Had a couple Kerplunks myself this weekend, one was a small bolt, no biggy. The other was my 1/2" drill bit at the dock. Guess I'm taking a magnet this upcoming weekend. lol.
With mine, was the same. Launch then step. Mainly because I was going through canals, and have a hinged mast step I installed specifically for it. All depends on the complexity of the mast, I imagine.