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Old 04 October 2005, 17:11   #1
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Boat Sharing

Apart from the obvious advantage of splitting the costs of ownership any others ideas for or against the idea of Boat sharing?

Obviously you can get more boat for your bucks but any hidden pros or cons i might not have thought about?

Thanks.
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Old 04 October 2005, 17:14   #2
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Zippy, while waiting for replies, try doing a search on 'share' or 'syndicate' - there are a few old threads where this has been discussed before.
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Old 04 October 2005, 17:16   #3
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It can work quite well!

My father boat shares a yacht. Financially they split things down the middle, but one owner puts in a lot more TIME than the other. But it seems to work!!
Quote:
Originally Posted by Zippy
Apart from the obvious advantage of splitting the costs of ownership any others ideas for or against the idea of Boat sharing?

Obviously you can get more boat for your bucks but any hidden pros or cons i might not have thought about?

Thanks.
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Old 04 October 2005, 17:18   #4
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Quote:
Originally Posted by Zippy
Apart from the obvious advantage of splitting the costs of ownership any others ideas for or against the idea of Boat sharing?

Obviously you can get more boat for your bucks but any hidden pros or cons i might not have thought about?

Thanks.
a very good question, i have been wondering how i would find the right person to share ownership of a rib so that you halve the costs but also typically you dont use it every weekend so to me it kind of makes sense.

a friend of mine had a 42 ft boat that he shared ownership with another guy at work, they were best buddies but drew up a contract all the same, and the boat was worth a lot of money as well so costs were high for maintenance and mooring etc.

to me a rib is ideal to share as it is easy to handle and take out independantly and you dont need a crew so to speak.

also you need two people who want the same type of boat and have similar spend or budget so to speak.

i am sure there are horror stories out there but i would be up for a rib share with the right person

regards

chris
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Old 04 October 2005, 17:26   #5
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A work buddy of mine a few years ago was in a syndicate. All drawn up by legal contract.

All was Ok in year one.

In year two he found that he was the one doing all the maintenance. Maintenance always costs, and when it came to getting his costs split, the others always wanted him to justify why he'd spent...

In year three, he got disillusioned, stopped doing all the work, and all their trips out ended with the boat breaking down.

In year four, they didn't use the boat and decided to sell. None of them could be bothered to make the effort to demo the boat to prospective buyers, and it went for well under market value.

The buyer sold it a month later for a decent profit.

Sharing? It's not about boats, it's about people.
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Old 04 October 2005, 17:56   #6
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You need to be able to trust em Howard if you're going to get along ! I knew 2 guys in a syndicate and although they were acquaintances it soon deteriorated into petty stuff.'one of em was a right nobber. I know another one in a syndicate of 10 with no difficulties whatsoever as the boat is professionally maintained
Paul
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Old 04 October 2005, 18:03   #7
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Noooo don't do it!

I shared a little 14' fishing boat years ago, it was stored up my parents house and I did all the fecking running around maintaining it, and my mate (which I still go drinking with) seemed to do all the fishing in. Don't get me wrong, I could never have owned a boat back then by myself and we did have some great fishing trips, but he broke it on one of his mid week sessions and it was sold as spares.

On a positive note,

my father-in-law owned a 27' yacht and his long time sailing friend died, he put his yacht up for sale (not wanting to sail alone) and was approached by two professional types (ones a Doctor and the other ownes an Engineering company). They asked him about co-ownership which he agreed upon. The upshot is that he keeps on sailing and has the use of the yacht mid week and they use it weekends......They've since sold the 27'er and bought a 10meter one and this works really well.

Personally I'd never do it.

Andy
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Old 04 October 2005, 18:07   #8
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the mrs costs a fair bit of money to run as well, perhaps sharing would halve the costs there too?
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Old 04 October 2005, 18:18   #9
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Quote:
Originally Posted by Chris Hartley
the mrs costs a fair bit of money to run as well, perhaps sharing would halve the costs there too?
Well if she's not busy this weekend, I wasn't planning to go out on my RIB, so if you fancy a spin on it.......
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Old 04 October 2005, 18:23   #10
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Quote:
Originally Posted by Downhilldai
Well if she's not busy this weekend, I wasn't planning to go out on my RIB, so if you fancy a spin on it.......
hey you got a deal

here she is with her little sister

food bill is enormous, costs more in biscuits than hard1 spends of unleaded each week
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Old 04 October 2005, 18:59   #11
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Which one is the sister? It's just that I'm a bit fussy.
Here's my RIB. I think it's CE approved.
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Old 05 October 2005, 04:56   #12
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Quote:
Originally Posted by Downhilldai
Which one is the sister? It's just that I'm a bit fussy.
Here's my RIB. I think it's CE approved.
But extremly unreliable!
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Old 05 October 2005, 05:00   #13
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Quote:
Originally Posted by Downhilldai
Which one is the sister? It's just that I'm a bit fussy.
Here's my RIB. I think it's CE approved.
she is the pretty one

she has a remote control toy as well although it is more canoe shaped and the battery is a lot bigger!
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Old 05 October 2005, 07:05   #14
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Quote:
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she is the pretty one

she has a remote control toy as well although it is more canoe shaped and the battery is a lot bigger!
This big battery - presumably it fits inside?
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Old 05 October 2005, 08:31   #15
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This big battery - presumably it fits inside?
ys they both do!
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Old 05 October 2005, 11:48   #16
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I co-owned an 8.5m Tornado until a couple of months ago. The partnership was very successful, but my co-owner decided it was time to retire from boat ownership (he's in his 70s!).

It is very important that all the angles are covered before you enter into partnership, even with your best friend. You need to cover all eventualities, things like:

What happens if a partner wants to sell his share?

Who is responsible for paying insurance excesses/ premium hikes in the event of a claim?

Are servicing and repair costs split 50/50, or according to the number of hours each partner uses the boat for?

Can new kit be added to the boat and who pays?

How is the boat to be left after use (fully fuelled, washed down etc.)?

Where is the boat to be kept?

How is the boat to be used? Can it be used commercially?


Even simple things like where bits of kit are stored on the boat can develop into big issues, so it is very important to recognise when to comprimise and when to stand firm.

My partnership worked because we were both wanted to maintain the boat in tip-top condition at all times, but that can be expensive, so it is important to clearly understand your prospective partner's views on this.

There is no doubt that the whole co-ownership thing is a minefield, but if you manage it in a very businesslike manner from the outset and choose the right partner, there are great advantages, especially financial ones!

My new 7.5m Tornado arrives next week and I suspect that paying the bills on my own will be an eye-watering experience!!!
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Old 05 October 2005, 12:16   #17
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Quote:
Originally Posted by JIY
I co-owned an 8.5m Tornado until a couple of months ago. The partnership was very successful, but my co-owner decided it was time to retire from boat ownership (he's in his 70s!).

It is very important that all the angles are covered before you enter into partnership, even with your best friend. You need to cover all eventualities, things like:

What happens if a partner wants to sell his share?

Who is responsible for paying insurance excesses/ premium hikes in the event of a claim?

Are servicing and repair costs split 50/50, or according to the number of hours each partner uses the boat for?

Can new kit be added to the boat and who pays?

How is the boat to be left after use (fully fuelled, washed down etc.)?

Where is the boat to be kept?

How is the boat to be used? Can it be used commercially?


Even simple things like where bits of kit are stored on the boat can develop into big issues, so it is very important to recognise when to comprimise and when to stand firm.

My partnership worked because we were both wanted to maintain the boat in tip-top condition at all times, but that can be expensive, so it is important to clearly understand your prospective partner's views on this.

There is no doubt that the whole co-ownership thing is a minefield, but if you manage it in a very businesslike manner from the outset and choose the right partner, there are great advantages, especially financial ones!

My new 7.5m Tornado arrives next week and I suspect that paying the bills on my own will be an eye-watering experience!!!
thanks for this great input as i have found this very useful for consideration, i agree so many areas can go wrong

cheers
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Old 05 October 2005, 13:07   #18
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I have a 1/3rd share in a boat, One of the partners is a realy nice guy, but the other is a P***K , he post here some times !!! his name begins with a G!!!
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Old 05 October 2005, 13:09   #19
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...and ends with avin!

Err, Hi Gavin!
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Old 05 October 2005, 13:17   #20
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Quote:
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I have a 1/3rd share in a boat, One of the partners is a realy nice guy, but the other is a P***K , he post here some times !!! his name begins with a G!!!
Tim it must be gArfie yeah your right he is a plank!
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