It is all coming together; you and your three best friends have worked through the details, hammered out the sharing agreement and come to terms on how on-going maintenance expenses will be paid.
But with each of you owning 25% of the new ski boat…who’s in charge?
While you each have an equal share it is critical for the success of your partnership to designate a key administrator.
Finalize The Boat Administrator
Someone who will be able keep things on track. Be the negotiator when the Marina wants to raise your rates, work with the service shop when the boat is in getting the oil changed, ensuring the boat is properly winterized or making sure the registration is renewed.
Let me start off by saying, it will be a thankless job. But it is a critical one. You may have one person who wants the job already…however, I strongly recommend you consider making it a rotating position at least for the first couple of years.
By rotating the responsibilities, at least during the initial period, you each get a better understanding of the responsibilities of boat ownership and it also re-enforces the notion that you are all sharing the boat and are equal owners.
Responsible Person of Sharing Boat
However, just because you’re now in charge shouldn’t mean that your partnership has become a dictatorship. It is critical that you communicate issues to your partners and discuss critical topics before making a final decision.
A great way to record and document your discussions is via email or utilizing a system like Nautical Monkey. This way if there is ever any questions regarding why a particular decision was made you have a reference.
Most importantly, no matter who is in charge, you have to remember that everyone in the partnership should be treated equally and fairly, so engage your partners prior to making a final decision on any item.