At Fabled Voyages, we are sincerely committed to building a Residential Cruise Ship Company that is as affordable and obtainable as possible, while also recognizing that it comes with its own set of challenges and is more of a luxury than something attainable for everyone. With such a limited market and so few options for potential residents, we wanted to find a niche within a niche industry and provide another level of healthy competition. Unfortunately, this industry has not been particularly friendly to those who have tried before, whether through those who have actually lost money on a startup or those who have managed to set sail.
Since we began, we have been referred to in derogatory terms by many, experienced personal attacks, and listened to the “experts” say there is no market or that only the big players can make this work. As we discussed last week, we believe the market is very limited but viable, and we will agree that the major cruise lines could make this work. However, they are beholden to shareholders and leadership who seek to maximize profits, rather than simply generate supplementary funds and have no real financial incentive to pursue this market.
We believe we have what it takes, both in our ability to run and operate the company and in our willingness to hire, listen to, and learn from those who are genuinely experts and experienced in their respective fields. Just as importantly, we believe we have the right motivations. We, too, would like to travel the world slowly aboard a ship. We do not want to be part of a super-rich, super-exclusive group such as The World, nor do we want to purchase a yacht and crew with others, along with the limitations that come with something smaller.
With the financial issues that have plagued this industry, we felt it necessary from day one to provide the general public with a level of transparency that we believe is uncommon in this industry.
As a private company, we are not required to publicly provide our financial information. Even publicly traded companies generally only release limited profit/loss financial figures and statements periodically, rather than providing every detail of their operations. Revenue, expenses, profits, shareholder returns, awarded projects, and major costs or endeavors are typically the focus, not every individual expense or piece of operational minutia.
We believe that transparency and understanding are important, particularly in an industry where people are considering making such a significant financial commitment.
Finally, even though we cannot guarantee anything in life beyond death and taxes, we have painstakingly structured our proposed deposits, purchases, and operations to favor our future residents and minimize their financial risk as much as reasonably possible.
We have created a minimal initial deposit of just over 5% of the purchase price, with the intention that ultimately 90% of that deposit will be refundable after the initial 100% grace period. This provides us with some confidence that a prospective resident is serious about their future residence, while helping minimize their financial exposure. The remaining risk is intended to be comparable to the general appraisal and inspection expenses someone might incur when considering the purchase of a home or building, with the possibility of walking away if inspections or negotiations do not meet expectations.
Additionally, to provide maximum flexibility to our future residents, we have divided the actual purchase into two separate payments. This helps reduce the amount of money we hold before setting sail and provides another measure of consideration for those making a significant financial commitment.
Ultimately, we also envision quarterly, semi-annual, and/or annual meetings where those residents who have purchased a residence aboard will have access to a general overview of our financial condition from a direct monetary perspective. These individuals are not simply customers. They are the investors, owners, shareholders, and actual customers of the company, escrow or not.
In speaking behind the scenes with a critic of the residential cruising industry, who was also a formerly interested customer and investor in another company, not Fabled Voyages, we had asked them to critique my company over a year ago. We always welcome constructive questions and criticism coming from genuine people. After their review, based on our website and information provided, they found it apparent we had done our homework. Their remaining question was whether we had done the “voluminous and unbelievably complex underlying spreadsheet work to be able to demonstrate a sustainable and reasonably profitable (or at minimum, break-even) business plan.” To that, we were able to say, we had.
While I will not say we have accounted for every possible point or cost, we have built overages into our budgets to allow for contingencies every step of the way and continue to utilize and refine that spreadsheet as we move forward.
As our conversations progressed, the suggestions and advice time and again were to “prove them wrong,” accompanied by continued “high hopes and best wishes”. The “prove them wrong” knowing we have “done our homework,” and knowing we have genuine intentions beyond financial gain, help us “stay the course” and continue pushing forward.
We understand that building something of this scale and complexity is not going to be easy. There will be challenges, questions, and criticism along the way. We welcome those who genuinely want to help us improve, and we recognize that we still have much to learn. We also believe that good intentions alone are not enough. They must be accompanied by the work, planning, and accountability necessary to make them a reality. Thankfully we are still young.
As we continue this journey, there are three principles we want to keep close to heart:
Stay Humble – “Hell is paved with good intentions.”
Be Sincere – “Do not spread false reports. Do not help a guilty person by being a malicious witness.” – Proverbs
Be Honest – “Honesty is the first chapter in the book of wisdom.” – Thomas Jefferson.
At the end of the day, Fabled Voyages is about more than purchasing a ship, filling cabins, or creating another cruise line. It is about creating a community and a place that people can call home while traveling the world.
The founders may be the mediators and creators of Fabled Voyages, but the true heart of this company will always be its Residents, Employees, and Crew. They are the people who will make the ship a home, the company a community, and the voyage something worth remembering.
That is what we are working toward, and that is why we continue climbing this mountain.
Fabled Voyages – Your Next Chapter Begins at Sea.