Join Date: Jul 2007
Location: Northport, NY
Thanked 105 Times in 105 Posts
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Re: Exiting Strategies for Boat Ownership
I may want to, but that's the point. You want to, but you probably won't be allowed to with a new partner any more than they desire you to. It's no longer your boat, in a partnership, it's their boat too.
I think your sentiments are normal, just not practical for an equity partnership. You have to be willing to let the new partner make their own mistakes, learn alone, scratch your baby.
Everyone in your SN camaraderie, including myself, hopes you find what you are looking for. I almost decided to just stop responding, if you find it negative. However, your friends, family and therapist will tell you the truth, if they care, not just patronize you. And still wish you well in finding what you're looking for.
So this clarifies something confusing... what IS the partnership?
For sure if the value was agreed upon and someone payed me 1/2 that value they would be an equal partner re equity. I don't expect that can happen for a number of reasons. Not many have the cash available and usually finance a boat. I doubt a lender will finance this deal. But I will... which means I will give them a term to pay their half... but they will not be fully vested until they have paid the full half.
So what does that mean? Do they share the operating expenses and work and get 50% use upon signing? I don't think that makes sense either. I am not sure if/how their ownership % can be increasing as they make payments. But it should be. What does owning 10% of the boat entitle them to? what responsibilities would they have? I have not thought this through. I am open to ideas and especially from someone who wants to do the deal and pay over time.
pay attention... someone's life depends on it