setting up a team?

[pootles]

How to set up a racing team between mates?

Any one feel like spreading wise words or tips about this. 3 of us own equals in a small project but don't want to end up falling out cause one of us has ****ed off the others by doing sommit we might have avoided if a set of T&C's were discussed.

It invloves the use of and maitenance of a track car (not road legal)

Any thoughts greatfully received. Keep it petrol orientated please

[HiRich]

I haven't done it, but I would suggest you consider all the basics:
- Who owns what? Can one person sell their share?
- Who pays for what? Is labour chargeable? What items are "pay yourself" (fuel, transport, etc.)? What costs are "in kind" (e.g. storage), and what are they worth?
- What do you get (hours/days in car)? Have a notional "hire price" for a day of tracktime
- What happens if it's damaged?

Put one person as Secretary in charge of recording usage, costs, expenses, labour and in-kind services (a simple Word chart will do it). Record every penny, every minute. You then have the facts on which to argue splits.

You might want to open separate bank account (it can be a private account in the Secretary's name). Agree that everyone will put in a contribution every six months. The Secretary decides how much will be required to pay off debts and cover the next six months. By looking at the facts and using a bit of judgement, he can then apportion that between the three of you (and of course the other two can question and revise his recommendations). If you find one person is lazy, but doing a lot of trackdays, he will end up paying most of the contribution - when you present the facts, though, he can hardly complain.

This is basically the system that we use to maintain the flats I live in (5 flats, so equally small and friendly). With basic rules laid out, and a good deal of trust built up, it's worked out pretty well.

[Adam43]

I would say that discussing this before you do it is clear a step in the right direction.

On the subject of selling your share. I think it would be good to make sure that first refusal should go to the remaining two. If someone new is to come in it probably needs to be on the approval of the other two too.

[pitcrew]

if you are in it to make money ull need many cars and paying drivers to servive, wont be an easy ride


But in saying that its possible GOOD LUCK

[pootles]

Cheers so far gang!
I have now had a chance to sit down with the other two and talk through bits and peices to do with the car.

Frank Williams, "eat your heart out". We sat for ages and talked over loads of "what ifs"

Leaving the team
write offs
damage
who is allowed to drive our baby
who pays for what
someones damage that prevents anothers paid for track day
trailer costs
repairs
maintenance
improvement projects
expenses

and loads more. You would never have thought that a few mates setting up with a little old tracker would have to go through so much grey stuff to get to the clear blue skies of understanding.

I would still like any suggestions from the like minded petrol headed folk that stroll through here.

Cheers TTFN Pootles x

[HiRich]

You've made a good start by talking it through. Having recommended that you keep good records, remember that this is mainly for resolving disputes. Never forget that you're doing this for a bit of fun. Your a bunch of mates, and the friendship is more important than the car.

You may not need to balance the books exactly. A bit of discretion is always wise (especially when it comes to the value of labour). If there's a bit of an imbalance in contributions appearing, make sure everyone realises while it's still small.If one guy is doing most of the mechanic's work, the other two should relaise and offer to put in a bit extra for the new tyres (or perhaps suggest he gets an extra trackday). Make sure everyone does the things they're best at (even if that's "paying for stuff"). If it were me, I'm a lousy mechanic, so I would take on the finance, the cleaning & polishing, and pay a bit more for goods, and let the spannerman do the greasy stuff.

So in short, keep it friendly, and based on a nod and a wink. But keep the books correct & up to date, so you have the facts when you need them.