Ultimately, the smooth operation of a yacht comes down to three components explains Moore: “if you imagine a triangle with the owner at the top, and both the manager and the yacht (captain) making up the bottom, this tripartite relationship can ensure that the manager and yacht discuss all issues on their level, and then decide as a group what gets fed back up to the owner. We need to remember that the owner is there to enjoy their yacht, not to be stressed out by it.” Unfortunately, this is rarely the case with last minute work orders and expensive costs sneaking up on the owner because not enough effort was put into planning ahead.
While the use of management companies remains slightly under the radar for many owners, Moore is certainly seeing a rise in the demand for a third party to stay organised. “More owners are coming to us to avoid the headaches, achieve a certain level of professionalism, gain some accountability from their team and get the real answers as to why their money is being spent the way it is. Often it is not a matter of the money going out, but the lack of reasoning behind it all that is frustrating to owners.” What’s so important is that owners aren’t being inundated with every last detail, but are receiving the information that matters. Moore explains, “the two things that should be flagged with them are cost and time involved to do the work or take the yacht out of commission. By having an actual life cycle management plan, the entire team has a system in motion to avoid being solely reactionary.”
The lack of professionalism in the yachting industry is not a new topic, however the fact that it remains such a hot issue is frustrating for some. “A yacht owner runs a professional business, and is therefore a professional person, it’s how they became so successful” begins Moore “so why do we expect their yachts to be operated any differently?” Often it’s down to the fact that many in this industry “maybe didn’t take business studies at university, but simply spent some time on board” explains Moore “whereas the CEO of a car company may not know how to build a car, but they do know how to run a business and that is something that unfortunately doesn’t happen in this industry … yet”.
If nothing else, by creating a proper plan, assembling a professional team and laying the groundwork in the beginning, an owner is able to spend less time worrying about the little things and more time enjoying life on board.