[SteveLemond]

I'd like to start or join a catamaran partnership (or LLC)

My thoughts are to find 6 partners willing to buy a used catamaran in the 45 foot range at a price of $350,000 to $400,000.

I'm thinking we would moor the cat in the US Virgin Islands from November through May and the Chesapeake Bay from June through November.

We would each have 8 weeks use of the catamaran, with the other 4 weeks used to move the boat from one location to the other.

I'm definitely not firm on my plan so if you're interested, please make suggestions.

 

[matlack]

I think 6 too many - If u have that much money together, better to buy one and have one of the firms that hires it out do it all for you. Lots of choices there.

Me? im looking to find at least one partner for one of 4 trimarans i have on my radar. $50-&5K.. My interest is in cruising the Bahamas a couple of months in the winter. i am quite flexible on which months. Any interest in that? Home is near tampa, but i have a 2nd home in the Keys Jan-April. Experienced.
Bruce

 

[matlack]

That should have been 50-75,000. I can go higher. I know a great newer. 40 ft plus tri lying Virginia that is up for about $360.. Maybe could be had for $275-300- a beauty.
Bruce

 

[SteveLemond]

Thanks for the reply. I have my wife talked into a catamaran and I have 2 others here in Las Vegas that would like to join a partnership like I've envisioned. Hopefully I'll be able to find 3 more people that would be interested.

Thanks,

 

[matlack]

Steve- Great going so far! Keep me informed of progress in this regard. who knows? ...And of course, please send anyone my way who does not fit your plan, and i'll do the same.
Bruce. matlackwindsurfing at Gee male if you get what i mean...

 

[donphall]

Mat
I would have a strong intrest in partnering in a tri. Just sold my corsair 31r owned from new for 10 years.

 

[donphall]

Steve,
Depending on the cat I may have a strong intrest. I love the partnership idea. Please get in touch. I can't send you a pm apperently I dont have enough posts

 

[SteveLemond]

Thanks for the interest. I haven't had much of a response, just one guy who was more interested in a trimaran. I don't have enough posts either. I'll try what he did. Try slemond 1950 at gee male.

I'd love to find more participants if we can. We would all have to agree on the particular cat, but we'd all have to make sure each partner has enough common sense, and sailing experience to properly operate a boat. I am not fixated on any particular brand or manufacturer... just one that we can all agree upon.

 

[jaypaul]

Steve, Wondering if you ever got the catamaran partnership put together? Looking to do something similar. - Paul

 

[tomcone]

Has this partnership idea come to fruition. I am interested.

 

[SanderO]

Fractional ownership of a spendy asset which is used part time makes sense in many ways. On the other hand there are complications and trade offs which attend. Some things are easier to work out/resolve than others.

Not in order of importance some considerations with respect to a recreational boat are:

1. What boat will be shared? And who decides? Does one person sponsor the partnership, select the boat and sign up partners? How is the value determined? How can the boat be secured without a purchase contract which would require the partners contribution.

2. Are all time periods of equal value? How are these assigned?

3. Where is the boat kept?

4. Who does and how is the ongoing maintenance done? Is this contracted to a professional? Who decides on upgrades? Or even when a repair is required?

5. How are partnership decisions made? Simple majority vote? Super majority? How are the partnership rules determined? Who and how will they be memorialized in a partnership agreement? Are the meetings virtual? or will the partners have regular meetings (at the boat) ??? Who manages the funds and the legal affairs of the partnership?

6. How does one exit the partnership? How is the current value determined? Can partners veto a sale?

7. What qualifications do the owners need to have?


Term chartering is a form of fractional ownership/use made available to the general public. The OP presents a different model where a group of select partners share a boat for their exclusive use. While the benefits presented are appealing... it also could be like herding cats. What about the notion that people who OWN like to personalize and a boat is / can be like a home... A charter boat is more or less like a hotel room... or perhaps a time share. If the deal is simply about sailing then the personalize issue may not be present. But I suppose that too may depend on how much $$ each person contributes. The more partners there are seems to mean more complications. Will this be enough time for each partner? Is limited use to a specific time period acceptable to all the partners?

Food for thought.

 

[Arcb]

I am interested in forming a sailing partnership with 2 or 3 partners. Would prefer to join an existing boat (or partnership), otherwise, purchase in Eastern Mediterranean (where used cats are cheapest). Sail the Mediterranean for a season or two spend a summer season in Northern Europe, cross to Caribbean for a couple seasons and then potentially Hawaii or South Pacific. 40 to 45 foot Catamaran. Sometimes sailing with the partners, sometimes with our own crew.

Sounds complicated. Would you hire a third party yacht management company to ensure equal distribution of usage, labour and cost? I guess you would each want a lawyer to make sure you are each fairly represented in the contract?

Using this format, I dont see how you would get a summer in Northern Europe, you would get 1/3rd-1/4 of a summer. 2 or 3 weeks. Chartering seems like it would be a less complicated way of acheiving 2 or 3 weeks of useage per season.

How does something like a transatlantic crossing work. Do you have to convince all partners to go at the same time? Do you hire a professional delivery crew and each share equally in the cost, or are you each responsible for providing a watch keeper for the voyage?

My brain hurts just thinking about it.

 

[pdqaltair]

Having been in one partnership, the greatest success factor for us was flexible schedules. Nobody had their heart set on a specific time, since two of us were retired.

The other thing, IMO, is that each partner should be able to afford it on their own. This reduces stress if things get weird.

 

[capta]

The whole idea sends shivers up my spine.
Just like condo living, the rules of shared ownership inhibit the individual from doing what they please with their own abode or boat.
There are just so many pitfalls. If one owner did serious uninsured damage to the boat and it was out of service for a considerable time, how are the other owners compensated for their lost time and the cost of repairs, for instance?
Two roughly 1400 mile crossings a year create some serious expenses and scheduling difficulties and if the owners don't want to do them, then finding a competent delivery crew twice a year is neither cheap nor easy.
Maintenance on a boat used that much is more than double what private ownership would be. I know, I operate a charter boat.
All the advantages of owning your own boat would be negated, except perhaps bragging rights. You wouldn't even be able to leave personal items aboard, so every time you visited your boat it would be just like joining a bareboat. At least with a bareboat, you have the option of renting a boat anywhere in the world, rather than just the few places your boat would go as you have planned it. I can see absolutely no advantages to a 'shared' boat unless it is as relaxed and simple as pdqaltair's.
Your investment would be much safer and better protected if you put the boat in service with a reputable bareboat company, IMO.