Partnership Thoughts.

[ebisucapt]

Wanted to get some ideas and thoughts of a partnership with my boat. I am finding that the distance I am from it and the costs may force me to sell otherwise. I can see the dream of moving onboard full time will not work.



The boat is in NC USA. in a place that allows live-a-boards. If i get a partner it would have to be someone that would want to share the use of the boat at same time. Not you use this time I use this time. Not that would have to happen just that it could. i only use it about 4 to six months of the years and coastal cruise with it when I can. This year though may be a bust for me.



I will most likely run a ad here for a partner if what I hear is positive feedback. would like to hear pro, cons and thoughts



Greg

[Shrew]

Honestly, I would not pay for a 50% ownership of a boat that I was forced to boat only WITH the other owner. This isn't really a 50% ownership. This is me paying you to go out on your boat while you continue to establish all of the conditions.

You've admitted that the distance is far, thus inferring that you don't get to use it as much as you would like. Why would anyone want to wait around for when you have the time to use the other half the mutually owned boat.

Consider if I bought 50% of the boat, then started telling you you could only use it when "I" said so.

What you're looking for is a chump.

[ebisucapt]

No that is not what I said. I said it didn't have to be that way. he could have to boat on his own. but would also like to plan trips together also. Ots a 4 cabin catamaran. So room for all.


Maybe the wording in second paragraph don't make sense? Like lets say he takes to boat for a month or longer and I want to join it would be possible. or vice versa. I usually single hand anyways. unles I get crew from somewhere.

[Shrew]

Originally Posted by ebisucapt

If i get a partner it would have to be someone that would want to share the use of the boat at same time. Not you use this time I use this time.

Not that would have to happen just that it could.

The second sentence completely contradicts the first sentence. The first sentence is definitive, the second is a weak 'maybe'.

No offense intended, but we can only go by what you write, not what your thoughts are.

[ebisucapt]

No offense taken. Not the best writer in the world. It makes sense to me but now you pointed it out your right it is confusing. But for others no way did I mean I have to be there for their use of the boat.
Greg

[hugosalt]

Although not perfect, I understood without question your point on usage.
I would think, if a partnership was struck,
that both parties would want ability to use boat (for their crew/guests)
at times without other partner on board.
Other than that, some may enjoy having a buddy to sail with.
Others will not.

[JPA Cate]

I think boat partnerships are really fraught. Make sure you have a contract that is explicit about how to share the boat, what the responsibilities of each party are, and when obligations need to be completed; and, how to break the contract.

Both are going to have to have heaps of trust and do their share of the maintenance; and to a standard acceptable to both.

Sounds difficult to me. Maybe so difficult I'd sell the cat and get a little trailer-sailer so I could keep on sailing, but less maintenance and no berthing fees, and the insurance situation would improve too.

Ann

[ebisucapt]

Yes Ann I agree on all that. A partnership scares me a bit. Just trying to keep a boat I love. Just since I bought the boat life threw some wrenches at me. Including insurance up 350% Just hoping for some advice that may dig deeper into a partner.
Greg

[Tetepare]

Partnership means 50/50 ownership. Anything less is a rental.

Partnership means you no longer set the rules.

If I paid a fair share for my 50% I’d want to use it. Alone.

It sounds more like you want paying crew, or paying passengers.

[ebisucapt]

Tetepare.
I see your point. so a search for the right person my prove a long one. But a little more about me. I live in Alaska and go down for the winters and head south as North Carolina is cold for a few months. But when over 85 it is really to hot for me and I am miserable. Wife and I sailed the Chesapeake Bay two summers ago and we were so hot. And to many jellyfish to swim. And with covid lock downs not to many places to go with A?C.

[cdreid]

Have you considered trying to charter it out? Or only offering it x months a year. Literally "you get boat these months, these months it is mine"
I know you dont mean it this way but the way you put it sounds.. a little creepy. Id think the only way this works is you find someone desperate for a deal. I absolutely wouldnt want to rent to a large subset of the type of person who'd have to go for that. (which is basically what youre doing.. noones going to buy 50% of a boat then have to er tag along while you wander the planet)

[Mickeyrouse]

Boat partnerships rarely work out. The few I’ve seen work are among partners who have similar ( meaning, non-conflicting) boat usage goals, similar attitudes to maintenance, and comparable means. It’s less of a business transaction than a marriage. And like a successful marriage, it takes two good forgivers.

[Chotu]

Originally Posted by cdreid

Have you considered trying to charter it out? Or only offering it x months a year. Literally "you get boat these months, these months it is mine"
I know you dont mean it this way but the way you put it sounds.. a little creepy. Id think the only way this works is you find someone desperate for a deal. I absolutely wouldnt want to rent to a large subset of the type of person who'd have to go for that. (which is basically what youre doing.. noones going to buy 50% of a boat then have to er tag along while you wander the planet)

This is what you should do. Contact a bareboat charter company somewhere in that area or somewhere else and you just leave the boat somewhere different.

Work out a maintenance schedule with the bareboat charter company, work out liability, and work out availability schedule.

Since it seems like you use it during the winter months. maybe you could put it up north, say in Newport Rhode Island for the summers. There are managed charter fleets up there.

[PerfectPirate]

Originally Posted by Mickeyrouse

Boat partnerships rarely work out. The few I’ve seen work are among partners who have similar ( meaning, non-conflicting) boat usage goals, similar attitudes to maintenance, and comparable means. It’s less of a business transaction than a marriage. And like a successful marriage, it takes two good forgivers.

This is the best description that I have yet seen for a functional partnership in owning a boat. I bought my first boat in partnership with my long-time sailing buddy and we generally fit the description given by Mickey, but with complimentary skill sets. He did well at managing the social and networking requirements, I did well at managing the maintenance and upgrade needs. It promised to be a happy and successful arrangement.

However, not long thereafter his company transferred him to a distant city and suddenly I was faced with finding a new partner, or a significant chunk of cash, or giving up the boat and the lifestyle which had become an integral part of my life. Fortunately, my family came through and supported me and I managed to keep my boat, but I vowed then to make sure that going forward I would be the only one in control of my circumstances (Can you hear the fates laughing?). My buddy also went on to independently own a succession of boats, searching for the ultimate vessel to meet his racing and social needs. Late in his sailing career, he tried another more business-oriented partnership for owning and campaigning a more racing-oriented boat, but it devolved into argument and acrimony, until the boat was accidentally destroyed while being towed down the highway. My buddy and I, however, continued as best friends until he finally crossed the bar for the last time.

[Marathon1150]

We have had experience with chartering our boat and being in a 3-way partnership. Our partnership was on a time-share basis - all three partners were assigned an equal share of weeks to use the boat for the year. Time swaps and access to the boat when one of the other partners did not want to use it occurred frequently. We bought into the partnership after sailing the boat a couple of times with one of the partners who was a family friend. The other two partners then vetted us and agreed that we could the partner wishing to leave due to job relocation. The partnership worked really well with the slight exception that initially, the other two partners had much deeper pockets than us, but were willing to abandon projects that we could not afford. For the last year of our membership, a new third partner with similar means to us, joined, and ability to pay was never an issue. We sold our share for what we paid for it when we moved away from the location of the boat.

We bought one of our current boats from people who could no longer use it because of work commitments related to their new business. All of their money and time was being put into the business so the boat was put into charter while it was for sale. After the purchase, we needed to find a slip for the boat in a location closer to where we lived and it took about a year to do that. During that time the boat stayed in the charter fleet because the charter agreement provided a slip in a great marina in a very nice place for cruising. We used the boat when it was not chartered by a client - not ideal, but it was ok because of the location. However, I would never do this again - charterers break, take or lose things, and compensation for these losses was usually impossible. And when something fails while the boat is out, an owner will usually find a way to fix it. Charterers expect mechanics, riggers and parts to be provided on the spot and the days lost are deducted from the charter fee, at least by that charter company.

Summary. Partnerships can work really well with the right partners in the right circumstances. Chartering our boat did not work for us. Your results may vary.