Any Advice re: boat partners?

[Bruce Bradford]

I am looking foreward to taking on a partner for my CD25. I would like to hear any advice or discussions from both buyer and seller points of view. Anybody done this?



mbbradford@yahoo.com

[Neil Gordon]

>>I am looking foreward to taking on a partner for my CD25.<<

There are 4 partners on a boat at the marina and they get along fine.

I'd suggest a clear agreement as to who uses the boat when, who does maint and other work, how major purchases are decided, how one partner gets out, etc., etc.


Regards, Neil
s/v LIQUIDITY
Cape Dory 28 #167



neil@nrgordon.com

[Bruce again]

Thanks Neil,

On an older boat like this, I can just see the "up side" of sharing the work, expenses, and gaining like-minded friends at the same time.

I wonder what kind of formal agreements have been used in the past?



mbbradford@yahoo.com

[Paul]

I am looking foreward to taking on a partner for my CD25. I would like to hear any advice or discussions from both buyer and seller points of view. Anybody done this?

.......you are definately asking for trouble down the road. Get the papers notarized as well.

[Neil Gordon]

>>On an older boat like this, I can just see the "up side" of sharing the work, expenses, and gaining like-minded friends at the same time.<<

All is fine so long as everyone remains *like-minded*. But when there's a disagreement over whether the bottom needs to be taken down to the hull and barrier coated, or instead just power washed, or ten zillion other areas where disputes can arise, you have to be careful. I can see disputes over spending for fixups, location, gear and an unlimited list of other things.

>>I wonder what kind of formal agreements have been used in the past?<<

Don't know, but I'm sure some of them don't work anyway. From my point of view, I'd include a provision for getting out of the deal. The best way to disolve a partnership like this is that if either partner wants out, you have an auction. Each partner bids for the other's interest... high bidder wins. Make it a condition of the agreement that the auction is mandatory if either party wants out.


Regards, Neil
s/v LIQUIDITY
Cape Dory 28 #167



neil@nrgordon.com

[Bill Hardie]

I am looking foreward to taking on a partner for my CD25. I would like to hear any advice or discussions from both buyer and seller points of view. Anybody done this?

Don't do it, or if you really must, make your partner your wife. With a commitment level less than that, a partnership causes hardship in most cases......

But then again, I'm a pessamist....

Bill



billh7@aol.com