OCTOBER 2018 BRAEBURNFAMILYOFFICE.COM PRIVATE AVIATION
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1 OCTOBER 2018 BRAEBURNFAMILYOFFICE.COM PRIVATE AVIATION
2 Private Aviation Private aircraft provide a level of convenience and comfort to both families and businesses who utilize corporate or personal aircraft for travel, primarily by minimizing travel time and enhancing the efficiency, productivity, and safety of passengers. Private aircraft may serve as an extension of an executive office for business, or be utilized entirely for personal use. The difference between business jets and private jets is primarily hinged upon the designated purpose of the aircraft, although the equipment or jets themselves are technically the same. Many organizations tend to utilize their aircraft for both professional and personal use. Depending on specific needs, it is important to determine what type of aircraft is most suitable for the family or organization. Private Aviation for the Family Before purchasing or chartering any aircraft it is wise to consult a trusted aviation professional with experience as an Aviation Manager or Chief Pilot. This individual must have corporate and charter experience in order to: explain purchase/charter options, help navigate legalities, and assist the buyer or charter passenger in determining which aircraft is ideal for them to acheive family requirements. Individuals and families looking to obtain an aircraft must consult with their aviation professional in order to determine the utilization goals they have for the aircraft. An aviation consultant will coordinate with the client to select an appropriate aircraft one that meets the needs of the client/family, fits the mission profile, and will transport the client-passengers safely and comfortably. Once the type, class, and model of aircraft is determined, a safety assessment of the chosen aircraft-type should be conducted and a cost analysis should be completed to determine if that aircraft operates within the budget that has been established. To be cost effective, justifying full-ownership of an aircraft requires a minimum level of utilization (i.e. time utilized). In general, when utilization of an aircraft is at least 250 flight hours per year, full ownership may be a prudent option. However, some individuals, families and companies that greatly appreciate the benefits and convenience of private aviation purchase and operate an aircraft even when flying far less than 250 hours of utilization per year. Family Aviation Examination Assessing the aviation needs of an individual or family is a fairly straightforward process. When the family has an existing aircraft or flight operation there are unique considerations that come into play during an assessment. Performing an audit on the operation is the best way to ensure operational procedures are up to industry standards, and that the family and aircraft is managed responsibly. An aviation audit is also the best way to evaluate what aspects of an operation need to be improved, eliminated, or introduced. Whether a family currently charters or owns an aircraft, the following questions provide some insight into what the evaluation of a flight operation would entail: How frequently is the family flying? What are the most frequented destinations? How many people typically fly? What is the annual operating budget? Is the family currently chartering or using a personal PRIVATE AVIATION 2
3 aircraft? (with strict adherence to safety) which is an essential tool for all aviation departments. If Aircraft is currently owned: Are the pilots full-time or contract? Determining Mission Profile How many full-time, salaried pilots are employed? Private aircraft users and operators have a tendency of flying the same routes, to the same destinations throughout the year with occasional vacations or trips to new destinations. Whether bicoastal and splitting time between homes, traveling for work, or going on vacation, travelers develop preferences and establish patterns of where they travel and why. Is the aircraft self-managed or operated by a management company? Is a Director of Aviation and/or a Director of Maintenance employed? What type of aircraft is owned? Where is the aircraft serviced? Where is the aircraft based and how is it stored? Is a management program in place with best practices and Standard Operating Procedures (SOPs)? Best Practices Some essential best-practices and questions to consider: What should the aircraft accomplish for the family? Who is knowledgeable and familiar with the capability and characteristics of aircraft? What are the tax implications of ownership? How is the aircraft being utilized (personally, professionally, or both)? What is the regulatory environment and what are the governance rules for both domestic and international operations? Equally important to the acquisition cost of an aircraft is the annual operating cost of that aircraft. The variance in operating costs between aircraft can be significant. Some brands may be more costly than others, just as some models/types of aircraft can similarly differ. What are the estimated annual operating costs of an aircraft? That is a central question that should be an integral part of the overall cost evaluation and budgeting process. In addition to considering initial capital invested and operating costs, the family should also evaluate the tax implications of owning and operating a private aircraft. This includes an analysis of: tax depreciation (and depreciation recapture); the deductibility of operating costs; sales, use and property taxes; and federal excise taxes. Additionally, an aviation-specific tax specialist should be consulted during the aircraft acquisition process. Create an aviation department, that will be an integral and strategic part of a family office structure. Develop a comprehensive flight operations manual This information is essential to develop a Mission Profile. Given this information, and other factors (budget), the aviation consultant will propose appropriate aircraft options. The following scenarios are examples that show how mission profiles can vary and how a different aircraft type might be needed for each scenario. International Trip Departure City: Los Angeles Destination: Beijing - Hong Kong - Dubai - London Aircraft Type: Ultra Long-Range Max Range: 6,000-7,500 NM Passengers: 1-19 Aircraft: Gulfstream G650ER Domestic Trip Departure City: Los Angeles Destination: New York - Anchorage - Dallas Aircraft Type: Medium-Range Max Range: 3,200-3,600 NM Passengers: 1-10 PRIVATE AVIATION 3
4 Aircraft: Bombardier Challenger 350 Regional Trip Departure City: Los Angeles Destination: Chicago - Aspen - Seattle Aircraft Type: Light Max Range: 1,845 NM Passengers: 1-8 Aircraft: Pilatus PC-12NG Charter vs. Ownership Many potential aircraft owners begin their experience by flying charter or leasing aircraft for individual trips. The question that is always asked is, Should I charter or own?. There is no correct formula, although some say it is based on how many hours. In the world of private jets there are many variables that affect the owner. What are the tax implications? What FAA regulations will govern? How is aircraft ownership structured? Who has operational control of the aircraft? How often are charters utilized? What type of aircraft fits the mission profile? These are all questions requiring answers prior to making any decision. Evaluating whether ownership or charter is a process unique to each family. All variables must be reviewed to determine the best option for the individual owner. While charter tends to be a more affordable alternative that doesn t demand the initial capital investment of purchasing aircraft, that affordability comes at a cost. That cost is often 1) the quality of aircraft, 2) the experience of the crew, and 3) being forced to work within a more heavily regulated operational environment under FAA FAR Part 135. Should the family own aircraft, operational control under FAA FAR Part 91 is less restrictive. The family is responsible for all employment and aircraft decisions. As the owner of the aircraft complete control of the flight department remains within the family. Aircraft Management The individual owner has the choice of selfmanagement or hiring an aircraft management company to maintain the operation. Self-management of an aircraft allows more flexibility and control for the owner. This avenue requires the owner to hire a professional aviation manager, normally a fulltime, salaried employee. The aviation manager will create and manage the aviation department from its conception to actual flight operations. The aviation manager will purchase aircraft, hire personnel, and provide the aviation department with the tools it requires to succeed. A self-managed aircraft provides the owner with more cost control over the operation, and this approach may be more economical. The second option, allowing an aircraft management company to operate aircraft, will be at a cost usually a monthly management fee. Additionally, management companies normally charge a percentage for any aircraft maintenance. The role and primary responsibility of a self-managed department or a management company is to ensure safe, trustworthy, and cost effective operations for aircraft owners. Hiring professional employees is vital to the success of any operation. Each aircraft account should be tailored to the aircraft owner, with safety being paramount. The self-managed department or management company monitors and provides flight operations, maintenance, and flight crew training. One key benefit of self-management is the leverage during vendor negotiations. Vendors are more negotiable with private self-managed operators than aircraft management companies. Having the right aviation manager with long term aviation relationships is vital to ensure favorable discounts and provide the most cost effective means to stay within operational budgets. PRIVATE AVIATION 4
5 Benefits of Private Aircraft Saving time. The value of private aircraft is rooted in the ability to provide rapid, point-to-point, on-demand transportation. Many owners/operators rely on the efficiency of these aircraft to reach multiple destinations in a single day. Increasing traveler productivity, safety and security en route. The strategic advantages of having a private aircraft are many. Perhaps the most important is greater access. The majority of commercial U.S. airlines travel between about 70 major airports. Private aviation however provides the ability to reach nearly 10 times as many, or approximately 700 airports in the US. That type of access can have a real impact on the performance of a family business or the convenience of personal travel. Reaching multiple destinations quickly and efficiently. Accessing communities / vacation locales with little or no airline service Scheduling predictability. Moving vital equipment. Exercising management control over scheduling. Minimizing non-business hours away from home. In fact, according to the National Business Aviation Association (NBAA): Companies utilizing private aircraft outperform non-aviation users in several important financial measures, including annual earnings growth, stock and dividend growth, total share price, market capitalization and other financial yardsticks. Small companies operate the majority of business aircraft. Most companies (59 percent) operating business aircraft have fewer than 500 employees, and seven in 10 have less than 1,000 employees. Only about 3 percent of the approximately 15,000 business aircraft registered in the U.S. are flown by Fortune 500 companies, while the remaining 97 percent are operated by a broad cross-section of organizations, including governments, universities, charitable organizations and businesses large, medium and small. Commercial airlines set their routes based on demand, which means they connect major metropolitan nodes but less frequently do they service smaller cities with direct flights (or at all). Whether a family with multiple business interests in various locations, or frequent pleasure treks; private aircraft provides the ability to operate more efficiently. The number of locations visited in a single day, the number of passengers transported, and the need to discuss proprietary matters en route are all factors that motivate a family s decision to utilize private aviation. Perhaps more importantly, several studies have shown that the productivity and efficiency gains from private aviation translate into tangible and quantifiable benefits for families and their businesses, such as: Aircraft Dassault, Bombardier, and Gulfstream are among the private aircraft manufacturers that dominate the industry. Understanding the nuances between these manufacturers is just as important as understanding the differences in the categories of aircraft they produce. Ultra-Long Range, Medium Range, and Light (aircraft) are the three main private jet categories. Naturally, the performance and price-point varies from one make/ model to another, which is why understanding mission profile is a key component to informing the aircraft acquisition process. As noted, working with an aviation consultant to help answer some of those questions may provide clarity if investing in a personal aircraft makes sense for a family. They can also assist navigating the process of acquiring an aircraft. PRIVATE AVIATION 5
6 AIRCRAFT COST ESTIMATE (EX: CHALLENGER 350) Purchase Price New: $26 mln Used: $16-$17 mln Fixed Indirect Costs Annually Personnel Flight Crew Salaries Captain Copilot Flight Attendant Maintenance Technicians Scheduler/Dispatcher Aircraft Cleaners Flight Department Manager Benefits (estimate 30% of wages) FAA (crew) Physicals Uniforms Hangar Hangar - Typical Aircraft Insurance Insured Hull Single Limit Liability Training Recurrent Flight Crew Training Maintenance Personnel Training CPR/First Aid/Survival Maintenance Service Plans Computerized Maintenance Programs APU Engine Program/Plan Airframe Avionics Outside Flight Services ARINC (flight plans) Aviation Computer Services Fuel Contract Fees AFIS (datalink) Jeppesen Navigation Charts Miscellaneous Association Memberships (ex. NBAA) APU Allowance $62.99 Misc Exp. Landing/Parking $50.20 Crew Expenses $ Supplies/Catering $ $135,000 Annual Budget - Challenger 350 $118,000 $83,000 $95,000 $75,000 $3,000 (Based on 300 hrs. of Utilization per year) Variable Cost $761,169 Fixed Cost $896,033 Total Cost (No Depreciation) $1,657,202 Per Hour $5, $151,800 $300 $2,000 $55,300 $26,673 $12,500 $70,600 $10,000 $2,000 $10,500 $15,000 $10,000 $18,360 $2,000 Variable / Direct Costs - Per Hour Fuel $1, Maintenance Labor $ Parts Airframe/Eng/Avion $ Engine Restoration $ JOEL AUSTIN GARCIA Director, Operations & Special Projects Hafen Aviation Group joel.austin@hafengroup.com Hafen Aviation Group is a full-service corporate aviation consulting firm, specializing in the acquisition and management of private aircraft. MICHAEL ADAM SMITH Founder & Managing Partner Braeburn Family Office michael@braeburnfamilyoffice.com Braeburn Family Office assists domestic and multi-national families to navigate the numerous challenges created through significant financial success. PRIVATE AVIATION 6
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