Tribal Nation Equestrian Project
An American Indian Tribe purchased a large acreage that had a substantial equine facility. The property encompassed several hundred acres, more than 100 stalls, over 100 pastures, paddocks, multiple barns and onsite housing, approximately 90 minutes from a major metropolitan area. However, it had mostly stood empty for the last few years.
As a non-gaming Tribe, they needed businesses that could generate sustainable revenue, create jobs for Tribal members and neighboring communities, and support broader economic development while honoring their commitment to responsible stewardship of the land.
The Tribe engaged me, Elisabeth McMillan of Equestrian Professional, to identify viable business opportunities and develop the business strategy, facility plans and financial models needed to evaluate and pursue them. I worked with their business development corporation over multiple years. Here is a summary of the initial work and how we put a plan together.
Finding the Right Business
The first assignment was to review a broodmare-care business plan submitted by a neighboring operator. It fit well with the some of the existing facilities. However, payroll expenses had been omitted from the projections. Once those expenses were added, the financial model no longer worked for either party, taking that proposal off the table.
What would work instead?
An inventory of the property and a preliminary market study explored what unmet needs existed in the equestrian community. Potential equestrian businesses were considered from several angles: the Tribe's income and employment goals, customer and market-segment needs, existing resources, and compatibility with other planned enterprises. The market assessment extended beyond the local area.
The preliminary assessment considered several equestrian business opportunities, including a racing-sector option arising from a track closure. The strongest fit emerged as a horse-show facility with sport-horse competitions as its primary market, while retaining opportunities for events serving other breeds and disciplines.
That direction led to detailed research and a set of connected planning tools.
The Work and Deliverables
Not every consulting project requires this level of written documentation. In this case, the Tribe and its business development corporation needed work that could be reviewed collectively, support formal decisions and provide a foundation for other professional teams.
The findings and recommendations were delivered in written reports, plans and financial models, giving decision-makers a shared basis for evaluating opportunities, assumptions and risks. These materials could then support financing and grant applications, guide facility designers and inform the development of complementary businesses.
1. Market and Feasibility Study — Combined interviews with trainers, competitors, show managers, horse-park operators and associations with research into competing venues, financial reports and development constraints. This was designed to establish the market opportunity, test the property's suitability and identify conditions that could materially affect success.
Weather influenced potential show dates and operating requirements. Lodging availability affected attendance and the customer experience. Trauma-center access, water, waste management, potential CAFO (concentrated animal feeding operation) implications, zoning and environmental developments required consideration alongside the commercial opportunity.
2. Facility Development Plan — Connected the intended events and customer experience to the layout and functionality of the property. Initial concepts and collaboration with a professional facility designer informed arenas, stabling, schooling areas, circulation and supporting amenities. This was designed to ensure the facility could serve its primary market while retaining flexibility for other events.
3. Capital Expenditure Plan (CAPEX) — Detailed repairs, new construction, infrastructure and equipment, including arena and barn specifications, materials, labor and permitting allowances. Alternative builds and phased-development options were included. This was designed to connect investment to the business each configuration could support and help the Tribe evaluate the scale and timing of its commitment.
4. Competition Calendar and Pricing — Matched potential events to market demand, seasonal conditions, competing calendars and facility capacity. Research-based pricing supported the proposed revenue streams. These were designed to give the business a realistic operating foundation and establish the assumptions used in its financial projections.
5. Custom Operating Pro Formas and Financial Projections — Projected revenues, variable and fixed expenses, and cash flow under different event calendars and operating models. These were designed to test financial feasibility, align capital expenditures with operational readiness requirements, and evaluate how changes in pricing, attendance and costs would affect business performance. Further, they would allow the team to evaluate changes before committing capital or entering business agreements.
One consequential distinction was whether the Tribe would lease the venue to outside producers or produce events itself. That choice changed the income it could retain, the responsibilities it would assume and the people needed to operate the business.
6. Manpower Plan — Identified the positions, skills, pay rates and staffing levels needed for construction, routine operations and competitions. This was designed to establish realistic labor costs and show where employment opportunities could be created for Tribal members and the surrounding community.
7. Return on Capital Investment — Connected projected operating results to capital expenditures. This was designed to help the Tribe assess whether the proposed business could justify the development investment and how different assumptions affected that assessment.
8. Economic-Impact Projections — Estimated visitor spending associated with the proposed event calendar. This was designed to illustrate benefits beyond facility income, support Tribal and community discussions, and contribute to the case for funding and complementary development.
9. Additional Revenue Opportunities — Compared revenue streams at eight equestrian centers and identified uses beyond horse shows. This was designed to create opportunities for year-round income and connect the equestrian operation with lodging, food service, facility rentals and other compatible enterprises.
10. Go/No-Go Assessment — Identified critical conditions that needed to be met and barriers that could prevent the project from succeeding. This was designed to help the Tribe determine whether to proceed, resolve outstanding issues or reconsider the proposed investment before committing further resources.
Tools Designed to Support Decisions Over Time
The tools were designed to remain useful as market conditions, development timing and the client's priorities changed. Different competition calendars, operating models, pricing assumptions, staffing levels and facility configurations could be tested together, allowing the team to see how a change in one part of the project affected the others.
That flexibility supported subsequent planning and the evaluation of additional business opportunities.
The work also provided a foundation for other professional teams. Site designers used the facility requirements to inform design development, while market analysis, financial projections and economic-impact estimates supported planning for ancillary businesses, including lodging and a travel center. Portions also informed marketing work and grant applications, connecting the equestrian project to the Tribe's broader economic-development plans.
Of course, many additional questions were examined along the way. These deliverables illustrate how we brought together a facility, its surrounding area, an equestrian business model and an industry need to create a business-feasibility case that could support financing, provide a foundation for complementary businesses and serve as an operational blueprint.
That blueprint connected three essential pieces: financial projections, the facility build and human capital—giving the client a way to evaluate the business, the investment and the people required to make it work.
Identifying client and property details have been withheld to preserve confidentiality.
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