Partnership spreadsheet

[PaulS]

Hi folks. Renting isn't working out for me anymore (plane availability), so I've got my eye on a sweet little Mooney with a partner. We are late in the process now and I'm looking for a spreadsheet to track expenses and contributions. I was wondering if there was anything out there or someone was willing to share a format so we don't have to reinvent the wheel.

TIA

Paul

 

[DoubleD]

Speadsheet is the easy part. First you need a good contract between yourselves governing how expenses will be shared (equally vs. by usage), scheduling, how to exit the agreement, how to sell partner's share, etc. Will you fund an overhaul reserve? Discretionary vs. mandatory expenditures. Maintain to Part 91 IFR standards?

 

[PaulS]

Speadsheet is the easy part. First you need a good contract between yourselves governing how expenses will be shared (equally vs. by usage), scheduling, how to exit the agreement, how to sell partner's share, etc. Will you fund an overhaul reserve? Discretionary vs. mandatory expenditures. Maintain to Part 91 IFR standards?

Yes, that's all done, llc set up, exit strategy, right of first refusal, agreement on engine, how to share, arbitration clause, how to determine value. I think I found an excellent partner. Mainly want spread sheet to track expenses and track capital investment.

 

[jbarrass]

Yes, that's all done, llc set up, exit strategy, right of first refusal, agreement on engine, how to share, arbitration clause, how to determine value. I think I found an excellent partner. Mainly want spread sheet to track expenses and track capital investment.

I've had 2 planes in an equity partnership, one in a non-equity partnership, and 2 just for me. My thoughts:

Get a partnership specific checking account just for the plane.

For financials, all I've tracked is income, fixed costs, maintenance, and upgrades. Everything but fuel.

I always just split the costs equally. Made both of us want to fly more. This worked super well for us, though I suspect others will see it differently

I ended up with a workbook with tabs for: Financials; Squawks; "numbers" (i.e serial #'s etc.);W&B; and a few other things

An "Excellent" partner is crucial.

 

[MountainDude]

I dont have one any more, but ran the books for a club of 4 for 10 years. It's very easy to set up and customize, so dont worry if no one provides you a template (which you will have to modify anyway, if you even understand it).
I recommend Gsheets. Have fun with your Mooney!

 

[aftCG]

I have one. PM me your email address

 

[Domenick]

One suggestion: Agree to always put the plane back fully fueled. If so, you will never argue over fuel.
Spreadsheet my partner and I used for 20 years:

Template.Partnership.Costs.xlsx

Shared with Dropbox

www.dropbox.com

 

[Stan Bergey]

One suggestion: Agree to always put the plane back fully fueled.

Or, fueled with a specific amount of fuel. Can be a pain if you come to the plane wanting to put a decent load in the cabin and there's too much fuel onboard for what you're wanting to do.

 

[TommyG]

Or, fueled with a specific amount of fuel. Can be a pain if you come to the plane wanting to put a decent load in the cabin and there's too much fuel onboard for what you're wanting to do.

That’s is what me and my partner do. always pit away topped off, that way we are responsible for what fuel we used. We also pay $65 an hour into the the bank for engine reserve, or large Mx items. Everything else is 50/50. 6 years in, have not had any issues or disagreements.

 

[Domenick]

Another thing my partner and I did. One of us "owned" the plane on the even-numbered weeks of the year, and the other on the odd-numbered weeks of the year. Weeks started on Wednesday, so they included the weekend.

If a partner wanted to use the plane on an off week, they had to ask permission. Worked great for 20 years.

 

[jbarrass]

We used whoever dialed the phone gets dibs for routine things. We did start each year with an adult beverage and sort out the major holiday weeks.