Starting your own syndicate
It is many a skipper’s dream to own a yacht somewhere sunny but the costs can often be prohibitive. Could sharing be the answer? Duncan Kent investigates
Many yacht owners would like to keep their boat somewhere where the sailing season is longer and the climate more agreeable, and the most popular choice for UK owners is the Mediterranean. The problem is it’s timeconsuming to get the boat down there and expensive to keep her there. This is where a boat partnership can come into its own.
Splitting the ownership of a yacht into shares will enable you to buy a bigger boat, share the delivery trip to get her there and allow you to keep her in a mutually convenient marina berth all year round. Maintenance costs are also divided up and dramatically reduced.
FORMING A SYNDICATE
There are several ways to achieve a boat share syndicate. If you have a friend or two interested in joining you can set up a partnership using a simple written contract. A secretary should be appointed annually to administer the general workings of the boat, including organising maintenance and paying mooring or licensing dues. It must also be agreed when each member would carry out specific tasks on the boat such as cleaning, winterising, antifouling and so on at the outset. It is advisable to hold a members’ meeting at least once a year, when the following season’s sailing allocations would also be decided. Flexibility is the key to any partnership’s success so, if something needs fixing while you’re using the boat, you will need to get it done and discuss the costs and responsibilities later.
LEAVING A SYNDICATE
If procedures aren’t made abundantly clear in the contract problems can arise when one or more members wish to leave the syndicate. On deciding to withdraw from the partnership a member would usually offer his or her share to the remaining partners prior to offering it for sale elsewhere. The remaining members must have the right to reject any potential partner should they deem them unfit for any reason. Alternatively, the remaining members should be permitted to buy spare shares, giving them a larger portion of the boat.
Some have been part of a successful syndicate for years and swear by it, others have not been so lucky. The fewer there are in the scheme the less likely you are to fall out. Either way, you should consider the worst-case scenario.
A regular cause of failure is when one partner damages the boat and doesn’t inform the others, or they leave the boat in an unseaworthy condition so that the other partner spends most of his holiday fixing, rather than sailing the boat. Another common problem is when one of the partners hits bad times financially and can
no longer afford the latest toys that others in the syndicate want to buy.
As an alternative to setting up your own scheme you could use a professional boat share agent to find you a share in an existing syndicate. They will sort out all the necessary paperwork and introduce you to the prospective partners.
THE ‘IDEAL’ SHARING YACHT
One benefit of sharing a boat with friends is you can sail together, removing the need for finding crew for a Channel crossing or long passage. But this means accommodation is important. The yacht you choose should have at least two roomy double cabins and enough lounging space in the cockpit for six people to socialise. For this reason, a post2000 yacht will more likely provide a spacious, bright and airy interior with good galley and heads facilities. It will also be easier to maintain and obtain spares for.
A reasonably new Beneteau, Jeanneau, Bavaria, Dufour or Hanse will also be more of a ‘blank canvas’ than a more traditional yacht so, whereas it mightn’t necessarily be entirely to everyone’s taste, it’s a ‘holiday’ boat designed to be in warmish climates. That means it’ll have plenty of large, opening portlights and hatches, unlike most older designs – particularly the more ‘Baltic and North Sea proof’ Swedish boats. It’ll also have at least one fridge, a cockpit cool box and a large galley which, while very often linear and not ideal for crossing oceans, is perfect for preparing supper in a cosy Med anchorage.
Although sharing means you’ll have more capital and can therefore buy a bigger yacht, don’t overdo it. A well designed 40-footer is easily big enough for three couples and I’d recommend you don’t go above 50ft LOA. Some of the nicest Southern Brittany and Mediterranean ports were originally intended for 20-30ft fishing craft and, though they might now sport fancy pontoons, handling a 50ft beamy yacht at such close quarters isn’t always easy – especially once the afternoon sea breeze has got up.
Depending on how competitive your partnership is you may choose in-mast mainsail reefing to make life easier, particularly if you plan to sail two-up a lot. Another important aspect of a holiday boat is the ground tackle. There’s nothing worse than the naked foredeck dance at 0400 when the anchor starts dragging on a lee shore. Look out for an electric windlass, plenty of heavy chain and a decent new generation anchor, or two. I’d also recommend looking out for a yacht that has plenty of free deck space, a cockpit arch or a sturdy bimini for mounting solar panels. You don’t want to be spoiling the tranquility of a beautiful anchorage by running your engine endlessly just so you can keep the beers cold and the fans turning.