Boat Share

[kghowe]

Who out there has experience, successful or otherwise of boat sharing. I'm thinking of a 50/50 share of a 40ft flybridge and am interested what to be wary of. Each prospective sharee has experiences of their own boat. We know the cost of mooring fees, servicing fuel and all those sundry items that bang the bills up. Is there anything that comes to mind that we should also consider.

How are timetables split up straight 50/50 week on or week off these kinda issues.

Your thoughts please
Regards
KGH

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[rich]

Form a company, make it legal.

<hr width=100% size=1>rich ) <A target="_blank" HREF=http://www.jersey-harbours.com>http://www.jersey-harbours.com</A>

 

[jfm]

Works fine IF the right people. I have a 3-way equal share currently on a 42footer, and previosuly on a jeanneau ragboat, and, and in process of buying a larger boat 50/25/25

Don't form a company for this reason. The success of a share has nothing to do witht he corproate/legal structure and doing it without a company is perfectly legal. Yes, have a syndicate legal agreeemnt, but share with people who you wont fall out with. also P1 reg is good idea because each of you clearly owns 32 shares each

I much prefer shared ownership. I could not use more than my % of the time anyway, and the timeconsuming hassle of organising stuff like maintenance is shared, which saves me loads of time

also you need people imho who aren't emotionally attached to the boat. i like our boat but I dont love it, if you see what I mean. It is a heap of plastic with 2x bus engines and some cherry cabinets, made by some ex corby steel workers. Anything that happens to it can be fixed by boat fixers. If it sinks it's insured. So I dont worry at all about other people driving it

Most of all make sure everyone has same attitude. Do not share if one person is perfectionist, wants best upgrades each year money no object, while other is sharing because hard up and wants to save money and do diy maintenance. Either approach is ok, but not in the same syndicate. See previous threads using the search thing, for the patented drinking method to deal with this aspect

Timewise, do what you want. We divide up the calender weekly at start of year, then swap timeslots by email.

 

[whisper]

We've done it for just the last 12 months or so and with a much smaller boat than the one you are thinking of.
All costs are shared equally except for fuel. I gain here because I actually use the boat more often than my colleague - may not suit your situation. Suggest that with a larger boat doing extensive cruising you need to break the Summer months into a minimum of 2 weekly units and share these alternately.
If you find that you disagree about how the agreement is set up and what it contains you are unlikely to have a successful relationship.
What is really critical is the laying down of a clear course of action for when one or other of you, for whatever reason, wants to opt out - 3rd party valuation, option for other party to buy the other's share, boat to be sold, 3rd party valuation etc. Otherwise could get very messy. Hope for the best - plan for the worst.
Good luck.

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[Deleted User YDKXO]

I had an unsuccessful experience sharing a boat with a friend. Basically we disagreed about the amount and cost of servicing and maintenance the boat needed. I wanted to keep the boat in top condition whereas he was'nt bothered. Moral of the story. Find someone who has the same attitude as you and tie it up in a detailed agreement

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