Becker Business Podcast
Episode: Sharing the Luxury of Yachts with Ted Widen
Host: Scott Becker
Guest: Ted Widen, Entrepreneur and Founder—Great Lakes Fractional Yachts
Date: October 1, 2025
Brief Overview
Scott Becker is joined by Chicago entrepreneur Ted Widen to discuss his latest venture, Great Lakes Fractional Yachts. Ted, renowned for founding Chicago Scene and pioneering unique social and boating experiences, shares insights into making luxury yachting accessible to a broader audience through fractional ownership. The conversation delves into the business model, practicalities, opportunities, and entrepreneurial lessons learned in launching a high-ticket, niche luxury business.
Key Discussion Points and Insights
1. Ted Widen’s Background and the Genesis of Fractional Yachting (00:33–01:42)
- Ted traces his journey from trading at the Mercantile Exchange to founding Chicago Scene—described as "Facebook before Facebook"—and orchestrating massive social and boating events in Chicago.
- Leveraging decades of event and charter experience, Ted identified a gap: most boat owners use their yacht 20% of the time, making outright ownership inefficient for most.
- Inspired by established fractional models in Florida and California, Ted set out to introduce shared yacht ownership to the Great Lakes.
Notable Quote
"Most people use a boat about 20% of the time... it just there had to be a better way to do it." — Ted Widen [00:33]
2. The Great Lakes Fractional Yachts Business Model (01:42–06:58)
- Ted explains how rapid price inflation in boats makes luxury yachting out of reach; a new 35-foot boat may cost $1 million, while a large, four-bedroom yacht can be shared fractionally.
- Fractional ownership allows individuals to buy into a much larger, more comfortable vessel—like a 68-foot Sunseeker—only paying for the share they’ll use.
- The first listing is a $4 million Sunseeker Manhattan 68, offering features like four bedrooms, three baths, a crew cabin, and the capability to traverse the Chicago River.
Notable Quote
"Why not buy a quarter of a $4 million boat for that million dollars? And now you're in instead of a, basically a studio apartment... you could buy a four bedroom, three bath, 68-foot beautiful boat." — Ted Widen [01:56]
3. How Fractional Ownership Works (06:58–10:12)
- Owners purchase shares in an LLC holding the vessel and pay proportionally for all expenses (dockage, storage, insurance, maintenance).
- Crew: All yachts include a licensed captain and crew member, removing stress and making ownership accessible to novices and aging enthusiasts alike.
- Usage is split into approximately 25 full days or 50 day/night segments per season (boating season in Chicago is May–October).
- Owners can resell their shares.
Notable Quote
"You only pay, you're only paying a quarter of those expenses... In our situation, with our company, we want everybody to, to have a full-time licensed captain driving the boat and a crew member." — Ted Widen [07:16]
4. Is It an Investment? Who Is It For? (10:12–14:49)
- Ted and Scott clarify: boat ownership is not an appreciating investment but a "lifestyle concept." Resale is possible, but significant returns are unlikely.
- Ideal for both first-timers (who may want to learn the ropes with a captain) and seasoned boaters (who want hassle-free luxury as their needs change).
- "Walk on, walk off" experience: all prep, cleaning, and provisioning is covered; owners pay for fuel, food, and ancillary services.
Notable Quotes
"Boats are not investments... you now want to spend it to enjoy yourselves and your, enjoy your family." — Ted Widen [10:42]
"Having a full-time captain and crew member... where you just—the idea of our experience, it's walk on, walk off." — Ted Widen [12:09]
5. Expansion Plans & Market Opportunity (14:49–17:10)
- Great Lakes Fractional Yachts aims to expand throughout the region and potentially replicate the model in markets like New York and nationally.
- Ted launched ShareYachts.com for broader, larger-vessel co-ownership.
- The business fills a clear need for more efficient, less wasteful boat usage—and high-value experience for owners.
6. Ted Widen’s Boating Passion & Unique Experience (17:10–19:56)
- Ted recounts lifelong boating memories, including sailing from Chicago to Florida with his son—a journey of 1,300 miles and 26 locks over 26 days.
- He describes "The Great Loop"—a legendary 5,500-mile continuous waterway journey, completed by fewer people than summit Everest.
Memorable Moment
"There are less people and boats that do that trip on an annual basis than climb Mount Everest." — Ted Widen [19:37]
7. Lessons in High-Ticket Entrepreneurship (19:56–23:49)
- Speed to market trumps perfection early: Ted contrasts a prior business that took two years to launch with this venture’s 2–3 month ramp-up.
- He cautions about legal complexities (fractional LLCs, ownership transfers) and recommends only investing heavily in such details when real customer interest exists.
- Staying lean and testing the model before significant investment is key.
Notable Quotes
"You got to bring things to market and find out if there is a market." — Ted Widen [20:24]
"You first gotta sell it. And then you could figure it out." — Ted Widen [22:16]
8. Turning Passion into Business & Overcoming Skepticism (23:49–25:58)
- Ted advises entrepreneurs to test passion businesses for real demand—just loving something doesn’t make it profitable.
- Building trust in a new concept means constant on-the-ground engagement; his reputation from Chicago Scene and the boat party provides recognition and trust.
Notable Quote
"Just the question is when you got to try being around enough to make sure you're in the cycle, that you're there when they're ready to pull the trigger..." — Ted Widen [24:31]
9. How to Learn More & Get Involved (26:18–28:44)
- Ted shares contact info for interested parties:
- Website: greatlakesfractionalyachts.com
- Phone: 312-593-1180
- Email: tedwiden@gmail.com
- Alternative listings for smaller yachts coming soon; emphasis on helping customers find the right fit based on both budget and marina constraints.
Notable Quotes & Highlights
-
On the appeal of shared yachts:
"It's a five star experience that most people, especially the Chicago market, never have an opportunity to do." — Ted Widen [13:30]
-
On market necessity:
"These boats need to be used in order to perform properly... A lot of times I got friends on my dock who start their engines because they never take the boat out." — Ted Widen [15:29]
-
Entrepreneurial wisdom:
"Bring it to market. ...Just because it's a passion of yours doesn't mean it necessarily makes money." — Ted Widen [20:24, 23:49]
Segment Timestamps
- Ted Widen background & origin of the business: 00:33–01:42
- Business model explanation: 01:42–06:58
- Fractional ownership details: 06:58–10:12
- Investment, lifestyle, and target customer: 10:12–14:49
- Expansion and market opportunity: 14:49–17:10
- Boating passion & The Great Loop story: 17:10–19:56
- Advice on launching a luxury business: 19:56–23:49
- Testing a passion business: 23:49–25:58
- Contact details & how to engage: 26:18–28:44
Conclusion
Ted Widen’s journey epitomizes entrepreneurship fueled by passion, vision, and market acumen. Great Lakes Fractional Yachts bridges a gap in luxury boating, making it practical and attainable for many who might otherwise never experience such yachting. From advice on starting niche, high-ticket ventures to candid admissions about the realities of ownership, this episode offers rare insight for business enthusiasts and boating dreamers alike.
Learn More:
- greatlakesfractionalyachts.com
- Phone: 312-593-1180
- Email: tedwiden@gmail.com