What should I check before buying a horse boarding stable?

A boarding stable earns its income from people who trust it with their horses, so most of what you are buying is relationships and a working property. The checks below are about verifying how the barn really runs day to day. They are not a way to set a price, which is a question for your accountant and advisers.

Boarders and stall use

Ask for the boarder list with the type of board each person has, how long they have stayed and whether each has a written agreement. See how many stalls are used through the year and how the barn fills in busy and slow months. Ask why boarders left in the past. Find out whether boarders are likely to stay once ownership changes, and what the seller will do to help that.

Running costs

Ask for supplier invoices for hay, grain and bedding, plus utilities, insurance, farrier and vet arrangements the barn pays for, and repairs. Compare the invoices with the statements the seller gives you. Ask whether the owner is paid a wage or takes the work unpaid, since a buyer who hires staff in the owner’s place will face costs that the statements may not show.

Buildings, arena and manure

Have someone you trust walk the property: roofs, stall floors, fencing, water lines, electrical, footing in the arena and drainage in the paddocks. Ask how manure is stored and removed, and whether the arrangement depends on a neighbour or a contract that may end. A property inspector or an equine professional can help here.

People and paperwork

• Staff, trainers and instructors: who stays, and on what terms.
• Insurance and incident history, and any claims.
• Leases of land, pasture or equipment that the business relies on.
• Which horses, tack and equipment belong to the business and which to boarders.