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Chapter 2

Overview

The Eight Steps

These are the eight steps you will take to make the Rules work. We will explain the “why” and the “how” of each in the chapters that follow. This chapter is intended to give you a quick overview of the steps you will be taking.

1. Appoint a partner (yourself) to read this book and become familiar with the kit.

2. Print out the samples provided at www.self-counsel.com/updates/cottage/kit14.htm.

3. Print out a copy of the Partnership Agreement (The Cottage Rules) for every partner.

4. Print out pages for the Log Book and Ledger, and place them in a binder at the cottage.

5. Organize your first meeting.

6. Your first meeting will consist of going over the rules and having all partners sign them and initial each page.

7. Elect a president, a secretary, and a treasurer.

8. Select two people to sign bank transactions, open two bank accounts, and you are on your way!

Your New Business — The Cottage

Partnerships have become more and more common as waterfront space has become more populated and land prices for all recreational properties continue to increase. A partnership is an economical solution to the need for getting away. We’re all looking for that little piece of heaven to which we can escape.

The first step for a successful partnership is to begin by seeing your cottage as a business. This may sound cold, but no matter what circumstances have led you to share a property, this point is key. A certain detachment is necessary to view the whole picture and to see what is best … for the welfare of the cottage … and not for personal gain.

Our cottage is our business; we all have a stake in it as part owners. We are equal partners and we share the responsibility evenly. Our cottage has a creed, a financial plan, elected officials, a work schedule, and rules to which we adhere. Nothing is left to chance and nothing is complicated.

It’s a simple working system, flexible enough to bend and strong enough not to break. I hope you will enjoy your cottage for many years to come and that The Cottage Rules will help make it happen.

A foundation for the Rules

The Rules are based on four cornerstones of sharing: meetings, booking, banking, and work weekends. First, an annual meeting is held where you elect partners for the posts of president, secretary, and treasurer. The treasurer’s role is very important; he or she will handle the booking and the two bank accounts. Finally, work weekends are scheduled to maintain your investment.

The Cottage Rules includes a download kit with checklists and forms that you can print to help you get organized, as well as a partnership agreement. Place them together in a folder at the cottage, along with this book. The checklists will help you run the cottage more efficiently and the forms will be essential for your budgeting. The ledger will help you track the cottage finances and the log book will provide you with important historical information about your cottage. In order to remember to write in the Log Book and the Ledger, create a special place for them at the cottage, on a table or shelf in plain sight.

The Cottage Rules are meant as a guideline to be adjusted to your specific needs. Feel free to change or add to the rules to accommodate your situation. Just be sure to make all changes in writing, date them, and have all partners initial each page.

The Cottage Rules and its printouts, you and your partner(s) will begin the wonderful journey of cottage co-ownership.

Reminder: The Cottage Rules will not be held responsible should your partnership not be successful. To ensure that these rules comply with the laws in your area, it is advised that you retain the services of a lawyer.