How to find someone to share ownership of boat

[Nereus2001]

Two of us have owned our Nic 38 jointly for almost 15 years, but now we want to try to find one or possibly two more co-owners to share her with, since we have other committments during the season which mean we can't always be on board. In the Med, (Menorca at present), NOT being on board can be an expensive problem, because if you are on board, you can live for next to nothing, but if you have to put the boat ashore or in a marina during the season, it is really expensive.
Can anyone suggest how to look for potential boat-sharers? It's easy enough to sell the whole boat, but we don't want to do this. Neither do we want to charter out for odd weeks.

 

[alahol2]

Never used them but there is this website... http://www.boatshare.co.uk/
I'm sure I've seen shares for sale on Apolloduck too

 

[skyflyer]

I know this isn't answering what you asked, but have you mentally prepared yourselves for giving up 'sole ownership'. The boat I used to have a share in was originally owned by one person who then decided to share it three ways. He found it extraordinarily difficult to start consulting about issues on which he had previously had the sole say. Obviously anyone buying an equal share wants an equal say so you have to be willing to end up doing things, sometimes, not the way you want!

To that end I would strongly recommend that you split 3-ways so there is at least some sort of vote and not a stand-off. This forum has had tales of horrendous behaviour by boat sharers, including one person preventing the use of the boat by his co-owners!

I hope I am not teaching you to suck eggs, but its a bit like getting married or at least, moving in with a partner; the initial euphoria can all too easily wear off when he/she starts cutting their toenails on the kitchen table etc.

You won't simply be "letting someone else use your boat for half the year", you are giving up control!

I have just sold my share and bought outright, despite the fact I now have to bear all the running costs.

Good luck, whatever you decide

 

[Clivevon]

I used Yacht Fractions very successfully many years ago - I believe tehy are still in business. try www.yachtfractions.co.uk

 

[Tranona]

Another vote for yachtfractions. However the boat share or syndicate market is biased towards new Med type boats. Boats like you Nic are very much a minority interest and you will have difficulty in finding a like minded partner. Usually routes are personal networks, agencies and small ads. Read the RYA material on shared ownership which has lots of useful information and a draft agreement.

Good luck.

 

[KenMcCulloch]

We started a three-person syndicate 4 years ago. When one partner died suddenly it took just over a year to find a new third partner. We advertised through the Rival Owners' Association.

 

[paul-essex]

I know this isn't answering what you asked, but have you mentally prepared yourselves for giving up 'sole ownership'. The boat I used to have a share in was originally owned by one person who then decided to share it three ways. He found it extraordinarily difficult to start consulting about issues on which he had previously had the sole say. Obviously anyone buying an equal share wants an equal say so you have to be willing to end up doing things, sometimes, not the way you want!


To that end I would strongly recommend that you split 3-ways so there is at least some sort of vote and not a stand-off. This forum has had tales of horrendous behaviour by boat sharers, including one person preventing the use of the boat by his co-owners!

I hope I am not teaching you to suck eggs, but its a bit like getting married or at least, moving in with a partner; the initial euphoria can all too easily wear off when he/she starts cutting their toenails on the kitchen table etc.

You won't simply be "letting someone else use your boat for half the year", you are giving up control!

I have just sold my share and bought outright, despite the fact I now have to bear all the running costs.

Good luck, whatever you decide

He has already got a partnership and is looking for extra splits.

 

[rob2]

I'm not so sure that the prevalence of French Med style cruisers won't be to your advantage. Being in a minority is likely to mean that any takers are of a like mind.

Rob.

 

[skyflyer]

He has already got a partnership and is looking for extra splits.

oh yes - doh! Sorry, but advice holds good for others hopefully

 

[Nereus2001]

I used Yacht Fractions very successfully many years ago - I believe tehy are still in business. try www.yachtfractions.co.uk

I filled in most of their questionnaire before I read their Ts&Cs. Then I found I was letting myself in for a fee of £750 if they were successful in finding me a sharer. At this point I stopped and tried http://www.boatsharefinder.org/sell-a-share/ which appears to be free. So I will give this a try for a while and also try personal contacts, which may prove more suitable for our kind of "self-maintenance" sailing.

 

[skyflyer]

I filled in most of their questionnaire before I read their Ts&Cs. Then I found I was letting myself in for a fee of £750 if they were successful in finding me a sharer. At this point I stopped and tried http://www.boatsharefinder.org/sell-a-share/ which appears to be free. So I will give this a try for a while and also try personal contacts, which may prove more suitable for our kind of "self-maintenance" sailing.

I bought a share via Yacht Fractions which was free to me of course. When I came to sell it, like you I thought they were pricey until Icompared it with a typical brokerage fee. I would imagine it takes as much, if not more work to sell a share as to sell a whole boat in which case their charges seem quite reasonable.

Following a visit to their stand at the Southampton BS last year I also advertised my share on the Boatshare site - it is still on there and i have yet to have a single enquiry!

At the end of the day you can choose between broker or self-advertising, whether its a house, boat, plane or anything else. Hopfully the broker is worth their fee.

(in the end the guy who sold me my share, bought it back from me in a private sale, so I didn't pay any commission to anyone)

 

[Tranona]

At the end of the day you can choose between broker or self-advertising, whether its a house, boat, plane or anything else. Hopfully the broker is worth their fee.

)

Exactly.Yacht shares is a very narrow market and Chris arguably the biggest and best player. Worth the money if you have no inside knowledge or personal contacts yourself.