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YBAA Yacht Broker News - May 2020

YBAA Yacht Broker News - May 2020

Do you want to share news about recent sales, new hires, office expansion or other business updates and successes for FREE! Just send your news items by the 10th of the month along with any photos to

CPYB COVID-19 Resources and Information

CPYB COVID-19 Resources and Information

CPYB is here to provide you with as much information as possible to help your business navigate COVID-19.


Update on Business During COVID-19: Provided By Lochner Law Firm

Here is a very important article from our attorneys regarding COVID 19 with extremely valuable information for our members


Civil and Criminal Asset Forfeiture ~ Yacht Broker Considerations

Civil and Criminal Asset forfeiture relative to “In Rem” claims against vessels has a rich history in British Maritime law (Navigation Act 1660). The US Supreme Court came to embrace the concept when Majority Opinion, Associate Justice Joseph Story asserted in US v. Schooner Amistad, 40 US (15 Pet) 518 (1841)


Yacht Finance in a Volatile Market

Is the market volatility keeping your clients on the sidelines of yacht ownership?

Attracting Buyers and Sellers to select you as their Broker

Attracting Buyers and Sellers to select you as their Broker

Jeff Merrill offers some great advice on how to improve your success in the competitive business of yacht sales which include the sage advice of not overlooking tried and true techniques. In his presentation he covers a variety of techniques you can immediately implement.


YBAA Recommended Courtesy Showing Protocol

1. Principals and managers should instruct their Brokers that the best course of action is for the Selling Broker to accompany the Buyer, when practical. Brokers should be considerate of other Brokers’ time when asking for courtesy showings. It is important that as much notice as possible be given in advance of a requested courtesy showing.


Sales by the Obvious, and Not-so-Obvious, Numbers

The obvious numbers - The more people you talk to, the more business you will do. Even a blind pig finds corn. If you talk to enough people, you will eventually bump into someone who says, “I need what you have” or, “I know someone who needs what you have.”

2019 CPYB Chairman's Award

2019 CPYB Chairman's Award

The Certification Advisory Council (CAC), that oversees the Certified Professional Yacht Broker program and is supported by the seven (7) North American yacht brokers associations, is proud to present the 2019 Chairman's Award to Carmine Galati Sr., founder of Galati Yacht Sales.


Connecticut Spring In-Water Boat Show Celebrates 5th Year In Essex, CT

"Boaters enjoy the in-water style of this show, offering a wide selection of power and sail boats. Attendees arrive from all over New England down to New York in excitement for the boating season ahead. The venue makes it easy to hop aboard and spend time chatting with knowledgeable brokers in a relaxed and fun environment," said Tom Pilkington, owner of Prestige Yacht Sales. "Last year’s change to CT Tax law lowered the state tax on boat purchases from 6.35% to 2.99%; this change has proved to show a growing interest in boat purchases and increased attendance at Connecticut boat shows,” said Pilkington.


CPYB Spotlight: George Sikich

George Sikich of Kensington Yachts recently earned his CPYB certification but has been in the industry for over 30 years! When he’s not selling yachts, he enjoys hanging out his local Yacht Club, reading and spending time with his wife and dogs. Find out his most memorable experience selling a yacht.


Marine Lending in 2020 and Beyond

As we stand on the precipice of a new decade, with the struggles and lessons of the 2007 Financial Meltdown still fresh in our memories, what can we expect from Marine Lending in 2020 and beyond? What new products and service advances are on the horizon? And perhaps, just as importantly, what are we doing to avoid repeating some of the costly mistakes from the past?


YBAA University 2020

YBAA is planning a special YBAA U program for 2020 to recognize and celebrate YBAA 100 Anniversary and the fact that YBAA is the oldest, continuous yacht broker association in the Universe.



2020 Sail America Industry Conference (SAIC) postponed. New dates TBD.


The Most Important Business Building QuestionsThe Most Important Business Building Questions

This is the most important question to ask first thing in the morning. Your answer should revolve around proactive activities to grow your business. Ideally that activity consists of lots of in-person calls at best, and phone calls at the very least. Cold e-mails are one of the worst, if not the worst, forms of initial communication unless accompanied by a phone call or in-person visit.


Industry Priorities Included In Senate Spending

Last week, the U.S. Senate passed a spending measure called a “minibus” – a legislative package that contains multiple appropriations bills – which includes several of the recreational boating industry’s top funding priorities. NMMA outlined these measures in a letter to Congress earlier this year, calling the programs vital to promoting and protecting boating access and local economies that depend on the industry.


YBAA University is Back for 2020!

Get ready for great networking, valuable education and stimulating conversation - YBAA's 2020 University events are coming this summer


$70.6 Million Verdict Against Yacht Owner Underscores the Importance of Limited Liability Companies

The yachting industry is abuzz amidst the January report that a South Florida jury issued a $70.6 Million verdict against Island Girl Ltd., a Marshall Islands company that owns the Motor Yacht Endless Summer. Although the circumstances surrounding the case are now widely known throughout the industry, in summary, a crew member onboard Endless Summer was raped by another crew member. The victim sued Island Girl Ltd. for negligence in failing to provide a safe working environment among several other things.


Registration and Titling Changes and How They Affect You!

Did you know that every state has a Boating Law Administrator, or BLA, that is responsible for helping to develop and shape public policy for recreational boating safety in that state? Collectively, these BLA’s form the National Association of Boating Law Administrators, or NASBLA which you may have heard of. The US Coast Guard is also an integral part of NASBLA and works with the BLA’s to ensure their state’s are following policies and guidelines, using boating grant money appropriately, and know and implement the latest boating safety regulations. NASBLA collectively gets together twice per year.


How Can a Delaware Corporation and Vessel Registry Benefit You?

Owning a large asset, such as a vessel carries certain risks that all owners must navigate. Many boat owners have recognized the value in establishing a Delaware corporate entity to own their vessel, rather than owning it in their name personally. A properly established Delaware corporation or LLC can limit or eliminate your personal liability in the event of an accident or other litigation. Delaware courts have a reputation of reaching reasonable and fair conclusions when construing corporate laws.


CPYB Mentoring Program

A Mentoring Program for new CPYB applicants has been created to encourage not only a direct source for the applicant’s questions as they progress in their studies for the CPYB exam, but also to further engage the mentor through the process until the applicant passes the exam. Both the mentor and the applicant would each receive 5 CEU credits at the completion of the program and the applicant’s earning the CPYB designation exam within one year.