When I read those posts, I had to double check that I hadn't somehow logged onto Sailing Anarchy instead.-Will (Dragonfly)
Interview questions for potential boat partnerships
- Thread starter Project_Mayhem
- Start date
When I read those posts, I had to double check that I hadn't somehow logged onto Sailing Anarchy instead.-Will (Dragonfly)
I think we are talking about an ownership partnership here, not a lease.Consider what you could be letting yourself in for here!I think I'd collect a $2,000 damage deposit.
Maybe both parties could put a damage deposit in escrow. Really, I have no idea how this would work, but using the time share model might be a good place to look.
-Will (Dragonfly)
Dave, you have to lighten up. I personally thought it was funny. Sometimes you have to throw a little humor into these threads.
I once had a partnership in a boat and it didn't go well. We were good friends when it started and not so when we went different directions. Luckily we became friends again and he has since moved to another state and purchased his own boat (he left because his job moved). I guess we had different expectations on partnership. He wanted to use the boat, but other than buying half of it, he didn't want to spend any money for annual maintenance, etc. and he didn't want to do any work on it. So, I did all the work and paid for everything and got mad LOL. Then you have to come to an agreement on who uses the boat when. Maybe you do every other weekend, or whatever. Trouble is, you don't know if the weather/wind, etc. will be good on your weekend, for example. Regarding putting money into a boat, you have to be on the same page with any upgrades, etc. I just decided to buy his half out and have my own boat (of which I have had many). I like that arrangement the best. I can do stuff the way I want and it's mine all the time. That boat was sold long ago and I continue to own boats outside of a partnership arrangement.
Thanks for everyone's wise words of wisdom. Here are the interview questions I ended up using. Many of them are based off of the advise and questions posted
· Can the partner afford his/her share?
o How would you cover any damage/loss?
o What would you consider a timely manner to repair any damage?
o
· What are the partner's expectations?
o How often do you expect to sail per week/month?
o What kind of sailing do you like and expect to do?
o What kind of boat do you think suits that kind of sailing?
o What equipment do you expect the boat to have?
· What skills does the partner bring?
o Past Projects, pics, experience, strong/weak points
· How clean or pretty do you expect the boat to be?
· How much time do you have available for work/upkeep?
· How much time do you think is reasonable to invest for upkeep/maintenance?
· Technical Assessment
o What are your strong points?
§ Electrical, fiberglass, mechanical, engine, woodwork, painting, rigging, sailing?
o What steps would you take if a motor doesn’t turn over?
o What about if it turns over but doesn’t start?
o What are the basic steps taken when working with fiberglass?
o How would you go about rebedding a deck fitting?
·
· Can the partner afford his/her share?
o How would you cover any damage/loss?
o What would you consider a timely manner to repair any damage?
o
· What are the partner's expectations?
o How often do you expect to sail per week/month?
o What kind of sailing do you like and expect to do?
o What kind of boat do you think suits that kind of sailing?
o What equipment do you expect the boat to have?
· What skills does the partner bring?
o Past Projects, pics, experience, strong/weak points
· How clean or pretty do you expect the boat to be?
· How much time do you have available for work/upkeep?
· How much time do you think is reasonable to invest for upkeep/maintenance?
· Technical Assessment
o What are your strong points?
§ Electrical, fiberglass, mechanical, engine, woodwork, painting, rigging, sailing?
o What steps would you take if a motor doesn’t turn over?
o What about if it turns over but doesn’t start?
o What are the basic steps taken when working with fiberglass?
o How would you go about rebedding a deck fitting?
·
Here would likely be my answers.
Hopefully, insurance mostly. But otherwise, we might each need to post to a damage fund.
It depends on the damage.
At least once weekly.
Uh, overnight anchoring out, daysailing, occasional long trip, and racing. At least 30 ft
Minimally—good sails, good & adequate ground tackle for 7:1 scope in 50 ft , VHF, depth finder, Windex, slab reefing set-up, hot water, two-speed sheeting winches, some type of auto-pilot
Generally, projects no bigger or more complex than swapping out batteries or alternators, or other types of simple replacements; rebedding stanchions &, bottom painting.
Above a neighborhood disgrace.
As needed.
Check battery connections.
Check fuel; bleed lines.
Find a fiberglass guy.
Take off the item, clean and prepare mounting surface, remount with some sealant such as 4200 or Life Caulk.
Hopefully, insurance mostly. But otherwise, we might each need to post to a damage fund.
It depends on the damage.
At least once weekly.
Uh, overnight anchoring out, daysailing, occasional long trip, and racing. At least 30 ft
Minimally—good sails, good & adequate ground tackle for 7:1 scope in 50 ft , VHF, depth finder, Windex, slab reefing set-up, hot water, two-speed sheeting winches, some type of auto-pilot
Generally, projects no bigger or more complex than swapping out batteries or alternators, or other types of simple replacements; rebedding stanchions &, bottom painting.
Above a neighborhood disgrace.
As needed.
Check battery connections.
Check fuel; bleed lines.
Find a fiberglass guy.
Take off the item, clean and prepare mounting surface, remount with some sealant such as 4200 or Life Caulk.
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I've enjoyed reading through all of this. I've never done a partnership except once with my brother. He and I get along well and both were on the same page for the boat. Outside of close friends, I would never go into a partnership on a sailboat as I have very strong ideas of how I want my boat to be setup and run. I think I'd be a very bad partner in something like this. I'm also not so good at planning or sharing sailing time. I want it all! LOL
dj
dj
Partnerships can be quite asymetric. I'm in one now that is working well.
- Pays 1/3, uses the boat very little, does not work on it.
- Pays 1/3, uses the boat some, generally with me, and provides skilled help helps when he is around.
- Pays 1/3, uses the boat a lot, and does nearly all the work. Decides what needs fixed and how, with some discussion.
I would just forget the whole partnership thing. If owning a
larger boat by yourself is out of the question just go smaller. Partnerships in something like this hardly if ever workout.
Just my opinion, and experience.
larger boat by yourself is out of the question just go smaller. Partnerships in something like this hardly if ever workout.
Just my opinion, and experience.
Here's a rather disorganized draft of the contract. Deposit and/or insurance will be negotiated before putting it in the agreement. It's been discussed in earlier posts so let's try to focus on other things. Let me know what you guys and girls think
Do you know if this statement is even possible since the lessee has no ownership in the boat and you already have it insured? I'd call my insurance and talk with them about your plan. In my case they asked who was the operator and I said myself only since I'm the only one with a boat license in my family.
"Owner strongly encourages lesee to purchase comprehensive insurance"
"Owner strongly encourages lesee to purchase comprehensive insurance"
write into your contract what happens if 1/ one partner routinely shirks his share of maintenance, so the burden of all maintenance falls on the other : can the slackard be billled for the value of the labor needed to be hired to complete his share of the work ? 2/ what happens if one partner dies/ relocates/ becomes medically incapacitated-- will that person or his wife/heirs /kids keep paying his share ? 3/ what happens in a buyout if there's a dispute as to fair market value ? 4/ can a sellling partner sell his share to anyone w/o appproval of the remaining owner ?
Working out details on insurance vs deposit. He is not allowed to make claims on my insurance as I don't want his actions to affect my rates. I will be reviewing the terms of my own insurance.
If he doesnt hold up his end of the deal then I terminate the agreement. In this contract I hold 100% ownership