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Future Values in Business Aviation - What's Certain?
Aircraft values are hotly contested at the beginning of each year by everyone - OEM’s, brokers, appraisers, but what’s the truth? How do you cut through all the noise? What’s absolutely certain anymore?
headlines move articles not always facts
Depending on who you ask - the 2020 biz av market is either booming or on the verge of total collapse. That’s a bit of the world we live in today - hardline positions make for more entertaining arguments and surely help boost search results, but they make it difficult for the rest of us who just want real facts. Misinformation can leave the business aviation industry exposed to an undue optics problem that can ultimately lead to market instability. I’m not breaking out the crystal ball today (I’ll save that for future posts), but here are the facts you need to know.
The Truth…
Extremes are statistically rare. Without delving into the raw mechanics, it’s important to understand that the market always seeks balance and stability. That means that if someone is forecasting record-breaking growth or the world’s largest bust - your spidey-senses should be tingling.
The reality is, it’s tricky to forecast a single segment’s movement and even more so an entire industry. Does movement in the single-engine turboprop market have a huge bearing on the stability of large cabin biz jet sales? No, not necessarily. Business aviation serves as a support role for so many industries, and aircraft classes can serve distinct market segments that may help bolster (or bust) their values.
Here’s the “inside” scoop - the lower the intrinsic utility of the aircraft the more volatile the values will be. It may seem simple and it is really, but this concept has caught the market off guard more than once. During the financial crisis of 2008, the business aviation market faced major market instability with values plummeting across all aircraft types and classes. However, those that suffered the most were those with a lower intrinsic utility to their respective owners. In some cases, large-cabin business jet values fell by over 50% between 2008-2009. Certainly, these aircraft had more to lose in terms of monetary value but a close look at market conditions would reveal that while a high-utility turboprop like the King Air 350 did have an accelerated value loss after 2008, the market overall remained liquid; while an aircraft like the Gulfstream GIV-SP suffered a nearly 40% loss in core value due to downward market pressure from a flooded market (among other factors) which was not an uncommon sight among heavier business jets. I’m not picking on the GIV-SP as a “low-utility” aircraft, it’s a good airplane, but the reality is, the market certainly believed it had lower utility than a King Air - it’s much harder to pivot a GIV-SP from carrying executives from industries that simply no longer possess the capital for continued operation to say, carrying cargo. The great news is manufacturers are more aware of this dynamic now more than ever - low utility aircraft simply don’t sell well.
OEM’s Want a Stable Future
Manufacturers across all types and classes are focused on delivering aircraft that deliver exceptional value to the widest variety of customers. That doesn’t mean that OEM’s are less concerned with delivering a great on-board experience - but they need the “bling” to be backed by discernible value for the customer - like being able to fly faster, further, and higher than ever before while staying connected to what’s happening at the office in real-time. This pressure to innovate or become obsolete has never been more apparent. Over the past decades, we have witnessed a continual consolidation of OEM’s that were not able to keep pace with an industry set on moving forward and overall, that’s good for the consumer. OEM’s that are dedicated to creating true value for their customers not only build better airplanes but are helping assure a more sustainable future for business aviation.
Here’s the Takeaway:
Market forecasts are not always reliable and that’s a problem for consumers and the business aviation industry.
Forecasting values of all of business aviation is disingenuous. Biz av supports a huge variety of industries, many of which, have very little effect on one another.
The intrinsic value an aircraft serves to its consumers is a huge driver of market stability - low utility aircraft will suffer the most during market downturns.
Aircraft manufacturers care about the future. No group has more at stake to guarantee that their planes have a long-lasting value-add for their customers. Especially in a world where consumers are more sensitive to purchasing assets that offer quantifiable ‘real-world’ value.
Cameron Tipton, ASA, ARM-MTS
Author:
Cameron Tipton, ASA, ARM-MTS
accredited senior appraiser
appraisal review & management - mts
Fly To: Santa Fe
For many, aviation is about freedom. Whether it’s for work or for play, general aviation grants unparalleled opportunities to access locales that would otherwise be out of reach. In this “Fly To:” we are visiting the artist and ski town of Santa Fe, New Mexico. We discuss how to fly there, what to do, when to go and where to stay in this enchanting city.
Summer is Here! Head to the Mountains.
let’s take a trip from lively Santa Fe up through Southern Colorado
Summertime can be brutal in the south. Some people head to the beach to fully embrace the heat, but for others, the Rocky Mountains can offer a welcome reprieve with promises of cool, dry air and endless outdoor activities. This three part “Fly-To” series will start in picturesque Santa Fe and conclude with some mountain flying in Southern Colorado.
Exploring Santa Fe
There is no better place to begin a summer mountain adventure than Santa Fe, New Mexico. Santa Fe offers an atmosphere that is decisively different and has a little something for everyone.
Events You Shouldn’t Miss!
June 15,16 or June 22,23 2019
Santa Fe has a long history as an artist’s town and this free event draws people from all over to take an intimate look at the artist’s studios and most recent works.
Santa Fe Edible Art Tour
June 14-15 2019
Have you ever been walking through an art gallery and thought, “gee, I could really go for some food”? The Santa Fe Edible Art Tour is a city-wide event that allows you to eat your way through some of the top local galleries. Artists provide a curated culinary experience in their own workspace and are on-site to talk about their exhibits.
Santa Fe Bandstand
All Summer Long
The Santa Fe Bandstand runs from May through August and provides FREE live music on the historic Santa Fe plaza from local and regional artists. Bring a chair and listen to great music, or better yet, grab a patio seat at one of the restaurants nearby and sip on a cocktail with the best view around.
Flying into Santa Fe
Santa Fe Regional Airport (KSAF)
Santa Fe Regional Airport FBO
Open 24-hours
ILS, VOR, RNAV (GPS) Approaches
3 runways with maximum length of 8300 ft
Things to Know Before Takeoff
Watch that density altitude! The airport sits at over 6,000 ft elevation with rising terrain to the east. Those warm summer months can tack-on some serious length to your takeoff roll.
Heading East? Look at the charts! Terrain rises sharply east of the field, if you’re in a normally aspirated plane be prepared to circle, or take a lower altitude route to the south or north.
The airport is about 10 miles from the city - UBER/Lyft are reliable in the area if the crew car is taken.
What to do in Santa Fe?
Where to Stay?
Driving Forces Behind Aircraft Retirement
Aircraft frequently outlive the manufacturer life estimates, sometimes by multiple decades. This is great news for owners and operators who are looking to stretch their investment and helps maintain lower cost options in the used marketplace. However, as some of these aircraft approach 40+ years of faithful service, the shadow of retirement grows larger. So what happens if you’re holding onto an aircraft that is ready to make its last flight? How do you know it’s time? Let’s take a look.
All Good Things Come to an End
Aircraft frequently outlive the manufacturer life estimates, sometimes by multiple decades. This is great news for owners and operators who are looking to stretch their investment and helps maintain lower cost options in the used marketplace. However, as some of these aircraft approach 40+ years of faithful service, the shadow of retirement grows larger. So what happens if you’re holding onto an aircraft that is ready to make its last flight? How do you know it’s time? Let’s take a look.
Walking a Fine-Line
The decision to retire an aircraft is not always as simple as a life-limit on the airframe, in fact, it’s usually a complex decision. There are three driving forces that drive the depreciation of an aircraft (in appraiser terms: “obsolescence”) that are worth explaining.
Physical Depreciation
This is the factor that is most obvious. As a plane ages, so do its parts. Sure, we can replace or rebuild a majority of the components, but things like the actual airframe will continue to wear down over time. Having an aircraft remain outside of the hangar for extended periods or failure to properly preserve the aircraft during inactivity can accelerate physical depreciation.
Economic Depreciation
Economic depreciation is best categorized by the loss in value by factors that are external to the aircraft. A great example is the FAA NEXTGEN requirements for 2020. For some older (but perfectly good) business jets, the cost to equip ADS-B Out by 2020 outweighs the value of the aircraft. Some older Learjet’s may have a “hull” value of $250,000 and ADS-B compliance may cost over $200,000 or there may not be an upgrade path at all.
Functional Depreciation
Functional depreciation is (basically) the loss in value of the aircraft when compared to a newer, more efficient model. A Citation II manufactured in 1980 will cost substantially more to operate than a newer Citation Bravo with more advanced components and more fuel efficient engines, therefore that value will be lower on the less desirable model.
when should you retire your plane?
It isn’t usually one single factor that forces an aircraft into retirement, but a growing number of each of these forms of depreciation until it is simply not economically viable to operate the aircraft any longer. Sure, that 40 year old biz jet may absolutely be airworthy and fly your ideal mission, but add in the growing cost of maintenance and a multi-hundred-thousand-dollar ADS-B Out solution and that value proposition quickly fades away.
Understanding the specific depreciation factors affecting your aircraft is complicated and retiring an aircraft without some advanced planning can be costly. If you own an older aircraft it’s critical that you maintain a pulse on the marketplace specific to your aircraft. Older aircraft can be a great value, but being blindsided by an expensive retirement can quickly wash away any money you saved.
If you own an older aircraft, here are 4 tips to stay ahead of the curve
Check model-specific trends quarterly. Did 10% of the fleet get retired in the last few months? That could be a sign that it’s time to sell.
Understand your maintenance schedule. Is your plane coming up on a heavy maintenance item (“D-Check”)? It might not be worth investing hundreds of thousands of dollars if the aircraft will need to be retired before the next major maintenance event.
Have a plan. Understanding your options ahead of time can save you a huge amount of heartache in the end. Do you want to be the last owner of this aircraft? Do you plan on donating this aircraft to a charity? Parting it out for salvage? Moving it to the desert? Answering these fundamental questions will help guide your ownership and will drastically improve your experience.
Talk with an accredited appraiser. Having someone in your back pocket with a constant pulse on the market is invaluable when your aircraft is near the end of its life. Appraisers are also connected with huge swaths of resources like salvage centers and museums and can provide solid unbiased guidance to help you make these tough decisions.
In the next blog, we’ll take a look at some of the uses aircraft have beyond the sky and the desert graveyards where thousands of aircraft rest untouched.
Author:
Cameron Tipton, ASA
co-founder/accredited senior appraiser
Flight level partners
How to Choose an Aircraft Appraiser: Comparing Appraisal Credentials
There is a lot of confusion around the different appraisal organizations. ASA, NAAA, PAAO, ISTAT - what do all these letters mean to you? We take a close look at the organizations that credential aircraft appraisers and what it takes to become one for each.
Aircraft Appraisal Organizations
In our previous article we gave our top 4 things to know before getting an appraisal. Hiring an accredited appraiser is critical and there are only 3 major accrediting organizations for aircraft appraisers. The next reasonable question is, which organization’s appraisers are best for your valuation?
Here are the facts:
American Society of Appraisers
The ASA has been in existence since 1936 and was one of the founding members of the Appraisal Institute, which created and continues to disseminate the Uniform Standards of Professional Appraisal Practice (USPAP) which is the congress-recognized guideline for appraisal development and reporting. Today, the ASA is the largest, multi-disciplinary, non-profit appraisal organization and its members are recognized worldwide as a cornerstone of ethical and professional appraisal practice.
The ASA has a specialized program for aircraft appraisers taught in conjunction with Embry-Riddle Aeronautical University. The ASA requires successful completion of 4 Principals of Valuation courses for a total of 120 classroom hours, which each have an exam component that tests for comprehension of aircraft systems, finance, and valuation methodology. Candidates must then submit verifiable proof of experience in the aviation appraisal field, a 4-year college degree, and an appraisal report that all is reviewed by an international board of examiners. After receiving an accreditation, ASA appraisers are required to comply with USPAP and the ASA’s code of ethics. Appraiser’s must also fulfill the 120 hour continued education requirement every 5 years, proof of which must be submitted to the society. Flight Level’s appraisers hold their designations with the ASA.
International Society of Transport Aircraft Trading
ISTAT was founded as a non-profit educational and networking organization for professionals working in transport aircraft trading in 1983. Since then, ISTAT has developed an appraiser education and credentialing program for the valuation of transport category aircraft (think: airliners, commuters, etc…). ISTAT has varying levels of credentials that each require different levels of experience, and examination. At minimum, ISTAT Appraisers must have 5 years of experience in aviation with 2 years of full-time appraisal experience, pass a series of exams, provide proof of a 4 year college degree (or equivalent) and provide an appraisal that will be reviewed by a Board of Governors. After credentialing, Appraisers must complete on-going mandatory continued education.
ISTAT requires its members to adhere to the Uniform Standards of Professional Appraisal Practice (USPAP) development and reporting standards and uphold societal ethics.
Professional Aircraft Appraisal Organization, LLC
The PAAO was created from the remnants of the now defunct National Aircraft Appraisers Association (NAAA). PAAO was founded at the end of 2018 and is currently only accepting appraiser membership from former NAAA Appraisers. The NAAA previously certified appraisers at varying levels dependent on experience in aviation and after attending in-person training courses. The PAAO is currently working on an education pathway for future appraisers, but does not have one in place at the time of writing. The PAAO requires its members to adhere to a societal code of ethics and states that its members should adhere to USPAP development and reporting guidelines when valuing “turbine” aircraft. There is currently limited information regarding what requirements there will be for incoming candidates and what will be required for re-accreditation.
Picking an Appraiser
It’s important that the consumer understands what type of appraiser they are hiring since it may influence the credibility of a given report. An appraiser that has a credential restricted to valuing piston aircraft is probably not the best match for a Gulfstream valuation. Knowing the ins-and-outs of the different organizations empowers you to make well-informed, smart decisions. With money and assets on the line, mistakes can be catastrophic.
We believe the ASA holds the highest standards for their credentialed appraisers. Not only is it the oldest of the appraisal organizations, it also is the only multidisciplinary one; ensuring that appraisers of all fields are interconnected and have a pulse on not only their industry, but the economy and appraisal environment as a whole. The rigorous education, testing, credentialing and continued education requirements are recognized as the gold standard, worldwide. Flight Level is proud to have two aircraft appraisers accredited by the ASA.
Corey DeWitt, AM
Top 4 things to know before getting your aircraft appraised
Lenders, insurers, asset managers and owners rely on aircraft appraisers each day, but there are a lot of misconceptions regarding the ins-and-outs of both the appraisal process and what it means to be an “appraiser”. This new Flight Level blog series, “Appraisal 101” will highlight some things we wish all our clients knew and give some insider scoop on what to watch out for when you hire your next appraiser.
Shedding light on aircraft appraisers
Appraiser credentials are, by far, the most common source of confusion in our industry. Here are the facts you need to know before approaching an “expert” for an appraisal:
1. There are ZERO consumer protections.
Most consumers are familiar with the appraisers from real property transactions, where there are a slew of regulatory consumer protections in place. Outside of real property appraisers, anyone can call themselves an appraiser of something - aircraft, art, surfboards, anything. This creates an environment for confusion, because it forces the end-user of appraisal services to determine the underlying credibility of the appraiser. Fortunately, there are organizations (which I will describe later) that accredit appraisers to perform aircraft appraisals. If you are not using an accredited appraiser you are at high risk of receiving a unreliable report.
2. Dealmakers May Not Be Impartial
Any number of aircraft dealers/brokers will provide you with a written appraisal. These parties are not inherently impartial since they are vying to be a member of the transaction and are concerned with either selling you on a number than makes you happy, or one that gets you to engage them as a broker. Accredited appraisers are held to ethical standards and must disclose any previous, current or prospective interest in the property. Maintaining impartiality is one of the key ethical requirements of an appraiser and an added layer of security with your valuation.
3. Someone Must Enforce Ethics & Best Practices
Appraisers who are accredited by a professional organization must uphold the standards of that organization or they will lose their credential. This is important. Non-accredited “appraisers” are not required to conform with any regulations or practices, nor is there a channel to report and remove unethical appraisers. Flight Level’s appraisers are both accredited with the ASA which strictly enforces compliance with the USPAP development/reporting guidelines, society ethics/practices and requires a minimum of 24 hours of continuing education in the appraiser’s field each year.
4. There are three organizations that accredit appraisers
While there are other organizations that claim to offer credentials the 3 that are professionally recognized are the: American Society of Appraisers (ASA), International Society of Transport Aircraft Trading (ISTAT), and the newly formed (2018) Professional Aircraft Appraisal Organization (PAAO). There are not any other organizations in the United States that provide education, testing, and credentials to aircraft appraisers. We will be comparing these organizations further in our next article.
Next time you or your lender are in need of an appraisal, seek out an appraiser who is impartial, conforms to a standard for ethical conduct and is accredited by an appraisal organization. Of course, if you have further questions or concerns about appraisals, Flight Level’s team of ASA accredited appraisers is here to help.
Author:
Cameron Tipton, ASA
co-founder/accredited senior appraiser
Flight level partners
Fly To: Galveston Island
For many, aviation is about freedom. Whether it’s for work or for play, general aviation grants unparalleled opportunities to access locales that would otherwise be out of reach. In this “Fly To:” blog we discuss one of Texas’ most underrated beach-towns, Galveston. Whether your ideal getaway is beach-bumming, thrill seeking, street strolling, museum hopping, or just kicking it with the locals, there is something for everyone to get into the Island lifestyle!
A non-traditional Beach town
Galveston, Texas
Established: 1839
Population: 50,180
Elevation: 7ft
Closest Major City: Houston
When to Go
Galveston is a great place to visit year round with plenty of beach-going in the spring to fall as well as events like Dickens on the Strand that brings visitors in the winter.
Galveston’s Rich history
It’s hard to believe without visiting Galveston that it was once the largest city in Texas, the “Wall Street of the South”, the “Ellis Island of the West”, a safe haven for pirates, and the Sin City of the South. One may be tempted to dismiss the monumental importance the city had on the growth of Texas and our nation, but when you walk the streets of the sleepy Victorian city its historic grandeur is palpable. The ghosts and stories of its past are evident on every corner, in the mansions of sheer magnitude and beauty basking in the ocean air and the pylons that are the last remnants of where celebrities would flock to gamble and play. Located only an hour’s drive from Houston and with its own private airport, the iconic and unmistakable beach city awaits you to explore its waters, streets and past.
Founding an Icon 1816 - 1900
Pirates
The island of Galveston was named Galvez or Galveztown after Bernardo de Gálvez by the Spanish explorer Jose De Evia who mapped the island in 1785. Originally the island was inhabited by the Karankawa and Akokisa tribes until the arrival of a certain French pirate by the name of Louis-Michel Aury in 1816 who established a pirate colony on the island with the aid of another famous pirate Jean Laffite. Laffite remained on the island as the head of the “Compeche” and used it as a base during his many raids on merchant ships in Central American ports until the United States Navy forced his leave in 1821. He took with him all his loot and burnt the pirate fortress down as he left the island for good.
Established City
In 1939, after the purchase of thousands of acres of land on the island by Michel Menard and others, the Republic of Texas adopted Galveston and incorporated it. Over the next sixty years the city experienced astronomical growth it became the largest port city in Texas, a center for trade, the immigration center for the West and had incredible innovations. In Texas, it was the first to have lights, the first telephones, the first bakery, the first medical college, the first opera house and the second largest economy in the nation. Being the largest city in Texas and the economic hub of the south in the 1800s certainly had its perks. Presidents, celebrities, businessmen and vacationers were drawn to the island city for business opportunities, the access to beach and luxuries like the iconic Beach Hotel. The city continued to prosper and operate peacefully until one September day… the great hurricane of 1900.
Recovery, Gambling, & Renaissance 1900 - 2018
Galveston would never be the same after the 1900 storm which still is the deadliest natural disaster in the history of the United States, claiming over 8,000 lives. Recovery efforts included raising the city and all the houses by 17ft and creating a seawall to aid storm surges in future hurricanes. Despite their attempts the city would never regain its former glory, many moved due to the trauma of losing friends and family, others pursued business upstream in Houston. In 1909 Houston dredged the Houston Ship Channel, putting to rest any hope of the city ever being a commercial trade hub again. However, in the 1920’s the city had a resurgence in tourism and locals Sam and Rosario Maceo began their bootlegging empire. The two brothers were incremental during the prohibition in providing booze and gambling to wealthy Houstonians such as Howard Hughes and other out-of-towners. They established several clubs over the next thirty years, the most famous being the Balinese Room where Sinatra would come to play. The city was bustling once again and was donned, in an Italian mafia fashion, as the Sin City of the South until 1957 when the Texas Rangers had successful raids on the clubs.
Galveston today is in a sort of renaissance. Efforts from the locals, historians, the city and investors like Tilman Fertitta have brought a renewed confidence in the city. Beautification projects have been taken to revitalize beaches, parks, streets and historic neighborhoods. New businesses are flourishing off of increased cruise ship traffic out of the Galveston port and the increasing number of students at UTMB and A&M Galveston.
Flying into Galveston
Scholes International Airport (GLS)
On-site 24-hour ARFF station
No landing fees
Air traffic control services 6 am to 6 pm daily
24-hour passenger and pilot lounge
Outside of Class B airspace
24-hour weather service
Navigational Aids: GPS, ILS, RNAV, VOR/DME, VORTAC, ASOS
Two 6,000' x 150' runways to accommodate a wide variety of fixed-wing aircraft and helicopters
Airport History
In the 1920’s Robert (Bob) Scholes and Fen Waters (among others) were aviation enthusiasts offering private rides and aerobatic demonstrations in Galveston before the issuance of pilot licenses. At the time they were utilizing East beach as a runway until the city forced them to cease. Fen was offered a piece of land by a friend and local farmer which became Galveston Municipal Airport in 1931.
For a brief time in 1938 it was renamed after a Galveston local Douglas “Wrong Way” Corrigan until World War II when it was designated a United States Army Air Corps base under the name of “Galveston Army Air Field”. The Army Corps of Engineers then designed and built three 6,000ft strips to accommodate military aircraft operations on the site. In January of 1943 the base was officially activated as the 46th bombardment group, flying the Douglas A-20 Havoc and later Lockheed Venturas, pursuing antisubmarine missions in the Gulf of Mexico. The fields primary use was for the 407th Fighter-Bomber Group, a replacement crew gunnery training group, with over 2500 enlisted men onsite. The base was officially deactivated on November 15, 1945 and the airports ownership returned to the city who renamed it Scholes Field, after the local aviation pioneer Bob Scholes.
What to do in Galveston
Swimming & Surfing
Surfing
Most people don’t associate surfing with Texas, rather cowboy boots, ranching, oil and Walker Texas ranger, but our state is full of great places to “tie up your horse” and surf. Galveston boasts some of the best surfing in the state and an experience that you can’t get anywhere else .
Jamaica Beach
A little south of the busy beaches by the famous “Pleasure Pier with faster waves, deeper water and a good chance for tubes.
Surfside
A short drive south from Galveston and Jamaica Beach, Surfside is probably the best spot to surf on the Texas Gulf. A lot of wave variety here, which can get real wild when storms are in. Long jettys that offer a great chance to jump onto some peelers. Great for long-boards and short-boards with locals offering lessons and rentals on the beach.
Ship Channel - Tanker Surfing
Surfing wakes is not an uncommon thing, but surfing waves off of cargo ships coming into port definitely is. Captain James Fullbright pioneered the sport in Galveston in the 1990’s with his surf crew and offers charters to advance long boarders only. The location that you surf at depends on the bays traffic, size and shape of the ship, and of course skill level. What you can expect, chasing after ships, paddling hard to catch the wake, possibly surfing in oyster reefs, being joined by dolphin pods and riding for minutes at a time in pure bliss.
Is the water brown?
For most Texans, the ideal vacation spot on the Gulf Coast is and always will be South Padre Island or Mustang Beach near Corpus Christi and for good reasons including white sand beaches, blue water and some of the best waves on the coast. Comparatively Galveston has been a little lackluster when it comes to the beach and color of the water, which for almost a century has remained a certain shade of brown due to currents bringing sediment from the Trinity, Atchafalaya and Mississippi rivers. Contrary to what many may believe the water at Galveston is actually cleaner than Corpus Christi. The Texas Commission on Environmental Quality takes samples from Texas beaches 40 times a year Corpus Christi beaches are more unsafe to swim with unsafe levels of bacteria around 30-50% of the time tested. Yes, the water in Galveston might be a little green or brown, but when rain levels are low and the currents are right it can be blue.
What to see in Galveston
Victorian Era Architecture
The 1900 hurricane and the disaster it laid on the city pushed the economic development upward to Galveston’s sister city Houston. Although thousands of original structures were lost to time and water, Galveston still has an impressive amount of Victorian style homes. If you are a history buff or lover of Victorian architecture then you walk around the Historic East End and Avenue O which boast some of the most Iconic and extravagant homes in the state.
Museums
Where to stay in Galveston
There are a lot of great spots to get rest after a long day of flying or swimming in Galveston, however in the spirit of an Victorian era beach holiday we narrowed it down to our top three hotels.
Where to eat in Galveston
Fly or be Flown?
Businesses sometimes look to its employees/managers/owners to pilot their business aircraft. While this is often an attractive solution, there are special considerations to make before deciding not to hire a professional pilot.
a candid look at piloting your business aircraft
For some of our clients, the choice to purchase a business aircraft is based entirely on their ability to fly it themselves. The freedom of going straight from the boardroom to the airport to fly home after a long day is a huge advantage to aircraft owners, but choosing to fly yourself may not always be the best option.
Embraer Phenom 100
You May Not be Fit to Fly
During flight training your instructor will spend considerable time reviewing what it means to be mentally fit for every flight. Traveling for business can be very stressful. That big pitch you’re going to make after you land, upcoming year-end deadlines, a conversation you need to have with an employee when you get back… all of this can become consuming - is your head really wrapped around everything going on in the cockpit? Maybe, maybe not. These thresholds are different for everyone - but being able to stop yourself and realize you’re unfit to fly is an important part of being a safe pilot.
Cessna Turbo Stationair
Sacred Work Time
For many private flyers, aircraft ownership is about gaining back lost time. Using your new found time to fly an airplane may not be attractive. Sitting in the back catching up on work in relative solitude is often cited as a leading factor in owner satisfaction.
Cirrus Vision Jet, SF50
You’re Not Interested in a Second Career
At Flight Level, we may be one of the biggest advocates of private aviation - we understand the value it adds and encourage nearly everyone we encounter to give it a shot. We also understand that becoming a pilot is a major time commitment, a resource that business-people are often lacking. In an earlier blog we talked about how insurers rule the skies and often limit the type of aircraft you can fly - despite holding the appropriate certificate (albeit, for good reasons). If you have your eye on a shiny Pilatus when you start flight school, you may find it could be years of flying experience before you sit in the left seat.
despite all of this, many owner-pilots would never go back to a passenger seat
For any one negative there are dozens of positives. Flying yourself offers the ultimate flexibility and can be a substantial cost-saver over hiring or contracting professional pilots. Ultimately, individual circumstances should dictate your decision to fly, or be flown, but going in with an understanding of the big picture will keep from encountering costly disappointments.
Cameron Tipton, ASA