The Triton

News

Triton Survey comments on yacht budgets

ADVERTISEMENT

Triton Survey: Captains prefer no budget, but usually have one.

Each yacht operates differently, budget or not.

  • Each department has a credit card tagged to the captains. Details and receipts are given monthly to captain. Large purchases are discussed with captain before hand. Pure electives are discussed with owner. Any necessary expenses are not. I also have checking and cash accounts, as well as open accounts with hundreds of vendors.
  • I have worked with and without budgets. Both have their pros and cons
  • The better the balance sheet looks, the easier my discussions about expenses go. Trust is built up and the expectation is continued on a high level. Works for the owner that his money is being spent smartly and I get to keep the boat in proper order.
  • If something breaks down, it costs what it costs to fix, budget or no budget.
  • I have run boats on budgets but everything runs better without one. However, I can always explain why I spent what I spend if ever asked.
  • I run the yacht as smartly as I can and try to spend the owners money like it was mine.
  • The boat and the captain operate within a budget but the owner does not. Usually there is a preset limit on expenses before you consult with the owner.
  • Above a certain dollar amount, permission and justification are expected. Documentation is always kept in a binder to represent major expenses that can be passed on for survey or the next captain. Under certain dollar amounts, discretion is the key so that money is not wantonly wasted “just because”.
  • Two comments from one of the best yacht owners to his new captain regarding finances: 1. Keep the yacht pristine. 2. Keep my wife happy. Not another word in 19 years.
  • Go the extra mile to keep costs down. The boss appreciates and expects it of you.
  • We try not to delay repairs and try to make sure repair thoroughly or replace with new parts.
  • I hate dealing with cash. Hard to account for and always raises questions. I love using the card. Easy trackable and no questions asked.
  • I’ve run boats with strict budgets and it’s a PITA. Trust me that I have the owner’s and the yacht’s best interests in mind when I spend, or get some kid fresh out of sea school to run your boat aground. I cannot stand a micro-manager counting pennies on crew food.
  • First couple years you build his trust then it all falls in place.
  • I hear many stories of captains, chief mates and chief stews spending money like water when it’s the owner’s, yet are the first ones in the cheap seats with their own money. Consider everything you buy for the yacht as too expensive and work back from there.
Related Posts...
As technology changes and options increase for communication, The Triton Read more...
While working on a yacht, crew must have their favorite Read more...
Inherently the work of yacht crew can be dangerous. They Read more...
Yachting is all about image and presentation, and the crew’s Read more...

Share This Post

About Lucy Chabot Reed

Lucy Chabot Reed is publisher and founding editor of The Triton.

View all posts by Lucy Chabot Reed →

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

Editor’s Picks

Triton Networking nets $1,500 for injured yachtie

Triton Networking nets $1,500 for injured yachtie

More than 200 captains, crew and industry people challenged the weather to attend Triton Networking last night with global marine travel …

Judge orders Equanimity owner to forfeit yacht to US

Judge orders Equanimity owner to forfeit yacht to US

Malayasian financier Low Taek Jho, also known as Jho Low, was ordered on Tuesday (May 15) to turn over his $250 million yacht, M/Y …

Grand Banks buys boatyard in Florida

Grand Banks buys boatyard in Florida

Singapore-based Grand Banks Yachts has recently bought Stuart Yard, in Stuart, Florida. The 12,000-square-foot facility, to be named …

Taking the Helm: New leaders must remember that change takes time

Taking the Helm: New leaders must remember that change takes time

Taking the Helm: by Paul Ferdais New leaders often come into their job with energy and ideas, eager to somehow make their mark. While …