The First Owner’s Reference, chapter 09, checklist

The ten questions, applied to every adviser.

The questions below test whether any adviser is structurally aligned with the buyer. They are designed to be put to people, not to be answered alone.

Part 01The introductions

05
Has any party offered to provide their services “at no cost,” and if so, who is paying them?
06
Has every party I am working with disclosed their commercial relationships in writing, including referral fees, retrocessions, and equity holdings in counterparties?

07
Is my legal counsel independent of the broker, the yard, and the management company, and is their fee paid by me directly?
08
Is my surveyor independent of the seller and of the broker, and is their fee paid by me directly?
09
If I am building, is my owner’s representative paid solely by me, with no contingent fee, no yard commission, and no referral relationship?

10
If I asked any of these parties to walk away from a deal that would not benefit me, would they?
If the answer is no for any party, the relationship is not structurally aligned with the buyer.

11
Will the yacht be for private enjoyment only, or is charter a possibility, even if not immediately?
12
Where will the yacht primarily operate and cruise?
13
Will finance be involved?
14
Will ownership rest with one individual, or involve family, succession, or more than one beneficial owner?
15
How and where will the yacht be imported, and what will its VAT position be?
Develop the ownership structure, VAT position, and importation strategy together, before contracts are exchanged, not as separate decisions afterwards. Getting the sequence wrong exposes the owner to VAT liabilities and penalties calculated on the value of the yacht.