Has anyone tried an owner partnership on a sailboat? What kind of problems have you had? Would you recommend it? Is it worth the hassel to have a larger boat for half the cost? Considering partnership with a 1991 31' Beneteau.
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Partners
I agree with the previous poster, get a solid signed agreement, preferrably with people you know. When we lived on the Bay we had a 4 partner boat next to us. None maintained it very well, it was dirty, worn, and in nead of docklines constantly. Many times throughout the year we had to put our own docklines on the boat just to protect ours. Then it was almost impossible to get them back. Each would sail, but do the minimum upkeep. it was a shame
I agree with the previous poster, get a solid signed agreement, preferrably with people you know. When we lived on the Bay we had a 4 partner boat next to us. None maintained it very well, it was dirty, worn, and in nead of docklines constantly. Many times throughout the year we had to put our own docklines on the boat just to protect ours. Then it was almost impossible to get them back. Each would sail, but do the minimum upkeep. it was a shame
Partnerships Can Work
Norm I tend to disagree with the previous posts. My wife and I partnered with a former co-worker and his wife on our Hunter 27, and we haven't had any trouble at all. Now this is much less money and a smaller boat than what you are talking about, with no financing or anything involved. But we split the dock fees, and any repair costs or purchases, and we worked together on the boat to do repairs and so forth. I think you just have to pick your partners carefully, and have a common goal. And make sure you have an "out" clause. Tom and I were in agreement from the very beginning that if either family wanted out for any reason, then we would both put the boat up for sale and split the proceeds. So I think it will work, because we have done it for four years. But maybe we just got lucky? Good luck to you, Ron
Norm I tend to disagree with the previous posts. My wife and I partnered with a former co-worker and his wife on our Hunter 27, and we haven't had any trouble at all. Now this is much less money and a smaller boat than what you are talking about, with no financing or anything involved. But we split the dock fees, and any repair costs or purchases, and we worked together on the boat to do repairs and so forth. I think you just have to pick your partners carefully, and have a common goal. And make sure you have an "out" clause. Tom and I were in agreement from the very beginning that if either family wanted out for any reason, then we would both put the boat up for sale and split the proceeds. So I think it will work, because we have done it for four years. But maybe we just got lucky? Good luck to you, Ron
Partnership "trash" boat...
A partnership has a boat in my MARINA...and they seem to care very little about upkeep. The boat looks aweful, however, they sail it often. One partner was telling me an aweful story of his overnighter when he struck rocks when the anchor failed. So it seems the partnership continues....no matter of each other damaging the boat or upkeep...Kinda looks like a MESS although they seem content.
A partnership has a boat in my MARINA...and they seem to care very little about upkeep. The boat looks aweful, however, they sail it often. One partner was telling me an aweful story of his overnighter when he struck rocks when the anchor failed. So it seems the partnership continues....no matter of each other damaging the boat or upkeep...Kinda looks like a MESS although they seem content.
Only if you find someone with a fetish for
polishing stainless, waxing, cleaning the bilge, wiping down the diesel engine, & climbing the mast that can also tune your rig. Actually, throw in a liquor store & that's the kind of person to marry.
polishing stainless, waxing, cleaning the bilge, wiping down the diesel engine, & climbing the mast that can also tune your rig. Actually, throw in a liquor store & that's the kind of person to marry.
It CAN work beautifully
My buddy and I bought a half interest in an Olson 30 for about half price. The half owners paid half the bills. They sailed about twice a year... even though we did almost all the maintenance it was like our own boat. On top of that, keep in mind that the half owners already had the slip in Santa Cruz that had about a 10 year waiting list. I sometimes think I was really stupid to get out of that partnership
Gary
My buddy and I bought a half interest in an Olson 30 for about half price. The half owners paid half the bills. They sailed about twice a year... even though we did almost all the maintenance it was like our own boat. On top of that, keep in mind that the half owners already had the slip in Santa Cruz that had about a 10 year waiting list. I sometimes think I was really stupid to get out of that partnership
GaryDepends
We have a boat-owning partnership that seems to be working very well. We bought much larger and nicer boat than we could have afforded otherwise. We sail just as much as we could if we had a boat without partners, what with soccer games and other events on some weekends interfering with the sailing schedule anyway. Our partners find the same advantage with the time they have available to sail. When an event comes up that we'd all enjoy, (Fourth of July fireworks, for example) the boat is big enough for all of us to go. The advantage is dividing up the bills. We were careful to find compatible partners - people that we knew for years before even suggesting getting a boat together. We also like doing the same kind of sailing -- racing and cruising at the club level, on a minimal budget. We also spent a good six months finding the right boat to meet our needs (good racing performance and acceptable overnight accommodations) at the right price. It also helped that we're all willing to put in some sweat equity as far as maintenance and upkeep. Since getting the boat seven years ago, we've budgeted and purchased a new genoa, main, sailcover and dodger. We've had the hull awlgripped, and done our own fiberglass repairs on delaminations in the cabintop and hull. Since 50% partners still get to use the boat about 90% of the time they would anyway, it could be considered like a 40% ROI, since you get the benefit of the whole boat. As a sole owner, paying 100% of the bills, you still wouldn't be able to sail all the time you'd like, and you'd have to figure costs as a loss any time you didn't get out. On the racecourse, we keep beating boats that cost 10 times as much as ours did, and at the after-race raftup, our hors-d'oeuvres are just as tasty as anyone else's. We're pretty pleased with the setup, and I'd do it again. You just have to find the right partners and the right boat.
We have a boat-owning partnership that seems to be working very well. We bought much larger and nicer boat than we could have afforded otherwise. We sail just as much as we could if we had a boat without partners, what with soccer games and other events on some weekends interfering with the sailing schedule anyway. Our partners find the same advantage with the time they have available to sail. When an event comes up that we'd all enjoy, (Fourth of July fireworks, for example) the boat is big enough for all of us to go. The advantage is dividing up the bills. We were careful to find compatible partners - people that we knew for years before even suggesting getting a boat together. We also like doing the same kind of sailing -- racing and cruising at the club level, on a minimal budget. We also spent a good six months finding the right boat to meet our needs (good racing performance and acceptable overnight accommodations) at the right price. It also helped that we're all willing to put in some sweat equity as far as maintenance and upkeep. Since getting the boat seven years ago, we've budgeted and purchased a new genoa, main, sailcover and dodger. We've had the hull awlgripped, and done our own fiberglass repairs on delaminations in the cabintop and hull. Since 50% partners still get to use the boat about 90% of the time they would anyway, it could be considered like a 40% ROI, since you get the benefit of the whole boat. As a sole owner, paying 100% of the bills, you still wouldn't be able to sail all the time you'd like, and you'd have to figure costs as a loss any time you didn't get out. On the racecourse, we keep beating boats that cost 10 times as much as ours did, and at the after-race raftup, our hors-d'oeuvres are just as tasty as anyone else's. We're pretty pleased with the setup, and I'd do it again. You just have to find the right partners and the right boat.
You have to think alike
I wholely agree with Paul K. It has worked for me and my partner on two boats and with another friend on a third boat. We enjoy each others company and work harmoniously on varius projects we undertake to upgrade our boat. We are even now looking at a larger boat. We both find it just as much fun working on the boat as sailing her. We sometimes individually use the boat and sometimes together. Club racing takes priority in our schedule and we both sail alternating as captain and crew. Paul C
I wholely agree with Paul K. It has worked for me and my partner on two boats and with another friend on a third boat. We enjoy each others company and work harmoniously on varius projects we undertake to upgrade our boat. We are even now looking at a larger boat. We both find it just as much fun working on the boat as sailing her. We sometimes individually use the boat and sometimes together. Club racing takes priority in our schedule and we both sail alternating as captain and crew. Paul C
Exit Strategy
If you do enter into such an arrangement, make sure that you both agree to a specific plan in case one of you wants to opt out. I entered such a partnership with a friend, and when he found another boat that would make a good father-son project he wanted to get out of our arrangement. We had not thought about how we would handle such a situation when we had made out original agreement, and I did not want to stand in his way, so I released him from any implied obligation. Since all the expenses now were borne by me, suddenly the costs of ownership doubled. We should have anticipated that possibility and addressed the obligation either owner would incur if he wanted to leave the partnership.
If you do enter into such an arrangement, make sure that you both agree to a specific plan in case one of you wants to opt out. I entered such a partnership with a friend, and when he found another boat that would make a good father-son project he wanted to get out of our arrangement. We had not thought about how we would handle such a situation when we had made out original agreement, and I did not want to stand in his way, so I released him from any implied obligation. Since all the expenses now were borne by me, suddenly the costs of ownership doubled. We should have anticipated that possibility and addressed the obligation either owner would incur if he wanted to leave the partnership.
Make sure your partner has $$$$, is loves his wife
oh and did I say has $$$$$$$. You do not want a partner who has financial problems or barely making it......the first thing they will stop paying is the boat fees. abe
oh and did I say has $$$$$$$. You do not want a partner who has financial problems or barely making it......the first thing they will stop paying is the boat fees. abe
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