[Alberg30] Partnership advice?

[Daniel Sternglass]

Kevin Blanc wrote:
> 
> I've regretfully had my boat for sale for about a year now. Recently,
> I've been discussing partnering with someone that responded to my ad...

I was in a partnership on my A-30 (1966, #201) for about 8 years, with
the guy I originally bought it with. It was with a guy I worked with and
knew pretty well. It was a very simple proposition, it never occurred to
us to get a lawyer...

1. The boat was jointly registerd, and the insurance reflected that. We
were not charged any premium, although the insurance required us -both-
to have taken the Coast Guard Auxiliary or Power Squadron "safe boater"
training to get the discount.

2. We set up a joint checking account (beleive it or not, the name on
the account was "Life's A Bitch"), and paid all the expenses out of
that. We took turns maintining the records and the checkbook. We decide
to agree in advance on any major expenditures, otherwise, I think we
each put $200-300/mo in it (it varied by agreement), which included loan
payments for 6 years, I think.

3. We are both pretty hands on types, so we both worked on it about
equally, which is to say, quite a lot. When something broke, we always
kidded each other that it was part of "your half."

4. We never had a conflict over using it, because neither of us used it
a lot. We got along well, which was really helpful.

5. In the end, I bought out his share when he moved out of town about 8
years ago. (He returned last year, and has been working on the boat, but
can't afford to buy back in now, so I just let him use it, which he
doesn't do nearly often enough...)

My best advice is to take a little time to get to know your prospective
partner. If you know his abilitites and intersts, you'll have the right
expectations.

In my experience, it really worked out great, becasue not only did we
reduce the cost and see it get more use, but we also had twice as many
man-hours to work on it, reducing what we had to job out to almost
nothing.

--Dan Sternglass
dans at stmktg.com
Watcher of the Skies, #201, Cayuga Lake, Ithaca, NY
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