If you own a private jet – or are thinking of investing in one – there is a good chance you will be on the hunt for the best jet management company. A quick Google search to find ‘jet management companies near me can only take you so far. You need to do your due diligence – and not sign up with the first one you contact. After all, a private jet is a significant investment, so you want to know it will be in good hands.
So how do you determine the best jet management company? Let’s find out.
What Are Jet Management Companies?
The phrase private jet management company gives you a good idea that they manage jets, but what do they do?
- Personnel management, including crew sourcing and training
- Routine aircraft maintenance and repairs
- Flight booking and planning
- Aircraft certification
- Cleaning, sanitizing, and restocking post-flight
- Handle charter operations (including full revenue sharing)
- Detailed financial reporting
- Asset management expertise
- Tax refund applications – and tax consulting
- Fueling
Remember that each private jet management company is different – and they do not all offer the same services. This is why finding the best jet management company with everything you seek is essential.
Determine Your Needs
Take some time to figure out what matters to you most in a jet management company. Before finding the right company, you need to know what you think is most important. Below are a few things to consider:
- How often do you intend to fly
- Is having a local jet management team important to you?
- Whether or not you are planning to fly internationally
- How essential revenue generation services are
- The type of aircraft you are interested in purchasing if you haven’t already
- How quickly you will want to get in the air when you need to take a trip
- How involved do you want to be in the management process for your jet – and whether you want to relinquish complete control to the management company
The more you know what you are seeking, the easier it will be to determine the best jet management company for you.
Questions to Ask Jet Management Companies
You always want to make sure you have as much information as possible when you need to make your decision. When meeting with a private jet management company for the first time, you likely have many questions. But below, you will find a few more – just in case.
Questions that you will want to be sure and ask include:
- In addition to routine maintenance, repair, and hangar rental, what other services are offered? Remember, every jet management company necessarily offers all the abovementioned services.
- How long has the company been certified? Are there any safety standards that are followed internally?
- When it comes to maintenance, insurance, etc., are there any fleet discounts?
- Are chartering services offered for revenue generation?
- What experience do airplane maintenance technicians have? Is this service handled in-house?
- Is management provided for all types of aircraft?
And, of course, any other questions you may have. Don’t hesitate to ask them.
Jet Management Companies: Factors to Consider For
When choosing a private jet management company, there will be those factors that you will overlook – and then there will be non-negotiable. Once you have the answer to all of your questions, you should be able to weed the good choices from the not-so-ideal options. This is best when based on the following factors:
Financial Reporting
There is a lot involved in managing a private jet. And much of it costs money. Consider the cost of the flight crew, fuel, routine maintenance, repair parts and labor, hangar fees, insurance, certifications, taxes, and more. How detailed will this information be when it comes over to you – and how frequently will it arrive?
It is important to note that not all jet management companies offer financial reporting. So, if this is important, you will need to consider it.
Safety Precautions
Safety is always a big concern. When you trust your jet to a new management company, how can you feel confident that they will care for it in the best way imaginable to keep you safe? Your new jet management company should be able to show you all their credentials and certifications. As an extra layer of precaution, you can always check their safety rating at the National Transportation Safety Board (NTSB) and the FAA.
Operational Abilities
Just because a private jet management company exists doesn’t mean it handles everything. Some may only handle domestic flights, only manage a specific type of private jet, or work with a certain number of crew members. As a result, you may not always be able to take to the air when you need to.
Revenue Generation
If your private jet management company offers revenue generation using charter services, take advantage of this. Rather than have your aircraft sitting still and waiting for you. It will indeed offset your operating costs.
Fleet Composition
You want a company that knows how to work on your particular private jet. While they are all quite similar, you must ensure that the experience is there. What’s more, if you will utilize revenue sharing with charter jets to offset your costs, you want to be sure they don’t have a ton of other jets just like yours. Otherwise, you can expect yours to be used less possibly.
So, how do you determine the best jet management companies? It’s simple. Know what you are looking for, ask a lot of detailed questions, and consider all the essential factors necessary. The more thorough you are with your selection process, the tremendous success you will have with your management down the road.