Triton Survey comments on yacht budgets

Feb 24, 2015 by Lucy Chabot Reed

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.

Topics:

About Lucy Chabot Reed

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

View all posts by Lucy Chabot Reed →



Related Articles

Pendennis expands

Pendennis Shipyard completed a two-year rebuild of its Falmouth-based yard, including a 7,564-square-meter non-tidal wet basin to accommodate superyachts up to 110m for alongside berthing and refit …

Take It In: Certain foods can reduce skin cancer risk

Take It In: Certain foods can reduce skin cancer risk

Take It In: by Carol Bareuther Beautiful, bright sun is both a plus and a negative for yacht crews. On one hand, it’s this type of climate that makes

Clarify the reality of life as crew to best manage job expectations

Clarify the reality of life as crew to best manage job expectations

Every year many new crew enter the megayacht industry. After one year, only a small percentage remain. Why are so many gone so quickly? The simple answer is expectations.

Vitals are clues when treating patient

One of your crew is sick or injured and you are several hours from the nearest port. You contact your medical service provider and the doctor instructs you to

FWC waives license for lionfish

The Florida Fish and Wildlife Conservation Commission (FWC) has agreed to waive the recreational license requirement for divers harvesting lionfish using certain gear and to exclude lionfish from the …