Let's say you sold your boat to one of your good friends.............

[kito]

Just wondering what the proper etiquette is when you sell a boat well below the going price to a good friend of over 25 years and he sells it for a nice profit a year later. Let's say he tells you since that you was giving him a great deal that you could use the boat anytime. What would your thoughts be when he tells you he sold the boat and bought a $13k hot tub? This is purely a hypothetical question

 

[Kermit]

Keep it strictly business (hypothetically speaking of course). But if, hypothetically, this has already happened, you just learned a hypothetical lesson. Or you could transfer the use of his boat to the use of the hottub.
Bottom line is if you do business with your friends you're bound to lose them. I learned that early on in my career.

 

[woodster]

Keep it strictly business (hypothetically speaking of course). But if, hypothetically, this has already happened, you just learned a hypothetical lesson. Or you could transfer the use of his boat to the use of the hottub.
Bottom line is if you do business with your friends you're bound to lose them. I learned that early on in my career.

EXACTLY

 

[Siamese]

It's HIS boat. He can do whatever he wants to do with his boat. It's your fault if you attached strings to the deal. Obviously, you can no longer borrow the boat after he sells his boat.

Question: Why would you give your friend money for no reason? If the boat could truly be sold for more, then giving a big discount is no different than selling the boat to a stranger, and then giving him $5,000.00 of the proceeds. Why would you do that? Is the friend indigent? No, not if he can afford to keep a boat.

Friend gave me an inexpensive shotgun because his wife didn't want it in the house. Not loaned...gave. Three years later he asked for it back, and implied that it was a loan. I said, nope, its my gun. Friendship fell apart after that. Not because I liked the gun so much, but I didn't need a friend that pulled that kind of crap.

 

[Stu Jackson]

It took you 25 years to learn that he wasn't such a good friend after all.

 

[Kermit]

But we never answered your question on etiquette. I'm pretty sure Dear Abby would agree that it was his boat to do with what he wanted. So I guess the proper etiquette would be to either congratulate him or say nothing at all. I'm going with say nothing at all. But you're under no obligation to remain friends with him. Which takes me back to my statement about doing business with friends.

 

[kito]

Thanks for all your comments. This is not a friendship killer. I did not "give him money", I simply offered a good friend with a wife and 2 teenage girls a great deal on a boat for them to enjoy on Jordan Lake. I forgot to mention that I did ask him that if he ever wanted to sell it to let me know first. I would pay him what I sold it for plus any improvements. Apparently it slipped his mind when he posted it on CL. I can only say that if a friend gave me a deal and I ended up basically "flipping it" a year later, I would deduct any improvement costs and split the profit......but that's just me.

 

[Ilanortho]

I refuse to sell mechanical items, even if it is in good shape, to friends. Car or otherwise at any price. Nothing good comes of it. Once you sell or give it as a gift it is theirs to do with as they please according to Ann Landers (yes, I actually read that!) But why would they even tell you what profit they made off of it? Sensitivity training would be in order. I think a good friend would be sensitive to your feelings. Empathy is one of the most important attributes of a good friend.

 

[centerline]

the above posts are correct.
you didnt mention if you had a "no sell" agreement, but only that you could use the boat whenever you wanted....
whether you sell the boat to a friend, an enemy, or someone you have never met and will never see again, it makes no difference... the market can fluctuate to increase or decrease the value, or a hurricane could blow thru and total the boat completly, none of which you or the buyer has any control over..... (would you be willing to refund some of his purchase price if he were to take a loss on it, or help pay to fix it, if it became inoperable for some reason?)
only you know what the minimum dollar amount you have to get for the boat when you sell it, and if you sell it for that low dollar amount, dont feel bad if the new owner makes a profit on it.... this is the american way, and we ALL strive to be able to see our "toys" appreciate in value, no matter if we want to sell them or not.

unless a written signed contract is in hand, never, never expect the lip service given during a sale to mean anything at all, because it doesnt. sometimes people follow thru on their word alone, but dont expect it, friend or otherwise..

how you deal with your friend afterwards may say more about you that this deal does about him....

when you sell anything, you release all control over it. and this statement is NOT hypothetical..

 

[GGordonWoody]

I think immediate family falls into that category as well. And it works in reverse - you become obligated to go over and fix it when they break it. When you do sell it, say it went for some astronomical amount of cash - lol.

 

[woodster]

a fool and his money soon part ......assuming = a$$,you and me....denile = lying to oneself......ect,ect,ect...sorry but all this rings true in life...... best to just agree with your self to disagree......we can't have it all our way....as long as there are two in the mix.....salvage the friendship if you so desire or not..... was your boat ...was your choice......this is hard but it is fair..... as they say in the military

 

[Head Sail]

Your a nice guy but you know what they say about nice guys. No reason to hold it against him. Its your mistake. What's he supposed to sell it for? Less than he bought it for? Keep the friend and get over it.

 

[BlowMeAway]

Charity Kito...sometimes better to give then receive, then hypothetically go urinate in his hot tub.

 

[Gunni]

On the other hand YOU are the hero who financed his family hot tub. I would definitely show up and congratulate them on their great good fortune in having a friend such as you. Their very own sugar daddy. The guy who made it rain good fortune on their hard-tack lives! Let him know about all those projects you are working on and how he might participate.

 

[kito]

Nice guy.....yes I'm guilty I wasn't asking about the legalities of this deal. From what I have gathered here, the majority would do the same. Tough crowd Btw, we are still friends and is invited over in a few weeks for the 3b's...beer, bbq and billiards. I just was curious on what you guys would think if you "actually" was in the same position. Life's too short to hold grudges and I do believe in Karma. I guess even at 58 I can still learn something, never give a break to friends or family. Btw, he is a good dude, just seems to lose common sense when he see's dollar signs. He is a sales engineer.....lots of smarts but no common sense LOL

 

[Gunni]

I have had that experience with a direct family member, and yes I suspected a gift would be turned for profit, because money, but I did it anyway. You just learned the 'cut of his Jib'. Don't expect people to change.

 

[Kermit]

...I guess even at 58...

We must twin brothers from different mothers. I just look a lot older than that.

 

[woodster]

We must twin brothers from different mothers. I just look a lot older than that.

yea you have turned green............

 

[kito]

Charity Kito...sometimes better to give then receive, then hypothetically go urinate in his hot tub.

And the bubbles won't be coming from the jets

 

[Roland5048]

I guess even at 58 I can still learn something, never give a break to friends or family.

Kito, that's BAD Karma.