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.

Share This Post

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 Expo is Oct. 12

Mid-October is time for The Triton’s biggest event of the year, our fall Triton Expo. This year, we’ve gathered about 50 businesses to …

Women just do their jobs in yachting; rooming, agencies and hiring could improve

Women just do their jobs in yachting; rooming, agencies and hiring could improve

When we decided to gather a group of women for a Triton From the Bridge lunch, it sounded like a great idea, but as soon as we all sat …

Doors, power, access surprise firefighters and crew in yacht training

Doors, power, access surprise firefighters and crew in yacht training

As part of the fire team on M/Y Archimedes, Bosun Max Haynes knows how to fight fire onboard the 222-foot (68m) Feadship. But he was …

Crew Unlimited and ICT in Ft. Lauderdale join with Bluewater in Europe

Crew Unlimited and ICT in Ft. Lauderdale join with Bluewater in Europe

Crew, employees, industry expect opportunities as European and U.S. companies partner to expand yacht crew training, …

Events