Hey Guys:

I am interested in getting a Custom Weld 21' Cobra SE jet boat. I realize that I will not fully use the boat, so I am interested in doing a boat owner partnership with another interested angler. The concept is that we would jointly purchase the boat and then share equally in the use of the boat. Cuts the ownership cost in half. It would have to be someone that lives in the Seattle - Mount Vernon corridor and is willing to keep the boat somewhere near Everett. Let me know if this sounds interesting to you and we can discuss the details further. Email me at ejb@ecgmc.com. I look forward to hearing from you.

That sound worse than getting married.

Welcome to the board Idlechatter, but I don't think that idea will fly. I also think that sound's worse than marriage.

No truer words can be said!
Boats should be like a owning your best friend … your dog!!! ...either it's yours, or it's not!

Cowlitzfisherman

not a good idea at all,believe me when i say been there,done that. that was the worst partnership ever!!!!!!!

While I agree that it's not necessarily easy, I've owned a boat with another guy for over ten years, and it has worked out fine. We were friends first, however.

The question is always, what happens when, not if, it breaks.

I shared ownership of two boats with my brother-in-law... and we got along fine. I'm not sure how it would go with two people not related. Don't think I'd want to try it now.

I think the reason the joint ownership worked so good for us was we used to fish together then.

Having worked for years for a major FG bot builder I've seen a lot of partnerships on large boats. THe only successful ones are where the contract specifically identifies responsabilities. A repair and maintenance account must be sent up to handle routine maintenance. It also needs to be clearly understood that if you run over a log and trash the props and shafts that it's the operators responsability for the repair.
Some partnerships are doomed to failure because of not crossing the T's and dotting the I's. Partnerships are a good way to reduce the cost of ownership on a large boat.

Wow:

Guess I don't have to worry about whether or not this group has opinions!!!!!

Believe me, I have considered everything that all of you are saying... Partnerships can be a real dissappointment... Having spent my life putting together multi-million dollar partnerships I understand how difficult they can be... IMHO, the key is to deal with the tough issues up front and to get it all in writting... Who knows, maybe if I get into this it will blow up in my face -- maybe it will work --who knows... Nonetheless I'm willing to explore the opportunity if anyone is interested....

What Wolverine said.

IdleChater

Here are a couple of questions that you might want to think about before you go into partners with another person.

1) Who will pay for the repairs?
2) Who keeps the boat at who's house?
3) Who will pay for the insurance?
4) Who gets the final say about who gets to go fishing on the boat?
5) Who decides who gets to use it if one partner wants to use it more than the other one?
6) Who will be the "legal" owner?
7) Who pays the taxes and licensing for the boat and trailer each year?
8) Who decides when it's time to sell?
9) What happens if one of you die to the boat?
10) What happens when one of you wants to sell and the other doesn't?

There is probably a dozen more good reasons why a person would not want to go into a partnership on a small private boat that other can tell you about. If you do it with a family member, it will most likely be less of a problem, but when you do it with someone else, be prepared for problems. Have you heard the age old saying about two women working in the kitchen? It kind of works the same way with to guys owning the same boat!



Cowlitzfisherman

Cowlitz:

You raise some excellent questions... Very similar to those found in every partnership that has ever been developed, regardless of whether it is a business, real estate, or property partnership... Again, the key is to think through all of the various issues that might arise, agree to how they should be resolved, and then document it in writting -- signed and notarized... Clearly a partnership of any kind is not for everyone, but if you can find the right person they can work beautifully....

That would be like wife swapping!

I was partners in a boat once. The guy dissapeared for 12 years never called or inquired about the boat. Called one day and wanted me to cash him out at half the blue book which was way more than the market value of the boat. I paid him and considered it a cheap way to get rid of the guy .

Good luck with your search its a good idea but the reality is unkown until it's too late!