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Yachting And The Power Of Relationships

May 20, 2011

Within the yachting industry, the value of relationships are powerful and important. Why are they important? They can dictate the level of service you receive from your crew or affect your insurance rates or impact your ability to gain membership to a certain yacht club.  There are a myriad of ways your relationship with others can affect you.

These relationships take many forms.  You can have relationships with:

  • Yach RelationshipYour captain and/or crew
  • Your marina
  • The builder of your boat
  • The designer of your boat
  • Your bank
  • Your broker
  • Your business partners

And these are just a few examples.

For most yacht owners, their boat is an investment. And the larger the boat, the more likely it will be be maintained and run like a business. The boat can be charted. The boat may be used for business purposes.  The boat may be an investment for future sale.  So naturally, like investing in a business, you also have to invest in your yachting relationships.

  • Spending a month at sea with your crew? Get to know them and allow them to know you.
  • Need to charter your yacht for 9 months out of the year? Develop a strong relationship with a good yacht broker.
  • Hoping to refinance the remaining $600K loan on your yacht? Take your lender to lunch.

Most yacht owners have been successful in business in one form or another.  How did they get that way?  Hard work to be sure.  Taking advantage of unseen opportunities, yes. And likely developing strong and lasting relationships.

Networking, connecting, socializing, associating, mingling and interfacing are all ways to boost your relationships. Write a thank you card. Recognize someone publicly. Buy a round of drinks. Powerful relationships are seeded over a long time period.

Devote a little time to building stronger relationships. It’s competitive out there – even in the yachting world where pleasure and relaxation take center stage.

Have specific suggestions on how to build powerful relationships within the industry?  Share your comments below.

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