I could see the problem from the very start. This complicated trawler yacht with all her engines and systems required more attention than I could possibly dedicate on nights and weekends. She needed a full-time captain and engineer to keep her Bristol and ready at a moment’s notice to cast off and make for remote destinations.
So, I ran the numbers. A Captain with the skills and resourcefulness to manage a yacht like Indiscretion wouldn’t come cheap. The minimum salary for a professional Captain runs $150,000 a year, plus travel and meals. It turns out I’d also need an engineer for another $90,000 to $100,000 because the complex mechanical systems are beyond the skills of a mere crewman. On a larger yacht, the costs would even be higher.
Then, there’s travel. First-class flights to French Polynesia to meet your boat don’t grow on trees. And to be honest, Indiscretion is a bit small to host a crew while we tool around these remote destinations. I’d probably end up upgrading to a larger vessel to accommodate decent crew quarters. Now we’re talking big bucks. Maybe millions.
When I added the extra costs to my current boat budget, I grew concerned. Boats aren’t precisely the best place to invest your money in the first place, but adding a crew to the annual tally sure didn’t help matters. I dreaded the conversation I would need to have with my better half as I explained this financial decision. She once took away my eBay privileges for an entire year for buying too many rare first edition books. I can’t imagine what she might say about this.
Even with a professional crew, things don’t always work out well. I’m a fan of Kenny Chesney’s No Shoes Radio station on SiriusXM. Kenny keeps his boat down in the Caribbean and routinely complains about being stuck at the dock because Boat Captain Ben couldn’t get the generator running, or some such issue. If that stuff happens to Kenny Chesney, it could happen to me too. That would be super irritating.
And then it hit me. My Eureka moment. What if I took the job as Captain? I’d have to quit my day job, but after running the numbers six different ways, it would be cheaper and better for me to do it than pay someone else.
So, that’s what I’ve done. After more than thirty years of various finance and strategy roles, I have officially retired from traditional corporate life to become Indiscretion’s full-time Captain. I can’t believe how much money I’m saving! I sure hope I can keep that generator running.
Congratulations! I did that back in 2003-2005. I look forward to becoming the full-time captain of my boat again.
My experience with hiring a Captain is that they don’t do the work, they hire people to do the work. Good call on your part! Put yourself on a performance based fee and give yourself a raise every year. You deserve it!:)