22 Jul The ‘Yacht Effect’: How to Use your Yacht to Win Business
The ‘Yacht Effect’
How to Use your Yacht to Win Business
If you are a business owner who only uses your yacht for relaxation, you may be missing a trick. While luxury yachts are generally associated with sunny summer holidays and exotic destinations, savvy business people know that their yachts can also act as a powerful strategic advantage in the business world. And when you factor in the potential tax benefits from conducting business activities onboard, it is clear that yachts can be used for more than just leisure.
An Opportunity for Canadian Yacht Owners
Using private yachts for business activities is not a new approach, but it is underutilized here in Canada. In places like the Mediterranean where the luxury yachting industry is more established, European business owners actively use yachts to drive their business – whether it is hosting VIP clients onboard to watch the Monaco Grand Prix, running a glamorous product launch, or rewarding high-performing executives with a day out on the water. The same goes for our neighbors to the south, with American yacht owners keenly aware of the influence of inviting key clients out for sportfishing trips in the Keys or Bahamas or throwing branded yacht parties in Miami or the Hamptons.
One thing is true – There is no invite as powerful as a yacht invite.
“A private yacht, after all, is a status symbol in the business sphere. It screams success, and key players in any industry – whether that’s existing or potential clients, investors or competitors – have a keen eye on any business owner doing well enough to own a yacht,” says Derek Mader, CEO of Executive Yacht, Canada’s leading luxury yacht brokerage firm. “It is the ultimate indicator that business must be going well,” he adds.
That is the kind of advertising a private yacht provides. It acts as a floating billboard of your business success. When you use your yacht to your further advancement by hosting clients and staff onboard as incentives, you find that new clients start reaching out, a major deal goes your way over a competitor’s bid, you recruit that powerhouse executive, or minimize staff turnover.
That is the power of a yacht when it is used strategically. Everyone wants to know (or work for) the CEO with a yacht– particularly if that CEO has a reputation for inviting people onboard.
For yacht owners wanting to reduce the operational costs of running their yacht, there can also be significant tax advantages to using your yacht for business activities. Because taxation can be a complex issue, we encourage you to get in touch with our Executive Yacht team to discuss your individual situation.
Leveraging your Yacht to Drive Business Growth
Photos Courtesy of PACTA Relations
Imagine the favorable influence of taking your clients or executives out for a weekend on the Great Lakes or Vancouver Island, spending long summer days fishing, waterskiing, and eating lunch on deck in a beautiful anchorage. Picture yourself hosting potential investors onboard to watch the Honda Indi from the aft deck, drinking champagne as the race cars scream along the Toronto waterfront. Maybe it’s docking your yacht in Montreal for the Grand Prix or having private film screenings and parties onboard during the Toronto International Film Festival.
Just as many deals are famously closed on the golf course far away from the boardroom, the same concept applies for a yacht. When you invite clients out to enjoy your yacht, business is always being done in the background, in those moments when everyone is having fun – and often when no one is talking business at all! We call this the ‘yacht effect’, as spending time onboard brings clients, investors, and staff towards your company.
In truth, the sky is the limit for what you can do to impress a client or investor on a yacht. We have put together a list of inspirational ideas below to get you started. Our Executive Yacht team is always here to brainstorm corporate events onboard and help you use your yacht to its ultimate potential. From Monaco to Miami, a yacht invite is the most exclusive invite in town. Why not start in Canada?
13 Ideas for Corporate Activities on Yachts in Canada
- Host a product launch on your yacht. Invite press.
- Take clients out to watch the Fireworks Festival (Toronto, Montreal, Vancouver).
- Anchor next to the racetrack for the Honda Indi.
- Host a power session onboard with your executives.
- Host a party or seminar onboard during a conference or an important business milestone.
- Host a film screening on the yacht during the Toronto International Film Festival.
- Invite valued clients for a long weekend on the yacht.
- Run team-building days on the yacht for staff.
- Reward your highest-selling team member/VIP client with a day/weekend using the yacht.
- Invite clients onboard for the Montreal Grand Prix weekend.
- Take clients for fun activities – shipwreck diving, wine tasting on Pelee Island, fishing off St. Joseph Island, disc golf in the Toronto Islands, bear watching (West Coast).
- Close a big deal with an exclusive dinner on the yacht, watching the lights come on across the city skyline.
- Offer the yacht as city accommodation for visiting clients. Take them out on the water in the daytime, then come into port to enjoy Toronto’s/Montreal’s/Vancouver’s thriving cultural and culinary scene by night.
Owning a yacht can bring more benefits than just pleasure. There is less of a culture of using yachts for business here in Canada, but there are opportunities aplenty. The tide is beginning to turn as Canada’s yachting industry grows, with local yacht owners starting to maximize their yacht’s potential as a vehicle for corporate growth. When used strategically, your yacht can win you business and influence and deliver some significant tax advantages.
Get in touch with our Executive Yacht team to learn more or start the search for the yacht of your dreams.
Click here to access our extensive collection of new and used luxury yachts for sale.