When you travel for business, you sacrifice a lot of your valuable time. The time required to travel commercially is not only limited to the length of your flight considering the process includes added tasks of booking your flight, securing transportation to the airport, parking, waiting in long lines at security, not to mention any additional delays due to flying a commercial airline. When time is money, you may consider owning a private business aircraft for the convenience, time, and productivity you can get back in your day.

Owning a corporate aircraft may be a fit if you find yourself constantly flying from city to city as a part of your business. You may even have a substantial annual budget for you and your business team or senior leaders. If you think about how much more you could accomplish by eliminating the hassle of flying commercial airlines, you might be ready to consider private aircraft ownership. There are several options that could meet your needs when it comes to purchasing a business jet.

• Charter Service: When you use private jet charters, it is similar to booking a luxury car service where you book or reserve an aircraft for your trip and pay for the flight itself. Charter flights allow you to bypass the busy large airports, long security lines, and cramped storage spaces and leg room. Chartering costs vary depending on the type of aircraft that you choose and your desired location. You may opt for different aircraft depending on your needs and the length of your trip. One thing to consider as well is that availability of specific aircraft may vary based on the dates and times you wish to book them. Private jet charter flights give you many of the benefits of flying privately without the long-term commitment or expense of owning the aircraft yourself.
• Fractional Ownership: Fractional ownership is an option that allows you to own a percentage of an aircraft. The aircraft would typically be operated by a company that owns a fleet of private planes and private jets. As the term implies, you would be a partial owner with a group of owners which would help offset costs. While fractional ownership allows you to access your aircraft on much shorter notice than booking traditionally, there may be a limited number of flight hours you could use. Sometimes a commitment to the program is required (Ex: 5 years). In some cases, your aircraft may include interchange agreements that allow you and other owners to use an alternate aircraft should yours be unavailable.
• Shared Ownership: Similar to fractional ownership, shared ownership involves multiple owners. However, shared ownership offers some benefits that fractional ownership does not and may be right if the frequency of your travel is fairly high. With a shared arrangement, you purchase a portion of the aircraft as well as share the obligation of storage, maintenance, crew training, and insurance. You and your partners develop an agreement regarding usage and scheduling and sometimes even create a limited liability company in order to benefit from tax incentives and protect your aircraft asset. However, with shared ownership, you and your partners still have the option to arrange for an executive aircraft management company to take care of operation of the business jet to simplify the experience and potentially save you money.
• Full Ownership: Full ownership offers the greatest benefits and flexibility given that you would have the aircraft at your full disposal. Your private jet is available when you need it, where you need it, with little notice. With this added convenience, there is still the consideration that you would be responsible for all operational and management aspects including any regulatory requirements and insurance costs. When deciding which type of aircraft is right for you, it is important to consider what your most typically travel needs are taking into account whether you are flying internationally or not.

The decision to own a corporate aircraft may become easier as you realize how much your business depends on travel and how often you find yourself running through the airport after being held up by long lines or sitting through another delayed flight and missing that important meeting. Owning a corporate aircraft will allow you to close business deals in two separate cities while still coming home in time for dinner at the end of the day. If you are considering aircraft ownership, please contact us for any questions or concerns about what path may be best for you.

Owning a private aircraft is a serious investment and requires time and care when it comes to deciding on the best private jet to meet your needs. You may have decided that the amount of time you spend traveling might actually mean that ownership is a more economical decision than constantly booking commercial and private flights. The same careful consideration should be made for choosing your aircraft management company. While many aircraft management companies may offer similar services, you should take the time to investigate what makes one company different from another and see which one can provide you with the services and accountability that you need. As a result, there are often additional benefits and varying factors that will influence your decision. Here are some important factors to consider when choosing the right aircraft management company.

Crew
When it comes to your private aircraft, you will want to ensure that only the best and most qualified crew members are operating it. Trust, training, and reliability are important factors and goes beyond simply looking into the company itself. In some cases, an aircraft management company may not necessarily have the most experienced flight crews just because they have been in business longer than another company. Take the time to inquire about the crew as well as their training processes and additional crew requirements or standards

Maintenance
The care your aircraft receives is obviously an important aspect of deciding which aircraft management company will be the right fit. You will want a knowledgeable and efficient manager to be on top of things when it comes to dealing with routine maintenance inspections or unexpected mechanical issues. It is also important that your manager is current on mandates and regulations in order to ensure that changes or upgrades are always compliant. If your aircraft management company is not up to date, it could unfortunately lead to unexpected delays or costly rework.

Costs and Discounts
Cost is undoubtedly going to be a factor when deciding which aircraft management company is the best option for your needs. However, be sure to understand the full breakdown and factor in any additional benefits that could reduce your costs. Many companies offer discounts on maintenance labor and parts, fuel, reduced insurance costs as part of a group or fleet rate, and discounts and premium benefits at FBOs. In some cases, the discounts are greater than the cost of the management fees. Another way to offset costs is to consider charter services. You can allow others to share in the benefits of flying privately while also earning revenue when you are not using your aircraft. This can reduce your cost of ownership by 50 percent or more.

Reporting
This may seem like a small or more minor detail, but it is actually a significant one. The best managers will be able to breakdown your monthly costs in a clear and transparent way so that you know exactly what you are paying for. Detailed and thorough reports ensure that you have the ability to monitor, track, and review all expenses required for your aircraft. Having transparent communication up front ensures that you build a relationship on trust with your aircraft manager, which is often one of the most important things to consider when making a selection.

Client Retention Rate
What is one of the best methods to determine the overall quality of an aircraft management company? Ask its clients. While protecting the privacy of clients is extremely important for private jet management companies, any reputable organization will have satisfied, longstanding customers that are willing to speak about the service they receive. A management company that does not provide references may not keep their clients happy for very long.

In conclusion, you will want to find the aircraft management company that offers the services you need and will work with you in a way that shows they always have your best interest in mind. Companies built on quality service, trust, and reliability are the ones who will make your investment in a private aircraft worth every penny.