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Anyone want to go 3rd shares in a Farr 1020 or similar?


gbp

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I'm looking for 2 partners to go shares in something like a Farr 1020. 3rd shares seems about right to me - one third of the year is still over 120 days usage per year, and one third of the costs is brilliant. I've been thinking about this for a while now, and with summer around the corner its time to make this happen.

 

The boat would be geared around cruising, but the occasional cruising race would be ok - but this is not a racing syndicate that I'm looking to setup.

 

So just to clarify, I don't have the boat yet - I want to get the people and funds sorted first, then go boat shopping.

 

The boat would be berthed at Westhaven or possibly Bayswater, and I'm keen to do it properly and get a partnership agreement in place. Investment would be around $30k.

 

If you're keen, or know anyone else who would be, please message or email me.

 

If you know of any other ways I could find 2 other partners, I'd also be keen to hear your ideas.

 

Cheers.

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Yeh I actually saw that boat a few months back. Its ok, but it was short on a couple of things, and there's definitely better examples out there. Plus a half share is too much $$ for me, so the owner would have to agree to a third partner - I guess I should probably make contact again though, as I'm not swamped with interested parties in my 3rd share scheme.

 

Thanks Ed.

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Been wondering if I should stick my oar in. Having done this not-so-well in the past. Harrumph...here goes:

 

A third of the year or 120 days sounds good on paper. In reality - unless you are lucky enough to have flexibility around your time off work and are easy-going in terms of the kind of weather you are happy cruising in – you end up drawing straws for one Labour Weekend, half a Christmas (and there always seems to be one really good week), one Anniversary Weekend, potentially one Waitangi Weekend and one Easter. The rest...no-one really wants anyway.

 

There is more I could say but probably more effective if you get input from someone who has experience of making it work successfully, in which case making contact with the owner listed above is a good idea.

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Murky, you're not helping my goal here!

 

I have heard rumours where shared ownership has gone awry, normally from someone who knew someone else. In contrast I have spoken directly to numerous people who have been or are in shared ownership schemes and speak very highly of them. I think the key is to find like minded people, and keep good open communication going between all partners.

 

A contract is a backstop and one that I definitely intend to have, but it should rarely have to be pulled out if all partners are on good terms and in regular contact.

 

With regards to usage, long weekends away on the boat are great, and with the 20 days per annum leave that we get in NZ now, you don't need Anniv and Easter etc - you just take a cheeky Monday or Friday off. And for those people who are retired, then every weekend is a long weekend!

 

The alternative is to own a $30k boat outright, which is not going to be a boat that's as comfortable for the wife and family, and then I have to pay for all the maintenance and berthage etc fully myself.

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I knew 3 guys in the Waikato that had a 3 way 1020. Worked pretty well for them, probably still does. One guy sold his share and bought an 88.

 

Issue for him was "having" to go sailing weekends when you'd rather take a rain check because your weekend doesn't come around for ages which may not impress the family. Another issue was having to fix things midweek because the boat had to be ready for next weeks owner. Little breakages and issues that a sole owner would put off till next weekend.

 

Then again I have a mate owns a 10th of a boat with ownaship, loves it. Uses it as much as he is able and doesn't even get to his 35 days.

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You called?

Actually I have been in several partnerships over the years. Most recently in a Farr 1104 with a similar philosophy. Initially I owned the whole boat but then went 50/50 and about a year later added a 3rd partner. We didn't have a formal contract, but there was certainly exchange of emails, and a formal commencement process. It also covered usage and eventually exit process for me.

Big things were having a clear understanding of expectations, and not only the partner, but in our case the partners families. Another thing was a formal kitty. Ours was set up to cover marina, insurance, and a certain level of R and M and ongoing updates. For instance we put in an electric head and bought a tiller pilot to make cruising shorthanded easier. We did a reasonable amount of harbour and SSANZ racing, but our budget and expectations were also determined and just as importantly reviewed.

We parted mates and I actually had a beer with them at the club last night.

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Thanks for the comments all. Especially from those who have done this before and have some ideas on what makes it successful and what doesn't. Any other constructive feedback from those experienced in this sort of share scheme?

 

Anyway, some progress has been made - I am meeting someone who is interested early next week. Do we have any other interested parties out there? Don't be shy...

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You called?

Actually I have been in several partnerships over the years. Most recently in a Farr 1104 with a similar philosophy. Initially I owned the whole boat but then went 50/50 and about a year later added a 3rd partner. We didn't have a formal contract, but there was certainly exchange of emails, and a formal commencement process. It also covered usage and eventually exit process for me.

Big things were having a clear understanding of expectations, and not only the partner, but in our case the partners families. Another thing was a formal kitty. Ours was set up to cover marina, insurance, and a certain level of R and M and ongoing updates. For instance we put in an electric head and bought a tiller pilot to make cruising shorthanded easier. We did a reasonable amount of harbour and SSANZ racing, but our budget and expectations were also determined and just as importantly reviewed.

We parted mates and I actually had a beer with them at the club last night.

 

Hi Jono,

 

if you don't mind sharing i am interested in how you set up the exit process, am looking at a 50/50 on my boat but not sure how to agree on value should someone want to bail down the road..plus how to make sure the next new person coming in is agreeable to the remaining party...i can see some messy complications in this area..

 

cheers

 

Gary

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