As the aircraft owner in a charter deal or even fractional ownership management deal don't be surprised if the manager pads the bills for services, pads the bills of vendors or even the manager getting rebates not shared with the owner from suppliers.
Just realized that a private jet can also be a killer business tool for recruitment. Fly a candidate to you on your company plane, and the message is clear: join us and you're in the big leagues.
When you own a jet you will have costs. they key is hiring the right people to manage and fly your jet. These people will alleviate the pain and sort out the problems without you knowing. You need people that think on their feet.
If I’m going to do business with someone and they are incinerating money on a private jet I think twice about the deal. They’re either stupid or crooked.
You buy a or more than one aircraft for business and or personal/family use. One or two high value deals can cover the costs of that aircraft either the running costs even the purchase price. Use it right you have the use of that tool. Charter or loan out to friend. That tool is now not available just as that deal is lost forever.
thanks for this video. If you dont charter the plane out, how exactly do you tell your jet staff that you want to plan a trip? How much notification time do you have to give them?
This is a tricky one. Most charter companies will need owner release before authorizing a charter. The downside is your jet could be stuck in Houston because of a flood, while you are in London needing to fly to Tokyo. Now you have to charter someone else's jet to get to Tokyo. So at that point why have your own jet?
Good advice, I'm planning on buying a G550 or something similar hopefully in a not so far future and I thought about chartering it to reduce costs but I see it's not really a good idea, not worth the hassle.
2 guys buy 2 planes (or 2 each) and you are both qualified pilots with certification in the planes - fly each others plane because you are not allowed to pilot your own plane for monetary return (illegal to make money flying your own plane). So if you fly your buddies and he flys yours - it's a legal work around.
You’re lucky you can be insured to fly your own jet. If and when you get insured, getting an operating air certificate is a complex endeavor. Single jet owner operators have a very low chance of turning a profit.
Not true. It all depends on what you use the jet for. If you use the jet to get you to deals or visit your various facilities around the world and the jet becomes a business building tool then you are fine!
so... if for having your own aircraft you MUST charter it for third parties, it means that unfortunately you should not have your own airplane.... thats it = end of story
Lewis Hamilton, Cristiano Ronaldo, even the late Ayrton Senna & many sporting & entertainment superstars have this arrangement - it’d be madness & financial suicide not to do so.
The three people you mention are sports professionals, not deal makers. Jack Nicklaus, former pro-golfer, said he uses his jet a lot more as a businessman than when he was playing golf on tour. his
This will cause the much needed charter companies to go out of business and also result in job losses for pilots.Selfish gesture towards your fellow aviators.
This will benefit fellow aviators: more people will set-up their corporate jet departments.As a result the pilots will earn more money, because the owners will start using the private jet as a true business tool and, hence will make more money.
As the aircraft owner in a charter deal or even fractional ownership management deal don't be surprised if the manager pads the bills for services, pads the bills of vendors or even the manager getting rebates not shared with the owner from suppliers.
Unfortunately this happens all the time.
Thank you for sharing this great information.
You are absolutely correct
Just realized that a private jet can also be a killer business tool for recruitment. Fly a candidate to you on your company plane, and the message is clear: join us and you're in the big leagues.
not a hope unless its C- Level hire.
In summary if you have to rent it out you can't afford it because anybody that can afford it would not do the crappy charter deal.
very true!
So inaccurate it’s unreal
This probably applies to yachts as well.
Probably does.
Very few things have the carrying costs of owning a jet. Required inspections, maintenance, repairs, storage, fuel, crew, insurance, etc
When you own a jet you will have costs. they key is hiring the right people to manage and fly your jet. These people will alleviate the pain and sort out the problems without you knowing. You need people that think on their feet.
I heard a fart at the 2:37 mark
Simple. Set up your own charter company.
Apparently it is illegal to fly your own plane for money if you own the company -
@@stevemyers2092 this simply doesn't make sense at all levels.
If I’m going to do business with someone and they are incinerating money on a private jet I think twice about the deal. They’re either stupid or crooked.
You buy a or more than one aircraft for business and or personal/family use. One or two high value deals can cover the costs of that aircraft either the running costs even the purchase price. Use it right you have the use of that tool. Charter or loan out to friend. That tool is now not available just as that deal is lost forever.
thanks for this video. If you dont charter the plane out, how exactly do you tell your jet staff that you want to plan a trip? How much notification time do you have to give them?
This is a tricky one. Most charter companies will need owner release before authorizing a charter. The downside is your jet could be stuck in Houston because of a flood, while you are in London needing to fly to Tokyo. Now you have to charter someone else's jet to get to Tokyo. So at that point why have your own jet?
The owner get all of the liability and expenses and only part of the revenue. Great investment.
Good advice, I'm planning on buying a G550 or something similar hopefully in a not so far future and I thought about chartering it to reduce costs but I see it's not really a good idea, not worth the hassle.
@itsmagnator I am happy to get on a call to discuss your plans further and see where I can help you.
I feel like you were talking to me on that falcon 50 story haha true story tho
It is your story (you chartered)
Wisdom cries in the streets, & the wise take note
A private jet is a luxury. If you want to make money from it, you can't afford it, other than as a business tool.
So who would manage the aircraft. Self managed?
Great information!
Ah yes, very practical advice. Except the part where I have to have a private jet.............
2 guys buy 2 planes (or 2 each) and you are both qualified pilots with certification in the planes - fly each others plane because you are not allowed to pilot your own plane for monetary return (illegal to make money flying your own plane). So if you fly your buddies and he flys yours - it's a legal work around.
Don’t charter, but buy my book! 🤦🏼♂️🤦🏼♂️🤦🏼♂️
My book is a lot cheaper...
You’re lucky you can be insured to fly your own jet. If and when you get insured, getting an operating air certificate is a complex endeavor. Single jet owner operators have a very low chance of turning a profit.
Not true. It all depends on what you use the jet for. If you use the jet to get you to deals or visit your various facilities around the world and the jet becomes a business building tool then you are fine!
so... if for having your own aircraft you MUST charter it for third parties, it means that unfortunately you should not have your own airplane.... thats it = end of story
I'll stick with netjets.
Lewis Hamilton, Cristiano Ronaldo, even the late Ayrton Senna & many sporting & entertainment superstars have this arrangement - it’d be madness & financial suicide not to do so.
The three people you mention are sports professionals, not deal makers. Jack Nicklaus, former pro-golfer, said he uses his jet a lot more as a businessman than when he was playing golf on tour. his
So...don't buy an old jet. But still charter it
That's silly. 3 legs rather than 2
This will cause the much needed charter companies to go out of business and also result in job losses for pilots.Selfish gesture towards your fellow aviators.
This will benefit fellow aviators: more people will set-up their corporate jet departments.As a result the pilots will earn more money, because the owners will start using the private jet as a true business tool and, hence will make more money.
lol