Two friends and I want to buy a 30' - 35'cruising sailboat. Our intent is to share the purchase price and operating cost equally and arrange a rotating schedule for using the boat. I would appreciate advice on what to include in a written agreement between the parties. Does anyone have sample agreements you could share? Any words of wisdom are appreciated.
3 friends sharing a boat
- Thread starter Tim22842
- Start date
- Status
The usual arrangement
is one person purchases the boat and then sells a share of it to others. The agreement has to define the division of labor and costs for maintenance. One of you may have skills that the others don't so that engine care may fall on him. The other two must then realize that there are tasks that don't require the skill levels of engine maintenance and should agree to accepting those jobs. Care should be taken to ensure that the time contributed by each owner is proportional to that owner's use of the boat. If a dispute arises then two owners should be able to buy the other share for the original cost. The cost of repair parts and maintenance supplies and of up grades of hardware should be shared equally and agreed to before purchase. Negotiate the agreement. If you a good enough friends to buy a boat together then you should be able to make an agreement that all of you are comfortable with. AND write it down make three copies and sign all three copies. I once asked a friend concerning the origins of the phrase "Where is it written?" and he told me that when something is written it has authority. edited to add: Include a clause to cover the quality of housekeeping that will be acceptable for the next user. More fights happen between housemates over housekeeping standards than almost anything else. You don't want an "Odd Couple" situation with a boat.
is one person purchases the boat and then sells a share of it to others. The agreement has to define the division of labor and costs for maintenance. One of you may have skills that the others don't so that engine care may fall on him. The other two must then realize that there are tasks that don't require the skill levels of engine maintenance and should agree to accepting those jobs. Care should be taken to ensure that the time contributed by each owner is proportional to that owner's use of the boat. If a dispute arises then two owners should be able to buy the other share for the original cost. The cost of repair parts and maintenance supplies and of up grades of hardware should be shared equally and agreed to before purchase. Negotiate the agreement. If you a good enough friends to buy a boat together then you should be able to make an agreement that all of you are comfortable with. AND write it down make three copies and sign all three copies. I once asked a friend concerning the origins of the phrase "Where is it written?" and he told me that when something is written it has authority. edited to add: Include a clause to cover the quality of housekeeping that will be acceptable for the next user. More fights happen between housemates over housekeeping standards than almost anything else. You don't want an "Odd Couple" situation with a boat.
One more thing
Don't rule out joint cruises, since part of the partnership should include the friendship of all on board. You can't put that in writing.
Don't rule out joint cruises, since part of the partnership should include the friendship of all on board. You can't put that in writing.
Money kills
My sister once told me to never room with a friend if you value the friendship. Turns out she was right. Now roomming with somebody and sharing a boat is totally different but it definately raises the stakes on the friendship. Not to say it can't work because there is two guys who have families and they share a 27' Catalina and I've only heard minor complaints from them. I think the level of cost verse income is a big factor. If the boat is cheap compaired to the income, then it's not a problem and they aren't as sensitive about it. If the cost is high, then the parties are much more sensitive. Keep in mind money kills.
My sister once told me to never room with a friend if you value the friendship. Turns out she was right. Now roomming with somebody and sharing a boat is totally different but it definately raises the stakes on the friendship. Not to say it can't work because there is two guys who have families and they share a 27' Catalina and I've only heard minor complaints from them. I think the level of cost verse income is a big factor. If the boat is cheap compaired to the income, then it's not a problem and they aren't as sensitive about it. If the cost is high, then the parties are much more sensitive. Keep in mind money kills.
Dangerous...to the boat
When we lived in the Bay there was a partner boat next to us. The boat was the worst maintain floating boat I had ever seen. We had even use our lines to keep them tied so they would not drift into as their lines failed. It seems that each would sail but none of them would spend mcuh time maintaining it. They spent little money on things like docklines, sheets, and such. None wanted to spend their time working on the boat becuase they only got it every third weekend. When we bought our new boat several wanted to join us. We politely refused and thanked them. If we would have shared we would not be cruising in the Caribe rather we would be sharing our time in the Bay. Let me tell you this is much better. Just something to think about.
When we lived in the Bay there was a partner boat next to us. The boat was the worst maintain floating boat I had ever seen. We had even use our lines to keep them tied so they would not drift into as their lines failed. It seems that each would sail but none of them would spend mcuh time maintaining it. They spent little money on things like docklines, sheets, and such. None wanted to spend their time working on the boat becuase they only got it every third weekend. When we bought our new boat several wanted to join us. We politely refused and thanked them. If we would have shared we would not be cruising in the Caribe rather we would be sharing our time in the Bay. Let me tell you this is much better. Just something to think about.
Shared Boat
Seems to me that unless all of you feel exaclty the same way about the boat, it'll never work. I love to work on my boat...clean, polish, maintenance, do little projects, etc. I could not tolerate a fellow owner who came to the lake, jumped in the boat and went sailing...never cleaning, never maintaining, etc. I can see sharing lots of things, but not my boat!
Seems to me that unless all of you feel exaclty the same way about the boat, it'll never work. I love to work on my boat...clean, polish, maintenance, do little projects, etc. I could not tolerate a fellow owner who came to the lake, jumped in the boat and went sailing...never cleaning, never maintaining, etc. I can see sharing lots of things, but not my boat!
sounds like a can of worms...
and a great way to end friendships. Who does the repairs, who does the cleaning? Who sets the use schedule? Why should the other owners pay for a breakdown do to neglect or carelessness of one single owner? If someone looses the anchor or rips the sails does everyone pay? If one party puts a deep gouge in the hull or damages the boat running aground, who pays? Who keeps the vessel full of fuel and paper plates, silverware and napkins? Who fixes the broken head? Who's responsible for checking the motor oil and maintaining the batteries? Who cleans the bilge and tightens the stuffing box? This list can go on and on and on......good luck you'll need it.
and a great way to end friendships. Who does the repairs, who does the cleaning? Who sets the use schedule? Why should the other owners pay for a breakdown do to neglect or carelessness of one single owner? If someone looses the anchor or rips the sails does everyone pay? If one party puts a deep gouge in the hull or damages the boat running aground, who pays? Who keeps the vessel full of fuel and paper plates, silverware and napkins? Who fixes the broken head? Who's responsible for checking the motor oil and maintaining the batteries? Who cleans the bilge and tightens the stuffing box? This list can go on and on and on......good luck you'll need it.
On the other hand
There are a lot of benifits...even for the boat. So many boats get parked and hardly ever go out. A boat that is sailed a lot is a boat that in good shape. Less slime on the bottom. Less odors. Things get fixed because it gets on people's nerves that it's broke. You can get creative with all the issues. Do a draw. Put all chores in a hat and draw each year, but first all sit down and set an agreed schedule for everything including when the head should be rebuilt and the hull/deck waxed. Then do the same thing for the holidays. I think it could work well if properly planned and each agrees that if they screw something up, they pay for the replacement of equal value. It just bugs me to see so many boats unused. Those of us here on this board aren't the norm. We spend a lot of time on our boats...but that's not normal. If you decide it's too risky to loose your friends, look into sailtime. There you can put down the 20% to buy a new hunter 33. Then you get paid something like $1,000 a month for you and others to use your boat. You get to use it I think 16 times a year some thing like that (Most don't use their own boats that much). After 5 years, they give you the boat. Or, you can just join sailtime and pay $400 a month.
There are a lot of benifits...even for the boat. So many boats get parked and hardly ever go out. A boat that is sailed a lot is a boat that in good shape. Less slime on the bottom. Less odors. Things get fixed because it gets on people's nerves that it's broke. You can get creative with all the issues. Do a draw. Put all chores in a hat and draw each year, but first all sit down and set an agreed schedule for everything including when the head should be rebuilt and the hull/deck waxed. Then do the same thing for the holidays. I think it could work well if properly planned and each agrees that if they screw something up, they pay for the replacement of equal value. It just bugs me to see so many boats unused. Those of us here on this board aren't the norm. We spend a lot of time on our boats...but that's not normal. If you decide it's too risky to loose your friends, look into sailtime. There you can put down the 20% to buy a new hunter 33. Then you get paid something like $1,000 a month for you and others to use your boat. You get to use it I think 16 times a year some thing like that (Most don't use their own boats that much). After 5 years, they give you the boat. Or, you can just join sailtime and pay $400 a month.
If you value your friendship
Certain rules to live by. If everyone was a stranger. I'd say go for it. If you want to put a strain on the relationship, go for it. Never loan friends money, never room with friends. To share a boat and be equal partners is really hard. if not impossible. To live or should I say have fun while exacuting a written contract??? near impossible. Somebody has to be the captain.Some partnerships work and some dont. How much do you value your friendship? Have a bailout strategy in place before you start.Plan for all the pitfalls.Good luck
Certain rules to live by. If everyone was a stranger. I'd say go for it. If you want to put a strain on the relationship, go for it. Never loan friends money, never room with friends. To share a boat and be equal partners is really hard. if not impossible. To live or should I say have fun while exacuting a written contract??? near impossible. Somebody has to be the captain.Some partnerships work and some dont. How much do you value your friendship? Have a bailout strategy in place before you start.Plan for all the pitfalls.Good luck
Friendship First
Shared two boats with two friends over 15 years. We shared the same goals regarding sailing. For us it worked well. We more or less kept track of the expenses over the year an settled up at the end of each season. Just had an oral agreement to share all costs. We bought boats that were well within our means and always agreed on larger repairs or enhancements before hand. I moved away, we sold the last boat about two years later. Looking back these were some of my best boating years. We would try to get out together on Wed. nights and then sail on the weekends if available. Friendship always came first.
Shared two boats with two friends over 15 years. We shared the same goals regarding sailing. For us it worked well. We more or less kept track of the expenses over the year an settled up at the end of each season. Just had an oral agreement to share all costs. We bought boats that were well within our means and always agreed on larger repairs or enhancements before hand. I moved away, we sold the last boat about two years later. Looking back these were some of my best boating years. We would try to get out together on Wed. nights and then sail on the weekends if available. Friendship always came first.
swap wives for a while if it works out then
maybe you can get along sharing a boat. if not then its probably not too good an idea.
maybe you can get along sharing a boat. if not then its probably not too good an idea.
You'll Need A Lawyer
Many years ago I was going to split the purchase price and ownership of a new 1982 Hunter 33 with a good friend. I had a Catalina 25 and he had a 22 and we wanted a suitable vessel for extended weekends. Our enthusiasm well overshadowed the responsibilities and legalities of shared ownership. We sat down over dinner one night with an attorney friend to discuss contractual obligations and when it came down to the nitty gritty of shared ownership, we backed off. Its a few levels above a vacation home! If your going to pull this off, you will need escrow accounts for payment, repair, dockage, maintenance and improvements in addition to other clauses that define all shared responsibilities. Default anywhere can lead to disaster for the remaining parties. After the polish wears off anyone of you can loose enthusiasm. Can you sell your share to a third party (stranger) or back to the other two? Or does the boat go on the block if anyone cannot meet their responsibility? You must have a contingency for getting out of the ownership that is fare and equitable. Add spousal and family influences and demands and you have a tri-ownership cocktail that can get ugly. Not a very rosey picture, but honestly if you sit down and play devils advocate together and face the reality of the ownership responsibilites while taking away the sunsets, Jimmy Buffet and rum drinks and realize what you are confrinted with, just maybe it can be a wonderful and rewarding experience and you still may come out strengthening the bonds of friendship. I wish you success Bob
Many years ago I was going to split the purchase price and ownership of a new 1982 Hunter 33 with a good friend. I had a Catalina 25 and he had a 22 and we wanted a suitable vessel for extended weekends. Our enthusiasm well overshadowed the responsibilities and legalities of shared ownership. We sat down over dinner one night with an attorney friend to discuss contractual obligations and when it came down to the nitty gritty of shared ownership, we backed off. Its a few levels above a vacation home! If your going to pull this off, you will need escrow accounts for payment, repair, dockage, maintenance and improvements in addition to other clauses that define all shared responsibilities. Default anywhere can lead to disaster for the remaining parties. After the polish wears off anyone of you can loose enthusiasm. Can you sell your share to a third party (stranger) or back to the other two? Or does the boat go on the block if anyone cannot meet their responsibility? You must have a contingency for getting out of the ownership that is fare and equitable. Add spousal and family influences and demands and you have a tri-ownership cocktail that can get ugly. Not a very rosey picture, but honestly if you sit down and play devils advocate together and face the reality of the ownership responsibilites while taking away the sunsets, Jimmy Buffet and rum drinks and realize what you are confrinted with, just maybe it can be a wonderful and rewarding experience and you still may come out strengthening the bonds of friendship. I wish you success Bob
Two is company, Three is a crowd !!
Often TWO cant agree on complexities and issues that can occur. Can you imagine how THREE would handle issues??? YEPPERS !!! I would suggest...wait, save, get your own boat and have independence, freedom of upgrading at will, and "no issues". In the meantime, just rent a boat ! Happy Sailing !
Often TWO cant agree on complexities and issues that can occur. Can you imagine how THREE would handle issues??? YEPPERS !!! I would suggest...wait, save, get your own boat and have independence, freedom of upgrading at will, and "no issues". In the meantime, just rent a boat ! Happy Sailing !
Sharing
A number of years ago I shared our first boat with a friend of mine. It certainly raised a lot of problems, although we could not have afforded the boat otherwise. One big problem, already identified to some extent, was housekeeping -- I always felt he did not take adequate care to clean everything up every time he sailed. But a bigger problem was philosophy of upkeep, whcih also often comes to money. Do we really need a new mainsail or can we squeeze out another year? Should we upgrade system xyz? Is it important to take care of a potential problem? These are things where you should try to develop the boat's philosophy in advance, although circumstances always change. I also do recommend writing things down. I am a lawyer, but I am not a maniac on overdoing the formality. Still, many years of experience tell me that writing things down helps, not just for the formality, but because it forces you to think about things, define things and memoriaize the real agreement. Otherwise, one often finds that they are not sure which conversation repreents the agreement -- and who remembers anything two years later. Last of all, you need to think about exit strategy -- what happens when someone wants to get out, or you want to sell the boat. Lot's of possible solutions, but its nice to think about them in advance, because the upkeep on a boat means that there can be a long and expensive lag between the time one of you decides to get out and the time you achieve it. All that said, I did not have a written agreement with my friend, we eventually got out of the boat, we both still sail and we are still friends. All the issues i mention with one partner are more complex with moe than one. If you go into it, go with open eyes.
A number of years ago I shared our first boat with a friend of mine. It certainly raised a lot of problems, although we could not have afforded the boat otherwise. One big problem, already identified to some extent, was housekeeping -- I always felt he did not take adequate care to clean everything up every time he sailed. But a bigger problem was philosophy of upkeep, whcih also often comes to money. Do we really need a new mainsail or can we squeeze out another year? Should we upgrade system xyz? Is it important to take care of a potential problem? These are things where you should try to develop the boat's philosophy in advance, although circumstances always change. I also do recommend writing things down. I am a lawyer, but I am not a maniac on overdoing the formality. Still, many years of experience tell me that writing things down helps, not just for the formality, but because it forces you to think about things, define things and memoriaize the real agreement. Otherwise, one often finds that they are not sure which conversation repreents the agreement -- and who remembers anything two years later. Last of all, you need to think about exit strategy -- what happens when someone wants to get out, or you want to sell the boat. Lot's of possible solutions, but its nice to think about them in advance, because the upkeep on a boat means that there can be a long and expensive lag between the time one of you decides to get out and the time you achieve it. All that said, I did not have a written agreement with my friend, we eventually got out of the boat, we both still sail and we are still friends. All the issues i mention with one partner are more complex with moe than one. If you go into it, go with open eyes.
I won't share my sailboat
I have shared four boats with a friend, all motor boats and currently a 22' SeaRay. But my O'Day 22 is all mine. They sit side by side at the marina and I always clean both at the same time. My partner has never cleaned the SeaRay but there is no one I'd rather have with me when we dock at PaPa Boos or the Island House for drinks, food and fun. We all have a purpose in life.
I have shared four boats with a friend, all motor boats and currently a 22' SeaRay. But my O'Day 22 is all mine. They sit side by side at the marina and I always clean both at the same time. My partner has never cleaned the SeaRay but there is no one I'd rather have with me when we dock at PaPa Boos or the Island House for drinks, food and fun. We all have a purpose in life.
Repo
All crap aside...friendship ends at a $5 dollar bill. The purchase of my boat was the result of a repo of a failed partnership. Such a venture is possible but likely a very strained friendship.
All crap aside...friendship ends at a $5 dollar bill. The purchase of my boat was the result of a repo of a failed partnership. Such a venture is possible but likely a very strained friendship.
"Let's Make It Simple."
"Tim--" Take a moment to step away from a triad ownership of a boat. Asumming the three of you have wives or female friends, would the six of you all go to bed together? The worst thing out there is silent hatred mixed with gossip. It happens at all age levels and income, me versus you will soon prevail. Women, not the men will soon start the gossip behind each others back and once that starts, kiss the partnership good-by. Money ruins more relationships and considering your $10-15K investment the conversation among you could get strained at times. What if you have friends on board (And I'm sure you will) and they ruin a cockpit cushion or cut the counter top. Who pays that repair? The problem of housekeeping is easy to solve. If I find it dirty, you'll find equally or more so dirty. Take the advise given here and purchase a boat only you can afford. You'll enjoy it even more with less head aches!
"Tim--" Take a moment to step away from a triad ownership of a boat. Asumming the three of you have wives or female friends, would the six of you all go to bed together? The worst thing out there is silent hatred mixed with gossip. It happens at all age levels and income, me versus you will soon prevail. Women, not the men will soon start the gossip behind each others back and once that starts, kiss the partnership good-by. Money ruins more relationships and considering your $10-15K investment the conversation among you could get strained at times. What if you have friends on board (And I'm sure you will) and they ruin a cockpit cushion or cut the counter top. Who pays that repair? The problem of housekeeping is easy to solve. If I find it dirty, you'll find equally or more so dirty. Take the advise given here and purchase a boat only you can afford. You'll enjoy it even more with less head aches!
I know only one
couple with whom I am willing to share my boat and that because they are even more fastidious than I. There are many other whom I will invite as guests and they are as welcome on my boat as in my home. I am very circumspect when it comes to loaning anything. I saw a movie years ago with Anthony Quinn as an Eskimo and he was willing to loan his wife because she could take care of herself but if he loaned his knife it would come back dull and if he loaned his sled it might come back with a broken runner but if he loaned his wife she would come back smiling.
couple with whom I am willing to share my boat and that because they are even more fastidious than I. There are many other whom I will invite as guests and they are as welcome on my boat as in my home. I am very circumspect when it comes to loaning anything. I saw a movie years ago with Anthony Quinn as an Eskimo and he was willing to loan his wife because she could take care of herself but if he loaned his knife it would come back dull and if he loaned his sled it might come back with a broken runner but if he loaned his wife she would come back smiling.
This is a joint business venture. Treat it so.
Wait, I'm having a flashback: Ricky, Lucy, Fred and Ethel go in together on a diner… You have to run this like a business in some respect, and formalize some things. Since you mention rotating the use, you might be able to avoid some of the pitfalls by: 1) Agree upon and create on paper two lists: a pre-sail and post-sail checklist (check oil, rigging, seacocks, washdowns, etc.), and a housekeeping check-out list that each couple follows before leaving the boat, and post them in the saloon (like a timeshare). This way, the boat is in agreed-upon condition when the next couple boards the following weekend. A log book that entries can be made in concerning developing conditions might also be wise to keep everyone "in the loop" and keep all issues out in the open ("lost winch handle over the side, will replace. John," or "throttle lever sticking, sprayed w/ lubricant") so no one can conveniently ignore them might also be wise, and will encourage others to find other small maintenance chores to accomplish and write in the log. 2) Agree upon a regular amount to be contributed (perhaps quarterly) by each couple into an account that will cover slippage/mooring/storage, charts, routine maintenance and long-term replacements (if this were child support, it would be a "shoes today, college tuition someday" mindset). Be liberal so that there is always a funded kitty; something unexpected will come up, and then you'll be glad the money is already there to address it). "Lock" a slowly growing amout of this fund for eventualities like sails/repowering, so that you can't fall to the temptation to spend it on routine mainenance once it gets to be sizable. Decide beforehand how often scrubs, waxes, oil/filter changes, etc. will be performed. Better to have the money for a haulout/bottom job and decide it's not necessary than to pass the hat around to get it done a season late. The best accountant keeps the books/receipts and arranges for the routine service, and shows the ledger to the other partners often (at least at an annual/seasonal "business meeting"), so that everyone knows what's going on and is responsible for knowing. Bigger and/or infrequent jobs, like replacing sails cushions, canvass, or a tired engine, can be debated among yourselves, but the agreement will come easier if there is already money in the account. Everyone needs to buy into the idea that he will be putting money into this venture on a regular, rather than an ad hoc, basis. 3) If any of the partners performs a significant maintenance task (a bottom scrub, or oil/filter change, say) instead of hiring out, all parties must agree to it, and agree to pay that partner for his time out of the maintenance fund, at whatever going rate can be agreed upon, just as a professional would be paid. This sounds silly on the surface, but what it does is recognizes the value of effort/expertise of the partners and prevents resentment festering because of unequal input. You'd pay for it anyway: you might as well pay it in a way that makes partners feel valuable and appreciated. The accountant takes a small stipend for his sevices, as well. Don't underestimate the psychological value of this practice. 4) Equipment upgrades are trickier, because less agreement will arise about what to install on the boat. Agreeing on a philosophy (preferably a minimilist philosophy) beforehand will be important. A pre-arrangement that those items need to be agreed upon unanimously is probably better than letting 2 partners outvote the third, which will likely sew seeds of resentment (if one partner is forced to pitch in for a headsail furler he didn't want, you he'll fume everytime he uses it. OTOH, if everyone thinks that a cockpit table is a great idea, no problem. Safety equipment replacement should be discussed at the annual/seasonal business meeting. Some equipment disagreements can be avoided by each partner supplying himself with whatever carry-on technology suits him (12v refrigerated coolers, flexible solar panels, hand-held GPS, etc.) Sounds like a business, doesn't it? That's exactly the mindset that needs to be adopted if a falling out among friends and a possile financial loss because an unnecessarily steep depreciation occured is to be avoided. It might be attractive to think that friends can just operate a boat together on a handshake, but experience proves that formalizing a plan makes everyone happier in the long run. The anal-retentive will be satisfied, and the happy-go-lucky parter will appreciate the responsibility that others have shouldered on his behalf. Or, each couple could just bareboat charter separately and show each other the photos over wine and cheese later…
Wait, I'm having a flashback: Ricky, Lucy, Fred and Ethel go in together on a diner… You have to run this like a business in some respect, and formalize some things. Since you mention rotating the use, you might be able to avoid some of the pitfalls by: 1) Agree upon and create on paper two lists: a pre-sail and post-sail checklist (check oil, rigging, seacocks, washdowns, etc.), and a housekeeping check-out list that each couple follows before leaving the boat, and post them in the saloon (like a timeshare). This way, the boat is in agreed-upon condition when the next couple boards the following weekend. A log book that entries can be made in concerning developing conditions might also be wise to keep everyone "in the loop" and keep all issues out in the open ("lost winch handle over the side, will replace. John," or "throttle lever sticking, sprayed w/ lubricant") so no one can conveniently ignore them might also be wise, and will encourage others to find other small maintenance chores to accomplish and write in the log. 2) Agree upon a regular amount to be contributed (perhaps quarterly) by each couple into an account that will cover slippage/mooring/storage, charts, routine maintenance and long-term replacements (if this were child support, it would be a "shoes today, college tuition someday" mindset). Be liberal so that there is always a funded kitty; something unexpected will come up, and then you'll be glad the money is already there to address it). "Lock" a slowly growing amout of this fund for eventualities like sails/repowering, so that you can't fall to the temptation to spend it on routine mainenance once it gets to be sizable. Decide beforehand how often scrubs, waxes, oil/filter changes, etc. will be performed. Better to have the money for a haulout/bottom job and decide it's not necessary than to pass the hat around to get it done a season late. The best accountant keeps the books/receipts and arranges for the routine service, and shows the ledger to the other partners often (at least at an annual/seasonal "business meeting"), so that everyone knows what's going on and is responsible for knowing. Bigger and/or infrequent jobs, like replacing sails cushions, canvass, or a tired engine, can be debated among yourselves, but the agreement will come easier if there is already money in the account. Everyone needs to buy into the idea that he will be putting money into this venture on a regular, rather than an ad hoc, basis. 3) If any of the partners performs a significant maintenance task (a bottom scrub, or oil/filter change, say) instead of hiring out, all parties must agree to it, and agree to pay that partner for his time out of the maintenance fund, at whatever going rate can be agreed upon, just as a professional would be paid. This sounds silly on the surface, but what it does is recognizes the value of effort/expertise of the partners and prevents resentment festering because of unequal input. You'd pay for it anyway: you might as well pay it in a way that makes partners feel valuable and appreciated. The accountant takes a small stipend for his sevices, as well. Don't underestimate the psychological value of this practice. 4) Equipment upgrades are trickier, because less agreement will arise about what to install on the boat. Agreeing on a philosophy (preferably a minimilist philosophy) beforehand will be important. A pre-arrangement that those items need to be agreed upon unanimously is probably better than letting 2 partners outvote the third, which will likely sew seeds of resentment (if one partner is forced to pitch in for a headsail furler he didn't want, you he'll fume everytime he uses it. OTOH, if everyone thinks that a cockpit table is a great idea, no problem. Safety equipment replacement should be discussed at the annual/seasonal business meeting. Some equipment disagreements can be avoided by each partner supplying himself with whatever carry-on technology suits him (12v refrigerated coolers, flexible solar panels, hand-held GPS, etc.) Sounds like a business, doesn't it? That's exactly the mindset that needs to be adopted if a falling out among friends and a possile financial loss because an unnecessarily steep depreciation occured is to be avoided. It might be attractive to think that friends can just operate a boat together on a handshake, but experience proves that formalizing a plan makes everyone happier in the long run. The anal-retentive will be satisfied, and the happy-go-lucky parter will appreciate the responsibility that others have shouldered on his behalf. Or, each couple could just bareboat charter separately and show each other the photos over wine and cheese later…
Some sobering thoughts
Thanks for the thoughtful responses. I am not totally discouraged about the idea, but we will be giving all your comments some serious thought before jumping in. It seems that the more we invest, the greater risk of disagreement. Possibly we should set a price limit that any two of us would be comfortable carrying when one decides they want out. Thanks again.
Thanks for the thoughtful responses. I am not totally discouraged about the idea, but we will be giving all your comments some serious thought before jumping in. It seems that the more we invest, the greater risk of disagreement. Possibly we should set a price limit that any two of us would be comfortable carrying when one decides they want out. Thanks again.
- Status