Mighty Sylvan
Active Member
Do any of you have stories (good or bad) on boat partnerships?
Boat partnership.
- Thread starter Mighty Sylvan
- Start date
Partnerships are sinking ships - excuse the pun, but it rings true in my opinion!
The only way i've seen it work is when one guy brings all the $$$ to the table, and the other guy brings the operational experience. But in most boat partnership situations that i've seen in the last 15 years, neither guy walks away with a relatively sweet taste in his mouth. For what it's worth....
The only way i've seen it work is when one guy brings all the $$$ to the table, and the other guy brings the operational experience. But in most boat partnership situations that i've seen in the last 15 years, neither guy walks away with a relatively sweet taste in his mouth. For what it's worth....
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Mighty Sylvan
Active Member
My best friend and I both share the same love of fishing but he owns his own boat. Our wives are friends and our kids are friends. It seems a bit strange that we each pay for fuel, repairs, maintenance and storage separately. He has a 21' and I have a 23'. It seems to me that we could sell both and get a newer maybe a little larger boat and still end up spending less. Our financial situations are similar and neither of us are cheap. What am I missing? What could happen that we would regret sharing ownership?
lorneparker1
Banned
How bout this scenario...
You take off for a vacation for 4weeks, buddy uses the boat the whole time obviously. You get back and you take it out for the first time in a month and blow the engine in the first hour. Whos footing the bill? Im not saying it wouldnt work, but in my experience sharing things like boats, campers, guns doesnt work. The odds are something will happen at some point and someone will feel like they are getting the short end of the stick and could/will put strain on the relationship. But maybe not.
also what happens if either of you meet a new guy that you share the same interests, yet the other one doesnt get along with him. Or what if you want it for the weekend to take the family out and he wants to do the same with his family. Not trying to sound like Dr phil just throwing out some things.
You take off for a vacation for 4weeks, buddy uses the boat the whole time obviously. You get back and you take it out for the first time in a month and blow the engine in the first hour. Whos footing the bill? Im not saying it wouldnt work, but in my experience sharing things like boats, campers, guns doesnt work. The odds are something will happen at some point and someone will feel like they are getting the short end of the stick and could/will put strain on the relationship. But maybe not.
also what happens if either of you meet a new guy that you share the same interests, yet the other one doesnt get along with him. Or what if you want it for the weekend to take the family out and he wants to do the same with his family. Not trying to sound like Dr phil just throwing out some things.
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Dave S
Active Member
It will affect those spontaneous outings but if you created a calender and designated times that each has priority. You may not actually take it out each of times you have priority but if it comes up that you both want it, priority wins. If your both honest, not cheap, financially solid, and just generally not a crazy. it could easily work. Make it so you set a timeline to test it and if after the set time (2 years) one or both want out for whatever reason, then you sell and go back to the old way.
Tsquared
Well-Known Member
My fishing buddy and I are a year in to a partnership. We had fished together for 8 or 9 years and decided it was crazy for each of us to be paying for seperate boats. We sold our old boats and got a good deal on a boat which is more seaworthy and dependable than our old ones. Splitting all the bills is sweet. Right now we are comtemplating getting a broadband radar and a HDS-8 for a display unit. I couldn't justify it if paying for it on my own, but 1/2 of the bill is doable for both of us. (I don't know yet what these units will cost altogether but probably close to $4000)For the summer, what you have to do is sit down with a calendar and work out when each person is going away so that if the other wants to take a trip somewhere with the boat, they can use that time. We probably fish 70% of the time together anyway, so it's no biggie. We each buy our share of gear. Gas we work out by counting the number of trips taken on our own and work that into when we fill up, but often the gas bill is split down the middle as we didn't fish with anyone else.
Works for us--I couldn't be happier--well maybe if my fish partner was of the opposite sex and better looking...
T2
Works for us--I couldn't be happier--well maybe if my fish partner was of the opposite sex and better looking...
T2
Did it for 4-5 years on an older boat... most (okay all!) our fishing was/is on the Fraser..... Works well until you have "others" that want to come out (family, friends, co-workers etc.) and of course they want to come out at peak times.....
We talked lots about upgrading to a bigger boat and a jet, but when it happened it happened by me. The old boat, bait, gear etc. was always at my house (bigger property and close to the river) and when the new boat came home there was no room for the old boat.... gave my share to my buddy (at no charge) and he upgraded power etc on it, but it now sits maybe used 5-6 times a year because it isn't as available for him in its new storage location.... he spends more time on mine now...!
I would do it as a split again in a heart beat on an older boat.... new boat..... never!
We talked lots about upgrading to a bigger boat and a jet, but when it happened it happened by me. The old boat, bait, gear etc. was always at my house (bigger property and close to the river) and when the new boat came home there was no room for the old boat.... gave my share to my buddy (at no charge) and he upgraded power etc on it, but it now sits maybe used 5-6 times a year because it isn't as available for him in its new storage location.... he spends more time on mine now...!
I would do it as a split again in a heart beat on an older boat.... new boat..... never!
beemer
Well-Known Member
I have shared a 23' Trophy for the past 5 years with a partner and it has been a overall good experience. We went in with a contract , so there would be no misunderstandings.Here is the gist of the contract.
-alternate weeks
-log the hours that you used the boat , and fill the boat at the end of your week
-boat must be left clean and ready to use.
-We split all maintenance costs 50/50 and perform all the servicing ourselves.
-If you damage the boat during your week you pay 100% (not wear and tear)
-If you use the boat significantly more than the other partner you pay $10.00 per hour over what the other partner used and that money goes toward maintenance.
-No one other than the two partner can drive the boat,no lending.
-Any partner can dissolve the partnership at any time. The present value must be established by a surveyor and the remaining owner must be given a chance to buy it. If the selling partner reaches a agreement with a 3rd party to buy his share he must agree to the contract. If the selling price is less than 50% of the surveyed value the remaining owner still has the right to buy it at the lower price.
If you go in with the same objectives and a realistic idea of what it costs to operate a boat it usually works out.
beemer
-alternate weeks
-log the hours that you used the boat , and fill the boat at the end of your week
-boat must be left clean and ready to use.
-We split all maintenance costs 50/50 and perform all the servicing ourselves.
-If you damage the boat during your week you pay 100% (not wear and tear)
-If you use the boat significantly more than the other partner you pay $10.00 per hour over what the other partner used and that money goes toward maintenance.
-No one other than the two partner can drive the boat,no lending.
-Any partner can dissolve the partnership at any time. The present value must be established by a surveyor and the remaining owner must be given a chance to buy it. If the selling partner reaches a agreement with a 3rd party to buy his share he must agree to the contract. If the selling price is less than 50% of the surveyed value the remaining owner still has the right to buy it at the lower price.
If you go in with the same objectives and a realistic idea of what it costs to operate a boat it usually works out.
beemer
Mighty Sylvan
Active Member
It is good to read that this works for some guys. So far I look at it like this, right people, clear understanding and a thought out option for getting out.
Leaseman, why not a new boat? Can you please explain.
Leaseman, why not a new boat? Can you please explain.
Bassblaster
Active Member
Partnerships are partnerships regardless of whether it is marriage, business, or sharing a boat, the basic rules are the same. Some partnerships work, some don't. What's important are the people involved and the rules. And don't forget that all partnerships are Wonderful In The Beginning! You go through the honeymoon phaze and then when that's over you are standing there asking yourself "Okay, What now?"
Some things to consider:
1) Usage versus costs: Determine up front and in writing what the rules of use are and how the costs for that use will be split. Also consider alternative scenarios in advance so if issues arise there is already some kind of agreement in place as to how it will be handled. For instance, life circumstances can change. What happens if you or your partner are suddenly only able to use the boat a fraction of the time while the other goes out all the time? Scheduling is a great idea but what happens if the weather for your week makes it impossible to get out? Do you forfeit the week or move it to another time slot? If you and your partner have scheduled use for the year, how do you get another slot? What if you just can't get out as planned but buddy still can? Does he switch time with you, or does he just get extra time and how is this handled?
2) Parachute clause: Ensure that there is an agreeable way out of the arrangement for both of you, again IN Writing! No-one has a crystal ball and friendships can come and go. What happens if one of you is forced to move away due to work, or as a worse case, what if one of you dies? How is the boat to be handled by the estate? If you're young you might poo-poo this idea, but there are a lot of ways to die besides old age. Be prepared. Always have life insurance in place for both parties that will either pay out the partner or pay off the estates portion so the boat can be transferred to a single owner. Take some time to make a list of as many possible ways things could go sideways and make sure you have a plan to get out of them in advance.
3) Get it in Writing! ; Verbal agreements are a disaster waiting to happen in partnerships. No matter how good a friend buddy is, for both of your sakes, and any other potential stakeholders that could end up involved, draw up a written agreement and stick to it. Leave the back-end open so as you both think of other items that could arise you can add them as adendums to the original agreement and initial them. If either of you is offended by this idea then I would not get into the partnership in the first place. Consider this as a Pre-nuptual agreement over the boat since in a way you are married to the other guy once your cash is in the pot.
Take it for what it's worth, but don't come crying if it ever blows up on you.
Some things to consider:
1) Usage versus costs: Determine up front and in writing what the rules of use are and how the costs for that use will be split. Also consider alternative scenarios in advance so if issues arise there is already some kind of agreement in place as to how it will be handled. For instance, life circumstances can change. What happens if you or your partner are suddenly only able to use the boat a fraction of the time while the other goes out all the time? Scheduling is a great idea but what happens if the weather for your week makes it impossible to get out? Do you forfeit the week or move it to another time slot? If you and your partner have scheduled use for the year, how do you get another slot? What if you just can't get out as planned but buddy still can? Does he switch time with you, or does he just get extra time and how is this handled?
2) Parachute clause: Ensure that there is an agreeable way out of the arrangement for both of you, again IN Writing! No-one has a crystal ball and friendships can come and go. What happens if one of you is forced to move away due to work, or as a worse case, what if one of you dies? How is the boat to be handled by the estate? If you're young you might poo-poo this idea, but there are a lot of ways to die besides old age. Be prepared. Always have life insurance in place for both parties that will either pay out the partner or pay off the estates portion so the boat can be transferred to a single owner. Take some time to make a list of as many possible ways things could go sideways and make sure you have a plan to get out of them in advance.
3) Get it in Writing! ; Verbal agreements are a disaster waiting to happen in partnerships. No matter how good a friend buddy is, for both of your sakes, and any other potential stakeholders that could end up involved, draw up a written agreement and stick to it. Leave the back-end open so as you both think of other items that could arise you can add them as adendums to the original agreement and initial them. If either of you is offended by this idea then I would not get into the partnership in the first place. Consider this as a Pre-nuptual agreement over the boat since in a way you are married to the other guy once your cash is in the pot.
Take it for what it's worth, but don't come crying if it ever blows up on you.
Mighty Sylvan
Active Member
Some great advice Bassblaster. I think another safe guard could be to put a time limit on the partnership. The two partners could agree to a 3, 4 or 5 year agreement when it would be written that the boat would be sold and the two guys could walk away. Considering the savings, the two partners might be ready for an upgrade.
For me with a growing family (at the time we started with the "old" boat), if either of us lost interest or time (or insert anything else) the other "1/2" would purchase the partners share. On a new boat valued at X dollars, neither of us, or anyone else we know, would have been able to pay the others 1/2 ownership.... The Jet I ended up with was roughly $40,000.00 at time of purchase. If you share that with someone, $20,000 each, then your partner backs out when you set your budget at $20,000.00, now it has doubled, you either have to sell (and end up with nothing) or take on the extra debt.....
Don't know if this makes sense to you or not, but it didn't sit right with me... never mind the extra insurance costs, maintenance, upkeep, storage etc., etc.......
I would go in for a cheap split boat again, but never new because your clean isn't the same as mine, you maintenance schedule isn't the same etc......
Plus now that I am in the position to own my own boat, I like the control (and I do like control!) and know where my boat is and how it has been looked after and how hard it has been used!
Mike
