Boat Share
Submitted by Handi 1 on Sun, 2012-06-03 08:22
Hey readers , just wanting to know thoughts from anyone who has done boat share , looking to do 50/50 with anyone interested down Duns way . Some pros cons from anyone who has done it before , or is now .
____________________________________________________________________________
Dhui on river to sea jig a few years back , 16 kg ! PB for me .
sherbert
Posts: 4717
Date Joined: 10/09/06
Family maybe
But thats hard too/////// Bewere
Assassin landbase fishing club
Handi 1
Posts: 151
Date Joined: 27/06/11
Have a mrs whos keen and a
Have a mrs whos keen and a son , 3 , i think a great way to get max use when you do have a family ,and keeps costs down by spliitting service ,insurance etc . We are def keen , just deciding on the right boat being the main issue . The right people to share also !
Dhui on river to sea jig a few years back , 16 kg ! PB for me .
CCC
Posts: 539
Date Joined: 29/03/10
Easy to do but i would set
Easy to do but i would set up a legal contract.
Theres some easy things to add to ensure everyone pays there way.
For example work out per 100hrs how much it cost to service motor, trailer etc then divide by 100 to get cost per hour. Say that hourly servicing rate is $15 then when one of the parties use the boat they get charge per engine hours.
This keeps it fair. Say one uses the boat to park up not far from the ramp for the kids to swim etc but the other party spends every weekend going 100km offshore when it comes due for a service the person who put the bulk of the engne hours pays for the bulk the service.
Check out some of the share boat companys on the web, they have great contracts to keep things clean and argument free
CCC
Seafari
Posts: 116
Date Joined: 17/03/12
Good advice CCCI had a share
Good advice CCC
I had a share in a boat which worked great because I got mucvh more boat for my bang but that's where is stopped. The real problem comes whe you try selling 50% of a boat, now that's not easy! Firstly you need to find someone who's interested in buying 50% share of a boat with a starger and then youn need to finds someone who will be accepted by the remaining 50% shareholder. Not easy! My advice, unless you going to share a boat with a good mate that you're probably going to fish with any way, steer clear of partnerships.
UncutTriggerInWA
Posts: 2692
Date Joined: 05/09/08
I have to agree with you
Seen plenty of friendships lost over money issues. Things go OK for a while then the problems will start.
Vince.
Work smart and fish often.
Member and die-hard supporter of the mighty West Coast Eagles.
jigsaw
Posts: 154
Date Joined: 30/07/11
friendship destroyer
Havent done it myself but know a friend who did with big bucks involved in a leisure boat. They started out very good friends but each family wanted the boat on the same long weekends, Xmas, Easter etc. Couldnt come to agreement so one partner sold his half. That same half has now been sold three times and the two owners now don't even know each other, apart from a phone call to fight over who has the boat when, who pays for what yada yada
hmm reading that back, looks like my friend might be the fly in the ointment ;)
Cameron71
Posts: 166
Date Joined: 02/10/10
How to make this work
This comes from my 16 years as a litigation lawyer.
There is nothing wrong with boat partnerships. First of all, they are no different to partnerships in business or in the ownership of investment property, and no one says that those two things are destroyers of anything.
The problems arise in any partnership when the parties bring their own expectations into the deal (i.e. every time) and those expectations are not articulated between the partners, in detail, before they commit (often).
The key is getting into the relationship on the basis of something more than merely the excitement about how great it would be to have a big boat.
The parties need to discuss and agree on all of the issues which will or may arise and how they will be handled, and many of those issues have to be handled similarly to how you handle them in a business or property ownership partnership. Sticking with boats, and just going off the top of my head, the following things would have to be discussed in detail.
Fuel
Sure, you pay for your own. But there also needs to be an agreement about filling up. One obvious one is to say that the boat is always full when you take it out and its filled when you get back in so the other bloke starts his fishing day with a full tank. Someone may post about fuel going off. Whatever. This has to be agreed and if the boat is going to sit around long enough for fuel to go off, you have to come up with something else.
Expenses
They need to be discussed. Do you want the bells and whistles marine cover or the basic cover? Who is responsible as the addressee of bills? Who pays and who has to reimburse? What happens if there is no reimbursement? Do both owners have the same view about levels of servicing and frequency of servicing? Do you care which mechanic you use?
Damage
The parties have to agree on paying for damage (or sharing the cost regardless of who causes it) and how promptly damage has to be repaired and who is responsible for attending to it.
Who gets the boat when
One way of dealing with this is to schedule alternate weekends and then everyone is just at the mercy of the weather. You can add that on a Friday night anyone who has the boat for that weekend has to call the other guy if the scheduled guy doesn't want it (and then have a rule as to how that "given up day" is to be accounted for - does it count towards the days allocated to the guy who got that day or is it a freebie?)
Cleaning
Are you a slob or a clean freak? This needs to be discussed properly and each party pushed by the other as to what they really feel about this. The anal guy will just flip out if he finds bait and blood on the deck when he picks the boat up, so this needs to be properly thrashed out.
Sale
Someone will want out before the other does. This is partly included as a necessity and partly as a way of resolving disputes. If one guy needs to get his money out what happens? I read about the 50% share that has changed hands 3 times. Not good. A better way might be to say that party A wants to sell, then party B has to buy (need a valuation mechanism) or the boat is sold to a third party entirely.
How much money have you got?
Money is always limited (which is why you're sharing a boat in the first place). That said, if you're reasonably well heeled, don't hook up with someone who is always scratching to make ends meet, even if they are a friend. That will only cause problems. There needs to be (in my view) a letting it all hang out about financials, because it will only lead to tears if the parties are too unequal here.
All of this needs to go into an agreement after being discussed. The agreement is then signed off and the fact of the discussion, the documenting and then the signing off goes a long way toward cementing a proper relationship. No one has any expectations contrary to the terms of the deal as a whole when this process is handled properly.
Disputes in partnerships happen when the parties jump in without dealing with all this material. They jump in because they think its too hard. It is also, at one level, a bit confrontational at a time when the parties want to avoid conflict because they want to do the deal. Airing differing views creates a risk of the deal falling over. If you do air differing views and cause the deal to fall over, then that is a successful discussion. So much better than keeping quiet and getting into a bad relationship.
Troy Summers
Posts: 408
Date Joined: 14/08/11
Partnerships!!
The worst ships that ever sailed, whether business or boat... more often than not, somebody ends up getting stung, and without a boat.
this is just one of my reasons... ya dont really have to read it!!
(Dont do it!! I did the same thing years ago.. so desperate to have a boat, the other party(a 'mate' and coworker) got the green light for finance for his own boat, but couldnt really meet the repayments(in real world terms).. so I did the ol' hand shake and agreed to pay half the repayments.. Yay I have 1/2 a boat finally!!! We were both carpet layers working together.. and used all of our cashies etc to make payments and 'fitout' the otherwise bland boat... yep all the electronics pfds cray pots, u name it, we got it!!
Said party was almost out of demerit points, copped a multinova fine just b4 our trip to coral bay with the boat.. so yeh, as a nice bloke, I said send em my way.. U just pay the fine......
And thats where it ended,
Heard promises of money.. for the fine, and... what was my boat!!! Didnt see anything.. and death threats mean nothin if your not gonna carry them out!!)
I do like the agreement idea of Cameron71!! but most of the time one of yas(mates remember) will shrug a discussion like that off.. hoping to sort things out as they happen!!
Troy
PS Bottom line is I didnt get a cracker back from that boat, and when I heard a few months later that the motor blew and needed a pod and outbooard installed, I knew karma was on my side!!
CCC thats some great ideas with the boat sharing idea
Cameron71
Posts: 166
Date Joined: 02/10/10
Mates....
will often take this attitude. But the best thing to do with them is stay mates and share your boat with someone else because leaving it til something happens is a good way to lose the mate or boat or both. I have seen so many partnerships on handshakes come unstuck in my career I would have trouble counting them.
Handi 1
Posts: 151
Date Joined: 27/06/11
Hmmm , few good points
Hmmm , few good points brought up there , but still up for it . i think the positives outweigh the negs . The most valid point is making sure there is no fianance involved , cant make a payment and by by boat . You are all on the money though , just have to be clear on everything and have it on paper !
Dhui on river to sea jig a few years back , 16 kg ! PB for me .
Cameron71
Posts: 166
Date Joined: 02/10/10
You are dead right about the finance
And has has been made clear by another poster, make sure you and your partner are on the same financial playing field.
sunshine
Posts: 2627
Date Joined: 03/03/09
Been in partnership for years
With a mate and it works great - factually I have used the boat more often over the five years we have had it but never a crossed word and all costs met right down the middle
Meant we could have the boat we both wanted - a 6.8 seaquest meaning a much better seaboat then either of us could afford ( we were both running 18 footers and used to take turns ) the ONLY rule is that the last person to use the boat MUST leave it full of fuel
Oddly my mate only ever catches fish when we go out together otherwise he struggles
I would recommend it but that is because I have had a great outcome to the arrangement (oh and we do NOT have a formal contract) - if you need one you probably should shy away from the arrangement
Cameron71
Posts: 166
Date Joined: 02/10/10
The only honorable man....
I accept that these deals are done successfully when like minded parties coincidentally come together. By like minded I mean truly like minded rather than "we both like fishing". You do not fnd out whether you are a like minded couple of guys or not until someone's feet are in the fire. One of the reasons I advocate agreements being properly negotiated is that it forces people to think through the issues properly at a time when any lack of compatibility is resolved by walking away which is really cheap compared to other options.
I disagree with the "if you think you need an agreement then shy away" . I have heard it before when a person has suggested that the proponent of an agreement could not keep his word without one. As a rule it's the one who doesn't "need" an agreement who you have to keep an eye on, not the one who wants everything in black and white up front.
I understand the attitude though. People often think it it's an affront to their integrity to be asked to sign up. What I have found is that people's integrity tends to become a bit flexible and their memories fade when they have to choose between self interest and their obligations to a partner, and that testing it early works.
You dont insure your house because you think it's going to burn down. You do it because it would be terrible if it did. Written partnership agreements are not dissimilar to insurance policies in that respect.
fishy fingers
Posts: 1719
Date Joined: 28/04/07
Depends how you value your freindship
whats worth more to you your freindship with your mate or a boat a bit bigger than you could afford alone, if it does turn sour then you could end up with no mate and no boat! if it works out then thats great personally I wouldnt do it I value my freindships too much, not even with family.
Dundee bill
Posts: 52
Date Joined: 02/03/12
Dont do it. Prior to starting
Dont do it.
Prior to starting a buisness with a partner back home in Scotland I can remember the exact words that my solicitor said to me quote / unquote I would not reccomend a partneship as the majority of them end up in tears but if i was adamant in going through with it pick a partner more carefully that you would pick your wife. Gues what he was right. Think long and hard.
Xtreme Coolers
Posts: 725
Date Joined: 02/01/10
Hi Handi
I owned a boat with a good mate of mine which we did a fair bit of diving out of. All good except for the fact that one day his heart decided to stop and he died on the spot he was standing on. Married, kids, new house.. We sold the boat to help fund a new life for his wife.
I would do it again with the right mates. Be prepared to do the maintenance if the other partner does not.
Dave
Handi 1
Posts: 151
Date Joined: 27/06/11
Man , thats not a cool
Man , thats not a cool outcome , did you give all the coin to family including your share of deal ?
Dhui on river to sea jig a few years back , 16 kg ! PB for me .