Brokerage Management Articles

American Boating Congress May 9 – 11, 2018

by Vin Petrella, CPYB, YBAA Executive Director

Since 2013 YBAA has been a Co-Host of the American Boating Congress in Washington DC. As a Co-Host we are actively involved with the planning and implementation of this extremely important legislative event and we are committed to encouraging YBAA members to participate. Last year, YBAA Vice President, Mike Titgemeyer and I attended the event as the sole representatives from YBAA. This year, I will attend and we would love to see a much larger turnout of YBAA members as it is important that we are visible as active participants at ABC.

Watch Out for Wire Fraud

by Danielle J. Butler, Managing Partner of Luxury Law Group

Wire fraud is ramped and simple to commit. Wire transfer instructions are emailed to the buyer from the seller or seller’s representative. The buyer complies with the instructions to the “T”. Within hours, the seller contacts the buyer asking if the money has been sent yet. The buyer checks with their bank and is assured that the funds have been transferred out. However, when the money has still not shown up, everyone begins to retrace steps. As it turns out, the wiring instructions were bogus. The email came from an address that looked very much like that of the sellers or sellers’ representative, but it was not actually theirs and was that of a hacker.

Is Your Sales Team Fat, Dumb, and Happy?

by John Chapin

On a scale of 1 to 10, where 1 is not at all, and 10 is a perfect description, how does your sales organization rate according to the following definitions? Fat: Enough clients and business to sustain you for the short term coupled with no consistent effort at chasing new business. Everyone is simply living off of current accounts and otherwise killing time during the workweek. Dumb: Mediocre to poor sales skills with no interest in developing good to great sales skills. No training initiatives for professional or personal development. Happy: Comfortable because everyone can pay their bills and they’re not missing any meals. A 6 or higher on any one of these is a big problem. A 6 or higher on two of these is a major problem. And a 6 or higher on all three is an extremely urgent problem and a recipe for disaster.

US Boat Sales Strong Heading Into Boat Show Season

As the industry prepares for a busy winter boat show season – a crucial selling period – NMMA announced this week that unit sales of new powerboats are expected to be up six percent in 2017, marking an estimated 260,000 new powerboats sold last year. As consumer confidence continues to rise and boat manufacturers introduce products and experiences to attract younger boaters, the outlook for 2018 new powerboat sales is another five to six percent increase.

Yacht Broker Association Leaders (YBAL)

By Jeff Merrill, CPYB

There are seven yacht broker associations in North America. Each association is regional and independent. We share many of the same objectives and concerns and there is a common desire for each group to stay current with the fast pace of our business. Many years ago, Yacht Council was created to link the associations, but it dissolved (long story). Since then, nothing has really unified the associations, except the CPYB program, which is supported and sponsored by all seven associations.

The Dilemma of Hiring New People as a Small Business Owner

By Kevin Ralph – Yacht Broker Institute LLC

As a small business owner, who doesn’t have an “HR” Dept. how do you find, train and retain good “team members”? In the world of Yacht Brokerage, it’s one thing to find a Captain who wants to come ashore and “learn the ropes” of becoming a yacht broker. Chances are the Captain has experience with surveys and seatrials and has interacted with yacht brokers as part of his seagoing experience. He certainly knows the nomenclature of boats and the sea and how most systems work and function on a yacht – so at least there is a great foundation of understanding on which to transition into brokerage.

To Hire or Not to Hire

By Todd Lochner and Eugene Samarin, Lochner Law Firm

Every business struggles with finding good help these days. We all know what questions to ask at the interview and every business person knows who is the right fit for their shop. Yet many potential employers do not grasp the intricate web that is employee-employer relations, its implications and consequences to the business. From a business perspective, a future employee is broken down into two categories, cost (what the worker will cost the business) and revenue (what that cost will buy the business). This is step one in making any decision on whether to employ anyone in the first place. However, when hiring a person, one must also consider the legal implications upon the business as a whole.

Social Engineering & Funds Transfer Frauds

by Steve Prime, Gowrie Group Vice President

Social Engineering Fraud is a real and increasing risk to organizations of all types and sizes.  Our insurance carrier partners and our clients continue to see a dramatic increase in attempted – and successful – attacks of this type.  The hacking of personal data, devices and networks has become almost routine.  To paraphrase the FBI Director James Comey: There are two kinds of people in the US, those who have been hacked and those who have been hacked and don’t know it. 

8 Questions on the Future of the Affordable Care Act and What to Expect in 2018

Why are the insurance companies losing money and pulling out of markets? The ACA requires that all insurance companies pay out at least 85% of what they take in or the have to refund the money. The problem is many are paying out 100%, 110%, or even 120%+ of what they take in. When this happens they do not get a refund and they still have to pay back money in places where claims were good. If the ACA was making the insurance companies even a small profit they would stay in but stockholders will not accept this many losses.

8 questions on the future of the ACA (ObamaCare) and what to expect in 2018

What Are You Waiting For?

by JP Skov, CPYB, YBAA President

Recently, it came to my attention how few of us actually take full advantage of the services offered by our association, YBAA. I’m going to make an educated guess that most of you joined YBAA to advance your business. You might have joined for the educational seminars, the ability to network with your fellow brokers, the accreditation that your business gets for being part of an industry related association or for something as simple as gaining access to our professional forms. The bottom line is that by joining an organization such as YBAA you are showing the retail customer that you are a committed professional in the industry. It is my opinion that the single most important thing you can do, as a “Yacht Sales Professional,” is to acquire your CPYB certification as soon as you are eligible. The ability to pass the CPYB exam and become certified is one of, if not the most important benefit available to the members of our association. What are you waiting for?

Reflections from YBAA University, July 20, 2017, in Providence, RI

by Peter Amos, Essex Yacht Sales

How to Easily Reconnect (one on one) with 30 to 40% of your Entire Database Before the Boat Show Season

by Vincent Finetti

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