LEADERS OF THE INDUSTRY
Innovators improving the boating experience
PMY: How have your customers demands shifted in the recent years ?
DENNIS FOSTER: As the yachting industry and yacht manufacturing continue to advance, our clientele has grown increasingly discerning, well-informed, and exacting in their expectations from shipyard services and products. In recent years, notably following the impact of COVID-19, there has been a noticeable surge in demand for customized yacht renovations, refits, and maintenance services. Modern yacht owners place greater emphasis on budget adherence, stringent timelines, meticulous planning, and the swift return of their vessels to the water for voyages to exotic destinations with family and friends. Timeliness is paramount, as they bear the expense of retaining their yachts on land or in a dock while repairs and services are being performed. Many clients now seek active involvement in decisionmaking, with a strong preference for projects that are completed on schedule and within budget. However, the shortage of skilled labor, affecting not only the marine and yachting sector but various other industries, poses significant challenges in meeting these high demands.
PMY: What lessons from the past has helped move your business forward?
DENNIS FOSTER: Several key lessons have been learned, with the most significant one being the importance of genuinely connecting with and listening to our customers. In the past, our approach involved receiving a list of work, providing an estimate, and completing the work. However, the dynamics have changed. Today, our customers are frequently buying and selling yachts, necessitating dependable repair contractors and shipyards to foster enduring relationships, akin to partnerships. Additionally, we’ve discovered the value of partnering with both employees and other companies to create alliances that can meet the high demands and schedules of our customers. Furthermore, we’ve acquired essential expertise in handling damage insurance claims, which now constitutes a substantial part of our business. Dealing with surveyors, attorneys, insurance adjusters, and meticulously formatting estimates to delineate claim-related and non-covered items based on policy limitations and deductibles has proven to be a complex but vital aspect of our operations.
PMY: Where do you look for design and Buisness inspiration?
DENNIS FOSTER: Being deeply involved in the yacht repair and refit sector and as a Certified ABS Yacht Builder specializing in composite repairs, I continuously explore various yacht types and models. For instance, when a customer desires a specific hardtop, seating arrangement, or wishes to expand their existing yacht rather than purchasing a new one, I keenly study the diverse construction methods, styles, and vessel designs. My fascination extends to identifying unique, yet absent, products we can fabricate and create for our discerning clients. In terms of business inspiration, I consider myself a dedicated student of my customers. I consistently inquire about their paths to success and how I can apply their skills and techniques to my industry. Several of my customers serve as mentors, making me a product of their invaluable insights and continual inspiration.