Partnership Thoughts.

[Madehn]

I did it once on an airplane and worked out really welll. We wanted to use it at different times normally and if there was a conflict we flipped a coin. Loser this time was automatic winner at next conflict. We had similar ideas on maint and on amounts to spend. The deal was that if someone wanted to buy the plane, they made an offer to the other partner. That partner then had the option to either accept the offer or write a check for the same amount and give it to the other partner for their half. Kept everybody from being screwed over. Worked for 12 years and we never had a cross word. Key was that we had similar pockets similar integrity and respected each other’s rights. We were friendly but not friends and treated the plane as a joint asset. We also didn’t get into nickels and dimes much. Split everything in half. Anything that was going to be over about 500 bucks we had to both agree on. Good luck. It proved a very affordable way to own a better aircraft than I could comfortably afford on my own. I think the key was having the right partner. Thanks Doc wherever you are today!!! 😀😀😀

[Stewie12]

I bought a sail boat with a friend of mine and he and I got on fine. The women did not and we sold the boat. Fortunately we are still good friends.

[cdcorl]

I have had 3 boats as partnership in the past 40 years. The only ones that worked were when we split the time. We would still sail together sometimes, but lots of issues when it was an expectation. I doubt very much if it will work unless your partner is a close friend.

[letsgetsailing3]

A boat partnership is just like any other partnership involving money. It requires a solid contract and trust. Either element missing and it would NOT be worth it.

So for me, a boat partnership would have to be with a friend. And by the way, it's clear that the friend is going to change a little with the whims of any significant other, so factor that in. I did this once and we bought the boat together. But his part changed a bit when he got married, which meant he wanted to spend all his time with his wife. OK, but it meant he was paying half on the boat that he wasn't using.

Partnerships mean compromise, and from your original post, it looks like you want a partner who is going to let you make the decisions. In other words, you don't really want a partner, and you're going to feel like it's YOUR boat.

So if I were you, I'd work it out without a partner, or I'd get rid of the boat.

[Giro]

I can’t imagine sharing something one loves with anyone else. Our boats are deeply special to us. I know it sounds cheesy to say, but should anyone not have a problem sharing their wife or husband with someone else? I’m afraid that the agreement you speak of would cause an intense sense of “seller’s remorse.”

[Cynara]

Make sure you have a lawyer write an iron clad agreement including wha
T happens when someone wants out. How many actually good weather sailing days do your have. I was in New Bern NC and have a photo with snow on my deck

[MVDarlin]

Hmm. Dont recomnend sharing. Its like sharing your wife.

[Scotth]

I partner with someone it works. I pay half of the slip and half of the insurance. In addition I work on the boat when needed. I have a limited role in decision making for the boat but I can use the boat mostly when I want the agreement was half the time. I try to use the boat when my partner is not using it. Then if you break it you fix it. I give my partner the final say on almost everything. I have no ownership.

[goboatingnow]

I know several syndicate boats shared by 4-6 families. It works where rigid availability rules were established. All of time end at some time.

Too many people think they can get others to fund their hobby , it never works like that. A person paying to use your boat isn’t going to crew for you.

[Rightbrainer]

I was in a very successful partnership with another family. Neither party wanted to be committed to boating full time due to young families, etc.

1. Both parties agreed on an annual budget including marina bills, insurance, repairs, maintenance, and upgrades. Each kicked half into the pot up front.
2. Each family had 'dibs' on alternate weekends and every other day. We'd trade and shift to take advantage of obvious opportunities to make both parties happier.
3. If you had dibs, that meant that the boat was yours to use without needing to get any clearance from the other partner. If you wanted to use the boat but didn't have dibs, you had to check with the other partner. The partner with dibs didn't have to justify anything to the other guy.

We had a few facts in our favor that made it work very smoothly...It was not a particularly expensive boat, so less drama. Secondly, we worked together and were friends so there was incentive to work out contention smoothly. Third, we had well aligned expectations.

We frequently wound up sailing together.

Good luck!

[eroc]

Our experience has been with a 36 ft keel boat that I originally rebuilt after a factory fire and put into charter on British Columbia's west coast. 95% of the charter customers treated the boat as well as we did but the other 5%, the customers from hell, more than made up for it and after 10 yrs I hauled the boat back to the workshop in Alberta and did an extensive refit including new engine , nav system etc. while advertising for 3 other partners who came in about mid way through the refit and helped out, giving them an intimate look at the boats systems.
For the most part it has worked out well with some minor exceptions including a partner who ran the boat aground, contaminated the fuel and left the boat a general mess for the other 3 to deal with. That triggered the buyout clause in the contract agreement where anyone who is voted out or wants to leave sets a price for his share and the other 3 have the first option to take it, and find another partner; if they do not then the one leaving buys out the other 3.
This has worked reasonably well with some turnover in the 17 yrs it has operated with roles changing over time and 2 original partners remaining , one of whom sold out , buying his own boat to do the great loop then bought back in when the opportunity arose.
It allows us to stay in boating where we would not have been able to afford otherwise. We have an annual spring gathering, sometimes a haulout, where all partners contribute according to their abilities doing most of our own maintenance and have been upgrading the boat on a regular basis where a now 27 yr old boat is a much better rig than when it was new.
It's easier to justify the best equipment when individuals are paying for only 1/4. We recently purchased a slip lease in Nanaimo to control the escalating mooring costs.
Decisions are made by majority vote. Bookings have been first come first booked with reasonable allowances for season and length. Some trips are shared with partners on board some are staged with exchanges in legs allowing us to go further afield than otherwise practical, such as around Vancouver Island so no regrets but choose your partners well.

[Tanqueray]

I did it once, but it was with a friend, so introduced me to sailing, and then sold his boat.

He decided he wanted to stay in boating, but felt he didn’t use it enough (he was retired), had 2 kids in college (1 at a private university), etc.

I was in the same boat (pun intended) but maybe worse as I am still working, and had a kid at Notre Dame and another out of state in Michigan school.

We decided to become partners on my boat, sharing all expenses 50/50. He was not a real confident sailer and didn’t take the boat out himself very often. He would sail with me mostly.

We agreed that if either one wanted out of the partnership, the remaining partner could buy the others share (purchase price of the boat, not including maintenance and upgrades), or we would put the boat up for sale and split the proceeds.

After about 3 years of our partnership, by friend had some health issues and he didn’t use the boat at all. He asked to get out of the partnership, and I gladly paid him his share of the boat price and now own it myself.

We are still friends, and I still invite him to sail with me.

We were probably lucky, and I would not have taken on a stranger as a partner.

You would have to be careful “renting it out” as there is a lot of liability and who knows what sort of insurance issues you would have.

A charter company who can take care of the boat, insurance and liability issues may be the only way to earn some $$ with the boat,


Greg