One to One: Richard Faulkner
The CEO and founder of Compass Tenders discusses the state of the tender market…
In the latest instalment of The Superyacht Group’s Digital Dialogues, Martin Redmayne speaks with Richard Faulkner, CEO and founder of Compass Tenders, about the current landscape for tender manufacturers and suppliers. Faulkner discusses the future of this guest and owner-focused supply chain and explores the decision-making process.
Richard Faulkner has built and repaired yachts at his workshops on the River Hamble for over 30 years and, in 2004, he founded Compass Tenders. A keen yachtsman himself, Faulkner’s sound understanding of yacht design, composite materials and construction has led Compass Tenders to become one of the leading tender builders in the superyacht industry.
For Faulkner, the ability to speak to clients directly would create more efficiency in the decision-making process. “You don’t often get a chance to sit with the client and sometimes things get lost in translation,” he explains. “It would accelerate the process but a lot of the clients don’t want to have face-to-face meetings for whatever reason and you have to trust their [representatives] to communicate with you.”
Operationally, Faulkner believes that crew need to be more skilled and more careful with the use of tenders; “These tenders are very high-value items and we see an element of misuse or lack of care. It could be that the crew aren’t given the time to look after them, and training is an overall issue.”
Shipyards also have a role to play in ensuring owners have the best tender experience possible. “We definitely end up compromising our boats because of tender garages and having to shoehorn them in,” adds Faulkner. “It would appear that shipyards are building a lot more on spec and getting quite far into the build process before an owner arrives on the project. Some of the shipyards should allow a bit more space for the tender garage, particularly for owners that want a limousine tender.”
To hear more about Faulkner's views of the tender market, watch the full video here.
The One to One series is a collective campaign for change and industry improvement, and we welcome participants from all sectors. If you would like to take part, or contribute your thoughts, please contact Research Editor Clare Sidwell.
You can view the ever-growing archive of Digital Dialogues here.
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