Next Generation of Yachting – Part 24: Axel Stein, MMG Yachts

This month we are speaking with yacht broker Axel Stein of MMG Yachts. Learn about his career in the yachting industry in this Next Generation of Yachting series.

Looking to the future of yachting, YATCO interviews several fresh faces in the industry to discover how they got their start, their career highlights so far, and what they predict for the future of the yacht market. 

This month, we are speaking with Axel Stein, a Yacht Broker at MMG Yachts.

How did you get your start in yachting?

During my first year in college, I was seeking a part time job that would allow me to dabble in an industry I wanted to be in.

Since I was about five years old, the boating/yachting industry definitely had my attention; so much so that I drew up “my boat factory” on a sheet of paper which we still hold today.

I became a sales broker for a local Miami company when I was still a teenager and I have never looked back. This has been my passion and my career my entire adult life.

MMG Yachts was founded in 2017 for me to have the freedom to better serve our clients without bureaucracy and cookie cutter business models I experienced in prior companies. 

As a young professional, in my 14 years here, I’ve noticed our clients get younger.

I’ve noticed new boat prices skyrocket (especially since 2021) and the fairly new trend of yacht support vessels which amazes me. I predict that there will be various zero emission platforms, not necessarily sailing yachts. I can also get a sense that many superyacht buyers are growing tired of “more of the same” white yachts and more and more radical custom yachts will start to emerge

What kinds of challenges have you faced in yachting, and how have you overcome them?  

The challenges I’ve faced are too many to name, but it all stems from my straight dive into a sales broker career as a teenager.

The early years were very difficult; with no prior experience, clients wouldn’t feel comfortable with my advice. I also did not come from an UHNW network, nor have any of my family or friends from childhood been in this industry.

Most of these challenges have been overcome with time and acquired knowledge. Never stop learning! 

What are some of your most memorable and successful moments?  

My first sale was memorable; it was a 33 Grady White and it all went surprisingly smoothly!

Fast forward 7 years, when I opened MMG Yachts at our Coral Gables location was probably my most memorable moment.

It has all been uphill since. We are going into our 7th year in business and now have 6 sales brokers. 

What advice would you give to someone looking to join the yacht world? 

The yachting industry has many avenues you can take!

  • Think about what your strengths are, where you want to start,
  • where you’d like to work and then
  • decide what part of the industry you want to focus on.

There are so many capacities – sales, charter, crew management, marketing, [yacht] management, surveying, yacht building, etc. 

If the question is regarding sales brokers only, then I have three pieces of advice: never stop learning; be patient; and be persistent. This business is a rollercoaster, especially the first few years, but it’s worth it. 

What do you aspire to for the future?   

I aspire for [MMG Yachts] to be amongst the most recognized and successful boutique brokerages around, with one location in the Mediterranean and one here in Florida. 

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