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Boat Ownership/Partnership

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Schedule/Agenda§ 1830 Beer/Pizza§ 1900 Presentation

§ Costs§ Survey§ Partnership

§ 2000 Break§ 2010 Panel discussion

§ Q&A§ Crew building

§ 2100 Adjourn1/20/18 2

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Panel§ Beth – J22§ Andy – J24/AIS§ David – AIS§ Ernie - Sonar§ Paul – S2 7.9 / Melges 32§ JR – Sonar§ Bob – Capri / Sonar

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Boat Purchase

Condition• Ready to race?• Class legal?• Hull/keel condition• Running rigging • Standing rigging• Winches

Equipment Included/Not Included• Motor• Boat lift• Trailer• Compass/Tactic• Condition of sails• Electronics• Fenders, dock lines, boat hook, anchor, etc.1/20/18 4

Range J22 C25 Sonar S2 7.9

Low $7,000 $4,000 $4,500 $6,500

High $12,500 $8,000 $17,000 $12,000

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SailsRange J22 C25 Sonar S2 7.9

Main $1,462 $2,000 $2100 $2,985

Jib $1,105 $2,000-$2,500 $1400 $2,030

Spinnaker $1,462 $2,000 $2000 $2,300

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First Year Costs

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Item Cost

WYCmooringslip– perft $101

WYCmooringball $1,250

WYCfullmembership $450

WYCone-time membershipcertificate $400

WYCskippermembership $320

Fleetdues(local) $50

Classassociation $35

Insurance $274

USSailingMembership $65

TCRSA(Twin CitiesRegionalSailingAssociation) $5

Totalfirstyear(Slip– 25’boat) $3,804

Totalfirstyear(Mooringball) $2,529

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Bayfield BoatItem 39-foot 36-foot 46-footStorage/Launch/Haul $4300 $6500 $7000Insurance $1000 $750 $1600Dues/Fees $900 $875 $900Maintenance $1200 $2900 $2000SailRepair $1000 $1000 $750Chandlery $1000 $1000 $1500Travel/Lodging $1000 $800 $500CrewGear $500 $300CrewDinners/Beer $600 $1100 $500Fund(Sails,rafts,flares, etc) $4500 $3500RegattaFees $500 $500 $700

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Survey§ When is a survey needed

§ For a bank loan§ For insurance§ In the event of serious damage

§ Types of survey§ Valuation§ Pre purchase to identify potential issues§ Details repairs needed§ Mast & rigging§ Electronics§ Sail inventory1/20/18 8

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No Survey – what to look for§ Delamination - Wet core § Chain plate leaks§ Line clutches§ Tracks – Re-bedding§ Mast step - Keel vs deck§ Rudder – Bearing or

Pintles/Gudgeons play § Keel – weeping or crack§ Cracks – spider vs serious§ Previous damage§ Frames and stringers

§ Engine - Oil samples.§ Standing rigging § Mast - sheave boxes, step§ Electronics - proper grounding§ Plumbing – hoses + 2x clamps§ Safety equipment - Lifelines

Wooden plugs, rafts, flares, first aid kit, MOB, EPIRB/PLB

§ Trailers - Wheels & bearings, lights, brakes, permits

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Choosing a Partner§ Assess Skills/Desires

§ Boat speed and handling§ Rules, tactics & strategy§ Drive or trim§ Learning or teaching

§ Match intensity§ Agree access

§ can’t both drive

§ Agree cost management§ Amount§ Monitoring

§ Qualities§ Reliable/dependable§ Flexible/adaptable§ Open-minded§ Understanding

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Cost Split Example§ Sails - 50/50

§ Amortized over X years§ Mooring – 50/50§ Insurance

§ Homeowners? Who?§ Dedicated policy?

§ Repairs – 50/50§ Major – amortized over 2-years§ Minor – same year

§ Proceeds from sales – apply to current year1/20/18 11

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Partnership Considerations§ Handshake§ Paper§ Capital§ Operating§ Sunday§ Dissolution clause?§ Bonehead clause?

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Crew Building Ideas§ Align expectations

§ Pay as you go? Or Full Ride?§ Training – on and/or off the boat§ Events – Thursdays, Sundays, Regattas§ Safe, Fun, Fast

§ Establish a core§ Chemistry is important§ Website / Social Media§ Crew Boss§ Crew Gear

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Summary§ Costs§ Survey§ Partnership

§ Align expectations§ Agree cost split

§ Crew building ideas

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