Lexington, KY - At a time when the horse business, especially the Thoroughbred sector, is encountering financial hard times, Fasig-Tipton has made a long-term commitment to maintain its place in the equine industry.
"We're looking out 20 years from now," said Dan Pride, Fasig-Tipton's executive vice president and chief operating officer.
The first part of his firm's commitment to the future is a new two-and-one-half story office building, measuring 35,000 square feet. Staff members began working in the new facility the first week of January.
Designed by Louisville architects Ideasource and built by David Construction of Louisville, the new building is a blend of contemporary and traditional styles. It features a distinctive copper roof, and its stone appearance comes from bricks made from Kentucky clay and limestone. On the interior, wood paneling on the walls and the dramatic front staircase suggest the lobby of an equine-focused private club.
Located at the front of Fasig-Tipton's 200-acre complex, just in front of the sales pavilion, the new office building "enabled us to organize our work space by departments," said Pride. "We've gained greater efficiency by putting people with like function in close proximity."
Fasig-Tipton's sales pavilion was updated in 2007. When the two walkways connecting it with the new office building are finished, the next project will be improvements to the barns where horses waiting to be sold are stabled. This work will be done over several years, to ensure that sufficient stall space will be available during Fasig-Tipton's four sales each year.
The old office building is expected to be renovated and converted into a customer support service center by July 2010.
"We need more functional space for our clients, places they can meet privately, faxes and computers for them to use," Pride explained. "We'll support the facility with staff members. Our main focus is on customer service and maintaining client relationships."
That focus has been reinforced by Fasig-Tipton's new owners. In 2008 Synergy Investments Ltd. of Dubai bought Fasig-Tipton from John Hettinger and other members of the Hettinger family, the majority shareholders. Synergy's head, Abdulla Al Habbai, announced that his firm will bring enhanced customer service and improved facilities to the Fasig-Tipton operation.
To provide that enhanced customer service, Fasig-Tipton's staff has increased. Pride and Fasig-Tipton President Boyd Browning lead a team of 60 full-time employees, 48 of whom are in Kentucky. Thirty of these employees work in the new office building.
Along with the improvements in facilities and number of employees are some new marketing efforts, including the initiation of the Fasig-Tipton Racing Club, which allows members to take part in the lease and syndication of currently racing horses.
This club "was created as a vehicle to introduce people to Thoroughbred ownership in a low-risk, high-experience way," Pride explained.
The first club, with members nearly all from Kentucky, completed its membership on January 1. For $7,500, each participant has a one-year membership and shares in the ownership of the four Thoroughbreds leased from leading owners and currently in the stables of four successful trainers.
"We have our own set of silks, and the owners can keep up with the horses online," Pride said. "We're focused on educating members. Our ultimate goal is for them to want to pursue ownership of horses."
Fasig-Tipton pays all expenses, and the earnings will be divided among the owners.
"It's an investment in the industry," Pride said, adding that Fasig-Tipton shared its idea with Keeneland before hosting social events for prospective members. More Fasig-Tipton Racing Clubs will be started in the future.
The new employees, increased services and improved facilities mark a new chapter in the development of the firm that is North America's oldest Thoroughbred auction company. Fasig-Tipton was founded in New York City in 1898 by William B. Fasig and Edward A. Tipton. Aside from Thoroughbreds and Standardbreds, Fasig-Tipton initially sold expensive road and carriage horses. In 1917, Fasig-Tipton started its renowned sales of selected Thoroughbred yearlings at the Saratoga Race Course. One year later, a chestnut colt was among the yearlings sold there. His new owners later named him Man o' War.
During the gasoline rationing of World War II, breeders could not ship yearlings around the country. The Saratoga sale was stopped temporarily, and in 1943, Fasig-Tipton held its yearling sale in a tent at Keeneland. In 1972, Fasig-Tipton established its headquarters in Lexington. Horses that have passed through Fasig-Tipton's sales include Seattle Slew, Genuine Risk, Dancing Brave, Rainbow Quest, Go for Gin, Unbridled, and the winners of the last two Kentucky Derbies: Big Brown and Mine That Bird.
In addition, the highest-priced broodmare of all time, Broodmare of the Year Better Than Honour, sold for $14 million at the 2008 Fasig-Tipton Kentucky selected fall mixed sale.
For more information on Fasig-Tipton's recent improvements, check the company's Web site, www.fasig-tipton.com.