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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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  #31  
Old 04-18-2011
Irrationally Exuberant
 
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arf145 is on a distinguished road
My wife and I were in a partnership with my brother and his wife when we got our boat 4 years ago--first time for all of us. We bought them out last year, and it was probably a year too late. At the beginning, the only principles we stated were: 2-year commitment, and we split all expenses.

Scheduling was never our problem. What we ran into was diverging levels of interest as we all learned what it meant to own a 20-yr-old boat. I was most involved and did virtually all the work, happily for the most part, but that meant I had the best idea of what needed to be done, which wasn't always so obvious to the others. This was magnified after the 1st year when the other party sailed only twice in a season.

I definitely agree about having a buy-sell agreement in your setup. This isn't a pessimistic thing, but merely a recognition that people change, interests change, understanding changes. One person may fall in love with the boat, the other might think it's just a boat.

Keep the communication lines open, have regular "state of the union" meetings. Recognize that the feelings of ownership might be unbalanced--especially in a case like the poster who already owns the Lagoon. Will the partner feel like a partner or a visitor?
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  #32  
Old 04-22-2011
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I have an Acadia 25 (diesel trawler) in Newport RI. I would love to sell a 50% share
I live Colorado and can't use her very often
If any one's interested check out the boat at Acadia.com
And lets talk
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  #33  
Old 04-22-2011
Mgr. On Eagles Wings
 
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Shared Boats

I have two very different experiences with shared boats. Both have worked well, but they are entirely different.

- I am one of several owners of a classic Dickerson 41' ketch that we keep year round in the British Virgin Islands. It is professionally maintained and kept in excellent condition. We have a formal agreement and I act as the business manager, billing the co-owners for their proportionate share of expenses. We are in the process of restructuring to add additional owners and expect to convert to an LLC (if this sounds interesting, check our website at BviKetch.blogspot.com).


- I share an old Catalina 22 with a friend that we keep at mooring near his summer cottage on Cayuga Lake. We shared the modest upfront investment, do maintenance together, and split whatever costs we incur. There is no written agreement and if there were a problem we would sell it or I would walk away.
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  #34  
Old 04-22-2011
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Litehart is on a distinguished road
Copy of agreement

At the risk of overloading the request for a copy of the co-ownership agreement mentioned within this thread, could a copy be sent to me? If so, thank you in advance.

Treasure Island FL
Boatless except for a Grady White 209
jkwright60 @ g maildotcom

P.S. We live on the water just South of Clearwater FL. Should you find yourself passing by and need a slip to use as you pass by (with 30amp, filtered water, and safe harbor), get in touch. We have found it a great way to meet new friends.
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  #35  
Old 04-23-2011
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I'm half of a casual, very informal partnership with our neighbors that has gone on successfully for ten years. It's a little different from what most are referring to, though. Our motivation was mainly in that being two very busy families with professions, businesses, and kids, we had limited time for using a boat- but we live almost on the water. A partnership was a way to have a boat available, without feeling that it would own us. Our boat is an older 33' Scandinavian racing design and is used mostly as a day-sailer. It doesn't represent a very large financial commitment for either of us, so the pressure is minimal. We refer to it as our "neighborhood boat", and it gets used as well now by our somewhat grown kids. We frequently sail together, my partner owns the slip (a financial commitment), I do probably more maintenance and repairs.
A relaxed attitude helps, and as someone said, valuing the partnership more than the boat. Our motivation wasn't financial, but specifically that sharing the boat increased its value for us.
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  #36  
Old 04-23-2011
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Quote:
Originally Posted by oceanconcepts View Post
.....A relaxed attitude helps, and as someone said, valuing the partnership more than the boat.......
This is excellent advice.

Unfortunately, most just can't pull it off. People also change their opinions of others over time. One couple gets divorced (on average that's more likely to happen than not) and suddenly you can't get along. Financial circumstances can change outside one partner's control as well.

Best to be positive but prepared.
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  #37  
Old 04-23-2011
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Excellent Yacht Partnership Book

Back in 1981 Dexter and Paula Odin wrote a short book entitled Yachtsman's Legal Guide To Co-Ownership. Odin is a practicing attorney in the Maryland area (at least he was practicing when I hunted him down about two years ago). The book is well written with a thorough explanation of the many clauses within the co-ownership agreement. While the book is now over 25 years old (and lacks some more recent legal structures such as an LLC), it is nevertheless a great source for structuring a group ownership with a focus on boating. The ISBN is 0-8286-0087-0 and possibly could be found by doing a Google search. The slant of the book is one of "comradship" but guided by a well-structured legal document.

Here is an example of the document with paragraph 1 under PURPOSE: "With implicit trust in each other, a common appreciation of the sea, and a desire to unite in the ownership of a pleasure yacht, we enter into this Agreement to provide a better understanding of our mutual expectations and a greater awareness of our fiducial obligations to one another."
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  #38  
Old 04-23-2011
Macgregor 26 M Captain wo
 
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Taught sailing at USC and shared my 8 boats with 200 students.
Key was if you broke it you fixed it within 48 hrs or I arranged for repain and the student paid for it.
I expeced the other to do nothing and the students normally met my expectations so I provied a service at 1/3 the commercial rate and was happy.
students were vere very honest and greatful. I promised a little and they took a lot and all was well. Capt Bob
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  #39  
Old 04-23-2011
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Partners agreement

You can find a UK version of the agreement as well as good advice in the yours2share fractional ownership, boat share, horse share, car club, landshare site. They use a Royal Yacht Association drafted agreement to start with. The point about not having any lien on the boat is very important because it avoids surprises to the remaining partner(s).
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  #40  
Old 04-23-2011
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Originally Posted by Litehart View Post
Back in 1981 Dexter and Paula Odin wrote a short book entitled Yachtsman's Legal Guide To Co-Ownership. .....[/I]
18 available used on Amazon from $1.89 when I typed it in. How could one not read it.

Amazon.com: Yachtsman's Legal Guide to Co-Ownership (9780828600873): Paula Odin, Dexter Odin: Books
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