag. Your top picks should have a proven career of doing the right thing, no matter what. Don’t settle for anything less.
Why the horse racing industry has struggled with ethics among their elite providers
Greed, ego, and pressure to make snap decisions in the pressure of the moment can lead to veterinarians acting without the animal’s best interest. Greed, especially. Horse racing is an industry where the money flows. According to statistica.com, “The market size of the horse racing track industry in the US was valued at over $3 billion in 2020.”
Two articles helped the public become aware of these ethical issues.
A special report from the New York Times entitled “At the Track, Racing Economics Collide with Veterinarians’ Oath” came out in 2012 when the first version of HISA was introduced. NBC News did an inside report, “Every Day, I Almost Quit: Confessions of a Racetrack Veterinarian” that dug into the complicity of team owners, trainers and regulating boards who were driven by money.
How can veterinary experts at this level be swayed from their ethical duty and their rigorous professional code? Like experts in every industry, they get the stars in their eyes. They are immersed in a world where their ego gets stroked. They’re pressured by owners and trainers to make exceptions. They let external factors, not their internal compass, decide where their ethical line is.
All industries have areas where ethics can be an issue
When we apply that to our industry, we can’t assume top level experts will be ethical. With clients and in my personal life, I’ve dealt with supposedly-reputable experts who parlayed money and influence. They expected favors where the rule of law and fair play should prevail. I’ve heard through the grapevine of experts who did not recuse themselves when there were serious conflicts of interest. I have severed professional relationships with individuals who used inside information to make purchases, enter into contracts, and ultimately line their own pockets.
The lesson? Where money is involved, be on guard. Whether it’s the horse racing industry or the graphic arts industry, it takes a trusted relationship and an alignment in values and purpose to find advisors who operate from a place of crystal clear integrity and service to their clients.
Attract the right kinds of expert providers when building your advisory team
As you build your dream team of business advisors, think about who can provide references to other proven experts who understand our industry and are known to be trustworthy and reliable.
Look for the best of the best in these categories:
• Leadership, culture and vision coaches and facilitators
• Legal expertise
• Estate planning
• Tax advisory
• Real estate consultants
• Wealth and investment advisors
• Industry thought leaders
Check to see if advisors pass the sniff test – with you and with each other
As you create your list of prospective experts, focus on those who will have chemistry with you and the other advisory team members. Seek professionalism of the highest degree, including timely communications, self-discipline and discretion in how, where and when subjects are handled and discussed. Of course, you must pay attention to honesty and a lifelong practice of putting ethics before interests. There are no shortcuts when it comes to integrity and truth. I can‘t say it strongly enough: check credentials before sealing the deal. Morals before money, always.
I hope my example of top-level equine veterinary professionals in the racing industry has given you insight. There are temptations for experts and advisors within all types of professions. Choose wisely in your most trusted relationships.
Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process.
The top owners in any industry know that success is amplified by the people around them, from their employees to outside experts. An owner can’t do everything themselves, nor should they. They’re the big thinkers, the strategists, and they circle themselves with experts who can give them the proper educational wisdom to act in confidence.
Take horse racing, for example. When owners of thoroughbred racehorses build a team of performance experts, do you think it’s a matter of googling the word “veterinarian”?
Of course not. This is not a casual search. There is a scrupulous hunt for best practitioner in the proper category. If you want the best of the best in veterinary care for a racing thoroughbred, you are specific. Large animal, not domestic pet. Equine, not any large animal. Thoroughbred, not plow horse.
Furthermore, you would ask for, seek and investigate someone who had:
- A diploma from the most rigorous institutions that specialize in equine veterinary sciences.
- Board certification and current accreditation.
- Good standing with a professional association such as The American College of Veterinary Surgeons (ACVS).
- Membership in sub-specialty organizations such as the American Association of Equine Practitioners (AAEP) and the International Group of Specialist Racing Veterinarians (IGSRV).
In my own state, for example, professional groups, such as the Florida Association of Equine Practitioners, have an Equine-Exclusive Division. Experts of this caliber manage their own teams of best-of-category specialists, just as they do in our industry.
Like owners of thoroughbred racing teams, the top owners in our industry don’t wait until the last minute to put together a dream team. Why should you plan ahead when seeking top level experts? Here are four reasons:
1. Lay the groundwork. The experts who are most in demand won’t jump at the drop of a hat. They work with the most prestigious private clients. You don’t pick up the phone. You put the word through trusted channels and hope you will be invited to work with them. Most operate privately in specialty practices that only accept cases on a referral basis from other practitioners.
2. Build a stellar reputation. It takes deep self-knowledge and self-assurance to attract the best – and then confidently answer when they ask: “Why should I work with you?”
3. Cultivate ongoing relationships. You’ll need to get into circles with these experts and their people, whether it’s social media, organizations or community groups. The goal is to get them to remember you, contact you (or take your call) and agree to meet with you once they have an opening. Do your research, keep networking and be patient. Pay attention who’s already on your team because your prospective experts will be checking that as well.
4. Immerse yourself in industry thought leadership. These experts are out there networking, presenting at industry events, writing for publications like this one, and talking to today’s owners. An expert who is even a few years out of the loop might have “a good deal” that may seem like a bargain, but who do you really want advising you in a complex and fast-moving world?
Finally, be sure to ask for referrals, call references, and look for unbiased endorsements as well as complaints. Investigate the status of licenses, and check professional groups and credentialing organizations. Everything should be above reproach.
If there are any issues, seek clarification but know that once someone willfully chooses the dark side, it’s a huge red flag. Your top picks should have a proven career of doing the right thing, no matter what. Don’t settle for anything less.