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Salacia Partnership

Thanks for answering my Facebook ad for partnership in my sailboat. Seems the demand is pretty high. I received 24, and counting, replies via Personal Message interested in partnership, 3 interested in purchase, and 3 from charter companies interested in putting the boat in their charter fleet.

 

The Morgan Out Island 41 was built for chartering and Bahamanian cruising, solid, a little slow, but comfortable, and shallow draft for the islands in the Florida Keys. Of course, there are no slips to be found in La Paz anywhere anymore, waiting lists or months, so that could be another reason for the interest.       

 

There were two distinct types of responders for partnership. The first group are new or somewhat new to sailing and partnership would be a “lifestyle enhancement,” “dream,” and they want to “learn to sail,” where 2- or 3-day getaways and obviously a great deal compared to owning. The second group were seasoned sailors looking for 10-to-20-day cruises once a year or so, still a great deal. I have no preference myself but the first group has different boat and partnership needs than the second group. I guess nothing is easy when it comes to boats!

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So, instead of talking to 25 people, with 3 questions each, and forgive this reply seems impersonal, I want to weed out tire kickers and impulse buyers and if you are still interested after reading this somewhat lengthy message, let’s schedule a time to see the boat, but please let me know either way.

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Saturday, I spent a couple hours on the boat going through systems, taking some pics (posted below), and seeing what should be done to make partnership something I would want if I was in your position as a 3 day cruiser or a long distance cruiser.

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For Salacia partnership to be a good deal for both of us and a $5k buy-in, the following needs to be done. The time frame would be 1 month.  

  1. New Charger Inverter. The unit functions but it’s making new noise and it is old, though it could be fixed but a new one is better. A marine electrician needs to give her the once over, get rid of old wiring where needed, replace some fixtures, change lights to LCD’s, update the panel, add some charging stations, and a general all around update. Budget is Also pick up a couple of solar trickle battery chargers. $2,500 to $3,000 USD.

  2. The settee (kitchen table that lowers into a bed) is old, ugly, and needs repair, nothing fancy but I would replace the pedestal table with a permanently fixed table that lowers from the wall. $200

  3. The small refrigerator barely works. Either needs replacing or we replace it with a cooler that uses no electricity. I can live without a fridge for my needs but many of you will want a refrigerator. $300 with new fridge

  4. The water pump is working fine but I would replace it as well as some of the lines to heads. $300.

  5. The inside of the boat needs a massive deep cleaning, 3 or 4 solid days, detailing including the heads. Cover and or replace some of wood for cabinetry and or settee or other where it meets at the sole, I also saw what I think is termite poo (scared yet?), so once cleaned we need to termite and bacteria bomb afterwards. $500

  6. Topside I have a swim ladder that needs to be installed at the aft of the boat and stainless needs to be cut in order to make boarding from the water easier. $300.

  7. New Mizzen mast Halyard and mast roller. $200

  8. I have 2 scuba BCD’s, lots of wetsuits, fins, etc., a boat rack for 2 paddle boards, and a 2 man military grade inflatable canoe. I think we should buy a floating dock, the run about $800.

  9. Something else to discuss is a dodger or bimini setup. For long distance cruisers this is a must, for local 2 or 3 day people it is not, at least in my opinion. That said I would do a hard top bimini, with isinglass and canvas covers if needed. From the aft of the bimini, a rollout sunshade that covers the entire cockpit. $3,000

 

Though the sails, motor, hull, rigging, keel, steering, are in great shape, we are looking at $7,500 of work to get Salacia to standards I would want and imagine any investing partner would want as well for 3 days access at a time. Cruisers wanting 10 or 20 days at a time would want chart plotters, autohelm, ice maker, etc., and can happen if agreed to partners though honestly I think more people are looking at this from a local cruising standpoint. Also that is to say when some novice get experienced they may want to have that equipment aboard and start longer excursions. Regrdles, the haul out and charge for the month at the yard would be about $1000 all in.

 

She will be hauled out at Fonature, where I am on the waiting list, or if investors want it done now, at Atalanta, just next to Palmira. So, partners will need to agree and pay the buy in now, and we will start the work, and then start paying monthly in May though the boat may or may not be ready.

 

If you are still reading, this is how we could structure this. I would create a new corporation in the USA, sell the boat for $1 to the corporation and list the boat partners as % owners of the corporation and on the Title / Registration or TIP or wherever it is needed such that if you are sailing by yourself and stopped you are legally able to sail her, a US boat in Mexican waters. Straight forwardly I need to investigate this more on the best way to do it, but it needs to be legal on the water, not just an agreement between us. This might also cost a little money, say $500 all in.

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Next is number of partners. 3 people - 2 including myself, $400 a month a piece, use of the boat 3 consecutive days every 9 days, shared ownership responsibilities (essentially our time divided up into tasks we all need to do as owners.)

 

Another option I would like to explore, you tell me if you are open to it, is 4 new partners, $400 a month a piece, 3 consecutive days every 12 days. Still a lot of water time. I will keep the additional $400 a month to pay for my time handling the ownership side of things (keeping our calendar, scheduling cleanings, inspecting systems, buying products, necessary paperwork, dealing with the marina, insurance, managing repairs, and or larger than normal maintenance when needed, etc., like a boat manager that handles the bull shit side of boat ownership), as well as teach some sailing, in exchange for use of the boat when no one else is using it.

 

Regardless, the number and structure the partnership, aside from buy in and monthlies, we need an arrangement for repairs or replacement based on negligence, theft, or act of God not covered in our liability insurance. Maybe we can collect for a kitty or in our agreement, agree to pay for these things if and when deemed responsible or lose partnership if you do not. Also, failure to pay clauses, boat not accessible clauses, termination clauses. If someone wants out of the partnership, they can sell it for no more than they bought it for buy you forfeit your buy in.

I think that is enough for now.

 

Below are some pics I took yesterday, someone is on the boat right now cleaning her on the inside. If you are not scared off, let me know if you want to see her. Please send me a not to and your phone number at steve@sitelligene.com instead of my phone so I can better organize things on my computer. Thanks very much and fair winds.                 

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