CEO Series: Q&A with Compass Tenders Founder & CEO, Richard Faulkner
The Virtual BOAT Show talks to Richard Faulkner, founder and CEO of Compass Tenders, for an exclusive Q&A about the superyacht tender industry.
What developments have taken place at the company during the past few months?
Firstly, we have confirmed orders for some exciting new-build tender projects, including a 12.5 metre catamaran tender and two commissions for custom limousine and open tender pairs.
Secondly, in spite of the global pandemic, we have delivered a 12.8 metre catamaran tender to its mother ship and also delivered two tenders to Feadship’s Moonrise. The delivery to Moonrise represented our 50th tender build, and our 60th build contract is now out for review. So, I am happy to say, a very positive few months considering the circumstances.
How do you think the superyacht tender industry will change as a result of the coronavirus pandemic?
I would expect that the whole superyacht business will get stronger; at this time, clients are wanting their own private space for themselves and their families more than ever. We may well also see a surge in sports / utility tender requirements as clients look to do more activities in close proximity to the mothership, rather than going ashore to seek enjoyment. Catamaran tenders are becoming more desirable as they can also be used as a satellite platform for water sports activities.
What has been the most enjoyable experience during your time as CEO?
Watching Compass Tenders grow from very humble beginnings, to what it is now; one of the world’s leading bespoke tender builders, has brought me huge enjoyment over the years – and continues to do so. I am immensely proud of our reputation for building first-class tenders and we continue to strive for excellence with every tender we build. The path has been bumpy at times, but I am fortunate to be surrounded by a team of focused and dedicated people here at Compass Tenders. We have pulled together and achieved something we can all be incredibly proud of.
What has been your greatest challenge?
Owning and running a business always has its challenges. From the usual pressure points of finance and budgets to available space for expansion and personnel requirements, the key to succeeding in these challenges is finding the right balance and managing people’s expectations - whether they are staff members or clients!
How do you foresee the company evolving over the next five years?
I can see Compass Tenders working towards ‘greener’ solutions within the build process and furthermore in the operation of the tenders. I am hoping that electric-powered tenders become viable within the next five years. As we continue to uphold a strong order book, the future is looking very bright for Compass Tenders.