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mds4878
Joined: 09 Feb 2009
Posts: 48
Location: Mound, MN.
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 Posted: Mon Mar 24, 2014 3:15 pm Post subject: PARTNER MAYBE |
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Hello my post today is to consider whether or not to take on a partner in the RV10 I've been building.
I live in Mound MN and own a hangar in Winsted MN where the aircraft would end up when finished.
Pros and cons to a partner would be interesting to hear, thanks.
If interested call Mike 612-590-8604 or (mike.nova1973(at)gmail.com)
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RV-10 #40447
Fuselage almost done. |
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flying-nut(at)cfl.rr.com
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| Posted: Mon Mar 24, 2014 3:42 pm Post subject: PARTNER MAYBE |
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I'm building solo .... well, kinda ..... I have another RV-10 builder that I can ask when I need help.
If you get a partner that is savvy .... or learns quickly ..... that is a real help. My son-in law (now ex) was eager to work but his attention to detail left a lot to be desired. I had to go over all his work and fix it ..... more trouble than it's worth.
The other observation is that if you do get a partner, write down all the details .... who does the work, contributes money etc ..... and get it notarized. If the partner is just a warm body with a pair of hands but contributes money to the project .... define how much your work is worth against the moneys the partner contributes, and how much time you expect him/her to contribute and put penalties in there if he doesn't put in the hours agreed on. What makes it difficult is to assess the 'value' of the work you've performed, and the value of the partner contribution ..... and how much of a share the partner will have when the airplane is finished.
AOPA has a draft agreement for a flying aircraft partnership that may be somewhat applicable .... or at least food for thought.
http://tinyurl.com/ktwh4mw
Linn
On 3/24/2014 7:15 PM, mds4878 wrote:
[quote] | Quote: | --> RV10-List message posted by: "mds4878" <mike.nova1973(at)gmail.com> (mike.nova1973(at)gmail.com)
Hello my post today is to consider whether or not to take on a partner in the RV10 I've been building.
I live in Mound MN and own a hangar in Winsted MN where the aircraft would end up when finished.
Pros and cons to a partner would be interesting to here, thanks.
If interested call Mike 612-590-8604 or (mike.nova1973(at)gmail.com (mike.nova1973(at)gmail.com))
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RV-10 #40447
Fuselage almost done.
Read this topic online here:
http://forums.matronics.com/viewtopic.php?p=420952#420952
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dave.saylor.aircrafters(a
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| Posted: Mon Mar 24, 2014 7:48 pm Post subject: PARTNER MAYBE |
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I've had a partner in my -10 since before it was flying. I sold him half just in time to pay for the engine and panel. He didn't participate in the build much, if at all.
He's an experienced pilot and someone I had known for a few years. He has another plane, too.
For me, it's been a great experience. Some of the good points:
+ Everything except fuel is half price: parts, insurance, hangar, GPS subscriptions, repairs, etc. I guess we pay our own CFIs from time to time too, but virtually everything is half.
+ I have someone to fly with (IFR currency) who knows the plane and avionics at least as well as I do.
+ We used the AOPA agreement as a template, and massaged a few things here and there.
+We use Google calendar to schedule. If it's on the schedule, it's pretty much set in stone. Of course there are times when we discuss who/when/where but the conflicts are few and far between. If we come to loggerheads, which I don't really recall happening in seven years, we've agreed to the final say being appointed to each of us in alternating months--he gets the evens, I get the odds...or vice versa...I forget.
+ I do virtually all the maintenance, and he pays me half of what we agree is a reasonable rate. If he helps out, our time cancels.
+ We've agreed to pay a weighted share of the engine overhaul. We log every flight, so when the time comes, we'll do some bookkeeping and see how even things are. He used to fly about two hours to my one, but at some point I passed him in RV-10 time.
Of course you have to get along. If you can work out the little things, it's a good deal. The plane flys more, which is usually good, and I do too, since my gas budget gets a big boost!
Dave Saylor
831-750-0284 CL
On Mon, Mar 24, 2014 at 4:15 PM, mds4878 <mike.nova1973(at)gmail.com (mike.nova1973(at)gmail.com)> wrote:
[quote]
Pros and cons to a partner would be interesting to here, thanks.
[b]
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Bob Turner
Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA
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| Posted: Tue Mar 25, 2014 3:07 pm Post subject: Re: PARTNER MAYBE |
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Partnerships are a great way to cut fixed costs (hangar, insurance, taxes, cost of capital). For most of us these are larger than the cost of gas, overhaul/maintenance set-asides, etc. I was in a 3 way partnership in a 182 for 25 years. My comments:
Ask yourself honestly if your personality is up for it. No one else will fly the plane exactly the way you do. Can your stomach handle watching someone else treat your airplane not quite as well as you do? If "yes", read on.
Can you handle, every so often, not having the plane available when you wanted it? If so read on.
Put everything you can think of in writing, all partners sign. How will you divide insurance costs, if one partner has a lot less experience than the others and drives up the cost? How will you handle overhaul and maintenance set-asides? Will you keep the plane ifr current (pitot static, GPS databases)? How will you pay? What is your policy on re-fueling after every flight? How will you enforce this? Will you pay the person holding the repair certificate for condition inspections? What will you do if a partner wants out? (This happened). What will you do if a partner dies? (This happened).
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Bob Turner
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