Disolving a shared boat situation

[rnsi]

Re: Disolving a shared boat situation

It's not the BIL. It's partnerships in general. Someone has to be "in-charge". If noone has the athority to make a solo decision, nothing can ever get done. In most business partnerships I've seen, both parties think they run the show. Nothing but arguments. It's just not worth it.

 

[BF]

Re: Disolving a shared boat situation

It can work... when I was more of a youngster, I bought a ski boat with my BIL... we're both laid back types, it worked out well. We still have the boat, I tend to do more of the maintenance, but when I have to buy parts, he pays the lion's share (without being asked) and is thankful that he doesn't need to do the wrenchin' or pay a shop to do it. Neither of us is inclinded to sell it... we know we'd probably never get another "go fast" boat so we'd better hold on to it. (like we should've when we had motorcycles) Of course there's no rule against buying more boats, so I have bought more of a fishin' type boat on my own... I take that where I want.<br /><br />A big thing is probably having a family cabin with boathouse where it lives, so there's no need to tow/store or debate about where it will be. <br /><br />It helps that me and my BIL are buds, and it's not that we're wealthy, but the couple thou that each of us have in the boat isn't gonna change our lives, so we'll probably keep it until our kids wear it out.

 

[2MADAKAT]

Re: Disolving a shared boat situation

The "true" value of anything, is what someone else is willing to pay for it.<br />Put the boat up for sale. Tell your BIL he can buy the boat out for 1/2 of whatever the best offer that comes in or split the cash.<br />I don't think there is a more equitable or fair way to split something, no matter how unreasonable you both are.

 

[skeezx01]

Re: Disolving a shared boat situation

moral of the story is never borrow, partner or do work for family (for money). it only causes heartache.

 

[BF]

Re: Disolving a shared boat situation

I thought of 2madcat's idea too, but if I was a potential buyer and made an offer on the boat, I would be put off if the answer was, "You'll get it if BIL doesn't want to pay 1/2 of that, I'll let you know". I'd be thinkin' that if a current 1/2 owner doesn't want to pay 1/2 of what I'm offering, then I've probably offered too much. Or if I made an offer, and the person selling was just playing coy and didn't want to give me a yes or no right there, I'd probably move on. It's either for sale or it's not. <br /><br />that's my $.02

 

[jlwest63]

Re: Disolving a shared boat situation

Cut your losses, take what you can get and get out of it. Nothing will ever get resolved and you learned a lesson.

 

[Mark42]

Re: Disolving a shared boat situation

Take him fishing one more time. Don't forget the concrete....

 

[kenimpzoom]

Re: Disolving a shared boat situation

I solve things in this way...<br /><br />Flip a coin, rock,scissors,paper, or arm wrestle.<br /><br />Ken

 

[mrom1234567]

Re: Disolving a shared boat situation

I would set a meeting with a mediator.<br />He would then offer to cut the boat directly in half with a chain saw. You would both get equal halves.<br />Then, the one who speaks up and says he would rather NOT have the boat than see it destroyed, is the one who should get the boat.<br />This, because he is the one who appreciates the boat the most.<br />Just a suggestion...a lesson from Greek mytholgy.<br />Michael

 

[BF]

Re: Disolving a shared boat situation

Dunno 'bout greeks, but I saw that on a Seinfeld episode. See, funny and edukationel.

 

[magster65]

Re: Disolving a shared boat situation

Use the 'shotgun' clause. If one partner wants out he makes a one time offer to the other. The offer must either be accepted or the receiver of the offer buys out the other for that amount. This is a very common type of partnership / joint venture agreement. This is a scary topic because I'm going in a 3-way partnership on a little fish boat. Obviously we're all hoping to avoid this kind of squabbling so we agreed on the 'shotgun' clause in advance. Hope this helps and good luck!

 

[2MADAKAT]

Re: Disolving a shared boat situation

You're right on your thinking BF, but you don't let a prospective buyer know about the relationship problem only that you will let him know whether or not you will accept his offer.<br />Take the offer, discuss it with BIL, and then make decision.<br />By the way, MichaelR, the story you mention is not Greek mythology, but a story from the bible.<br />Check out King Solomon and his wisdom.

 

[FlyBoyMark]

Re: Disolving a shared boat situation

Here's a simple solution, advertise the boat for what you think you can get for it WITHOUT his knowlege, accept a REFUNDABLE deposit for the sale garnering the acceptance of partners ok. Take this issue to your partner and show him by way of deposit that you have procured the value of the boat. Offer to him 1/2 of the price that you have procured on advertized sale to buy you out. You have now shown him the real value of the boat. Then return the individuals deposit and tell the new buyer, partner said no to deal. An add only cost about 30-50 bucks. Your partner is sounding as though he jus wants you to sign it over to him. After this WELL DOCUMENTED EXERCISE WITH WITNESES, tell him the next move is an atttorney and no one will get anything in the end.

 

[roscoe]

Re: Disolving a shared boat situation

Hi magster65, long time no read.<br /><br />Shotgun offer is best.<br />Let him set the price to either buy you out or sell out to you.<br />Put it all in writing that you both agree to the deal. Now sign the title and registration papers. Also add that whoever buys it, must pay within 2 weeks, or the price goes up by 10% per day. This is so that if he doesn't pay, after 10 days you will own it free and clear.<br /><br />Then you get to decide if you buy or sell for his price. <br />Eitherway, within 24 days, one of you will own the boat.

 

[drbobp]

Re: Disolving a shared boat situation

Both of you put the amount you would offer the other for his 1/2 of the boat in an envelope. Agree (before opening the envelopes) that either partner will sell his half of the boat for what he is offering. The low offer may have to sell for what he offered! <br /><br />For example, if I thought the boat was worth $6000, I would offer 1/2 of that ($3000).<br /><br />If my partner thought it was worth only $4000, he would only offer me $2000.<br /><br />Since my offer was higher, I would have the right to buy his half at his valuation! <br /><br />Some partnership agreements allow the person being offered a buy-out the opportunity to buy-out the offering partner AT THE OFFERED PRICE! This makes sure that offered prices are realistic!<br /><br />Good luck.