One of the biggest decisions you'll make as a yacht owner is whether you should manage the yacht your self or hire a manager.
Many of them manage yacht on their own with the help of Captain & Crew.
But sometimes owner need more help, and that's when a yacht manager might make sense.
If you are hiring an individual manager, he protect your yacht and
Can be a huge asset to your lifestile
Maybe there are other reasons why you might not want or need one. Carefully review the factors discussed below to determine if hiring a yacht manager is the right move for your headache.
What Does a Yacht Manager Do?
Deal directly with Client, Broker and supplyer, saving you time and worry over marketing your yacht , find a crew, handling maintenance and repair issues, responding to complaints, and even pursuing evictions. Plus, a good Manager brings its know-how and experience , giving you the peace of mind that comes with knowing your investment is in good hands. Finally, is an independent contractor, so you avoid the hassles of being an employer.
When Should You Hire a Personal Manager?
Although hiring a Yacht Management company has many advantages, using one can be expensive. And, even apart from the cost, relying on a Yacht Manager is not for everyone. Consider the following factors to determine if would be a good decision for you to hire one .
You should consider hiring if:
You have more than one units.
The more yachts you own and more you're likely to benefit from a yacht manager.
You don't live near your home port.
If your Boat is located far from where you live, hiring a Personal Yacht Manager can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You're not interested in hands-on management.
Many Owner forward to the challenge of finding good Charter Client and the rewards of maintaining a safe and attractive yacht on their own. But if you view yacht Charter ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your yacht .
Your have no time. Even if you enjoy hands-on management, you may not have much time to devote to your boat, especially if sailor isn't your day job. And if you prefer to spend your time enjoyng your boat, including searching for a new yacht, arranging financing for renovations, or changing your business structure, then a yacht Manager may be a good way to spend your money.
You can afford the cost. Hire a full time a yacht manager is an attractive option if you can afford the fees. When interviewing companies, expect to hear quotes ranging between 15 % and 25 % of what you collect in charter revenue. If it's a down market and you're able to manage things yourself (or with the help of other employees), you may want to keep doing so until the market turns around.
You're suddenly inundated with management tasks. If your business is growing, at some point you may find that you need a substrantial amount of help to manage everything properly. At that point, it might make sense to hire a Manager.
You don't want to be an employer. If you hire a Yacht manager and other employees like Crew,to help , you become an employer. You'll have to handle payroll and deal with a MLC, of other legal requirements and considerations . But, because Your Personal Yacht Manager isn't your employee (it's an independent contractor), and neither are the people who work for him*, by using one you avoid the hassles of being an employer.
Your Yacht sail in different area or state . If you participate in an busy charter program, things can get complicated. Usually, in these programs Yacht Manager, with trusted network of collaborator his essential.
A Good Manager
If you decide to hire a Personal Yacht Manager. Here's how:
On internet you can find a lot of Management Company, on Professional Social Platform you can find a Personal one
Get recommendations from previous owner or client.
Ask him a trial period and fix a "short term Objective.