Another critical component in this phase is to have your buyer's agent review all available aircraft for sale and narrow the list down to the very best two or three aircraft that meet the criteria from the strategic planning phase. Keep more than one option in play for negotiating flexibility. Additionally, before making an offer on any aircraft it is essential for a technical consultant to examine the aircraft, review the logbooks for completeness and any damage history and provide an appraisal. Once the candidate aircraft has been selected, part of the offer and negotiating process must include moving the aircraft to a certified maintenance facility to perform a pre-purchase inspection. The buyer bears the cost of this inspection but it is considered mandatory to uncover potential maintenance or safety issues.
The final phase of the aircraft acquisition process is the operational piece. It includes consideration of who will manage the aircraft (a private internal flight department or professionally managed outsourced department), who will fly and maintain the aircraft and where the aircraft will be based. Last but certainly not least is auditing, benchmarking and the pursuit of industry best practices to ensure asset values are protected via a safe operating environment.
For those working in the business aviation industry, the last six to nine months have been an eye-opening ride. It's been a ride back in time to where aircraft values have retreated from hyper growth to a more realistic position of market norms. Aircraft completion centers, maintenance facilities, hangars and service centers are all vying for business. If the benefits of private aviation have caught your attention at any time in the past, this is a great time to finally climb aboard.
Mark Payne is a principal at Leading Edge Aviation Solutions LLC and can be contacted at 972.897.3246.