Money & Yachting: A Talk with Yacht Management’s Controller Joe Donofrio

Most people assume that the yachting industry involves a lot of high-value financials. And it’s true! Whether it comes to building or buying yachts and even maintaining them, significant investments are happening every day in the superyacht industry.

This glamorous side of the industry is supported by hard-working individuals behind-the-scenes. And when it comes to the financial side of things, it’s the accounting professionals responsible for managing all the details.

The person in charge of managing the financials at Yacht Management South Florida, Inc. is Joe Donofrio, our Controller. He’s worked at our Fort Lauderdale yacht management and maintenance company for about 8 years. We sat down with him to talk about his history with us and his current role at our offices.

Yacht Management: Where were you born and where did you grow up?

Joe Donofrio: I was born in Fort Lauderdale and growing up I lived there and in Pompano.

YM: Where do you currently reside?

JD: Right now, I live in Pompano Beach.

YM: Where did you go to school?

JD: I attended school in Westminster Academy, it’s a Christian school in Fort Lauderdale. I started working right after graduating.

YM: What do you recommend studying or doing to become a controller?

JD: If you want to be a controller, you have to study accounting. But learning and even studying people management skills is useful too and gives you an advantage.

YM: Can you give a brief description of what you do as a controller?

JD: As a controller, I have to manage cash flow, payroll, income and billing, as well as human resources.

YM: What's unique about working for a yacht management company compared to a regular business?

JD: Since we specialize in the management and maintenance of yachts, we often deal with wealthy high-end clients. I have seen them spend big money in fun and crazy ways!

YM: What’s the best part of working at Yacht Management South Florida, Inc.?

JD: Yachting is a fun and fast industry. I get to do and experience things that are unique to this industry. And here at Yacht Management, we have a great staff!

YM: What drew you to working in the financial field and marine industry?

JD: Ever since I was a kid, I’ve always liked boats and the water. And mixing the financial field into the mix made sense to me because it lines up with my love of numbers and money. So, my role as controller is like a perfect blend of those two passions.

YM: What was your first job out of school?

JD: That would have to be Yacht Management.

YM: What was your first job in the yachting industry?

JD: Also Yacht Management!

YM: How did you get the job at Yacht Management?

JD: I started working at Yacht Management as a summer job washing boats over 10 years ago.

YM: Do you have any advice for others who want to get into accounting or financial side of the superyacht industry?

JD: It’s a lot of work! Make sure you enjoy financials.

YM: What is your dream boat?

JD: The Azzam. It’s the largest private motor yacht in the world!

YM: Fishing versus boating or both?

JD: Boating and drinking!

YM: Dream vacation spot?

JD: I would like to cruise a yacht in Dubai.

YM: Describe your ideal day on the beach or on the water?

JD: Drinking with good friends!

YM: What do you like doing for fun?

JD: I go to the gym and do sports. I also watch sports, that’s fun too! I would say boating, drinking, and traveling are my other passions.

YM: Favorite sports team?

JD: The Miami Heat.