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Yacht Management Guide
Flawless superyacht management services form the cornerstone of a well-managed yacht. YACHTZOO offers bespoke yacht management services that provide trouble-free ownership and peace of mind.
Here, YACHTZOO’s yacht management team, answers some of the most frequently asked questions regarding superyacht management, including why it is so important, what it entails, some of the biggest challenges, the onboarding process, and cutting-edge yacht management proprietary tools.
A guide to YACHTZOO’s superyacht management services
Why is it essential for yacht Owners to work with an experienced yacht management company such as YACHTZOO?
We have the template for a successful superyacht operation and good working examples to draw from. Each luxury yacht is unique in various respects, including ownership, size of the vessel, type of operation, and crew. However, the underlying principles of a successful yacht management operation remain the same and can be expressed as communication, clarity, and competence.
Our dedicated team ensures that each operation is tailored to the Owner’s needs while providing advice to yacht Owners about the most efficient methods to achieve their goals. Our collaboration with naval architects and other specialists ensures the highest levels of precision and safety, and our extensive knowledge of the industry allows us to preempt potential challenges.
What are some of the biggest challenges with superyacht management?
The term “management” implies a level of responsibility and control; however, yacht managers are never employers or Owners. Therefore, responsibility is only defined in a management agreement, which is an agency agreement, and we all know that it is unwise to take responsibility for something you have no control over.
A key challenge is to provide the type of support and infrastructure where solutions are actioned effectively, and the various stakeholders understand the role they need to play in the operation, respect the chain of command, and ‘make things happen.’
Some 80% of the issues our professional yacht management company deals with are self-created through a lack of good communication and misplaced egos.
Another challenge revolves around the fact that superyacht management as a business model works on small margins and is often (mistakenly) considered as an add-on to the brokerage function of a Company – a mechanism to retain the client after a sale. This can lead to some confusion over the scope of the range of yacht management services provided and the resources allocated. Proper planning of budgets and a clear understanding of financial constraints are essential to maintaining smooth operations.
A further yachting industry challenge worth mentioning is created by the banking or fiscal sector as they try to deal with ever-evolving Anti-Money Laundering regulations and “Know Your Client” requirements. Operational bank account funding, credit card provision, and financial management on spend are vital aspects of any boating operation, and the knock-on effects of delays or restrictions to funds and payments are a common challenge.
Does YACHTZOO use any industry-leading proprietary tools to help ensure a more seamless superyacht management service?
We use Sealogical as our key collaboration platform and a window into the various elements of the yacht operation – from knowing where the vessel is, who is onboard, next of kin details, leave accrued, certificate expiries through to technical worklists, risk assessments, and defect reporting.
We also use QuickBooks and DEXT to deliver on our financial management obligations and iAuditor to provide appropriate checks and measures. These tools are integral to offering a wide range of support services that help yachts operate safely and efficiently. By keeping Owners informed at all times, we ensure operations run smoothly while delivering peace of mind.
What is YACHTZOO’s onboarding process, and why is this a vital stage?
The importance of onboarding should not be underestimated and is the true test of communication, clarity, and competence. Broadly speaking, we need to integrate the various tools and methods that we use to provide the required level of visibility into the operation with the actual operation onboard.
The level of support required differs in each operation, and we aim to provide a good level of comfort to the Owner and the Captain that risks are properly assessed and diligence is duly undertaken in all respects. We can only do this through good collaboration and the use of the tools we provide under our insured yacht management company infrastructure, which is highlighted during the onboarding process.
Finally, what sets YACHTZOO apart from other superyacht management companies?
We have a set of tools, experience, industry connections, and the overall goal of ensuring our yacht Owners enjoy their yachting experience and keep supporting the yachting industry in general.
Our range of services includes yacht deliveries, operational oversight, and comprehensive support. We work closely with naval architects, financial institutions, and other key stakeholders to ensure that every yacht operates smoothly and safely.
If a yacht Owner walks away from the yachting industry because they have had a bad experience, then this is bad for us all, and the source of that experience should be held to account. Some companies do a better job than others. We like to think that at YACHTZOO, we use the tools well and genuinely care enough to make a difference as your yacht management team.
If you would like to learn more about YACHTZOO’s leading superyacht management services, then contact a member of our team.
