Boat partnerships

[Phil Herring]

Boat partnerships are a popular way to lose friends and anger people... but the savings!

Have you ever owned a boat in a partnership? If so, how did it work out? Would you do it again?

Whats the craziest thing a boat partner did on/to your vessel?

Confess your experiences here.

 

[Michael Davis]

I've never had a partner in a boat but I did buy one from a co-op. 350 owners with no-one taking complete responsibility. Needless to say it needed some work!

 

[Charlie Jones s/v Tehani]

only once A good buddy and I co-owned a 15 foot fishing skiff. He met a lady (who he wound up marrying) and she was into golf. I traded a set of clubs I was no longer using, for his half interest in the boat- We were both very happy afterwards

 

[Ron20324]

I joined up with a guy I went to school with, and he lived a few doors away, and our parents were social, so I knew he and his sister pretty well. We decided to buy an Oday 222 on a trailer. His last name being 4 letters, he was to maintain the PORT side of the boat, while my 5 letters lent me to maintain the RIGHT side of the boat. Worked well for a while until he got a girlfriend and they eventually moved in together. I spent more time in one day on maintenance than he did the entire season. His use of the boat and the MAINENANCE dwindled, so I was not upset when he asked to break the deal. GLADLY!

 

[tfox2069]

The two boats I owned before my current one - 1975 Catalina 27 and a 1998 Precision 18 - were both partnerships. In each case the partnership was with a close friend, and each worked out very well. I will say the Precision required very little maintenance over the 4 years we owned it, and the Catalina 27 partnership benefitted greatly from my father's incredibly generous time doing electrical and other work as a hobby since he was retired. Luckily both partners were financially responsible and supportive of boat expenses, and both contributed time to upkeep and maintenance as required.

My partner in the Catalina 27 passed away unexpectedly, and I will say it was an incredibly difficult situation to deal with the widow (who was not a sailor and never visited the boat again after her husband's death), and her ensuing financial difficulties (I took over full financial responsibility for the boat as a result). One strong recommendation I would have: Clearly decide up front what will happen in the event one of you cannot carry on the partnership for whatever reason. I regret that we did not do this, and it took me a few years to figure out an equitable solution and get his widow to discuss it. This is particularly important as even if the boat is not very expensive (this old C27 cost us $4,000), you do have tieups in title, insurance, etc., and you will need your former partner's estate to cooperate on sorting all of this out. If you have an agreement up front, that makes it easier to execute. Thankfully everything ended amicably, but I pass this lesson onto you.

 

[Tally Ho]

I co-owned a boat with a good friend, who also introduced me to sailing. He had sold his Catalina 30 “because he didn’t get enough use out if it, and he had 2 girls in college”. I said, well don’t talk to my wife about that....I am still working (and my friend was retired...so I would have even less time to sail), and I had 2 boys in college.

I bought a Hunter 280, and he bought a trimaran. A year later, he sold the trimaran and bought 1/2 of the Hunter. We later bought a 1988 O’Day 322 that I had seen a few years earlier, before I bought the Hunter.

Having a partner meant my wife couldn’t veto the purchase of a “second” boat....or I would probably still have the Hunter. but we made the purchase of the O’Day 322 and sold the Hunter a month later.

Over the time we co-owned the O’Day 322 (about 4 years), we split all of the expenses and discussed any major purchases (a canvas cover, a Mack Pack, a VHF radio).

A little while ago, my friend decided he was ready to retire from sailing. We had discussed the exit strategy should one of us want out of the partnership. The remaining partner could decide to buy out the other half of the boat (based on what we paid for it), or he decide to sell it, and both partners would split any proceeds from the sale.

In our case, I wanted to keep the boat, so I bought out his half. We are still friends, but don’t see each other quite as much. He is going to help me haul out next week though!

We never had much drama, at least as far as I was concerned. He did once plow into the dock ladder with the bow of the boat, but the anchor appeared to take the hit, and no damage done (except to the dock ladder).

Our kids dated, which is how I first met my friend. And when we started talking about the boat partnership, we said “what if the kids break up“? Well, unfortunately, they did break up, but we have all remained friends.

I would consider doping it again, but I feel fortunate to have had the partner I had. Not sure I could replicate that again. Certainly would NOT be partners with a stranger.

Greg

 

[dLj]

I've been partners in a couple boats. I've only ever done it with someone else I've known very well. Because of my choice in partner, I've not really had issues.

I personally prefer to own my own boat, but I'm also a fan of smaller rather than larger boats. Because of that, it is a bit more affordable. If I wanted to run a larger boat, it may make more sense to go back into a partnership or other group type structure.

If I were to entertain this again, I would likely set up an actual contract with each individuals contributions spelled out. Probably have a work vs money option. I'd also have clearly defined the consequences of not completing with obligations. Just some thoughts.

dj

 

[Tally Ho]

I've been partners in a couple boats. I've only ever done it with someone else I've known very well. Because of my choice in partner, I've not really had issues.

I personally prefer to own my own boat, but I'm also a fan of smaller rather than larger boats. Because of that, it is a bit more affordable. If I wanted to run a larger boat, it may make more sense to go back into a partnership or other group type structure.

If I were to entertain this again, I would likely set up an actual contract with each individuals contributions spelled out. Probably have a work vs money option. I'd also have clearly defined the consequences of not completing with obligations. Just some thoughts.

dj

I also enjoy owning my own boat. But when I had a partner, I did most of the work (‘cause I enjoy tinkering around with stuff). The cost of ownership were cut in half though, since my partner paid 50% of any expenses.

My partner also didn’t sail much without me. So we didn’t have any scheduling conflicts.


Greg

 

[jssailem]

My boat is owned by my life Partner and Me...

She said: "you use the boat, you take care of it, you keep your insurance paid up, you decide what you want to do to it. I'll sail on it occasionally and tell folk when asked, I am a part owner."

So far it is working out. Ask me again in a couple of years. I have a few bigger expense items on the To Do list coming up..

 

[FDL S2]

I was in a partnership with a good friend on a boat. He didn't know much about boats and I didn't know much about sailing. I wanted to be on the water and he wanted a sailboat, but didn't want to do the upkeep on the boat, so his obligation was mostly financial and mine was mostly sweat equity.

I think it worked out well for both of us, he had a boat he could use and someone to sail with and I learned a lot about-and to love-sailing. When it came time to move on from that boat, I bought my current S2 and he got a daysailer for his cottage that he could take out with his kids.

 

[Crazy Dave Condon]

Issues like maintenance, who sails on what weekend/week/holiday, paperwork in event the partnership should dissolve, allowing friends to use the boat when a partner is not on board, sailing out of US territorial waters, insurance, etc. should be discussed and a contract between the partners is suggested. I have seen some work but the majority failed. Be careful as you could loose a best friend or your spouse if issues arise.

The worst for me was a boat purchased by four partners. One person took charge without a vote and acted like a dictator. The boat was serviced during warranty. Two years later, I received a phone call at 4 pm, Friday afternoon, that the boat was struck by lightning requesting immediate service. I obliged taking two employees and myself that afternoon 2 1/2 hours down to the coast to make temp. repairs. Never charged but never a thank you. Insurance contacted my company the following Tuesday with a proposed bill of repairs sent and ok'd by the adjuster. Supplies came in. Since it was over 100 degrees, we chose to work at night with permission from the marina since it would be cooler. Work completed within one week but was asked not to put in way points on GPS. Within a few days, the dictator had the boat hauled out for cleaning and bottom painting. Received a call from the marina to warn me the earlier repair bill would not be paid. The yard also advised bottom paint never failed but came off due to running aground and hitting underwater debri. A week later I received a certified letter stating that the $6,500 repair bill would not be paid and I was responsible for a new bottom paint. What I told the dictator the hull was seen which was not warranty and if the repair bill was not paid in one week, a lawsuit would be filed. Sadly I filed and a day before court, I got my check because the other three partners were fed up with the fourth partner and the partnership was dissolved. I also learned they had been asked to leave two marinas.

I never sold another boat to a partnership. Nearly all the dealers have had horrow stories and I had several. We normally to do not like discussing them but many yards did not like working on boats in a partnership..

 

[Mike Oldak]

I've been in a boat partnership, first with one partner and now 3 others. IT HAS BEEN GREAT! We may be we are unusual since several of the partners have either worked months abroad, have other boats, have little time to sail or like to sail together. I can see how buying a new boat and everyone wanting to use it all the time would be hard, but we're all old time sailors and each of us may only use the boat a relatively small amount of time. For our one partner who worked a lot abroad, we would always give him preference when he was in town.

As for maintenance, I'm really in charge and paying 25% of all bills is really, really GREAT. Our biggest problem with maintenance has been finding really competent outside crews not cost. Also, we learned our lesson one year when we all went down to the marina one night while the boat was out for bottom paint, to compound the hull ourselves and save money. Too many hours later we were done, but the next day the yard indicated that our polishing left much to be desired and I had them redo it. When I compared the cost and my fraction of the total, to the yard's price, we decided that most of our work would be farmed out.

One new rule is that every captain is responsible for any damages to the boat. If you go out in really rough weather that tip the dingy engine in the water or rip the sail, it is your responsibility. Normal wear and tear is everyone's responsibility.

Probably a clear statement of obligations, sailing time, responsibilities, etc. would be very appropriate, but when one of partners tried to copy an agreement from a charter boat company, we all thought the 20 page document was too complicated and just relied upon our general understanding of what makes sense.

Maybe picking a spouse is easier than a boat partner.

 

[Gary Ballentine]

Pro's and Con's.... I was 1/2 partner in a 36 foot Islander for 20 years. That's a long time, so obviously the Pro's ruled. To keep a long story short... Pro's: It was a great way to be on the water at a reduced cost. Our monthly contribution was enough to feed a "what if" fund. If it was a big ticket item, we would get together and figure out a way. Always had someone to help when something did come up that needed addressed. We both had different strengths when it came to repairs. There is a certain peace of mind knowing that your not in it alone. Con's: Its only kind of your boat. When I wanted to do something to improve the boat that was more to my benefit, it was on me. He was a day sailor who rarely spent the night on the boat. I would cruise, sometimes for and extended period of time, so I put shore power on it. The fact that we had different interests in the boat is what made it work. I was in one Yacht Club, he was in another. Our club events were generally on different dates. Holidays were worked out months in advance. If you know someone who will not be in direct conflict with your desires to use the boat, and your both flexible, it can work.... We were raising our family during those years, and without this partnership, probably no boating. Or at least the type we grew to love. Best of luck...

 

[dLj]

We were raising our family during those years, and without this partnership, probably no boating. Or at least the type we grew to love.

This line is priceless!

dj

 

[Barnacle Bill]

I once owned a 28' Islander with a buddy. It didn't go well. He didn't want to spend any of his money on the boat (even for annual maintenance), nor did he want to lift a finger to work on it. That got old. He mostly wanted it for a cabin, I think, when he went to where the boat was kept. Other problems with a partnership on how do you define who uses the boat when? Every other weekend? What if all your designated weekends are rainy ones? I got tired of the deal and bought him out and enjoyed my boat the way I wanted and when I worked on it, I was working on it for myself and not for him and same with the money spent. It killed our friendship for a good spell, but we eventually reconnected again and are friends, but he moved out of the area and bought his own boat so I think everyone is happy not being in a partnership.

 

[Justin_NSA]

Never partnered on a boat but a long time ago my friend and I went in together on a snowblower. We traded the storage of it until we eventually drifted apart. I ended up with it and have done all the maintenance since.
I imagine even boat partners get to the point of separation.

 

[thinwater]

.... We were raising our family during those years, and without this partnership, probably no boating. Or at least the type we grew to love. Best of luck...

That's funny. It is the opposite of how I looked at it, which only shows people are different.

• I liked that kids could leave their cabin as they liked it. Now it's just grown ups and we leave it neat.
• With work, I had to boat on weekends. That would be a conflict with a partnership. Now time is not flexible.

So now I'm in a partnership, then I owned. I feel it would not have worked the other way. And yet I am sure we were both right, for us.

 

[thinwater]

...I imagine even boat partners get to the point of separation.

We signed a 5-year agreement. I'm sure something will change at 5 years. Maybe sell the boat, maybe one will buy-out, maybe partners change.