November 14, 2024 • 35 mins
What if the yachting industry offered more than just luxurious leisure? Join us for a captivating conversation with Bert Fowles from IGY Marinas and Marine Max, where we unpack the economic powerhouse that is the yachting industry. Celebrating the 65th anniversary of the Fort Lauderdale International Boat Show, we shine a light on how these majestic vessels contribute to tourism, spark local employment, and fuel regional economies without demanding massive infrastructure investments. Discover the unseen benefits that yachts bring to the table, from the bustling Caribbean charter seasons facilitated by IGY Marinas to the transformative impact akin to major sporting events, like the Super Bowl, on local economies.
As we navigate through this journey, we turn our compass towards the United States yachting scene, spotlighting its role in supporting over 367 small businesses and creating a ripple of economic advantages. The yachting industry, often perceived as elite, in reality, is a dynamic sector with significant migration patterns that span the Caribbean, Middle East, and North America. Our discussion takes a closer look at the legislative efforts and infrastructural developments, including the impressive facelift of the Fort Lauderdale International Boat Show. It underscores the broader implications for job creation and community growth.
Elevating industry standards is a recurring theme, as we explore the influence of leaders like IGY Marinas in setting benchmarks for excellence. With an estimated growth of 4% and 280 new vessels entering the market, the emphasis on standardization, from marina services to customer experience, becomes pivotal. Whether you're a seasoned yacht enthusiast or new to the maritime world, this episode promises to chart a course through the fascinating waters of innovation, economic impact, and community within the yachting industry.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Kristina Hebert (00:31):
Welcome to the W Lauderdale International Boat
Show.
65th anniversary, 2024.
I mean, they're not as old asus, we're 75.
But you're third generation.
Bert Fowles (00:43):
I am third generation and I am third
generation.
Kristina Hebert (00:45):
All right and I am lucky to be here with my
good friend Bert Fowles, withIGY Marinas and Marine Max, yes,
Very proud.
And we are here today to talkabout.
We're going to cover so manytopics.
Bert Fowles (00:56):
Let's do it.
Kristina Hebert (00:57):
But you know and I have, we have these
conversations all the time overcoffee, yeah.
Bert Fowles (01:01):
You're always so good about it.
Remember, you brought me intothe industry.
Kristina Hebert (01:04):
I did.
Bert Fowles (01:05):
Don't you remember?
No, but how it was at Pier 66.
It was at Pier 66.
Well, tell the whole story.
So you know, coming into theindustry, there's always that
perception and you and I go sofar back.
The point was the perception ofthe industry.
Is this big white boat, yep,the perception of the industry?
Kristina Hebert (01:22):
is this big white boat?
Bert Fowles (01:23):
Yep and they see the single owner, they being the
general public, as you know,and us included.
Kristina Hebert (01:28):
And legislators and a lot you know Well said,
both public and privatestakeholders from there.
Bert Fowles (01:34):
But you know, just walking us through the industry
that we love so much, over 24meters, there are about 7,000
vessels with active operation.
Wow, so that's looking at amarket of 7,000.
But I think what we've added tothe discussion, christy, for
you and I, is only a third ofthat are estimated to be truly
globally transient.
So we're talking about a verysmall market that benefits so
(01:57):
many.
You know, a single vessel over24 meters will have
approximately, indirectly anddirectly, 41 jobs supported by
that one vessel, absolutely.
In addition to that, we areable to bring assets and
resources into regions thatdon't have to put up capital
infrastructure to the degree ofa hotel or to the degree of a
(02:18):
sports complex.
So we're really quite a dynamicplatform for benefiting the
economy, and that is adiscussion that's missed out and
I think you and I have touchedthat over the years.
Kristina Hebert (02:28):
And I think also one of the things is versus
a hotel and again, nothingagainst the hotel industry.
Bert Fowles (02:33):
Nothing against at all.
Kristina Hebert (02:33):
But when you look at the economic impact that
these boats bring, then tothose communities for the
provisions for the fuel, for allthe things that are required
for that boat to keep going andto fulfill that charter.
Bert Fowles (02:46):
Yeah.
Kristina Hebert (02:46):
It's incredible yeah.
Bert Fowles (02:48):
And it's also just understanding the migration
patterns.
Kristina Hebert (02:52):
So let's talk about that, because I feel like
I always have to explain thattoo.
When you say migration, peopleare like what do you mean?
Bert Fowles (02:58):
Well, you know, christy, what's interesting.
Let's take it back to what weare a part of the yachting
industry, or let's stick to thesuper yacht industry, but it
also extends to smaller vessels.
We are part of the tourismindustry.
We're part of tourism, we'repart of manufacturing, but the
main goal of our assets ishospitality and it's part of
(03:19):
that equation that people don'tseem to want to connect in that
sense, equation that peopledon't seem to want to connect in
that sense.
So a vessel on your dockrepresents lodging, but much
more than that it's a home, butit's also something that allows
for travel and we are part ofthe international hospitality
industry in that sense andcontribute thereof.
But, as you rightly said, 10%of the vessel value is what's
(03:44):
estimated to be from amaintenance standpoint and
that's what generates realbenefit to communities that
would not benefit from an assetof that nature, unless you
rightly said, build a hotel.
But look at this, christy Monacorecently had their Monaco Yacht
Show and the Principality ofMonaco, an amazing area.
(04:05):
They were able to bring in $2billion worth of assets into an
area that I believe is less than2.1 kilometers with a
population of 39,000.
So my point is yachting bringsreal economic driving forces to
areas that do not have to putinto such an infrastructure.
Now, monaco is a unique case inthe sense the infrastructure is
(04:26):
incredible, but my point isyachting really benefits a
diverse migration pattern and,as you said, or coming into the
answer, boats move and that'sone of the best benefits to the
economy when these vessels move.
Kristina Hebert (04:39):
Yes, and so a lot of them just help me.
I mean, I'm a novice on howthey move compared to the way
you are.
Well, because I believe thatyou can track them throughout
your facilities that you have in17 countries.
Bert Fowles (04:50):
Okay, so we have 23 marinas across 13 different
countries.
Kristina Hebert (04:54):
Got it wrong.
Yeah, that's okay.
23 and 13.
Bert Fowles (04:56):
Yeah 23 and 13.
And we've got about over 5,000slips in inventory or berths
from that standpoint over 5,000slips in inventory or berths
from that standpoint.
And then we've got about 800slips that are specifically
designed for over 24 meters.
And, of course, working withyou over the years, you know
that each of these vesselsrequire very specific resources
(05:19):
in that regard, whetherelectricity, water, fuel all
those aspects are reallyimportant and that's what we
need in the industry.
From that, and also what I'mvery proud to say is a huge
majority, over half of thebusinesses in the super red
industry are 80 employees andless.
Kristina Hebert (05:38):
Yes, small business, all small businesses,
yes, yes.
So these migration patterns, sowe're getting ready.
So, as we're sitting here atthe Fort Lauderdale Boat Show
and we're at the end of October,the boats now that are here or
coming this way they're going tocome.
They're going to come to thefacilities and then they're
heading to the Caribbean for theDecember Correct, and so of the
(05:58):
of those areas, they're goingto stay there, they're going to
have a charter season, they'regoing to go all around and I
know also IGY does a great jobof working with all the various
countries in trying to come upwith customs and clearance and
all of those so that the boatscan travel to those places,
because when they travel, theyuse fuel, they do more
(06:19):
provisioning, they are utilizing, they're spending more money on
these infrastructures and thenthey're going to come back.
This way, we would love tocapture all of them in the US
after the Caribbean.
Some of them go from theCaribbean straight back over to
the Med, but I know, as part ofUS Superyacht, which I'm going
to give you a plug, is chairmanpresident, what is your title?
Bert Fowles (06:38):
Chairman.
Currently we're all a team.
I know, I know.
Kristina Hebert (06:45):
But currently but we're all a team, I know,
but leadership starts at the topand you are the leader Fair
point.
And as far as the US superyacht, I know one of the big
challenges that we're trying todo is make sure that there's
Refit America, that all of theseboats know.
Whether you're coming from theCaribbean or coming from the Med
, the United States is aphenomenal place during that
migration period, wherever youare in that migration, to get
that work done.
So talk about that.
Bert Fowles (07:06):
You know, hitting on what you said, it's with a
sense of pride that I representover 367 members in the United
States Cheap Trade Association.
Kristina Hebert (07:17):
And that's member businesses.
Yes, so those are companies.
Bert Fowles (07:20):
Those are companies that do business.
The majority are small business, I would say over 80% are small
businesses and it's soimportant that the migration is
the understanding of themigration.
First comes the point of asAmericans and as the US, we need
to be proud of what we're ableto do for yachting and I think
(07:42):
it's such a deep breath for us.
We, of course, support theentire globe and we want to
support each nation or countryor any region to support
yachting so that elevates theentire industry.
Kristina Hebert (07:54):
Our growth rate is about 4%, so about 280
vessels, if you want to just usethe macro points, we have 7,000
vessels over 24 meters thathave a heartbeat or an AIS, an
identification signal, and ofthat I would say and so for
listeners to watch that down, soyou can go on to marine traffic
(08:15):
Correct, and if they have thisAIS on, you can see and I
encourage everybody to go to amarine traffic Now you can get
better statistics, specifically,if you follow bert fowles on
linkedin uh, make sure uh, heprovides all sorts of uh data
points that you really need totake the time to to look at.
But on, so you go back to yourais, you can find these boats,
(08:37):
and you could do it on cruiseships too and follow the
migration patterns.
Bert Fowles (08:40):
But anyway, so they all have a heartbeat you're
totally right, christina.
It's not about what isimportant.
We're looking at analytics tosupport the industry.
Kristina Hebert (08:48):
Yep.
Bert Fowles (08:49):
What is important to our data is where the trends
are moving.
In that sense, new destinationsare looking to attract these
vessels.
What infrastructure do theyneed in place?
So from a migratory pattern,we've got about four seasons.
Let's see, we've got the MiddleEast, the Caribbean, north
America and, you know, there'ssome wider regions as well.
(09:12):
But what's important is theseboats move.
Kristina Hebert (09:15):
And they will always move.
Bert Fowles (09:16):
Perfectly said.
That's what it was designed for.
Yes, so as we build out amigration pattern, what we
consider as IGY across and wehave locations across the world
we are really partners andstakeholders with public and
private entities looking toreally embrace the industry and
elevate it.
Some have Sportfish, some haveSail, megayacht, superyacht,
(09:40):
cruise, but the important thingis generating an understanding
to the local community that thisis a benefit for them.
And the infrastructure is soimportant because you don't need
in some areas you have mooringfields.
In other areas you haveconcrete docks.
But looking at what you canbalance with sustainability,
with what you're able to growthe market, you're able to
(10:01):
really look at elevating thisindustry because here at the
boat show we are generating moremoney from economic impact than
a Superbowl.
But here's the beauty Everyyear.
Every year.
Kristina Hebert (10:13):
Every year.
With no cost to the city.
Bert Fowles (10:15):
Well, that is the amazing part, and that's when
you and I served on the MarineIndustries Association of South
Florida board.
What you and I really generatedwas an understanding of the
importance of what this drivesthe local community and, as
Americans, what it drives tobusinesses that really generate
and of course, you can applythat to any country.
It's also just good tounderstand what stakeholders
(10:37):
mean to really generate aconversation around yachting
that goes beyond who owns theboat.
Kristina Hebert (10:44):
No, I agree with you, and I'll give you
another example of where you andI dealt with that Washington DC
.
Bert Fowles (10:50):
Oh yeah.
Kristina Hebert (10:51):
So you know you want to add two topics to it.
One you have the perception ofyachting being just about rich
boat owners, correct.
Then you try to go speak to thelegislature and say but wait,
we're an industry that doesn'tneed to be over-regulated and we
could really use some, somesupport, some legislative
support, and um, it's theempirical data that you've come
(11:13):
up with and it's uh, what was it?
Big boats equals big jobs, waswas a slogan that you were head
of marketing for USSA for thatCorrect and um, it's.
It's so important and I willsay you know every legislator
that we ever get a chance to sitwith and really tell them
here's the industry.
Forget any bias you may have.
Here's the industry, here arethe jobs, here's the people
(11:36):
living in your community thatcan afford houses because our
industry pays better, and hereare the customers they serve and
they happen to move around alot, but these big boats create
big jobs and I know that that'sanother one that we've worked on
together in clearing thatperception.
Bert Fowles (11:53):
And I think one of the key things of the result of
that and I think we can be proudas part of the community, was
that and we may have touched onthis before was that on a
movement, we may have touched onthis before every single
location here at the FortLauderdale International Boat
Show the seven locations each isunder some form of
redevelopment and that is insane.
Kristina Hebert (12:12):
So let's talk about that first of all, I don't
even know that.
People know that the FortLauderdale Boat Show it's kind
of like people say they're goingto Disney World and they think
Magic Kingdom, or they thinkEpcot and they go.
I never went to HollywoodStudios, what is that?
So when you think of the FortLauderdale Boat Show, I know
people that think, oh, I could.
Just it's the convention center, right, and it's like no, no,
no, no, no.
(12:32):
Or it's Hall of Fame no, no, no.
So say it again seven locations.
Bert Fowles (12:37):
Seven locations and it's important for the market
to understand that this is aneconomic driver.
Yes, for the market tounderstand that this is an
economic driver.
Kristina Hebert (12:44):
Yes.
Bert Fowles (12:44):
You know, many people will look at Disney World
God bless Disney or Partum, butthat is an entertainment venue.
What we have is a realembodiment of a holistic show.
Yes, we have consumers, we haveinterested parties, we have
persons who just want to see theassets we're.
The largest, held in FortLauderdale, is the largest
(13:04):
in-water boat show.
We'll have over a thousandvessels.
But it also brings out theexpertise of what we can do from
a niche industry to benefit theentire state and building up to
the nation.
With the USSA, we have regionsall over the US and we also
embrace our internationalpartners.
But the point is, what reallystrong relationship can we
(13:27):
develop for an understanding ofan industry that gives so much?
That takes it beyond just thefirst level of discussion, and I
think that starts withconversations like this that
slow it down.
Kristina Hebert (13:38):
Yeah.
Bert Fowles (13:38):
You know that really get into 41 jobs for each
vote, the spinoff of spending.
You know, like you said,they're able to pay a mortgage.
You know, I think when we wereat MIASIF, the Marine Industries
Association of South Florida,we pay.
The marine industry pays overthe state average.
Kristina Hebert (13:55):
Yes.
Bert Fowles (13:55):
You know, and those are important points, when
you've got to put you know, goto grocery stores, sure.
Or, as we say in Florida,publix.
Kristina Hebert (14:04):
Yeah, you know, you grocery stores Sure, as we
say in Florida Publix yeah.
Bert Fowles (14:06):
You gotta get a Pub Sub the best you know the best.
Yeah, shout out to Publix.
Yeah, shout out to Publix.
But I think these discussionshelp to bring a slower, real
appreciation of an industrythat's given back so much.
Yes, and we need to start withthis too.
Christy the owners.
Kristina Hebert (14:25):
Agree.
Bert Fowles (14:26):
Who take a real the sea, the love of the sea and
their families and take itfurther.
You and I are supporting thatindustry, but it really takes a
commitment and I want to saythank you to all the owners, the
captains and the crew that makeup such a huge part of our
industry.
Kristina Hebert (14:44):
I agree, and you know those captains and crew
also are our industry membersthat own homes, that have kids,
that have mortgages, that arejust that just happens to to be
their job.
It doesn't mean that they'reall TV celebrities but you know,
I have to say, even below deckgot a lot of flack over the
years.
But I think some of thecaptains Sandy she's done a
(15:06):
wonderful job.
I think she's tried to get outthere and talk about topics like
mental health and talk aboutways that you know I actually
see people that are.
You know I was sitting withlisa morley earlier with mpt and
talking about you know, crew,the amount of effort.
You know you don't just gethired as a crew person, even if
you're just like, let's say,you're, you're the deck person
(15:27):
and you think your job is tojust squeegee the amount of
coursework that you have to takebecause ultimately, this boat,
this is going to be, you'reresponsible for passengers,
you're responsible for theirsafety, the amount of safety
training, the medical training,all of that that goes into, even
if you're just the person thatis the chamois, or maybe you're
(15:49):
only the stew you're the thirdor fourth stew that you think
all your job is is laundry thestew.
You're the third or fourth stewthat you think all your job is
is laundry.
I can assure I want owners toknow the amount of effort that
these crew and theprofessionalism and what I like
what sandy's done is is tryingto teach them.
Be your best, yeah, work yourbest, be the best stew, be the
best deckhand, be the best anddon't don't get pigeonholed.
(16:10):
You know so.
So I do think that crew hascome a long way and just really
we have such a professionalindustry that sometimes can get
masked by, you know the I think,chrissy it starts with us.
Bert Fowles (16:23):
I think the discussion has to be about the
professionalism.
You raised Captain Sandy as anexample.
She's a champion and inrepresenting our industry in a
holistic way, really looking atwhat it takes, the challenges,
yeah, and when you look at theinsight that she provides to an
industry, you know what is soexciting is where else does our
(16:44):
nation have such a uniquevantage point other than the
yachting industry?
Agree, most yacht owners over acertain size, especially in the
larger sector, are Americansyacht owners over a certain size
, especially in the largersector, are Americans.
Yes, and you know, I once againI applaud all international
owners.
But I'm just saying we have tounderstand the process of the
industry, to embrace it astourism manufacturing service
(17:07):
and really look at thespecificity of what we're able
to deliver.
Kristina Hebert (17:10):
Yes, so who's, who's our competition?
Because I heard today thatthere's a country out there, a
continent, that's giving us arun for our money on refit and
that they're really kind ofgoing after it.
Bert Fowles (17:23):
Well, I put it this way, I won't comment on any
specific competition, but I willsay the competition relies in
our own industry and elevatingit.
I'll give you know, I'll jumpback towards what you've done to
elevate the industry with justbringing shore power or the
complexity of what's wrong withthe vessel.
How do we correct it?
(17:43):
How do we maintain it?
I think every whatever elevatesour industry is good for us.
Kristina Hebert (17:48):
I agree and I think competition, by the way,
is healthy.
Bert Fowles (17:51):
Exactly.
Kristina Hebert (17:51):
I mean I always say, say I don't want to be the
only marine electrical companyand I work well with all of my
competitors because at somepoint we all have to work
together because that boat isgoing to go someplace else.
Bert Fowles (18:03):
I couldn't have said it better.
Kristina Hebert (18:05):
For example, this month I know that we are
visiting a company that doesvery similar, exactly what we do
over in the Netherlands.
We're visiting with a couple ofshipyards and we're not trying
to come in and say, as Americans, we think we can do it better.
We're saying that ourcollective customer comes to us
and goes to you and let's worktogether to make give them the
best experience.
(18:26):
And that's my philosophy.
Bert Fowles (18:27):
You hit the nail on the head and, in a sense, what
all of our industry needs to dois look at a frictionless
experience.
All of our industry needs to dois look at a frictionless
experience, agree.
And the embodiment of thatstatement is how can someone
looking to get into our industry, growing at 4% roughly, using
whatever plus or minus you wantto throw into the game, so that
(18:47):
adds about, based on 7,000, thatadds about 280 vessels into the
let's call it the ecosystem andelevating the approach, to say,
look, I feel comfortablepurchasing this vessel because I
will get a certain period ofuse.
And then I think you know,touching on data, let's
understand the customer.
What's the customer journey?
So a person typically owns ahome for, I don't know, eight to
(19:11):
10 years.
Maybe he'll own a car.
He or she will own a car maybefor four years.
How long is a vessel long for?
And I think, as we benefit thecustomer journey across the
globe with new destinations, newactivations, new entertainment,
we can really start looking atgenerating economies that are
supported and already supportedby the yachting industry.
(19:34):
Economies that are supportedand already supported by the
yachting industry.
You know, you and I arespeaking of vessels over 24
meters or 80 feet technicallyyou know the colloquial term of
mega yacht.
But what's important is everyonewith a boat, if they can have a
better experience and we candeliver it.
And I think all of us owe itourselves to do that.
Internal competition, to sayhow do I make it easier and
(19:54):
frictionless?
And you mentioned captains.
We're looking at taking.
They take assets all over theglobe.
What can we do when they hookup?
You and I have dealt with powervariances all over the world.
What can we do to make iteasier, better, whether it's
fueling, power provisioning, andwhat can we do to make it
better for the crew and thecaptain?
(20:15):
Yes, of course, the ownerexperience is paramount to
elevate it, and you said it best, it has to be elevated and this
is one of the things that Ibelieve we can bring out.
A new philosophy is what arethe standards?
You know, in your marineelectric there are standards.
Kristina Hebert (20:31):
Oh, absolutely.
Bert Fowles (20:32):
There's amps and so forth.
So I think elevating that wehave a number of marinas that
are five gold anchor accreditedand we have one platinum
accredited facility.
So it's important that we bringstandards to the industry,
working together to say, well,what does it take If I say a
certain hotel brand, you say yes, that's element For us in the
(20:54):
industry for yachting.
We need to reach a level ofbringing those standards
together.
It won't be easy, but it'swhat's expected.
Kristina Hebert (21:01):
No, but I 100% agree with you and you guys have
been working on it a long time.
You guys I say as IGY, and Ibelieve that members of USSA and
like-minded businesses, we allhave to.
You know, the theme of mymanager meeting in September was
developing a standard.
We have a standard and that goeswith how you dress, how you
(21:22):
show up how you hold your tools,how you do and if you don't and
you should have a standard.
Even young people coming intothe industry or young people
growing up have a standard howyou want to behave, how you want
to interact, professionalism,et cetera.
But on the yachting side, Ithink one thing that IGY has
done a tremendous job which iswhy we are a partner with IGY is
(21:44):
that you have developed astandard.
So when these boats come to oneof your facilities which I've
been to several of them theelectric is there.
It's not just the facility thatyou have the electric, you have
the water, you have the properdockage, it's also the
partnerships, the people thatyou have in those facilities,
whether it's a restaurant thatoffers the proper food that the
(22:05):
crew wants.
We are not serving the owners innecessary, possibly, but the
owners are not necessarily.
It's what the crew wants, it'shaving the crew wants, it's
having having the laundryservices, having the you know
the proper car service for thesecrew that are only there for a
week.
They have a hard job to do, butyou know they want a nice
dinner and they want a place toget a drink and they're safe.
(22:27):
They could be going to some ofthese destinations and you guys,
you guys provide that.
The other thing is these yachts, so many yachts now, and so
many owners have multiple yachts, correct.
So they have the super yachtwhere they're going to charter
and they're going to have allthese maybe big events.
They have a sport fish becausethey also like to go fishing out
(22:47):
there.
They have a shadow boat thatmaybe is providing their
provisions, yeah, and so we'renot just looking at a standard
for one boat or saying, okay,well, people that own these
boats are this way, or peoplethat own these boats are that
way.
We would be doing ourselves adisservice.
We have to make sure that wedevelop a standard.
Always Doesn't matter.
I don't care if you have a 20foot center console, a tender,
(23:10):
how many tenders are on theseboats that we have to treat with
the same exact care.
So I know for us, whether we gowork on a 10 foot tender or
we're working on a 300 footmotor yacht or whatever.
Bert Fowles (23:21):
it's the same standard and I think IGY does a
tremendous job with that and youknow, I look at the philosophy
really carried on by our chiefexecutive officer, ceo Steve
English.
He comes from a businessdevelopment background.
Executive officer CEO SteveEnglish.
He comes from a businessdevelopment background and his
leadership has been so crucialin looking at what's going to
develop a specific, not asstakeholders of the area.
(23:42):
You know, some of the world'smost famous marinas are under
our stewardship and we'reworking with both public and
private stakeholders to makethat area outstanding.
And I think when you and Idiscuss things such as
outstanding, it has to be alevel of what are the standards.
Yes, it's the same point, youknow, when I talk to the market.
(24:02):
If I were to say you're drivinga car and instead of having a
specific gauge, it said well,you're somewhat out of gas.
Kristina Hebert (24:09):
Close.
Exactly you should probablystop soon.
Bert Fowles (24:13):
Exactly.
I think what Kenny Jones, ourhead of operations, has really
driven is looking at OK, theYacht Harbor Association, one of
the oldest marina ratingsystems in the world, has been
able to.
We only go for five gold anchor.
But to bring your point, we'vegot to look together and I know
(24:37):
this comes from a true gutapproach to say, ok, where do we
draw the line to make sure thatour industry is going to the
next level?
Yep, and just like we willreenergize a brand or an
infrastructure, so does theindustry, and that will lead to
other areas saying, hey, let'swork together, see how we do
this.
So I think, coming back to yourpoint about competition, I
(25:03):
think our biggest competition isourselves.
How do we elevate it and havethat owner experience so
incredible that it brings newowners to the market?
Now, what is important too?
We mentioned the number ofvessels.
So when over the 24 meter or 80feet market, based on the
population, 70% on average ofthose vessels are private.
They do not charter.
30% do charter.
(25:24):
Now what takes it even furtheras far as competition within
ourselves?
Only a third of those.
I think the number is maybe athird of 7,000.
You bring that down to like2,500, 2,300.
That's the true global marketthat go from place to place.
Right, you're right.
Now that leads to anotherchallenge where a person start
(25:44):
looking at well, it's owner X,owner Y.
That's not the issue.
The issue is what is thatvessel supporting?
How is it being supported?
There's management companies,there's charter companies,
there's provisioning, andeveryone at this boat show
benefits from that sort ofecosystem that says look, this
is a driving force for a lot ofmarkets.
(26:04):
And, what's important, I pushedback on the yachting capital
term.
I believe we're a yachting hub.
Kristina Hebert (26:12):
Okay, I like that.
Tell me why.
Bert Fowles (26:15):
A hub takes an approach, christy, that says we
embrace a true understanding ofa long-term investment in a
business, a capital you can bethe capital of X, capital of Y,
but a hub says we can take careof your vessel, we know what
we're doing, we're here for thelong term term and we're going
to continue to invest.
Case in point, seven of thesites here all of the Fort
(26:37):
Lauderdale International BoatShow are being redeveloped.
What do you think about that?
I think it's incredible.
Yeah, I agree, I think it'shard earned.
You know sort of leaving.
To conclude, I think we earnevery vessel, kristen.
Kristina Hebert (26:51):
I agree, you know we don't.
Bert Fowles (26:52):
There are more iPhones sold than babies born
every year.
We do not grow at that pace.
We have a close relationshipwith our customers.
We have to.
They look us in the eye,whether that's the crew member,
whether that's a small divingbusiness or whether it's a
bigger business.
But I think the philosophy andI have to give total credit to
(27:13):
Marine Max, igy, northropJohnson, fraser, all under the
Marine Max umbrella there's thesame ethos of a true family unit
that is advancing the industryand I think we're all proud to
be a part of that, just likeWards is doing as well.
We don't.
There's no vessel that arrivesjust by chance.
No, I think we earn thebusiness and we have to earn to
(27:35):
keep the business, and I hopeall destinations across the
globe do the same thing.
Kristina Hebert (27:39):
So would you compare yourself?
Because I would, and if you do,what is the name?
But I feel like IGY and MarineMax as a whole because, you are.
A whole family has developed aMichelin standard, so to speak,
of the destinations and in factyou have had Michelin restaurant
(28:01):
chefs at some of the facilities.
Bert Fowles (28:04):
Yes, that's such a great point to make, I think.
Coming back to the standards,what we've implemented at IGY,
following the MarineMax ethos,is a rating system based on.
You know, we look at feedbackfrom the customer.
I think that's so important.
(28:25):
It's called FANS and what we'vedone is, you know, is really
look at the system of a ratingsystem that says, hey, what is
the customer saying?
And we're able to build on thatto improve operations and I
know that Wards has it as wellbut without customer feedback.
You look at the onlinecompanies their lifeblood is
(28:47):
feedback.
It's almost like a red flagflies up, which it does if you
don't get something on time.
Sure, I think, under the MarineMax portfolio, really building
that out has brought up acustomer survey or customer
integration, a customerrelationship based on true
analytical data to say where arewe falling down?
And you know, it just reallycomes from a caring approach to
(29:10):
the customer and you know, mynew phrase is, you know, hurry
up and slow down.
OK because in the moments we'reall running around, you know
fast paced and so forth I'm notgoing to claim ownership of that
statement, but if we're able tolook at this industry in a way
because we're all busy butreally look at the data, yeah,
(29:30):
you know a lot of countries say,or destinations, all double my
business.
Well, you're going to get yourbusiness from new customers,
right, or you're going to getbusiness from someone else, or
you're going to get businessfrom someone else.
And I think elevating theapproach to what we're able to
do as together will reallyelevate the experience for the
customer journey, not only forthe owner or the captain, but, I
(29:50):
think, for us.
Yeah, just understanding, Iagree.
How long does a vessel staywithin ownership?
What is the process of sale?
You know there's some amazingbrokers out there in the
industry, but I think, as welook at it from a whole prospect
but it's a beautiful boat,that's our biggest challenge you
just have.
You know, that single datapoint seems to drive a lot of
the conversation, which is, Ithink things like this really
(30:13):
help us together.
Kristina Hebert (30:13):
Well, you know what I found out in my tenure
with the Marine IndustriesAssociation and we spent a fair
amount of time understanding.
But do you know the number onereason people go to a boat show?
Bert Fowles (30:24):
What's that?
Kristina Hebert (30:25):
To have fun.
Yeah, and you know you wouldthink did you really need to do
a study?
Did you really need to find?
Bert Fowles (30:31):
out.
Kristina Hebert (30:31):
But you know, there's so many things that
everybody is trying toaccomplish at a boat show from
our perspective that we forget.
Bert Fowles (30:40):
Yeah.
Kristina Hebert (30:42):
People come here to have fun and they want
to have an experience.
It's our job to take away thestress.
It's our job to take away theproblems.
They, they have a great placeto go.
Bert Fowles (30:49):
They have a boat that's running per you know the
number one reason they have aboat is to connect with their
loved ones.
Exactly, it's the ultimateconnection and experience.
But you know this leads toanother point, christy anxiety.
Yeah, the anxiety of operatinga vessel.
How do we bring that down?
Yeah, captains do a great jobof that.
But you're dealing with, youknow, many dimensions of
(31:11):
operating.
Kristina Hebert (31:12):
But I guarantee there's probably not a captain
that wouldn't come in here thatdoesn't tell you they haven't
been anxious.
Bert Fowles (31:17):
Of course.
Kristina Hebert (31:17):
I mean, they just are the ones that have to
bear the burden.
Bert Fowles (31:20):
Any size vessel.
Any size, any size vessel,whether it's a wave runner or a
small little boat, even a paddleboard.
You're dealing with the anxietyof the beauty of the sea and I
love what you said.
Bringing it back home is anamazing way to say.
Our industry is about fun andyou and I deal with the business
of fun to make it africtionless experience for the
(31:44):
customer.
Kristina Hebert (31:44):
So last point where's USSA?
What's on the agenda for USSAthis year?
Coming up it's been absolutelyamazing.
Bert Fowles (31:52):
The good news is based on data.
We're probably in one of thebest financial positions we've
ever been in.
Kristina Hebert (31:58):
That's so important for an association
because without money you can'tdo the work that needs to get
done.
Our lifeblood has been in.
That's so important for anassociation because without
money you can't do the work thatneeds to get done.
Bert Fowles (32:04):
Our lifeblood has been membership Good you know,
thanks to our president, KittyMcGowan.
But what is also important isour membership.
Kristina Hebert (32:11):
Yeah.
Bert Fowles (32:12):
You know our membership, where you look at
companies that are really vested, and many are small.
Business are vested in theapproach to say how do we make
this better?
So business are vested in theapproach to say how do we make
this better.
So, to answer your question,we're on three points.
One is to increase our customerengagement, which is bringing
value to an understanding.
We just had a destinationspanel, which is why I was a
little late.
We're able to looking at bestpractices and data to help them
(32:34):
all over the globe to elevatethat experience.
Number two, driving membership,so that companies that want to
be exposed to the supermarketmarket they can join and really
understand and be part of ournetwork.
So we are, you know we startwhen it's not just a boat show.
We have events constantlythroughout the areas in that.
And, last but not least, aregional perspective, including
(32:57):
a global international insights.
So what we're seeing, christy,is working together we are able
to bring a true understanding ofthe industry from not only a
local perspective, not only aregional perspective, not only a
state perspective, butinternational.
And I think, working togetherwe'll look at seasonality when
can we play off or work togetherbetween two different areas or
(33:19):
three different areas and that'swhat I2I model was based on.
Coming back to just a businesssense, but the USSA's drive for
that value membership networkingit's working.
Kristina Hebert (33:31):
Can I make a plug?
Bert Fowles (33:32):
Go ahead.
Kristina Hebert (33:33):
You need a strong legislative committee,
which I know you have, and Iknow it's always been, but it's
always me on my soapbox.
I know what's your legislativeagenda right now.
Bert Fowles (33:43):
So Joe Dargavage and Monique are driving our
legislative initiative.
They are sharp, good.
What I will say under mychairmanship is making sure that
we look at simple points notsimple points, but complexity to
therefore drive to the market asimpler message.
I think what's happening whenyou deal with a consumer or a
(34:03):
mindset without a trueunderstanding of a legislation
approach and you taught me all,but you were able to explain it
to me in ways that I couldunderstand and I think you know
we've got the right whaleaspects, we've got navigational
approaches, we have all sorts ofall sort of persons looking in.
I want to look out.
I agree, we have to look outwith a simplicity to the message
(34:26):
from there.
Yes, but it's an amazingindustry to be part of.
It is.
I am proud of all the companiesin yachting, you know, and I'm
also immensely proud to be partof the Marine Max family, but
also the employees of IGY.
We're a team Yep, and wecontinue to build destinations.
Kristina Hebert (34:44):
Any new coming up, any new ones that you can
break right here, there's alwaysnew.
Bert Fowles (34:51):
Oh really, I know.
Kristina Hebert (34:52):
You guys are always.
I follow everything I read.
I'm always so excited to hear.
Bert Fowles (34:56):
But congrats to Wards.
Kristina Hebert (34:58):
Thank you.
Bert Fowles (34:58):
Christy, you elevate the game.
Kristina Hebert (35:00):
No, I do it with you.
Bert Fowles (35:02):
No, congrats to Wards.
Thank you, christy.
You elevate the game.
No, I do it with you.
No, you take full credit.
No, third generation, youelevate the game.
Kristina Hebert (35:06):
Well, don't forget, I'm the generation now
that's supposed to.
You know, I'm going to fix allthat, though.
Well, don't you know, the rumoris on third generations are the
ones that you know, so?
Bert Fowles (35:16):
I'm proving everybody wrong.
I got nothing to add.
Kristina Hebert (35:19):
We are 75 and I say we're just getting started.
Bert Fowles (35:22):
I got your back.
Kristina Hebert (35:23):
Thank you.
Bert Fowles (35:24):
Thank you for being here today.
Kristina Hebert (35:25):
Thank you for being a champion that you are,
and anybody out there thatlistens to this join the US
Superyacht.
It's $500.
You'll get advocacy, you'll getmarketing.
You'll get wonderful datapoints In the meantime.
If you don't believe me, followBird on LinkedIn.
Bert Fowles (35:42):
IGY and you'll be able to see all of those points.
Thank you for making the time.
Thank you, Christy, you got it.
Kristina Hebert (35:46):
Take care Okay.
Welcome to the W Lauderdale International Boat
Show.
65th anniversary, 2024.
I mean, they're not as old asus, we're 75.
But you're third generation.
Bert Fowles (00:43):
I am third generation and I am third
generation.
Kristina Hebert (00:45):
All right and I am lucky to be here with my
good friend Bert Fowles, withIGY Marinas and Marine Max, yes,
Very proud.
And we are here today to talkabout.
We're going to cover so manytopics.
Bert Fowles (00:56):
Let's do it.
Kristina Hebert (00:57):
But you know and I have, we have these
conversations all the time overcoffee, yeah.
Bert Fowles (01:01):
You're always so good about it.
Remember, you brought me intothe industry.
Kristina Hebert (01:04):
I did.
Bert Fowles (01:05):
Don't you remember?
No, but how it was at Pier 66.
It was at Pier 66.
Well, tell the whole story.
So you know, coming into theindustry, there's always that
perception and you and I go sofar back.
The point was the perception ofthe industry.
Is this big white boat, yep,the perception of the industry?
Kristina Hebert (01:22):
is this big white boat?
Bert Fowles (01:23):
Yep and they see the single owner, they being the
general public, as you know,and us included.
Kristina Hebert (01:28):
And legislators and a lot you know Well said,
both public and privatestakeholders from there.
Bert Fowles (01:34):
But you know, just walking us through the industry
that we love so much, over 24meters, there are about 7,000
vessels with active operation.
Wow, so that's looking at amarket of 7,000.
But I think what we've added tothe discussion, christy, for
you and I, is only a third ofthat are estimated to be truly
globally transient.
So we're talking about a verysmall market that benefits so
(01:57):
many.
You know, a single vessel over24 meters will have
approximately, indirectly anddirectly, 41 jobs supported by
that one vessel, absolutely.
In addition to that, we areable to bring assets and
resources into regions thatdon't have to put up capital
infrastructure to the degree ofa hotel or to the degree of a
(02:18):
sports complex.
So we're really quite a dynamicplatform for benefiting the
economy, and that is adiscussion that's missed out and
I think you and I have touchedthat over the years.
Kristina Hebert (02:28):
And I think also one of the things is versus
a hotel and again, nothingagainst the hotel industry.
Bert Fowles (02:33):
Nothing against at all.
Kristina Hebert (02:33):
But when you look at the economic impact that
these boats bring, then tothose communities for the
provisions for the fuel, for allthe things that are required
for that boat to keep going andto fulfill that charter.
Bert Fowles (02:46):
Yeah.
Kristina Hebert (02:46):
It's incredible yeah.
Bert Fowles (02:48):
And it's also just understanding the migration
patterns.
Kristina Hebert (02:52):
So let's talk about that, because I feel like
I always have to explain thattoo.
When you say migration, peopleare like what do you mean?
Bert Fowles (02:58):
Well, you know, christy, what's interesting.
Let's take it back to what weare a part of the yachting
industry, or let's stick to thesuper yacht industry, but it
also extends to smaller vessels.
We are part of the tourismindustry.
We're part of tourism, we'repart of manufacturing, but the
main goal of our assets ishospitality and it's part of
(03:19):
that equation that people don'tseem to want to connect in that
sense, equation that peopledon't seem to want to connect in
that sense.
So a vessel on your dockrepresents lodging, but much
more than that it's a home, butit's also something that allows
for travel and we are part ofthe international hospitality
industry in that sense andcontribute thereof.
But, as you rightly said, 10%of the vessel value is what's
(03:44):
estimated to be from amaintenance standpoint and
that's what generates realbenefit to communities that
would not benefit from an assetof that nature, unless you
rightly said, build a hotel.
But look at this, christy Monacorecently had their Monaco Yacht
Show and the Principality ofMonaco, an amazing area.
(04:05):
They were able to bring in $2billion worth of assets into an
area that I believe is less than2.1 kilometers with a
population of 39,000.
So my point is yachting bringsreal economic driving forces to
areas that do not have to putinto such an infrastructure.
Now, monaco is a unique case inthe sense the infrastructure is
(04:26):
incredible, but my point isyachting really benefits a
diverse migration pattern and,as you said, or coming into the
answer, boats move and that'sone of the best benefits to the
economy when these vessels move.
Kristina Hebert (04:39):
Yes, and so a lot of them just help me.
I mean, I'm a novice on howthey move compared to the way
you are.
Well, because I believe thatyou can track them throughout
your facilities that you have in17 countries.
Bert Fowles (04:50):
Okay, so we have 23 marinas across 13 different
countries.
Kristina Hebert (04:54):
Got it wrong.
Yeah, that's okay.
23 and 13.
Bert Fowles (04:56):
Yeah 23 and 13.
And we've got about over 5,000slips in inventory or berths
from that standpoint over 5,000slips in inventory or berths
from that standpoint.
And then we've got about 800slips that are specifically
designed for over 24 meters.
And, of course, working withyou over the years, you know
that each of these vesselsrequire very specific resources
(05:19):
in that regard, whetherelectricity, water, fuel all
those aspects are reallyimportant and that's what we
need in the industry.
From that, and also what I'mvery proud to say is a huge
majority, over half of thebusinesses in the super red
industry are 80 employees andless.
Kristina Hebert (05:38):
Yes, small business, all small businesses,
yes, yes.
So these migration patterns, sowe're getting ready.
So, as we're sitting here atthe Fort Lauderdale Boat Show
and we're at the end of October,the boats now that are here or
coming this way they're going tocome.
They're going to come to thefacilities and then they're
heading to the Caribbean for theDecember Correct, and so of the
(05:58):
of those areas, they're goingto stay there, they're going to
have a charter season, they'regoing to go all around and I
know also IGY does a great jobof working with all the various
countries in trying to come upwith customs and clearance and
all of those so that the boatscan travel to those places,
because when they travel, theyuse fuel, they do more
(06:19):
provisioning, they are utilizing, they're spending more money on
these infrastructures and thenthey're going to come back.
This way, we would love tocapture all of them in the US
after the Caribbean.
Some of them go from theCaribbean straight back over to
the Med, but I know, as part ofUS Superyacht, which I'm going
to give you a plug, is chairmanpresident, what is your title?
Bert Fowles (06:38):
Chairman.
Currently we're all a team.
I know, I know.
Kristina Hebert (06:45):
But currently but we're all a team, I know,
but leadership starts at the topand you are the leader Fair
point.
And as far as the US superyacht, I know one of the big
challenges that we're trying todo is make sure that there's
Refit America, that all of theseboats know.
Whether you're coming from theCaribbean or coming from the Med
, the United States is aphenomenal place during that
migration period, wherever youare in that migration, to get
that work done.
So talk about that.
Bert Fowles (07:06):
You know, hitting on what you said, it's with a
sense of pride that I representover 367 members in the United
States Cheap Trade Association.
Kristina Hebert (07:17):
And that's member businesses.
Yes, so those are companies.
Bert Fowles (07:20):
Those are companies that do business.
The majority are small business, I would say over 80% are small
businesses and it's soimportant that the migration is
the understanding of themigration.
First comes the point of asAmericans and as the US, we need
to be proud of what we're ableto do for yachting and I think
(07:42):
it's such a deep breath for us.
We, of course, support theentire globe and we want to
support each nation or countryor any region to support
yachting so that elevates theentire industry.
Kristina Hebert (07:54):
Our growth rate is about 4%, so about 280
vessels, if you want to just usethe macro points, we have 7,000
vessels over 24 meters thathave a heartbeat or an AIS, an
identification signal, and ofthat I would say and so for
listeners to watch that down, soyou can go on to marine traffic
(08:15):
Correct, and if they have thisAIS on, you can see and I
encourage everybody to go to amarine traffic Now you can get
better statistics, specifically,if you follow bert fowles on
linkedin uh, make sure uh, heprovides all sorts of uh data
points that you really need totake the time to to look at.
But on, so you go back to yourais, you can find these boats,
(08:37):
and you could do it on cruiseships too and follow the
migration patterns.
Bert Fowles (08:40):
But anyway, so they all have a heartbeat you're
totally right, christina.
It's not about what isimportant.
We're looking at analytics tosupport the industry.
Kristina Hebert (08:48):
Yep.
Bert Fowles (08:49):
What is important to our data is where the trends
are moving.
In that sense, new destinationsare looking to attract these
vessels.
What infrastructure do theyneed in place?
So from a migratory pattern,we've got about four seasons.
Let's see, we've got the MiddleEast, the Caribbean, north
America and, you know, there'ssome wider regions as well.
(09:12):
But what's important is theseboats move.
Kristina Hebert (09:15):
And they will always move.
Bert Fowles (09:16):
Perfectly said.
That's what it was designed for.
Yes, so as we build out amigration pattern, what we
consider as IGY across and wehave locations across the world
we are really partners andstakeholders with public and
private entities looking toreally embrace the industry and
elevate it.
Some have Sportfish, some haveSail, megayacht, superyacht,
(09:40):
cruise, but the important thingis generating an understanding
to the local community that thisis a benefit for them.
And the infrastructure is soimportant because you don't need
in some areas you have mooringfields.
In other areas you haveconcrete docks.
But looking at what you canbalance with sustainability,
with what you're able to growthe market, you're able to
(10:01):
really look at elevating thisindustry because here at the
boat show we are generating moremoney from economic impact than
a Superbowl.
But here's the beauty Everyyear.
Every year.
Kristina Hebert (10:13):
Every year.
With no cost to the city.
Bert Fowles (10:15):
Well, that is the amazing part, and that's when
you and I served on the MarineIndustries Association of South
Florida board.
What you and I really generatedwas an understanding of the
importance of what this drivesthe local community and, as
Americans, what it drives tobusinesses that really generate
and of course, you can applythat to any country.
It's also just good tounderstand what stakeholders
(10:37):
mean to really generate aconversation around yachting
that goes beyond who owns theboat.
Kristina Hebert (10:44):
No, I agree with you, and I'll give you
another example of where you andI dealt with that Washington DC
.
Bert Fowles (10:50):
Oh yeah.
Kristina Hebert (10:51):
So you know you want to add two topics to it.
One you have the perception ofyachting being just about rich
boat owners, correct.
Then you try to go speak to thelegislature and say but wait,
we're an industry that doesn'tneed to be over-regulated and we
could really use some, somesupport, some legislative
support, and um, it's theempirical data that you've come
(11:13):
up with and it's uh, what was it?
Big boats equals big jobs, waswas a slogan that you were head
of marketing for USSA for thatCorrect and um, it's.
It's so important and I willsay you know every legislator
that we ever get a chance to sitwith and really tell them
here's the industry.
Forget any bias you may have.
Here's the industry, here arethe jobs, here's the people
(11:36):
living in your community thatcan afford houses because our
industry pays better, and hereare the customers they serve and
they happen to move around alot, but these big boats create
big jobs and I know that that'sanother one that we've worked on
together in clearing thatperception.
Bert Fowles (11:53):
And I think one of the key things of the result of
that and I think we can be proudas part of the community, was
that and we may have touched onthis before was that on a
movement, we may have touched onthis before every single
location here at the FortLauderdale International Boat
Show the seven locations each isunder some form of
redevelopment and that is insane.
Kristina Hebert (12:12):
So let's talk about that first of all, I don't
even know that.
People know that the FortLauderdale Boat Show it's kind
of like people say they're goingto Disney World and they think
Magic Kingdom, or they thinkEpcot and they go.
I never went to HollywoodStudios, what is that?
So when you think of the FortLauderdale Boat Show, I know
people that think, oh, I could.
Just it's the convention center, right, and it's like no, no,
no, no, no.
(12:32):
Or it's Hall of Fame no, no, no.
So say it again seven locations.
Bert Fowles (12:37):
Seven locations and it's important for the market
to understand that this is aneconomic driver.
Yes, for the market tounderstand that this is an
economic driver.
Kristina Hebert (12:44):
Yes.
Bert Fowles (12:44):
You know, many people will look at Disney World
God bless Disney or Partum, butthat is an entertainment venue.
What we have is a realembodiment of a holistic show.
Yes, we have consumers, we haveinterested parties, we have
persons who just want to see theassets we're.
The largest, held in FortLauderdale, is the largest
(13:04):
in-water boat show.
We'll have over a thousandvessels.
But it also brings out theexpertise of what we can do from
a niche industry to benefit theentire state and building up to
the nation.
With the USSA, we have regionsall over the US and we also
embrace our internationalpartners.
But the point is, what reallystrong relationship can we
(13:27):
develop for an understanding ofan industry that gives so much?
That takes it beyond just thefirst level of discussion, and I
think that starts withconversations like this that
slow it down.
Kristina Hebert (13:38):
Yeah.
Bert Fowles (13:38):
You know that really get into 41 jobs for each
vote, the spinoff of spending.
You know, like you said,they're able to pay a mortgage.
You know, I think when we wereat MIASIF, the Marine Industries
Association of South Florida,we pay.
The marine industry pays overthe state average.
Kristina Hebert (13:55):
Yes.
Bert Fowles (13:55):
You know, and those are important points, when
you've got to put you know, goto grocery stores, sure.
Or, as we say in Florida,publix.
Kristina Hebert (14:04):
Yeah, you know, you grocery stores Sure, as we
say in Florida Publix yeah.
Bert Fowles (14:06):
You gotta get a Pub Sub the best you know the best.
Yeah, shout out to Publix.
Yeah, shout out to Publix.
But I think these discussionshelp to bring a slower, real
appreciation of an industrythat's given back so much.
Yes, and we need to start withthis too.
Christy the owners.
Kristina Hebert (14:25):
Agree.
Bert Fowles (14:26):
Who take a real the sea, the love of the sea and
their families and take itfurther.
You and I are supporting thatindustry, but it really takes a
commitment and I want to saythank you to all the owners, the
captains and the crew that makeup such a huge part of our
industry.
Kristina Hebert (14:44):
I agree, and you know those captains and crew
also are our industry membersthat own homes, that have kids,
that have mortgages, that arejust that just happens to to be
their job.
It doesn't mean that they'reall TV celebrities but you know,
I have to say, even below deckgot a lot of flack over the
years.
But I think some of thecaptains Sandy she's done a
(15:06):
wonderful job.
I think she's tried to get outthere and talk about topics like
mental health and talk aboutways that you know I actually
see people that are.
You know I was sitting withlisa morley earlier with mpt and
talking about you know, crew,the amount of effort.
You know you don't just gethired as a crew person, even if
you're just like, let's say,you're, you're the deck person
(15:27):
and you think your job is tojust squeegee the amount of
coursework that you have to takebecause ultimately, this boat,
this is going to be, you'reresponsible for passengers,
you're responsible for theirsafety, the amount of safety
training, the medical training,all of that that goes into, even
if you're just the person thatis the chamois, or maybe you're
(15:49):
only the stew you're the thirdor fourth stew that you think
all your job is is laundry thestew.
You're the third or fourth stewthat you think all your job is
is laundry.
I can assure I want owners toknow the amount of effort that
these crew and theprofessionalism and what I like
what sandy's done is is tryingto teach them.
Be your best, yeah, work yourbest, be the best stew, be the
best deckhand, be the best anddon't don't get pigeonholed.
(16:10):
You know so.
So I do think that crew hascome a long way and just really
we have such a professionalindustry that sometimes can get
masked by, you know the I think,chrissy it starts with us.
Bert Fowles (16:23):
I think the discussion has to be about the
professionalism.
You raised Captain Sandy as anexample.
She's a champion and inrepresenting our industry in a
holistic way, really looking atwhat it takes, the challenges,
yeah, and when you look at theinsight that she provides to an
industry, you know what is soexciting is where else does our
(16:44):
nation have such a uniquevantage point other than the
yachting industry?
Agree, most yacht owners over acertain size, especially in the
larger sector, are Americansyacht owners over a certain size
, especially in the largersector, are Americans.
Yes, and you know, I once againI applaud all international
owners.
But I'm just saying we have tounderstand the process of the
industry, to embrace it astourism manufacturing service
(17:07):
and really look at thespecificity of what we're able
to deliver.
Kristina Hebert (17:10):
Yes, so who's, who's our competition?
Because I heard today thatthere's a country out there, a
continent, that's giving us arun for our money on refit and
that they're really kind ofgoing after it.
Bert Fowles (17:23):
Well, I put it this way, I won't comment on any
specific competition, but I willsay the competition relies in
our own industry and elevatingit.
I'll give you know, I'll jumpback towards what you've done to
elevate the industry with justbringing shore power or the
complexity of what's wrong withthe vessel.
How do we correct it?
(17:43):
How do we maintain it?
I think every whatever elevatesour industry is good for us.
Kristina Hebert (17:48):
I agree and I think competition, by the way,
is healthy.
Bert Fowles (17:51):
Exactly.
Kristina Hebert (17:51):
I mean I always say, say I don't want to be the
only marine electrical companyand I work well with all of my
competitors because at somepoint we all have to work
together because that boat isgoing to go someplace else.
Bert Fowles (18:03):
I couldn't have said it better.
Kristina Hebert (18:05):
For example, this month I know that we are
visiting a company that doesvery similar, exactly what we do
over in the Netherlands.
We're visiting with a couple ofshipyards and we're not trying
to come in and say, as Americans, we think we can do it better.
We're saying that ourcollective customer comes to us
and goes to you and let's worktogether to make give them the
best experience.
(18:26):
And that's my philosophy.
Bert Fowles (18:27):
You hit the nail on the head and, in a sense, what
all of our industry needs to dois look at a frictionless
experience.
All of our industry needs to dois look at a frictionless
experience, agree.
And the embodiment of thatstatement is how can someone
looking to get into our industry, growing at 4% roughly, using
whatever plus or minus you wantto throw into the game, so that
(18:47):
adds about, based on 7,000, thatadds about 280 vessels into the
let's call it the ecosystem andelevating the approach, to say,
look, I feel comfortablepurchasing this vessel because I
will get a certain period ofuse.
And then I think you know,touching on data, let's
understand the customer.
What's the customer journey?
So a person typically owns ahome for, I don't know, eight to
(19:11):
10 years.
Maybe he'll own a car.
He or she will own a car maybefor four years.
How long is a vessel long for?
And I think, as we benefit thecustomer journey across the
globe with new destinations, newactivations, new entertainment,
we can really start looking atgenerating economies that are
supported and already supportedby the yachting industry.
(19:34):
Economies that are supportedand already supported by the
yachting industry.
You know, you and I arespeaking of vessels over 24
meters or 80 feet technicallyyou know the colloquial term of
mega yacht.
But what's important is everyonewith a boat, if they can have a
better experience and we candeliver it.
And I think all of us owe itourselves to do that.
Internal competition, to sayhow do I make it easier and
(19:54):
frictionless?
And you mentioned captains.
We're looking at taking.
They take assets all over theglobe.
What can we do when they hookup?
You and I have dealt with powervariances all over the world.
What can we do to make iteasier, better, whether it's
fueling, power provisioning, andwhat can we do to make it
better for the crew and thecaptain?
(20:15):
Yes, of course, the ownerexperience is paramount to
elevate it, and you said it best, it has to be elevated and this
is one of the things that Ibelieve we can bring out.
A new philosophy is what arethe standards?
You know, in your marineelectric there are standards.
Kristina Hebert (20:31):
Oh, absolutely.
Bert Fowles (20:32):
There's amps and so forth.
So I think elevating that wehave a number of marinas that
are five gold anchor accreditedand we have one platinum
accredited facility.
So it's important that we bringstandards to the industry,
working together to say, well,what does it take If I say a
certain hotel brand, you say yes, that's element For us in the
(20:54):
industry for yachting.
We need to reach a level ofbringing those standards
together.
It won't be easy, but it'swhat's expected.
Kristina Hebert (21:01):
No, but I 100% agree with you and you guys have
been working on it a long time.
You guys I say as IGY, and Ibelieve that members of USSA and
like-minded businesses, we allhave to.
You know, the theme of mymanager meeting in September was
developing a standard.
We have a standard and that goeswith how you dress, how you
(21:22):
show up how you hold your tools,how you do and if you don't and
you should have a standard.
Even young people coming intothe industry or young people
growing up have a standard howyou want to behave, how you want
to interact, professionalism,et cetera.
But on the yachting side, Ithink one thing that IGY has
done a tremendous job which iswhy we are a partner with IGY is
(21:44):
that you have developed astandard.
So when these boats come to oneof your facilities which I've
been to several of them theelectric is there.
It's not just the facility thatyou have the electric, you have
the water, you have the properdockage, it's also the
partnerships, the people thatyou have in those facilities,
whether it's a restaurant thatoffers the proper food that the
(22:05):
crew wants.
We are not serving the owners innecessary, possibly, but the
owners are not necessarily.
It's what the crew wants, it'shaving the crew wants, it's
having having the laundryservices, having the you know
the proper car service for thesecrew that are only there for a
week.
They have a hard job to do, butyou know they want a nice
dinner and they want a place toget a drink and they're safe.
(22:27):
They could be going to some ofthese destinations and you guys,
you guys provide that.
The other thing is these yachts, so many yachts now, and so
many owners have multiple yachts, correct.
So they have the super yachtwhere they're going to charter
and they're going to have allthese maybe big events.
They have a sport fish becausethey also like to go fishing out
(22:47):
there.
They have a shadow boat thatmaybe is providing their
provisions, yeah, and so we'renot just looking at a standard
for one boat or saying, okay,well, people that own these
boats are this way, or peoplethat own these boats are that
way.
We would be doing ourselves adisservice.
We have to make sure that wedevelop a standard.
Always Doesn't matter.
I don't care if you have a 20foot center console, a tender,
(23:10):
how many tenders are on theseboats that we have to treat with
the same exact care.
So I know for us, whether we gowork on a 10 foot tender or
we're working on a 300 footmotor yacht or whatever.
Bert Fowles (23:21):
it's the same standard and I think IGY does a
tremendous job with that and youknow, I look at the philosophy
really carried on by our chiefexecutive officer, ceo Steve
English.
He comes from a businessdevelopment background.
Executive officer CEO SteveEnglish.
He comes from a businessdevelopment background and his
leadership has been so crucialin looking at what's going to
develop a specific, not asstakeholders of the area.
(23:42):
You know, some of the world'smost famous marinas are under
our stewardship and we'reworking with both public and
private stakeholders to makethat area outstanding.
And I think when you and Idiscuss things such as
outstanding, it has to be alevel of what are the standards.
Yes, it's the same point, youknow, when I talk to the market.
(24:02):
If I were to say you're drivinga car and instead of having a
specific gauge, it said well,you're somewhat out of gas.
Kristina Hebert (24:09):
Close.
Exactly you should probablystop soon.
Bert Fowles (24:13):
Exactly.
I think what Kenny Jones, ourhead of operations, has really
driven is looking at OK, theYacht Harbor Association, one of
the oldest marina ratingsystems in the world, has been
able to.
We only go for five gold anchor.
But to bring your point, we'vegot to look together and I know
(24:37):
this comes from a true gutapproach to say, ok, where do we
draw the line to make sure thatour industry is going to the
next level?
Yep, and just like we willreenergize a brand or an
infrastructure, so does theindustry, and that will lead to
other areas saying, hey, let'swork together, see how we do
this.
So I think, coming back to yourpoint about competition, I
(25:03):
think our biggest competition isourselves.
How do we elevate it and havethat owner experience so
incredible that it brings newowners to the market?
Now, what is important too?
We mentioned the number ofvessels.
So when over the 24 meter or 80feet market, based on the
population, 70% on average ofthose vessels are private.
They do not charter.
30% do charter.
(25:24):
Now what takes it even furtheras far as competition within
ourselves?
Only a third of those.
I think the number is maybe athird of 7,000.
You bring that down to like2,500, 2,300.
That's the true global marketthat go from place to place.
Right, you're right.
Now that leads to anotherchallenge where a person start
(25:44):
looking at well, it's owner X,owner Y.
That's not the issue.
The issue is what is thatvessel supporting?
How is it being supported?
There's management companies,there's charter companies,
there's provisioning, andeveryone at this boat show
benefits from that sort ofecosystem that says look, this
is a driving force for a lot ofmarkets.
(26:04):
And, what's important, I pushedback on the yachting capital
term.
I believe we're a yachting hub.
Kristina Hebert (26:12):
Okay, I like that.
Tell me why.
Bert Fowles (26:15):
A hub takes an approach, christy, that says we
embrace a true understanding ofa long-term investment in a
business, a capital you can bethe capital of X, capital of Y,
but a hub says we can take careof your vessel, we know what
we're doing, we're here for thelong term term and we're going
to continue to invest.
Case in point, seven of thesites here all of the Fort
(26:37):
Lauderdale International BoatShow are being redeveloped.
What do you think about that?
I think it's incredible.
Yeah, I agree, I think it'shard earned.
You know sort of leaving.
To conclude, I think we earnevery vessel, kristen.
Kristina Hebert (26:51):
I agree, you know we don't.
Bert Fowles (26:52):
There are more iPhones sold than babies born
every year.
We do not grow at that pace.
We have a close relationshipwith our customers.
We have to.
They look us in the eye,whether that's the crew member,
whether that's a small divingbusiness or whether it's a
bigger business.
But I think the philosophy andI have to give total credit to
(27:13):
Marine Max, igy, northropJohnson, fraser, all under the
Marine Max umbrella there's thesame ethos of a true family unit
that is advancing the industryand I think we're all proud to
be a part of that, just likeWards is doing as well.
We don't.
There's no vessel that arrivesjust by chance.
No, I think we earn thebusiness and we have to earn to
(27:35):
keep the business, and I hopeall destinations across the
globe do the same thing.
Kristina Hebert (27:39):
So would you compare yourself?
Because I would, and if you do,what is the name?
But I feel like IGY and MarineMax as a whole because, you are.
A whole family has developed aMichelin standard, so to speak,
of the destinations and in factyou have had Michelin restaurant
(28:01):
chefs at some of the facilities.
Bert Fowles (28:04):
Yes, that's such a great point to make, I think.
Coming back to the standards,what we've implemented at IGY,
following the MarineMax ethos,is a rating system based on.
You know, we look at feedbackfrom the customer.
I think that's so important.
(28:25):
It's called FANS and what we'vedone is, you know, is really
look at the system of a ratingsystem that says, hey, what is
the customer saying?
And we're able to build on thatto improve operations and I
know that Wards has it as wellbut without customer feedback.
You look at the onlinecompanies their lifeblood is
(28:47):
feedback.
It's almost like a red flagflies up, which it does if you
don't get something on time.
Sure, I think, under the MarineMax portfolio, really building
that out has brought up acustomer survey or customer
integration, a customerrelationship based on true
analytical data to say where arewe falling down?
And you know, it just reallycomes from a caring approach to
(29:10):
the customer and you know, mynew phrase is, you know, hurry
up and slow down.
OK because in the moments we'reall running around, you know
fast paced and so forth I'm notgoing to claim ownership of that
statement, but if we're able tolook at this industry in a way
because we're all busy butreally look at the data, yeah,
(29:30):
you know a lot of countries say,or destinations, all double my
business.
Well, you're going to get yourbusiness from new customers,
right, or you're going to getbusiness from someone else, or
you're going to get businessfrom someone else.
And I think elevating theapproach to what we're able to
do as together will reallyelevate the experience for the
customer journey, not only forthe owner or the captain, but, I
(29:50):
think, for us.
Yeah, just understanding, Iagree.
How long does a vessel staywithin ownership?
What is the process of sale?
You know there's some amazingbrokers out there in the
industry, but I think, as welook at it from a whole prospect
but it's a beautiful boat,that's our biggest challenge you
just have.
You know, that single datapoint seems to drive a lot of
the conversation, which is, Ithink things like this really
(30:13):
help us together.
Kristina Hebert (30:13):
Well, you know what I found out in my tenure
with the Marine IndustriesAssociation and we spent a fair
amount of time understanding.
But do you know the number onereason people go to a boat show?
Bert Fowles (30:24):
What's that?
Kristina Hebert (30:25):
To have fun.
Yeah, and you know you wouldthink did you really need to do
a study?
Did you really need to find?
Bert Fowles (30:31):
out.
Kristina Hebert (30:31):
But you know, there's so many things that
everybody is trying toaccomplish at a boat show from
our perspective that we forget.
Bert Fowles (30:40):
Yeah.
Kristina Hebert (30:42):
People come here to have fun and they want
to have an experience.
It's our job to take away thestress.
It's our job to take away theproblems.
They, they have a great placeto go.
Bert Fowles (30:49):
They have a boat that's running per you know the
number one reason they have aboat is to connect with their
loved ones.
Exactly, it's the ultimateconnection and experience.
But you know this leads toanother point, christy anxiety.
Yeah, the anxiety of operatinga vessel.
How do we bring that down?
Yeah, captains do a great jobof that.
But you're dealing with, youknow, many dimensions of
(31:11):
operating.
Kristina Hebert (31:12):
But I guarantee there's probably not a captain
that wouldn't come in here thatdoesn't tell you they haven't
been anxious.
Bert Fowles (31:17):
Of course.
Kristina Hebert (31:17):
I mean, they just are the ones that have to
bear the burden.
Bert Fowles (31:20):
Any size vessel.
Any size, any size vessel,whether it's a wave runner or a
small little boat, even a paddleboard.
You're dealing with the anxietyof the beauty of the sea and I
love what you said.
Bringing it back home is anamazing way to say.
Our industry is about fun andyou and I deal with the business
of fun to make it africtionless experience for the
(31:44):
customer.
Kristina Hebert (31:44):
So last point where's USSA?
What's on the agenda for USSAthis year?
Coming up it's been absolutelyamazing.
Bert Fowles (31:52):
The good news is based on data.
We're probably in one of thebest financial positions we've
ever been in.
Kristina Hebert (31:58):
That's so important for an association
because without money you can'tdo the work that needs to get
done.
Our lifeblood has been in.
That's so important for anassociation because without
money you can't do the work thatneeds to get done.
Bert Fowles (32:04):
Our lifeblood has been membership Good you know,
thanks to our president, KittyMcGowan.
But what is also important isour membership.
Kristina Hebert (32:11):
Yeah.
Bert Fowles (32:12):
You know our membership, where you look at
companies that are really vested, and many are small.
Business are vested in theapproach to say how do we make
this better?
So business are vested in theapproach to say how do we make
this better.
So, to answer your question,we're on three points.
One is to increase our customerengagement, which is bringing
value to an understanding.
We just had a destinationspanel, which is why I was a
little late.
We're able to looking at bestpractices and data to help them
(32:34):
all over the globe to elevatethat experience.
Number two, driving membership,so that companies that want to
be exposed to the supermarketmarket they can join and really
understand and be part of ournetwork.
So we are, you know we startwhen it's not just a boat show.
We have events constantlythroughout the areas in that.
And, last but not least, aregional perspective, including
(32:57):
a global international insights.
So what we're seeing, christy,is working together we are able
to bring a true understanding ofthe industry from not only a
local perspective, not only aregional perspective, not only a
state perspective, butinternational.
And I think, working togetherwe'll look at seasonality when
can we play off or work togetherbetween two different areas or
(33:19):
three different areas and that'swhat I2I model was based on.
Coming back to just a businesssense, but the USSA's drive for
that value membership networkingit's working.
Kristina Hebert (33:31):
Can I make a plug?
Bert Fowles (33:32):
Go ahead.
Kristina Hebert (33:33):
You need a strong legislative committee,
which I know you have, and Iknow it's always been, but it's
always me on my soapbox.
I know what's your legislativeagenda right now.
Bert Fowles (33:43):
So Joe Dargavage and Monique are driving our
legislative initiative.
They are sharp, good.
What I will say under mychairmanship is making sure that
we look at simple points notsimple points, but complexity to
therefore drive to the market asimpler message.
I think what's happening whenyou deal with a consumer or a
(34:03):
mindset without a trueunderstanding of a legislation
approach and you taught me all,but you were able to explain it
to me in ways that I couldunderstand and I think you know
we've got the right whaleaspects, we've got navigational
approaches, we have all sorts ofall sort of persons looking in.
I want to look out.
I agree, we have to look outwith a simplicity to the message
(34:26):
from there.
Yes, but it's an amazingindustry to be part of.
It is.
I am proud of all the companiesin yachting, you know, and I'm
also immensely proud to be partof the Marine Max family, but
also the employees of IGY.
We're a team Yep, and wecontinue to build destinations.
Kristina Hebert (34:44):
Any new coming up, any new ones that you can
break right here, there's alwaysnew.
Bert Fowles (34:51):
Oh really, I know.
Kristina Hebert (34:52):
You guys are always.
I follow everything I read.
I'm always so excited to hear.
Bert Fowles (34:56):
But congrats to Wards.
Kristina Hebert (34:58):
Thank you.
Bert Fowles (34:58):
Christy, you elevate the game.
Kristina Hebert (35:00):
No, I do it with you.
Bert Fowles (35:02):
No, congrats to Wards.
Thank you, christy.
You elevate the game.
No, I do it with you.
No, you take full credit.
No, third generation, youelevate the game.
Kristina Hebert (35:06):
Well, don't forget, I'm the generation now
that's supposed to.
You know, I'm going to fix allthat, though.
Well, don't you know, the rumoris on third generations are the
ones that you know, so?
Bert Fowles (35:16):
I'm proving everybody wrong.
I got nothing to add.
Kristina Hebert (35:19):
We are 75 and I say we're just getting started.
Bert Fowles (35:22):
I got your back.
Kristina Hebert (35:23):
Thank you.
Bert Fowles (35:24):
Thank you for being here today.
Kristina Hebert (35:25):
Thank you for being a champion that you are,
and anybody out there thatlistens to this join the US
Superyacht.
It's $500.
You'll get advocacy, you'll getmarketing.
You'll get wonderful datapoints In the meantime.
If you don't believe me, followBird on LinkedIn.
Bert Fowles (35:42):
IGY and you'll be able to see all of those points.
Thank you for making the time.
Thank you, Christy, you got it.
Kristina Hebert (35:46):
Take care Okay.
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