Senior Moment Member
Join Date: Jun 2011
Location: West Vancouver B.C.
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Re: To Share or Not to Share...
This is one of those "it depends" questions. I have a friend who has been in partnerships all his life - from a T-Bird with a friend in college all the way to a quarter mill Hunter with a group of 3 or 4 couples. They all worked well for three main reasons - no slobs leaving the boat in a mess, they paid for all the heavy work so no problems with people not showing up on bottom sanding days and so forth and they had detailed agreements in place with a web based schedule calendar. The summers were rigidly divided but the rest of the time they just logged on and signed the boat out.
For exit strategy, the remaining owners had first refusal and they would get the boat appraised at exit time to determine value.
When it gets to 6 figures, I'd have a lawyer at least vet the agreement. A marine lawyer might even have a stock agreement that is known to work.
I, myself, personally intend to continue being outspoken and opinionated, intolerant of all fanatics, fools and ignoramuses, deeply suspicious of all those who have "found the answer" and on my bad days, downright rude.