Thread: Partnerships?
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Old 04-03-2012, 06:17 PM   #9
Andy G
Hospitality Officer
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City: Pittwater
Vessel Name: Sarawana
Vessel Model: IG 36 Quad Cabin
Join Date: Sep 2010
Posts: 1,870
I have run a boat partnership now for about 15 years, we have four partners, equal shares, in that time I cannot remember having any co-ownership issues.

I think the secret for the success of these ventures is compatability and trust. In our case we have known each other since uni days, got married about the same time , kids came along, lots of holidays together etc.

We have an agreed monthly contibution to cover insurance, mooring fees, basic maintenence , slipping etc. When something over & above that comes along I send out an email (which the partners have come to dread) updating them on the issues and giving them an estimate of how much I will need from each partner. Over the years I have tended to inflate the initial figure so I can give them some good news when I get round to asking for the money.

I draw up a roster to cover 6 months, each partner gets the boat one weekend a month, in practice there is usually a spare weekend each month, due to work etc, so it's first come first served. Same for midweek use.

In regard to accidents etc, we either just cover the cost out of funds or claim through insurance. We do not ask the offending party to pay. We do that on the 'that there for the grace of god go I 'principle.For us the boat is there for fun and companionship.

We do have a formal boat share document, however when I checked the records none of us have bothered to sign it.

For us to own the boat outright would be too big a drain on funds, this set up allows us to own a nice boat, and share the pain when something goes wrong. FYI the monthly contibution is $420/month per partner and the capital cost was $180K

We have owned three boats together, each one got bigger, which roughly corresponded to the children growing up. You probably won't be suprised to learn that although the boat can be locked none of us has any idea where the keys are.Although the boat is on a nice marina with security.

I think some people reading this may feel the way we run our boat may is a bit lax or irresponsible, probably is. However it is a great feeling to have complete trust in your partners and not be tempted to be responsible and formalise the whole thing.

What may ultimatly sink us though is work. Two partners have now been posted O/S for up to five years, no one wants out , but I can't see how we can work around this. It may come down to the 'all for one and one for all principle'. One goes we all go.
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