Do you have an aircraft you want to sell? Or are you in the market to buy one? Going through either a sale or purchase without the benefit of a good aircraft broker could be more difficult and time-consuming than you imagine. Contracts can be complicated and there are important legal and tax ramifications to take into consideration — especially if you’re buying or selling internationally. So, how do you find a great aircraft broker?
Finding reputable brokers
Finding a reputable aircraft broker isn’t easy. To find a good broker, you’ll need to do some homework.
- Look for an aircraft broker with professional presence. These brokers will have websites, social media pages, and listings in business directories. They’ll highlight the length of time they’ve been in business, and, in most cases, that’s a good indicator of their business practices.
- Ask your colleagues and friends. There’s no better recommendation than a happy customer. Ask people you know and trust to recommend brokers they’ve used. Also, be sure to ask if they experienced any frustrations with their relationships.
- Reach out to brokers to get a feel for their responsiveness. Some brokers are competitive and unwilling to share even the most basic information with anyone who hasn’t signed a contract for representation. Call several brokers to see if anyone you speak to strikes you as helpful, honest, and personable. Be sure to ask those you talk to about their fee structures and transaction processes so you can begin to understand how — and why — they work.
- Check references. Reputable brokers will happily provide reference lists, and you can speak with references to find out how quickly each broker responds, how hard the broker works to meet your needs, and answers to any questions you might have about the broker.
- Ask about fee structure. Aircraft brokers are paid much like real estate agents: when the sale is complete. Ask potential brokers whether the buyer or seller pays their fees and if you can get an itemized fee list. It’s also important to ask about possible conflicts of interest to learn whether the broker is also representing the seller or if the broker might have vested interest — and receive increased commission — when you buy a specific aircraft or from a certain dealer.
Resources for finding trustworthy brokers
There are no federal regulations governing aircraft brokers, but there are voluntary certification programs that help separate good aircraft brokers from the bad. The National Aircraft Reseller Association has an aircraft broker certification program that includes a code of ethics that brokers must agree to when becoming certified. The National Business Aviation Association doesn’t have a certification program, but the group does have a services directory where you can find brokers as well.
It may take some time to find the right broker, but, in the end, it’ll be worth it. A good broker can help you find the aircraft you need or sell your existing aircraft for the best price. Take the time to research aircraft brokers and find one who has great references and a proven track record.
Have you ever wondered how your competitors can afford to own business jets? Would it surprise you to know that owning a jet has many benefits — even for owners of small businesses? It does. Of course, it can also be a lot of fun to own a jet — especially if you happen to be the pilot — but, even if fun has no bearing on your need to purchase a jet, several other factors might influence your decision. Why should you own a jet?
- Owning a jet can allow you and your sales team members to be more efficient. Many organization leaders who also own jets conduct meetings in the air. Individuals who fly on private jets often use the time to work or prepare for meetings. Time-saving benefits also include faster trips to multiple locations and less time spent dealing with long lines, layovers, and delays at commercial airports.
- You’ll have more freedom to move about. Private jet owners have access to around 5,000 aviation facilities around the U.S. This includes many remote locations where commercial airlines — which are limited to about 50 airports in the U.S. — cannot land. You can also choose to bring your family along or even combine business and pleasure without worrying about vacation travel planning logistics.
- Owning a jet enhances customers’ confidence in your business. Customers view businesses whose leaders own their own aircraft as being more innovative in business and stronger in corporate governance and responsibility. Your clients see a private jet and immediately envision a larger, more well-controlled and successful business.
- Business-owned aircraft can be a more financially responsible corporate travel method. Aircraft ownership tax benefits are one means of increasing your financial responsibility, especially as it relates to corporate travel. However, owning aircraft can streamline finances in many other ways. For example, when compared to commercial airline ticket costs, hotel stay prices, and additional travel expenses, many company leaders find that the cost of owning a company jet is much more cost-efficient.
Owning a private jet is no longer just for large corporations. Thanks to affordable aircraft prices and the benefits owners of small and medium-sized businesses derive from aircraft ownership, many find that buying a jet is a good investment.
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Bombardier’s third-generation globetrotter, the Global 6000, wins high marks from Aviation Week’s Fred George, who says it’s a “fast, comfortable, reliable” aircraft. While other long-range aircraft may fly farther, the Global 6000 wins on passenger comfort with the largest cabin volume of any business jet.
According to Flying magazine, the Global 6000 is a beautiful and capable machine that delivers on the promise of long range and makes shopping for a business jet easy. Author Robert Goyer says, “The range of the machine is part of its name. The Global 6000, for example, has an IFR range of 6,000 nm, which is enough to, well, take you to some spectacular places.”
Long-range aircraft like the Global 6000 can fly between business-critical cities such as London and Mumbai. Offering passengers the comforts of home, the Global 6000 can make such trips while also granting a restful night’s sleep and a morning shower.
Highlights of the Global 6000
- A flight deck gives pilots unprecedented levels of control — based on the award-winning Rockwell Collins Fusion flight deck, one of the most advanced avionics systems in the world — and comfort with leather seats, multi-zone environmental control, and a comfy spot for the relief pilot.
- An impressive range of over 6,000 nautical miles is supported by a BMW Rolls-Royce BR710 engine that delivers 15,000 pounds of thrust and unprecedented fuel efficiency.
- The sleek and elegant cabin is comfortable on longer hauls and sports three environmental zones, a private stateroom with lavatory and shower, Blu-ray entertainment, high-speed internet, and more.
Bombardier’s 15 years and three generations of Global jets that have earned the company a high level of customer loyalty.
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With the waiting list for new Gulfstream G650s nearly three years long, investing in a preowned G650 is definitely the way to go. Named one of the best private planes you can buy, the Gulfstream G650 is one of the biggest, fastest, and farthest-flying business jets available — with a range of 7,000 nautical miles.
When Gulfstream executives began talking about this new jet that had been in development for a number of years, they asked what exactly customers wanted. It was a bold move — and it paid off. Gulfstream’s advisory team held nothing back. They asked for an airplane that was bigger than the already successful G550. They wanted a plane with longer range, and they wanted it to be fast and light so it could land in important business aviation airports like Teterboro.
Demonstrating their commitment to a new manufacturing philosophy, Gulfstream decision-makers listened carefully and then delivered. According to Corporate Jet Investor, this particular jet quickly became one of the hottest on the market after its 2012 introduction.
One reporter referred to the flight deck of the G650 as “the most exciting flight deck” he had ever seen. With full synthetic vision, heads-up display, and more, it is arguably the most advanced business aircraft on the planet. Gulfstream engineers even developed a unique flight control system that allows the aircraft to be piloted the same way — regardless of payload.
While the G650 is the preferred aircraft for jet owners around the world, it’s unusual to see many of them for sale.
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Before you consider purchasing a new-to-you jet, it’s important to think about the best method of buying. Of course a flight before you buy and a careful pre-purchase inspection are critical steps, but if you’re working with an experienced and connected aircraft broker, you automatically get some important benefits that can make your aircraft purchase much easier and safer.
Industry knowledge
One of the most common mistakes buyers make in aircraft purchases is not considering the full range of options. You may have a good idea of the type of plane, number of seats, and which amenities and features you want, but when you work with a broker like one of the L & L International LTD experts, you get deep industry knowledge. That knowledge can make certain that you are exposed to all the options available, so you purchase an aircraft that hits all the right high notes.
Search and acquisition
Another critical reason to work with an aircraft broker is the fact that an expert in the field always has an ear to the ground — so to speak. A broker not only knows which types of aircraft are available or on the horizon but also has the connections to acquire the aircraft that fits your needs perfectly.
Valuation analysis
In addition to the overall condition of the aircraft, the primary factors that affect aircraft resale value include the following:
- Engine hours — If the engine is close to its next recommended overhaul, the value is lower. Equally important is a schedule of consistent use and a record of accurate maintenance.
- Damage history — If the aircraft has been damaged, its value is decreased, depending on the type of accident, level of damage, and which components were involved.
- Airworthiness — The airworthiness directives issued by the Federal Aviation Administration are facts of life for most aircraft and should be carefully scrutinized.
- Equipment — Installed avionics, deicing technology, and other extras can add value in some cases. In others, these extras can mask an older aircraft that may or may not suit your needs.
Having an expert to interpret terminology like “zero-time” engine, overhaul, and more can make a big difference in judging the real value of the aircraft.
Lender coordination
If you’re financing your aircraft purchase, your lender will have its own set of requirements. An experienced aircraft broker knows what those requirements are and stays on top of them without prodding or unnecessary reminders.
Paperwork handled
The forms for buying and selling aircraft are relatively extensive. The typical aircraft purchase will involve letters of intent, Aircraft Bill of Sale, purchase agreements, a U.S. Airworthiness Certificate, and more — and those are just a few. When all is said and done, having an aircraft reseller manage the paperwork is just plain useful.
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Cessna has long been dominating the business jet market with its CitationJet line. Sporting small to midsize cabins, the Cessna CitationJets are light and fast, and according to a Flying magazine article, they have had huge success. After the original CitationJet debuted in 1989, the line gave way to several iterations — including the CJ2.
Luxury meets practicality
Completed in 2003, the CitationJet 2 (CJ2) is the third iteration of the Citation line, following the CJ and CJ 1. Though it shares many of the same features, the CJ2 includes an upgraded cabin, more power, and higher speeds.
Covered in a top-quality cloud-gray leather, the interior is dressed to the nines. High-gloss rosewood cabinetry with brushed aluminum hardware is paired with premium carpeting for a sleek, sophisticated look.
Larger than the original model, the CJ2 is built to accommodate in style. Seating for seven passengers is afforded in a fire-blocked configuration with club arrangement fold-out tables — four forward, two aft, and one combination.
Less maintenance, more flying
The CJ2 has Williams-Rolls FJ44-2C turbofan engines, making way for
- a 3,800-feet-per-minute climb rate and
- 416-knot max cruise speed.
To put this in perspective, the CJ and the CJ1 each had a max knot speed of 388.
With five feet added to the fuselage, the CJ2 has been a hit in the business jet market. With more space, speed, power, and comforts, having the CJ2 in your business fleet means less maintenance and more flying.
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These days, it can be tough to obtain a loan for any major purchase — whether you’re buying a home, a business, or a private jet.
But, according to the AIReport by Conklin & de Decker, the money to buy private jets is available. But these days, qualifying for one is like getting into an Ivy League school.
Although banks are pickier today about the terms of the loans they provide for private jets, those in the market for such a purchase have a better chance of obtaining financing if they are qualified.
The AIReport says financing isn’t available for “crazy aircraft deals:”
- deals requiring 100-percent financing
- no-interest loans with big balloon payments
- deals in which the lender will take the borrower’s word that he or she is “good for it”
- loans for aircraft that will exceed 20 years of age by the time the loan is paid back
According to AIReport, to qualify for financing to purchase a private jet, you need three qualities:
- Credit: You need to be able to prove you have the finances to buy and operate the aircraft through an examination of assets and liabilities — and that you have sufficient income to cover the deal.
- Character: Not only do you need a stable, well-run company, but you and your shareholders should have “reliable, dependable, salt-of-the-earth character.” If you have a good, long-term relationship with a particular financial institution, that’s your first stop in shopping for a loan.
- Collateral: You’ll need a 20-percent down payment on a new business jet and sufficient cash or cash-equivalent to secure a loan for the aircraft. The older the aircraft, the bigger the down payment — as much as 50 percent down for a 10- to 15-year-old jet.
BJTonline reports that lenders are considering their own previous experience with potential borrowers, such as:
- whether the borrowers over-extended themselves in the past or missed payments on other credit facilities
- the changes that have occurred in the borrowers’ financial position over the life of the relationship
- whether the borrowers have another aircraft they will try to sell after taking delivery of the new jet, their ability to bear the financial burden of two airplanes and whether they have credit exposure on the first jet
Where you should look for financing to purchase a private jet depends on the relationship with your current lending institution. Although being an existing customer may move the approval process along, having done too much business with the bank — resulting in too much credit exposure — could kill the deal as well.
You are less likely to have an existing credit relationship with a “non-bank aircraft financial institution” unless you already own an aircraft, and such an institution won’t require a deposit or previous relationship to do the deal, according to BJTonline.
The question of whether you’re in need of specialized financing, such as non-recourse financing, may narrow your lending institution options, as many banks will turn those deals away, BJTonline reports. Non-recourse financing will probably require a hefty down payment to the institution making it, but the interest rate may be low enough to make such financing appealing. Regardless of your financing needs, obtain proposals from several institutions and seek advice from a consultant who knows the business inside and out.
You will also find that obtaining financing is a longer process than the few days it once took. These days, according to BJTonline, it may take a month or longer, so plan ahead and don’t wait until the last minute to seek financing.
Rates are lower for short-term deals, so more aircraft buyers are seeking loan financing in the three- to five-year range, BJTonline reports.
Finding a loan to buy a private or business jet may not be as simple as it once was, but it is not impossible if you do your homework and are a buyer whose business and financial relationships are in good standing.
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The overall jet market is still down after the recession, but with the economy slowly and steadily picking up, purchasing a private jet now could be the smart move your business needs.
1. How much will it cost?
The cost of a private jet varies considerably based on the type of jet, whether it is new or used, and the features it boasts. Of course, the initial purchase price is just the start and you must factor maintenance, storage (hangarage), pilot and crew, fuel, insurance, and more into your budget to get the full picture of what it will cost to own and operate a private jet.
2. Should you buy new or used?
In this regard, buying an aircraft is much like buying a new car. Preowned aircraft are normally purchased on an “as-is” basis, meaning the buyer accepts the aircraft in its current condition. The depreciation of the aircraft is factored into the price, and the value is often quite good when buying a used aircraft.
Similar to buying a used car, you will want to have the aircraft’s maintenance documents and log books thoroughly reviewed by someone experienced in aircraft ownership.
3. What size do you need?
Determining the aircraft size is critical to your private jet purchase.
- Take into account the typical number of people who will be traveling, but consider clients and their partners, too.
- Next, take a look at how far your plane will be traveling; the distance will affect the size of plane as well.
- Last, consider how often you plan to travel with your private jet. The number of flights will help you determine your operating costs.
4. How to crew your aircraft?
Choosing how to crew your aircraft is another consideration when it comes to purchasing a private jet. This includes maintenance and flight crew — all the people and expertise needed to keep your jet in perfect condition and you flying in perfect safety and comfort. When you purchase a private jet, look into the options available for a management company that can maintain and oversee your aircraft, as well as hire a pilot and flight crew.
5. Do it yourself or find a partner?
Unfortunately, buying a private jet isn’t as easy as buying a car — there are many FAA regulations and tax-related legalities that must be considered. Having your own legal advisor will make the process easier, but working with an experienced partner can make a big difference in how much you’ll spend and what type of aircraft you purchase. A partner can also help you navigate the options for a trustworthy and affordable management service provider.
Contact L & L International if you need assistance in purchasing or selling a private jet. You can reach our sales specialists today at sales@L-Lint.com, call us any time at +1.305.754.3313, or visit us online.
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Gulfstream Aerospace has begun preparing the next two G500s for flight. The first completed a handful of test flights after Gulfstream announced its new G500 and G600 family last October. They flew the first G500 on May 18, 2015, and the aircraft has since accumulated more than 15 hours in five flights, reaching speeds of Mach 0.80 and heights up to 38,500 feet. The longest flight lasted more than four hours.
“The first five flights exceeded our expectations,” Dan Nale, Senior Vice President of Programs, Engineering, and Test for Gulfstream, said. “They demonstrated that our testing facilities on the ground are having very real benefits in the air, allowing us to identify and address issues before they’re ever seen in flight.”
Gulfstream has decided on a few modifications to prepare for the next round of test flights. One of the unique aspects of Gulfstream’s approach is their use of customer involvement in the process of designing new jets. Similar to the customer involvement used in agile development style software design, Gulfstream allows their Customer Advisory Team to give feedback on what they want in the end product — and it’s become a working strategy. The G650 set the new standard for a large-cabin, ultra-long-range aircraft and it didn’t happen by chance. Instead of creating a G650 replacement, which was briefly rumored, Gulfstream listened to their customer team and created a matched pair of large cabin cruisers with slightly less range and just as much speed.
These new flagship aircraft models are in many ways more sophisticated, while costing millions less. They feature the most advanced avionics in the industry, the longest and most spacious cabins, and huge windows top it off — which Gulfstream originally pioneered on the G650. The cabin appears to be designed around the windows, with one for every individual seat, leaving an overall effect of great openness to go along with the quiet ride.
Certification of the G500 is expected in 2017, with the certification of the G600 following about a year later.
Contact L & L International if you need assistance in purchasing or selling a private jet. You can reach our sales specialists today at sales@L-Lint.com, call us any time at +1.305.754.3313, or visit us online.
The decision to purchase a jet is about more than just cost — it’s about time AND money. The flexibility of being able to fly when and where you want is one of the most commonly cited reasons for a jet purchase, but there are many other reasons that come along with that leisure.
Warren Buffet, of Berkshire Hathaway, is famously reported to have said, “Berkshire [Hathaway] has been better off by me having a plane available to go and do deals. It’s a plus; we’ve done things I would not have done if we hadn’t had a plane.”
How do you know it’s time to buy a private aircraft? Use these four criteria to evaluate your need.
1. Efficiency and flexibility
Some private jets can fly faster than commercial airliners, but the biggest time savings comes in the avoided wait time. A commercial flight typically costs a traveler hours of wasted time, from security procedures to baggage claim.
When time is money, a private jet is the way to go. The average waiting time for a private jet is less than ten minutes to takeoff. There are no seemingly endless queues or racing from one gate to the next. When you land, your car can be waiting for you and your luggage loaded straight into the trunk.
2. Security and privacy
Good private jet pilots have impeccable safety records. They undergo rigorous training and enforce safety management systems that rival many commercial airlines. When you own a private jet, you have the ability to screen and select your own pilot and crew — and be sure that they will respect your own and other passengers’ privacy. Plus, arriving at a terminal means you are seconds away from the aircraft and can avoid attracting attention. While on board, you are free to behave on your terms and even discuss business without the risk of compromising sensitive details.
3. Reach rural or remote places
Think about your clients or partners and where they do business. Do they typically have office space right next to a big commercial airport? Probably not. That means you have to fly and drive to see them. One of the most critical benefits of owning a private jet for a corporate executive is the ability to reach smaller and rural airports — it makes a big difference in business growth and could help unlock an untapped market.
4. Mobile conference room
The ‘golden age’ of flying by commercial airlines is long gone. To them, you’re just a seat number and a soda — so you better sit down, buckle up, and behave. One of the key advantages to private jet ownership is the ability to work on the go — and even get some comfortable sleep — arriving fresh and ready for business. When you have the opportunity to collaborate away from the distractions of the office, you and your team can often come up with real solutions to the problems your organization is facing.
Real comfort in business aviation starts with a private jet.
Contact L & L International if you need assistance in purchasing or selling a private jet. You can reach our sales specialists today at sales@L-Lint.com, call us any time at +1.305.754.3313, or visit us online.
