The smallest sailing yachts— and below—must tow their tenders, which are typically dinghies. Larger yachts may have davits to lift the tender out of the water, typically above the transom; this would be a typical approach for a motor yacht, which cannot tow a tender at its cruise speed.
Small sailing boats and those smaller must carry their tenders, which are usually dinghies. Larger yachts may use davits to lift the tender out of the water, often above the stern; this is common for motor yachts, as they can't tow a tender at their normal cruising speed.