Editor’s note: Due to reader requests, and a special effort to educate newcomers to yachting, MegayachtNews.com publishes “superyacht 101” stories from time to time. This latest article explains what a superyacht management company does, and why you should have one. The advice comes from the team at SuperYachtsMonaco.
Choosing a superyacht management company can be difficult. Superyachts are becoming increasingly elaborate and time-consuming businesses. A yacht management company acts as your representative across the entire spectrum of operations. Not only does it ensure your ownership is as stress free as possible, but it also works to mitigate risks, both financial and legal.
Every owner is different, and has different requirements, so the superyacht management company often offers bespoke services. Regardless, typically, yacht management duties include several things:
- Liaising. This ranges from shipyards to designers and brokers.
- Updating documents. The company ensures legal, regulatory, technical, and financial aspects are current. In the long run, this can save valuable time and unnecessary expense.
- Yacht registration. Often, the superyacht management company advises on the implications that location has on the commercial success of your yacht and your finances.
- Accountancy. This includes budgeting and reporting. A superyacht management company can provide a dedicated financial professional who understands the nuances of yachting.
- Assisting with finding and employing crew. This lets your captain focus on his or her priority: the safe and smooth operation of your superyacht.
- Identifying and securing berths.
- Ensuring safety compliance. Certainty it meets international standards.
- Planning and managing maintenance schedules. This includes full refits.
- Assisting with insurance. This means your yacht as well as your crew.
- Advising and/or managing charter operations.
Furthermore, some also offer legal services, even concierge services. Ultimately, a superyacht management company can handle all possible requirements under one umbrella.
What to Look for in a Yacht Management Company
So, how do you choose a company? Two things should be at the forefront of your decision making. First, which company is going to best protect your investment? And, which company will allow you to maximize the enjoyment of your yacht?
Any prospective management company should demonstrate a deep and full understanding of the superyacht industry, with a demonstrable portfolio of contacts, yachts, and previous experience. It’s also important that a superyacht management company offers global support in key areas of operation. Typically, this will include some or all of Europe, North America, Asia, and MENA.
Yacht management companies are around the globe, and choosing the right one will take time. Speak to them in person. Discuss your requirements, your concerns, and your plans for your yacht to ensure they can provide the level of service you need. Relationships are of utmost importance. Relationships are additionally, by their very nature, personal, so that means introducing them to your staff, too.