A few months ago one of my boat sharing partners left the following message on my cell phone. “John, can you call me back? I really need to talk to you.” I was having dinner and figured I would call him back later that night. During dinner he called again and left another message. “John, […]
The simple answer is yes, having what is known as a “Boat Sharing Contract” in place with your partners is essential. In the beginning of a relationship or if you have a relationship that has never had any problems, it may seem awkward to introduce the formality of a contract. However, the moment something goes […]
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 […]
Sharing a boat seems like such a great idea.After all, there are approximately 17 million registered recreational vessels in the United States, but on average a boat is only used a total of 14 days per year. With that amount of usage, sharing only makes sense, right? But purchasing any asset with people you know can create the kind of problems that can end those valued relationships.Dreams of weekends at the boat club and watching everyone's kids grow up together can be replaced with large maintenance expenses, angry calls about who gets which holiday weekend and even possible lawsuits.
