Boat Shares

[pandos]

Hi.

From time to time the idea of a shared boat crosses my mind.

I know that there are many companies offering time shares etc, and syndicated ownership, many with offers that seem too good to be true, the problem is often the maintenance charges etc.

Many boats are owned jointly by friends and families.

But does anyone have experience of a syndicate being formed from complete strangers, without a commercial entity being involved.

What I envisage is four individuals coming together to buy a 36 to 40 foot yacht, for around €60k and keeping it in the Med. Everybody gets 1/4 of the time, pays 1/4 of the costs, does 1/4 of the maintenance, owns 1/4 of the boat. Suffers 25% of the depreciation.

After all how many of us use our boat boat more than 25% of the year.

What are the chances of success? Where would I start.? Who wants in?

 

[paulrae]

Boat Syndicate

Yes - been there are done that.

It worked very well indeed. Four partners - father/son and two complete strangers. Met through an ad on boatsandoutboards. Agreed the type of boat that we were looking for and spent around 6 months looking for the ideal vessel. Bought a four year-old Jeanneau Sun Odyssey 32.2.

We had a structured use calendar - you were allocated your weeks at the beginning of the year after a bit of discussion on which weeks weren't suitable for individuals. Public holidays were taken into account when allocating weeks,

The boat was based on the Clyde - within 70 miles of the furthest partner, so slightly different from your scenario. We had a 'formal' contract. The RYA do a standard document, but it was very legalistic. We made up our own, based loosely on the RYA doc (PM me if you want a copy). I dare say a lawyer could shoot it to pieces, but it was more of a statement of intent than a contract.

Selecting partners is the most critical thing. We were lucky that all four had a very similar outlook and approach. We were also very lucky that we were all pretty laid back. I don't think that anyone with control-freak tendencies would do well in a boat share. You MUST appreciate that this is a compromise, and that others won't do things exactly how you would.

In our syndicate we had one person who took on all of the 'management' activities - bill paying and the like, one person who enjoyed the mechanical side of things (engine maintenance). Everything else was paid for (quartered) to ensure maximum boat availability. It certainly helped that I (the boat manager) lived close (10 minutes) to our marina.

The syndicate has just recently been wound up - I bought a boat of my own, two of the existing members are going on to form another syndicate, and one is retiring from sailing. In the event that I couldn't afford a boat of my own I'd certainly consider joining another syndicate.

This has been discussed on the forums in the past - search for "syndicate".

Go for it, but make sure that all of the partners have a similar outlook.

Good luck.

Paul

 

[Tranona]

Suggest you talk to Chris Hawes of Yacht Fractions. Putting together syndicates, often to buy ex charter yachts in the Med is his business. We bought our Bavaria in Greece through him on a charter management deal, which is another arrangement you might look at.

 

[Irving Dunn]

Boat Sharing

Hello

I am in a sailing club in Switzerland with 15 members. We operate a Moody 41 in the Med, usually Croatia, Greece and Turkey. Currently we are seeking new members. However I do not know if there is a restriction to Swiss residents. The use of the boat is divided into 3 week periods. A full membership gives use every year and costs about 4000 CHF. A half membership costs about 2000 and gives use every other year. Most of us have half memberships and go with other members as crew on alternate years, so that we all sail each year for 3 weeks. We have been in existence for 30 years, and the boat is now 25 years old but in great condition. I would imagine that there is no other sailing boat in the Med that has covered so many miles. From the insurance standpoint, there is probably a requirement for a sailing certificate. All of us have what is called a B License in Switzerland. I will look into the legal requirements because the club is organized as a Verein. This is a germanic concept that may defy explanation.

Incidently, the lakes of Switzerland have a boat sharing group, Sailcom, that is a spinoff of a car sharing company.

I could also use some sharing of my 40 ft wooden trawler located north of Seattle in the US.

Hope this message is of some interest to someone.

Regards, Irving

 

[CJ13]

I'll second Yacht Fractions- Chris Hawes is happy to give advice and is a very straightforward chap. We had a very successful partnership in Croatia. Important to meet the other partners and make sure they are 'like minded' - you don't need to be best friends, but make sure you can do business with them. Important that the 'share agreement' protects everyones interests. Avoid bully's who think they own the boat!

 

[jason -and the arguenauts]

Chances of success? Pretty small I would say. I have one friend who had a boat share for 20 years with the same man, and they used to head in opposite directions as soon as they got to port. That was the successful one. Another pals boat share lasted a week. Other club members have endless rows.

Sharing a boat is like sharing a woman - a recipe for trouble.

 

[pandos]

Thanks for the replies,

I found many more posts under syndicates and am certainly more, rather than less likely to try to establish a syndicate.

The upside is just too attractive, 25% of a 37ft boat in the med for €15k up front and perhaps €1500 pa.

I think a few ads might be worth the time and trouble.

Regards

Tony.

 

[pandos]

Since I posted this, I have had contact with one other person and it is likely that this will go ahead with a bigger boat, possibly 42 foot ish. 5 shares @ around €13k and €1k PA. Berthed in Almerimar.

 

[jacaldo]

We've had a very successful 6 years as part of a syndicate in the Ionian. Weigh up the cost of chartering for 5 weeks every year and you'll realise sharing is the way to go. On saying that you have to be very careful in choosing the right boat or syndicate, we have heard a few horror stories over the years. Good luck

 

[matjaz123]

[Dear Irving,

I am looking for a partner for my present boat or even better to buy a new similar boat.
My present boat is Elan 36. A very good sailing boat that I have used only with my family. In the past I have had 2 boats in 50% shared ownership. It worked out well and I am again looking for a partner.
I keep my boat in Umag, Croati. I would not like to share a boat with more than one partner. I am very experienced in owning and maintaining a boat. I am very serious and reliable.
Do you think there is among the members of your group a person with interest that would be compatible to mine. You can reach me at matjaz.privat@gmail.com.
Rgds, matjaz
QUOTE=Irving Dunn;2204400]Hello

I am in a sailing club in Switzerland with 15 members. We operate a Moody 41 in the Med, usually Croatia, Greece and Turkey. Currently we are seeking new members. However I do not know if there is a restriction to Swiss residents. The use of the boat is divided into 3 week periods. A full membership gives use every year and costs about 4000 CHF. A half membership costs about 2000 and gives use every other year. Most of us have half memberships and go with other members as crew on alternate years, so that we all sail each year for 3 weeks. We have been in existence for 30 years, and the boat is now 25 years old but in great condition. I would imagine that there is no other sailing boat in the Med that has covered so many miles. From the insurance standpoint, there is probably a requirement for a sailing certificate. All of us have what is called a B License in Switzerland. I will look into the legal requirements because the club is organized as a Verein. This is a germanic concept that may defy explanation.

Incidently, the lakes of Switzerland have a boat sharing group, Sailcom, that is a spinoff of a car sharing company.

I could also use some sharing of my 40 ft wooden trawler located north of Seattle in the US.

Hope this message is of some interest to someone.

Regards, Irving[/QUOTE]