Abstract: An apparatus and method for preparing a bone for receiving a prosthetic implant (74) having a body portion (75) including a plurality of fins (78, 80, 82) arranged in a predetermined pattern and a stem portion (76). The apparatus comprises a cutter (12) for cutting fin tracks in the bone (70) to guide the plurality of fins (78, 80, 82) on the implant (74) as the implant (74) is installed into the bone (70). The apparatus also includes a rod (14) coupled to the cutter (12) for locating the cutter (12) relative to an intramedullary canal of the bone (70), and a drive rod (18) and head (20) coupled to the cutter (12) for driving the cutter (12) and rod (14) into the bone (70). The rod (14) is preferably removable from the cutter (12) to permit a rod having a different size to be selectively coupled to the cutter (12) depending upon the selected size of the stem (76) of the implant (74). The apparatus also includes a collar (16) slidably coupled to the cutter (12) in a predetermined orientation.