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post #1 of 8 Old 05-18-2002 Thread Starter
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boat partnerships, your experiences

I would like to hear from others who have been invloved in partnerships on boat ownership, the pros, cons and areas to avoid. I am considering entering into a partnership for the first time and want to avoid any pitfalls.

Your input is appreciated.
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post #2 of 8 Old 05-18-2002
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boat partnerships, your experiences

I have had partnerships and other shared boat arrangements at various times in my life and currently have a minor partner in my present boat. Partnerships work if both partners are willing to make an effort to make things work and don''t split hairs with each other. There are definite downsides, like the fact that may last two sailing weekends were nasty rainsoaked affairs and my partner''s sailing weekend was one of the nicest sailing weekends of the year and I sat there thinking "Gee I wish I were out there about now."

The key is picking you partners carefully. Its best if it people that you have literally known for a decade or more and with whom you have been previously involved in business dealings with before. Think of it as a marriage, only more important because a boat is involved. (Just kidding on that one sort of)

A clear cut well written agreement is important but you also have to be willing to give more than what is suggested by the written letter of the agreement.

Also there are boats that make good sense as shared boats and boats that make no sense as shared boats. Use common sense with that.

Good luck,
Jeff
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post #3 of 8 Old 05-18-2002
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boat partnerships, your experiences

I have had 5 boats starting with a Cal 20 and now a Catalina 310 with my wife as partner. On all of the other boats I had client friends and had very few problems. I was single for some of the time so we would sail together. If you partner can be a f riend you might be better off. We just called when we wanted the boat and there was no problem. Even when I was with a girlfirend my parter and his wife would sail to Catalina and spend 3 days.
We always shared in maintenance and expenses. You might have a contract in case one wants out. Best, Roger
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post #4 of 8 Old 05-21-2002
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boat partnerships, your experiences

Partnerships make a lot of sense. Most people are too busy to be able to use a boat as much as they might like. It makes no sense to have a boat sit on a mooring when you can''t use it, when you can split costs with someone else and they can use it when you can''t. The trick, as mentioned above, is to find people who can be flexible with you, but with whom you can plan reasonable procedures and schedules. The right boat and goals for EVERYONE''s purposes is also a must. Racers will grate at having to remove heavy "unnecessary" supplies that their cruiser-partners get more and more incensed about having to keep bringing aboard. Too slow a boat will make the racer itch to get a different one. The cruiser won''t want new sails every three weeks. We set up a partnership with some general guidelines about possible buyouts and how we would operate together. We then came up with an agreement about how we''d handle costs - incedental (fuel/ice), operating/ maintenance (hauling, mooring fees), and capital improvements(new sails, rigging, etc.) We''ve had the boat five years now, and still think she''s great. Our partners are often available to crew if we need them, and don''t have to come if we don''t need them. The five (two couples and a single) of us share costs and each of us owns a bigger boat than we''d be able to afford, handle, or maintain on our own. It is especially great to find partners whose skills complement each other. I do the painting, varnishing, repair/fairing and rigging work. My electrical engineer partner enjoys keeping the engine, plumbing, electrics and electronics systems in top condition. The "aesthetic committee" makes sure the cabin looks sharp and is sufficiently well stocked. (We don''t want too much heavy stuff aboard when we''re racing.) It works for us!
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post #5 of 8 Old 05-21-2002
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boat partnerships, your experiences

Dust,

I agree with Paulk :

Partnerships make a lot of sense.

But in my experience total number of partners shoul be an odd number. And 3, is too much people.

Conversely you may want a 453 member partnership. If that is the case, make a contract stating very clear that you will use the boat any time at all, for any period of time, in any place. You will also have the right to decide where to moor it, how to paint, decorate, manage, mantain, whatever is necessary in the boat. The other 452 members will contribute with their share in the monthly budget.

Regards
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post #6 of 8 Old 05-22-2002
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boat partnerships, your experiences

Hello
FORGET IT! 90% of them don''t work.Just because you know someone a few years doesn''t necesarily mean that he/she will be an ideal partner.
Joe
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post #7 of 8 Old 05-23-2002
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boat partnerships, your experiences

there certainly is a lot to consider, but i don''t think it''s absolutely a bad idea. we''ve partnered ownership for the last couple of years, and so far it''s great. there''s a 25 year, solid friendship behind it...there''s no nickel-and-dime stuff, but both parties try to make it as equitable as possible. our friend races in the wednesday night race series with his crew while we race on a different boat, we (well, not me) do the weekend regattas, and the rest of the time if we both want to cruise at the same time we go together.

it can work, but you need to keep both eyes open. contracts aren''t a bad idea, either, depending on your situation.

good luck!
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post #8 of 8 Old 05-23-2002
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boat partnerships, your experiences

My problem is whether my boat owning partnership is more important to me than my marriage partnership! Of course it can work! I''ve shared for fifteen years without a problem ... we usually end up sailing together. A potential difficulty was overcome when one of us grew richer much faster than the other. The result is the second boat (at X50 the cost of the first is not 50:50) ... but nevermind we share two boats now (I find a good boatowners philosophy is; never sell a good boat, just add more to your stable)
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