Hello viewers.
So we're selling three quarters of Luckyfish and
keeping a quarter of her for ourselves.
What is it about share ownership that made us
think of selling the boat this way.
I know some of you are quite skeptical about share
ownership but by the end of this video I think you
will have changed your mind.
I'm Stewart and this is Zaya.
Normally we are sailing our reasonably priced
catamaran Luckyfish across an ocean or around the
islands.
But this year we stayed in Mongolia to have this
little guy.
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Let's be clear about one common misconception
right from the start.
Yacht syndication or fractional ownership is not
timeshare or sailtime or some of the other schemes
you might have heard about.
This is co-ownership of the actual asset with your
name on the title.
You're free to sell your share at any time and
recover the cost and in fact the whole process of
selling a share is made a lot easier due to the
lower cost of entry for a buyer.
The fact that no survey is required and as shares
are scarce they don't last long on the market.
In this video I'm going to share with you
everything we've learned about what makes this
such a good deal for anyone who can't or doesn't
want to live aboard and cruise full time.
Perhaps you are still working or semi retired or
even fully retired but have other activities you
also want to do apart from sailing.
The point being why not share the boat with other
owners who save you the costs when you're not
using it.
Who wouldn't want to multiply their buying power
by four or even 10 times and then only pay a
quarter or a tenth of the maintenance and running
costs.
Just think for a minute what a different kind of
boat that can get you or looking at it another
way.
If you're on a small budget co-ownership can get
you on the water a lot sooner while you continue
to save up for outright ownership.
And here's another advantage.
We all know that boats start to deteriorate when
they're not being used.
Mold starts electrical switches start to corrode
fluids and oils begin to stagnate greases harden
and moving parts begin to seize up by utilizing
the boat more with other co-owners.
The boat is kept moving and in a state of
readiness for when it becomes your time to go
cruising.
No one wants to turn up to go sailing especially
if there's the crew there waiting for you only to
end up on the phone calling for parts and looking
for service people to come and help you get the
boat going.
Visit any Marina and you'll find that story time
and time again.
Ahhh but what about wear and tear.
I hear you say doesn't it cost more if more people
are using the boat.
Well yes a bit but surprisingly most of the wear
and tear on a boat comes from things like UV
sunlight salt and humidity.
These things are constant whether the boats being
used or not.
But for us here's the real kicker.
Running costs insurance mooring fees regular and
scheduled maintenance costs they all add up.
These are fixed overhead whether you use the boat
for one month or 12 months a year by splitting the
budget for these costs among several owners.
There's simply more money available for replacing
parts when needed or outsourcing repairs to
professional contractors.
This means the boat is maintained to a very high
standard and I would venture to say to even higher
standards than privately owned boats under sole
ownership.
So what makes a successful syndicate clearly a
certain level of sailing experience is required
for the mutual assurance of all co-owners while
the existing co-owners will be more than happy to
give a new co-owner a boat and area briefing
before they head out to sail for the first time
being in a sailing syndicate is not a place to
learn to sail.
Secondly the right blend of owners is important
for the syndicate to work.
You wouldn't want for example to have two teachers
from Canada in the same syndicate both wanting the
school holidays at the same time but a
schoolteacher from Canada with say some parents of
school aged children from the UK could work.
Also important is the ability for each co-owner to
fund the annual maintenance and running costs
which are generally about 10 per cent of the total
value of the boat.
Given that these are split amongst all the co-
owners this cost couldn't really be made more
affordable.
Finally a sound written syndicate agreement is
essential.
This is a legal document that all the co-owners
within the syndicate agree to.
It covers every eventuality including changing the
base port for the boat handling disputes sale of
shares maintenance schedule owner usage calendar
and so on.
So what's the deal with Luckyfish?
Well you can tour the boat here and here and also
visit the website here and there's a link in the
video description that'll take you straight to all
the details of the deal.
We decided to sell the boat in quarters for 30000
dollars each.
That entitles each co-owner to 12 weeks use of the
boat per year.
It's almost sold out now with just one spot left.
But don't let that deter you from expressing your
interest.
We're keeping a list and it's not necessarily
prioritized in the order in which we receive
inquiries but for the factors that I previously
mentioned.
Share ownership is quite dynamic.
and shares come on the market quite frequently we
know of one catamaran where all of the existing
owners are none of the original owners and in fact
the shares on that boat are now being sold at a
premium to what the original price was.
In fact the cumulative value of all of those
shares it's a production catamaran value the boat
at a higher price than equivalent sole ownership
boats that are currently on the market.
Zaya, Leo and I will be back on the boat in
December.
It's not easy is it? That's right, arms out...
we're going to spend the month preparing the boat
for what's going to be a solid year of cruising in
2020.
During January and February we're going to give
the new owners a area and boat briefing and spend
as much time as is required with them to get them
comfortable onboard the boat.
During that time we're going to be filming the
whole time and also finishing off the 10 Ways
Wharrams are Wonderful series.
So drop me an email if you'd like to join us and
help make the syndicate a great success next week
for a complete change Zaya wants to do a video
called 10 Things You Didn't Know About Us that's
bound to be full of surprises so make sure you
subscribe and don't miss it.
In the meantime let us know what you think about
shared ownership in the comments below.
Perhaps you've been in the syndicate yourself or
know someone who has.
Thanks very much as always to our patrons who help
make these videos possible and who are also in for
some great surprises next year.
Cheers all,
See you next week.
Don't forget to subscribe to our channel if you
haven't already.
And thank you for watching.