brayski98

brayski98

Well Known Member
I have thought about doing a partnership on my RV-6A and I wanted to see if anyone else has had any luck in doing this. I have mixed emotions about it and wanted to see what anyone liked or disliked about it.
 
If my recent research serves us well: whatever you do, don't create a partnership or LLC (or whatever) that owns & operates the airplane for the purpose of shielding you from liability in case of an incident. This is fraught with peril...
 
If you have mixed emotions about it, walk away from the idea, then you will be at peace about it. There is no room for doubt in a partnership.
 
It *can* work ...

brayski98 said:
I have thought about doing a partnership on my RV-6A and I wanted to see if anyone else has had any luck in doing this. I have mixed emotions about it and wanted to see what anyone liked or disliked about it.
Click to expand...

I have been in partnerships and they can work.

- Know the potential partner
- Make sure you are compatible as people
- Have "escape" clauses/exits (kinda like a "pre-nup") ..buyout first rights etc.
- Validate that your flying time and maintenance ideas are "compatible".

If you cannot sort through stuff like the above and be happy .. DON"T do it.

It is important (and most difficult) to get this ALL squared away before the first dollar is spent.

James ... still happy after about 10 years in partnership
 
It can work...

......if you follow the advice already given.

My partner and I were friends for many years and knew each others habits and likes and dislikes...and our temperaments. We like the same things and go to church and so on.

We have a contract that allows either of us to buy out the other if either of us wants to sell or dies. Our wives know about this and have agreed to let the other buy out his half for what dollars we have invested in the airplane, not the market value. So far it has worked out well.

Regards,
 
Proceed with CAUTION

brayski98 said:
I have thought about doing a partnership on my RV-6A and I wanted to see if anyone else has had any luck in doing this. I have mixed emotions about it and wanted to see what anyone liked or disliked about it.
Click to expand...
Partnerships bring a mixed bag. I co-owned a certificated airplane with a few other members for quite a few years. It was the only realistic way we could all afford to fly and fly we did. We got along generally well and only occasionally would an inevitable scheduling or other conflict erupt. Things like upgrading equipment become more complicated when all have to agree. Is your partner willing and can he afford the costs? We had one owner who smoked and the people he took flying with him were smokers. Remember your partner's flying friends are not necessarily YOUR friends. Here's another example. One year, I relocated the airplane to a nearby airport to escape rising flood waters. Without consulting the others, one of the lessor experienced owners hired the local FBO to do an elective oil change while the plane was just sitting there. That FBO charged us nearly $200. Naturally, the other owners became upset knowing we would have changed the oil ourselves at cost.

Over the years, I eventually became sole owner. One guy lost a fleeting interest in flying and never earned a PPL. One owner was transferred and moved away. Another owner chose to upgrade and in due course, I eventually became sole owner. Then an interesting thing happened. The cost of ownership as far as maintenance was concerned actually decreased. But the biggest change was the freedom to enjoy the plane when I wanted knowing the next time I went flying, the seat belts would be in the same position I left them in. No doubt about it, no matter how well you get along, partnerships almost always bring compromise. Your personal capacity to accept the certainty that things will not always unfold the way you thought they would is a large part of accepting the challenges of partnership. Anytime money has to change hands between partners for whatever reasons, the potential for conflict almost inevitably rises. Know thyself and really know thy partner.
 
partnership agreement

I am thinking of going down this road and wondered if any one has agreement forms that I could access to see what has been done before.
 
Partnerships can work

I agree with everything said above.
I'm currently in a 3 way partnership in a seldom flown single seat Ultralight, the three of us built it and had a several page ownership agreement between us. We have been friends for years and knew each other pretty well.

Two of us went on to buy a RV-6, with no written agreement, just 50/50 owners. Both of us were very giving and easy going and most of the time we flew the plane together as flying buddies.

The issue became insurance! once we realized we could only get limited coverage as an expermental and 100,000 doesn't go far in todays world, it became obvious we would each be held responsible for the others actions as
owners of the plane, should something unforseen happen. Once you start thinking down this road, it is hard to go back. One partner eventually went to his own airplane and own insurance.
Just another point to consider before getting into a partnership.
Good Luck,
 
Share

I share a hangar with a group that owns an Aeronca Champ. I see some of the issues they have, but nothing catastrophic. I also am only thinking of one other person, two at the most. But I don't personally know anyone who wants to do this, so I would have to find someone and hence the main reason for my hesitation. I want to leave the airplane the way it is and continue to build my -7. Selling half would free up additional funds to do that.
 
I have been in three partnerships; a three way on a 150 (one guy was a CFI and the other two of us got our PPL's,) a three way on a U/L, and now a two way on the 9A. I must like partnerships!

First case we didn't know one another before hand, but it worked well anyway. We remain friends after 30 years. A few schedule conflicts but nothing else. The second was perfect as no one takes a U/L out for much more than an hour anyway. This last one, I have known my partner (and brother-in-law) almost all my life. I wouldn't want it any other way.

Have a good agreement. One of my first partners later partnered with a jerk, and it was a disaster. Know your partner is very good advice.

Bob Kelly
 
It can work. ...But.

While building my own -6a I was in a partnership that worked really well 98% of the time. We scheduled on our own Yahoo "Group", and rarely had any conflict, sharing maintenance chores, etc. After mine was built I wanted to sell my 50% interest, and this presented a difficult problem.

First, I was limited to the local market, so instead of a few thousand potential buyers I was limited to the PDX area. Finally, partner and I decided to sell nationally. In short order it was sold to a nice guy from Memphis, TN, with much other interest, and sold for just a tad under what others were going for, so we were happy.

We had no formal agreement, just shared everything 50/50, filling tanks after each flight ourselves. If I do it again however, I would have a written agreement, just good business.

I am pretty sure that no matter who we partner with, no matter how compatible, there will be inevitable conflicts. In our case, equipment upgrades, VFR vs. IFR. Kinda like a marriage... :)

HTH,
Jerry
 
"But I don't personally know anyone who wants to do this..."

I might know of one or two people who would be interested. Me being one of them - temp partner - while I'm building my RV8.

Where are you hangared?

Shoot me an email if/when you decide on that route.


- eddier
 
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