You will have a tough time agreeing with a partner on your version of maintenance, everything else is straightforward. Draw up a detailed agreement. You need to discern weather you want an equity partner or just a trip partner, each is different ($$). I would like a partner on my ride just to have someone help me shlep things arouind and setup for trips, the money is not a problem for me, but time is.. Wives are boat partner killers, avoid a married man if possible. I have had fishing partners, not even boat partners that have to retreat because of the wife, it is tooo strong a force to reckon with. I'd stick with a fishing partner if possible, keep the boat to yourself.
I know partnerships work for some.
For me it would be a very bad idea.
I've heard too many horror stories where things go south.
If you'd like to talk more offline, easier for me to talk
versus type, feel free to call me okay (714) 342-5224.
Money is my problem. I May need to unload the boat if I don't look for ways to cut costs. A fishing partner might help with trip expenses but wouldn't be willing to make a dent in my payment just to go fishing once every weekend, the only person crazy enough to spend that kind of money is me.
What needs to be agreed upon?
Examples of what need to be agreed upon are:
Legal paperwork, as in who exactly are the partners and who is listed on the Documentation, title, Bill of Sale, etc. A consideration of this would be whether the partnership is a legal entity, such as a corporation, or whether it remains owned by the individuals. There are advantages and disadvantages to both avenues. Review each option carefully.
Insurance, such as in the coverage amount, area, and deductible, while also insuring that all partners are considered. Everyone involved needs to be in agreement, as well as fully informed on the coverage. This will also probably determine rules of usage; like whether the boat can be chartered to a non-partner. Or whether a partner's family, or friend(s) can use the boat without the partner onboard. Or, can the boat only be driven under the supervision of a USCG Captain certified to the size of your vessel?
Dockage, as in where the vessel will be stored and how much will this storage cost. Will the boat be in dry dock, or stored in the water? Will it spend six months in Florida and six months in New York?
Maintenance and upkeep, as in what will be done by the partners. This includes cleaning and basic maintenance. Also, what will be done by outside contractors? This should also cover any damage that may be caused by a partner. Is the guilty party responsible for all damages on his or her voyage? Or does the partnership absorb all losses because all three owners are clumsy?
Vessel rules - for example: How many people are allowed onboard and whether pets can be brought along. Where can the vessel be taken? Does one partner need the permission of the others to take it out of US waters?
The purchase of equipment and gear. Do all agree on the purchase of a particular toy? For example, one party would like the vessel equipped with a personal watercraft, two complete sets of dive gear and an air compressor to fill SCUBA tanks. The other wants a fully stocked bar at all times. Are these extras absorbed in the partnership, or is each owner responsible for providing the extra frills?
How to deal with a partner that wants to sell their share, or can not continue to maintain their share. This could be the most important contingency plan of all. What happens when one party either can no longer afford their share, or simply no longer wants to participate? What happens in the event of an untimely death to one of the owners? A serious illness could not only be costly from the standpoint of medical expenses, but also from the possibility of lost earnings. Do you try to keep the partnership alive at this point or is the boat to be sold? Be sure to think of this endeavor long term!
The existence of a "slush/contingency" fund to cover items not previously considered, as well as emergencies. If you keep a vessel anywhere along the Eastern Seaboard of the United States, there is always the possibility of a hurricane. The existence of such a fund could provide for the removal of a vessel from the water into a safer storage facility, thus saving the vessel from damage or destruction.
Partnerships work well for some and for others, they are worse than a bad marriage.
You should look at any prospective partner in terms of their mindset, personality, habits, quirks, as well as their approach to responsibility, stress and tolerance for things that go wrong. Insure you're comfortable with all the traits of your prospective partner.
Their ability to handle things financially is only one part of the equation..., on a long list and if there's something that bugs you about the guy that you can't put your finger on..., it's going to stare you right in the face loud and clear after a few months.
I'm jealous of the guys that can make it work well and there are more than a few, just approach it with your eyes wide open and you find yourself making the decision simply due to the money.., that decision is probably going to come back and bite you.
You should lay everything out in the beginning and probably should have it documented in an agreement, but frankly speakingâ?¦, the partnerships Iâ??ve seen work best have been those founded on trust and friendship. Not to say itâ??s not a wise idea, but if you find yourself writing a contract out that covers every detailâ?¦, you might want to reconsider if you really want to head down that path with this person.
Just a thought and noâ?¦, I have never gone down a path with a partner. Iâ??ve thought about it, but itâ??s just never worked out that way.
â??If your not part of the solution... you're part of the problem"
"I'm jealous of the guys that can make it work well and there are more than a few, just approach it with your eyes wide open"
Reality? Patience, flexibility, and resolve will allow for a partner. Don't be so opinionated, stubborn and inflexible about what you expect, and it should work out, assuming you have the right chemistry upfront! The other reality? With slip charges, fuel and everything else moving north quickly, this will become the reality to enjoy boating for many, and many will have to learn some of the traits! As for money, picking a partner that is not going to nit pick about every cost is the key! Boat's cost money, just like wives. Accept it up front and enjoy it! A boat partnership should ultimately be where the partners use it together more often than not. If it is seperate, and something breaks, it's very easy to point the finger, plus you should both enjoy eachothers company and experience! If it's treated more like a business, then I don't see it working, it has to be a mutual love of the experience. Boy did that sound gay or what?
it has to be a mutual love of the experience. Boy did that sound gay or what?
yea, pretty gay
love is not enough, even in marriage.....we can't predict the future...people change, priorities change...a prenup, or contract is in order when it comes to boat partenerships...if consequences are not spelled out in black and white in advance, i feel the partenership is doomed.
i'd go with the biggest(smallest) boat i could afford on my own....if i can't afford the boat i have?..then i'd sell out and buy a skiff
A few years back I had a partner on a boat and here is what happened.
After a year I sold my half to him because I worked 8-7 5 days a week and he was a construction worker who had all the time in the world to fish so he fished every weekend i fished every other weekend with him I used the boat about 10 hours a month he used it 30 the agreement was to return the boat with a full tank of gas after each trip "that never happened" his idea of cleaning the boat was not the same as mine so repairs were constant.
I believed in servicing the engine every 100 hours he did not agree he thought every 200 was fine.
Having to spend back then $150.00 around every other month to get the 100 hour service on an 80/20 usage schedule was killing me.
So I bought my own 21 foot boat and the savings in service alone covered the extra monthly payment.
Now with A diesel you are talking about $250 every 100 hours and $1,500 every 500 hours that can be expensive for someone using the boat 20 hours compared to 100 hours so a log should be kept as to usage and the service fee's should be split accordingly so if you use the boat 100 hours and the other party used the boat 400 hours then you should shoulder $300 and the other party should shoulder $1200 of the 500 hour service.
And once again the boat is returned with a full tank of fuel after every trip.
I figured out the cost over a year to own old Albin was $18,000.00 the payment was $759.00 a month thats $9,108.00 a year the rest was storage and service and repair.
Just something to think about becouse service can cost as much as the monthly payments for a boat that is used alot remember you are looking to cut cost not pickup someone service fee's
Now with A diesel you are talking about $250 every 100 hours and $1,500 every 500 hours
huh?....how could you possibly spend that much money?
oil changes every 100 hours is excessive, double your engine time , then change your own darn oil and filters for 50 or 60 bucks per engine ...i have no idea what a guy could spend $1500 on every 500 hours...injectors?...if it works , you don't 'fix it'
If you're using the engines allot, I'd agree with the longer engine hours between changes (150-200), but many private vessels run their boats on an occasional basis and oil sitting in an unused engine with less than 100 hours can be just as bad (or worse) than oil thats been run 200 hours, but reguarly.
Myself, I'd look to do your oil change a minimum of twice a year on a boat that is used infrequently, regardless of hours, every 100 hours for a boat seeing 200-300 hours a year and probably every 150 hours for boats used more than that.
I don't have any experiance with daily commercial use, but every 200 hours doesn't seem unreasonable to me as long as it's not a smoker..., if it's smoking..., fix the problem or get used to changing the oil on a more frequent basis.
Installing an electric oil exchange pump is one of the best investments one can make.
Just my two cents...
â??If your not part of the solution... you're part of the problem"
Taurus you have time, I have money and no time, if I get a half day off I go fishing not changing oil its worth 50 bucks to go fishing instead.
I learned a long time ago â??from Dodgeâ?? that if you don't follow the maintenance schedules set out by the manufacturer proven with recites you void the warrantee.
The Boat was new and the schedules were put in writing so I followed them...... all I need is a sucked valve or a retainer broken (Yanmar) and the engine manufacturer telling me I need to see recites for oil changes.
1986 Dodge Turbo gone bad after 12,000.00 miles and 1 year not covered by warrantee 2 years in court I lost could not produce recites for oil bought very expensive lesson).
Don- I agree with you on the warranty. That's why you buy new, for the warranty, the concession is the depreciation and the maintenance tolerances of the warranty. I am a geek when my cars and boat motors are in warranty, I give that thing no excuse to bite me in the butt. Jason- I hate to say it, but it might be too much boat for you if a partnership keeps you out of the red, your boat is a toy, and one that burns money like a bad habit, be careful with a partner as it may compound the problem. Like Don and Tarus have exhibited, people's versions of maintenance is always different, none right or wrong necessarily. That is why I would have a hard time with a partner, they'd have to be as anal as I am about upkeep.