Kanina, a Prout 45, was in yacht charter management service for 4 years prior to retiring to Texas where her owners eagerly awaited her arrival.
Deon & Janine came to us with a plan to buy a catamaran, place it in a charter business to offset the cost of ownership and at least partially pay for the boat while they get ready to retire in 5 years’ time. We helped them with a business plan, charter contracts, and information about avoiding potential pitfalls of using the Section 179 tax advantages as we guided them through setting up Kanina in our “Yacht as a Business” program in the Bahamas.
They operated their boat in a charter fleet, attended boat shows, and generally got to know their boat and the business for five years while they got their retirement plans in order.
Deon emailed, “Stephen, I finished my taxes today and I pulled the KANINA Income & Expense into a summary spreadsheet. General observations are that you were pretty close with most of the expenses on a % basis…Pretty much as per the planned 4-year business plan. Good time to move the business to TX!” Happy sailing!”
After the program ended, Kanina came to retire with her owners in Texas and transitioned from a business yacht to their personal yacht. Kanina was phased out, refurbished (she did have some wear and tear of course) and was appointed with all the equipment and gadgets for their personal pleasure. They have invested cash and elbow grease into getting Kanina ship shape. Now they are ready for a life of adventure!
For more information on how to set up a sailing school business, contact us.
