Sounds like this is the best approach based on what I'm hearing. Glad I made this post.
So, my current plan;
1) Finish the airplane factory (garage) soon.
2) Start building ASAP, which will get my timeline/scope figured out better.
3) Build as much as I can until I run out of money (likely will be just short of engine/avionics/paint)
4) Keep looking for partners during this time. Looks like I have to make sure I get exactly the right person. If this isn't something that works out then I'll just keep saving up until I can afford the plane outright; or perhaps by that time I'll be bringing in more airplane fuel (cash).
5) If I get a partner make sure we mesh well and draft up a strong agreement that ensures everything is spelled out clearly on how the plane will be managed and how to sell/transfer the ownership.
This should avoid most (but not all) of the pitfalls/downsides you all pointed out. If anyone has any additional thoughts let me know.
Sounds like you have a realistic, workable plan. For others considering this in the future, a few thoughts.
Time is a funny thing - when I started my -8, I just knew that when it came time to buy the engine, I?d have to sell my flying Yamnkee, and be without an airplane for a year - but when I got there, enough money had accumulated that I could buy the engine and keep flying. Reading the future is tough, and building takes longer than you might plan.
In terms of partnerships, we did this a couple of years ago. There was a fellow at a nearby airpark that had started a bush plane eight years before, using a factory assist program. Got it looking like an airplane, and had it shipped home - and had made little progress - he didn?t have the experince or skills necessary to do the systems, FWF, and finishing work. We bought half, did the finishing (with his assistance, but we were really the primary builders at that point, as well as quality control), and got it flying. Our partner had little taildragger time, and during the build, he passed the dreaded ?70? that make insurers nervous - so it turned out he was never going to get to fly the airplane solo...so we bought his half.
A couple of lessons:
1) ?Yes? on a detailed partnership agreement, with a lot of time spent on how to terminate it.
2) Figuring out the appropriate price for one partner to buy out the other is very, very difficult in advance, especially with a unique airplane that his hard to appraise. Figuring out who contributed what in terms of added value was something we didn?t anticipate properly, and made this even more complicated.
3) We didn?t know each other in advance, we became friends during the build, but there was always a wariness about how things would end. Our cordial friendship survived the buy-out, but it took some effort to make sure of that outcome.
4) Make sure to address things like insurance, and be existing about the increased costs due to disparity in experience levels.
When we got involved, we weren?t sure how we?d work together, so I made the offer that Louise and I would spend a month or two working on the airplane with the partner to see how compatible we were in the shop, and in being around one another. If, after that month, we were comfortable, we?d buy in. If not, the added work on his plane would be our gift to him and the experimental movement, and we?d part friendly. That trial period was very valuable, in my mind.
First time I?d ever partnered on a plane, although Louise had experience in previous airplane partnerships, so it worked out. But it was....different.
Paul