Latest / Masters in Business / At the Money: Want to Fly Private? Here is how!

Transcript

At the Money: Want to Fly Private? Here is how! · Masters in Business

0:09
Speaker 1: Eaving home on the road down before.
0:16
Speaker 2: Riding along on the speed jen I've in begging about.
0:23
Speaker 2: Flying private was once the province of billionaires, but that's
0:28
Speaker 2: no longer true. Sure, the top point one percent can
0:32
Speaker 2: drop fifty large buying their own jet, but there are
0:35
Speaker 2: many other ways to fly private beyond owning your own
0:39
Speaker 2: gulf Stream. There's fractional ownership, hourly charter jet cards, membership,
0:45
Speaker 2: and leases. Those are another way to go. Let's explore
0:48
Speaker 2: this by speaking with Preston Hollins. He's the founder of
0:52
Speaker 2: Prestige Aircraft Finance, hosts a weekly private aviation podcast called
0:58
Speaker 2: the vip Set, and he's the author of the newsletter
1:02
Speaker 2: Private Jet Insider, providing advice and strategies to help clients
1:07
Speaker 2: navigate private aviation. So Preston, let's start with the basics.
1:13
Speaker 2: Besides bringing my dogs on the plane, what's the main
1:16
Speaker 2: reason people fly private? What are the benefits and drawbacks
1:21
Speaker 2: of private aviation?
1:23
Speaker 1: Very The one thing that you cannot buy more of
1:27
Speaker 1: is time. They say that money can buy anything in
1:30
Speaker 1: the world except for more time. I want to challenge
1:34
Speaker 1: your audience to say there that is almost true until
1:37
Speaker 1: you start talking about private aviation. Private aviation is the
1:41
Speaker 1: only way to buy your time back using dollars and
1:44
Speaker 1: actually getting time back. Time is the number one differentiator
1:48
Speaker 1: when it comes to find private. You go to a
1:50
Speaker 1: different part of the airport, you skip security, you drive
1:54
Speaker 1: up to the airplane, get on and take off, and
1:57
Speaker 1: oftentimes you're even going to an airport it is closer
2:00
Speaker 1: to your destination than the commercial airport is. So time
2:04
Speaker 1: is the biggest differentiator now. Is it's private, you don't
2:08
Speaker 1: have to deal with a lot of other people. There's
2:11
Speaker 1: some health benefits that come to it because you're not
2:13
Speaker 1: being exposed to so many people. But at the end
2:16
Speaker 1: of the day, it is time that you're buying back.
2:18
Speaker 1: That is the biggest difference.
2:20
Speaker 2: So there are obviously a lot of key differences between
2:23
Speaker 2: flying private and commercial. Time saving is one. You're avoiding
2:28
Speaker 2: crowds and lines. What are some of the other benefits
2:31
Speaker 2: of flying private.
2:32
Speaker 1: It's really that the airplane moves on your time. So
2:36
Speaker 1: if you think about the last time that you have
2:38
Speaker 1: to rush out of a meeting to get to the airport,
2:41
Speaker 1: and you need it to because your flight left at
2:44
Speaker 1: six h four pm, that plane is leaving whether you
2:47
Speaker 1: get there or not. If you've ever had the experience
2:49
Speaker 1: of the last minute you're rushing on and you're running
2:51
Speaker 1: down the airport. I live close to Atlanta, Georgia, and
2:55
Speaker 1: so I have had that experience many times in which
2:58
Speaker 1: I'm running through Hartsfield Jackson and trying to get onto
3:00
Speaker 1: the plane because i had a meeting that went long
3:03
Speaker 1: and I'm trying to get there. Prive deviation is different.
3:06
Speaker 1: The plane does not leave without you, and so it
3:09
Speaker 1: really creates maximum flexibility. It also increases a lot of
3:14
Speaker 1: your ability to de stress. Right, you don't have kind
3:17
Speaker 1: of that stressful moment leading up to getting on the airplane.
3:21
Speaker 1: Catering you get to pick what type of food is
3:23
Speaker 1: on the airplane. You don't have to say, you know,
3:26
Speaker 1: cookies or pretzels. You can say I want both, and
3:29
Speaker 1: I actually want homemade cookies and I want real pretzels
3:32
Speaker 1: and an actual big bag. A lot of people want
3:35
Speaker 1: to try and make the justification from a dollar standpoint.
3:40
Speaker 1: They say, okay, I value my time at one thousand
3:42
Speaker 1: dollars an hour. Let's say I'm an attorney, and you
3:44
Speaker 1: can actually put a dollar amount on how many billable
3:47
Speaker 1: hours that you have if you and you say Okay,
3:50
Speaker 1: my first class ticket's going to be one thousand dollars,
3:52
Speaker 1: and so therefore, when can I kind of justify the
3:55
Speaker 1: difference between first class and flying private. It's a tough
3:59
Speaker 1: comparison when you think about all of the additional fringe
4:02
Speaker 1: benefits that come with flying private. If you just try
4:05
Speaker 1: and do a cost calculation, you're never going to get there.
4:08
Speaker 1: It's never going to make sense to fly private. Probably
4:12
Speaker 1: ninety nine percent of the time. There is the one
4:14
Speaker 1: percent fringe time where you're going to Nantucket and there's
4:18
Speaker 1: six of you and maybe everybody's going to fly first class,
4:21
Speaker 1: and maybe you can kind of make it make sense
4:23
Speaker 1: on a turboprop, but if you really boil it down,
4:26
Speaker 1: it's never going to net out from a cost dollar standpoint.
4:29
Speaker 1: But really what it is is it's all those fringe
4:31
Speaker 1: benefits that come from flying private that you really can't replace.
4:35
Speaker 2: Since you brought up meetings and other related things, I'm
4:40
Speaker 2: curious how much of private jet usage is business travel
4:44
Speaker 2: and how much of it is recreation vacation fund travel.
4:49
Speaker 1: It depends on the demographic that you're looking at. I
4:51
Speaker 1: think one big missnomer that is out there is that
4:54
Speaker 1: private jets are reserved for Kim kardashing and Justin Bieber.
4:57
Speaker 1: You look at how the public perceives private aviation, it's
5:01
Speaker 1: celebrities flying to Vegas going on a party. They've got
5:04
Speaker 1: all of their friends there. But really the bulk majority
5:08
Speaker 1: of private aviation actually looks like main street businesses that
5:13
Speaker 1: have multiple locations a lot. In manufacturing, for instance, you
5:17
Speaker 1: think about just in time manufacturing, and you think about
5:20
Speaker 1: uptime in a manufacturing plant, and if private aviation can
5:24
Speaker 1: make sure that your plant is staying online for longer,
5:28
Speaker 1: that can be worth millions of dollars an hour to
5:30
Speaker 1: a manufacturing plant. So private aviation a lot of times
5:34
Speaker 1: looks a lot different than what you think if you
5:36
Speaker 1: look at like a per hour basis. As you kind
5:38
Speaker 1: of broke it down, the majority is for business. Now,
5:41
Speaker 1: if you own an aircraft and you want to take
5:44
Speaker 1: depreciation benefits, it needs to be fifty one percent. This
5:47
Speaker 1: is not tax advice, but that is all of my
5:49
Speaker 1: tax friends say it's got to be fifty one percent.
5:51
Speaker 1: Use if you want to get that depreciation. But oftentimes
5:54
Speaker 1: it really is used a lot for business. Now you
5:57
Speaker 1: can use it for private purposes as well.
6:00
Speaker 2: Well.
6:00
Speaker 1: You can use it for vacation. It doesn't have to
6:02
Speaker 1: only be business. But the vast majority of travel in
6:06
Speaker 1: the private jet space is business, which is why the
6:10
Speaker 1: use private jet and business aviation are very interchangeable because
6:15
Speaker 1: it's oftentimes you know, those two things are often seeing
6:18
Speaker 1: hand in hand.
6:19
Speaker 2: Huh, really really interesting. Let's talk about the variety of
6:23
Speaker 2: options that exist, starting with fractional ownership. What does that mean?
6:28
Speaker 1: So there is a couple of different ways to fly private,
6:30
Speaker 1: and if it's okay with you, Barry, I'm going to
6:32
Speaker 1: take one half step back from there, and I'm going
6:34
Speaker 1: to break down the four ways to fly private. I
6:37
Speaker 1: actually wrote an article about this. It's at my website
6:40
Speaker 1: Pressinhollan dot com. That's a free plug for myself. But
6:44
Speaker 1: there are four ways to really fly private, and they
6:46
Speaker 1: go from the least committal, the least long term committal,
6:50
Speaker 1: to the most committal. So the least committal way to
6:52
Speaker 1: fly private is to on demand charter. That means I'm
6:56
Speaker 1: going to call up my charter broker and I'm going
6:58
Speaker 1: to say I need to go from New York to Miami.
7:01
Speaker 1: I need to go tomorrow, and I have four people.
7:04
Speaker 1: You're going to make one transaction, you pay it, you
7:07
Speaker 1: fly the trip tomorrow, and then you're done. No more commitment.
7:10
Speaker 1: You don't ever have to fly private again if you
7:12
Speaker 1: don't want to. Ad Hoc charter is kind of the
7:15
Speaker 1: colloquial term ad hoc the Latin word for on demand, right,
7:19
Speaker 1: So that's ad hoc charter. The second committal would be
7:23
Speaker 1: a membership or a jet card, so that is kind
7:26
Speaker 1: of the second phase. Those listeners of Bloomberg will be
7:30
Speaker 1: familiar with Exojet, they'll be familiar with Vista Jet. If
7:34
Speaker 1: you read any of the bond ratings, there's a lot
7:36
Speaker 1: of memberships and jet card programs. You are pre paying
7:40
Speaker 1: for an hour block. So let's say you put down
7:42
Speaker 1: a five hundred thousand dollars deposit and that's going to
7:45
Speaker 1: buy you x amount of hours on a certain aircraft type.
7:48
Speaker 1: So that is the second, you know, second least committal.
7:50
Speaker 1: There are you know, membership fees that are sometimes associated
7:53
Speaker 1: with that, but you're not necessarily committing to one aircraft
7:56
Speaker 1: type or something like that. The next committal is fractional ownership,
8:01
Speaker 1: so you're buying in that was your original question. You're
8:03
Speaker 1: buying into a program. This is net jets. This is flexjet,
8:07
Speaker 1: this is airshare. There's a few regional providers that do
8:10
Speaker 1: fractional program but you're buying a piece of an airplane,
8:14
Speaker 1: not too terribly dissimilar to a timeshare, where you're buying
8:19
Speaker 1: a portion of the airplane. You may never fly on
8:21
Speaker 1: the tail that you own on, but you are committing
8:24
Speaker 1: to that membership tier. So maybe you buy one sixteenth
8:29
Speaker 1: of an aircraft that allows you fifty hours per year.
8:33
Speaker 1: There's a monthly maintenance fee that's associated with it, and
8:36
Speaker 1: then you pay per hour. You're committing to a program,
8:39
Speaker 1: you're committing to a flute. The most committal way to
8:42
Speaker 1: marry an airplane is to buy it, So this is
8:45
Speaker 1: I own the airplane. Now you can do that a
8:47
Speaker 1: couple different ways. Maybe me and Barry we both live
8:49
Speaker 1: in New York and we want to share an airplane,
8:52
Speaker 1: so we each go in fifty percent and we buy
8:54
Speaker 1: the airplane. But you're only flying on that airplane. So
8:58
Speaker 1: it's one tail, number one air after one set of pilots,
9:01
Speaker 1: not as much membership. So that's kind of the range
9:04
Speaker 1: to set the baseline of the different ways that you
9:07
Speaker 1: can fly private.
9:08
Speaker 2: So you wrote an interesting post that kind of explains
9:12
Speaker 2: the cost differences between all those four things. And what
9:15
Speaker 2: struck me is so fascinating was the least amount of
9:20
Speaker 2: money you spend annually for something like an on demand
9:24
Speaker 2: charter is going to be the most you spend on
9:28
Speaker 2: an hourly basis, and vice versa. If you make a
9:32
Speaker 2: big commitment annually, your hourly costs are the lowest. When
9:38
Speaker 2: people are considering these things, is it simply a function of, Hey,
9:42
Speaker 2: how many hours do you think you're flying this year?
9:44
Speaker 2: Do you think it's fifty or one hundred hours? Is
9:47
Speaker 2: that what informs those choices between jet cards, hourly charter memberships,
9:53
Speaker 2: and fractional ownership.
9:54
Speaker 1: Generally speaking, yes, when you talk about the first decision
9:58
Speaker 1: that you're making, when you're talking about how am I
10:01
Speaker 1: going to average my cost on an hourly basis, that
10:04
Speaker 1: is generally the right framework to think about. Now, it
10:07
Speaker 1: is not the hard and fast rule. I know plenty
10:10
Speaker 1: of billionaires who fly flexjet fractional who can totally afford
10:14
Speaker 1: their own aircraft, and they probably fly enough hours they
10:18
Speaker 1: just don't want to deal with the hassle. Right So,
10:20
Speaker 1: but generally speaking, if you're going to say which bucket
10:23
Speaker 1: do I fit into private aviation. It's typically when you're
10:27
Speaker 1: thinking about how much am I flying per year? If
10:29
Speaker 1: you think about it strictly on a per hour that
10:32
Speaker 1: I am going to per hour that I'm going to
10:35
Speaker 1: actually fly, how much of my paying So let's say
10:38
Speaker 1: let's set the benchmark ten thousand dollars per hour that's
10:41
Speaker 1: going to be a super mid aircraft that's going to
10:43
Speaker 1: be able to take you coast to coast. If you
10:45
Speaker 1: were to own in a fractional program and you took
10:48
Speaker 1: your purchase cost minus your resale costs, so there's a
10:51
Speaker 1: depreciation factor there. You took in all of your monthly
10:54
Speaker 1: costs and you average it out from time to time,
10:57
Speaker 1: that will actually be lower on a per hour base.
11:00
Speaker 1: But if you're only flying ten to fifteen hours per year,
11:04
Speaker 1: you're going to have a lot of unused hours. You
11:06
Speaker 1: may not actually get the full benefit for it. So
11:08
Speaker 1: as you think about it, the typical breakpoint this is
11:12
Speaker 1: generally speaking, depending on the aircraft type, and everybody's different,
11:16
Speaker 1: but generally speaking, anything below one hundred hours you are
11:21
Speaker 1: typically going to win in a on demand or a
11:24
Speaker 1: charter program. Anything above one hundred hours you should start
11:27
Speaker 1: considering fractional and then somewhere between one hundred and fifty
11:31
Speaker 1: and two hundred hours per year personal flying, you should
11:34
Speaker 1: consider whole aircraft ownership.
11:36
Speaker 2: So I know, after we broadcast this, I'm going to
11:39
Speaker 2: get some calls from some clients and some colleagues who
11:44
Speaker 2: are going to ask, hey, I've put some couple of
11:47
Speaker 2: million dollars away and make a couple of million dollars
11:49
Speaker 2: a year. I'm tired of getting to the airport two
11:53
Speaker 2: hours early and fighting through TSA. At least I don't
11:56
Speaker 2: have to take my shoes off anymore. And they're going
11:59
Speaker 2: to say, what's the best program for me? They do
12:03
Speaker 2: some business flying, They do a bunch of a few
12:06
Speaker 2: vacations a year every now and then they'll fly out.
12:10
Speaker 2: Oh my kids in Purdue, let me go out to
12:12
Speaker 2: the Midwest for someone like that? What sort of program
12:16
Speaker 2: would you recommend? And I know I'm giving you broad
12:19
Speaker 2: parameters and not anything very specific.
12:21
Speaker 1: So I always suggest, if you are just getting into it,
12:24
Speaker 1: an on demand charter program is going to be what
12:27
Speaker 1: you want to do first, because you don't know what
12:30
Speaker 1: your personal preferences are. You don't know if you like
12:34
Speaker 1: flying on light jets or if you don't like flying
12:36
Speaker 1: on light jets. You don't know if you want the
12:38
Speaker 1: extra room, be able to stand up flat floor. There's
12:41
Speaker 1: a lot of variables that go into that. So I
12:44
Speaker 1: would say find a really good broker that has education forward.
12:49
Speaker 1: Jets are moving from one place to another and not
12:52
Speaker 1: necessarily between. It's not like a hub and smoke model
12:54
Speaker 1: like the airlines, and so get a really good broker
12:57
Speaker 1: that can help educate you on what it is you
13:00
Speaker 1: might like and what it is you might not like.
13:02
Speaker 1: Try a bunch of different flavors of aircraft before you
13:05
Speaker 1: start committing to anything long term, because you just don't
13:09
Speaker 1: know what you don't know.
13:10
Speaker 2: So, since you mentioned different flavors of aircraft, let's talk
13:15
Speaker 2: about a few. There's a Dessalt and Bombadare and Embryer
13:21
Speaker 2: and Honda jets came out a couple of years ago.
13:25
Speaker 2: They kind of surprised everybody. How broad is the range
13:29
Speaker 2: of jets that are available either for charter or least
13:33
Speaker 2: or membership.
13:34
Speaker 1: Yeah. So when you're talking about flying in the backseat, right,
13:37
Speaker 1: so we're going to leave the people who fly in
13:39
Speaker 1: the front seat, which is another type of person. When
13:43
Speaker 1: we look in the backseat It ranges from turboprops, which
13:46
Speaker 1: is jet fuel that powers a propeller, so that's your
13:50
Speaker 1: King Airs, your Pilatus PC twelves. So that is kind
13:53
Speaker 1: of the call it the bottom end of the market.
13:55
Speaker 1: You're gonna have the least amount of range, the least
13:57
Speaker 1: amount of speed, but it's also going to be the
13:59
Speaker 1: most cost of wheels up. If you ever watch college
14:02
Speaker 1: game day and you remember seeing, oh, the one that
14:05
Speaker 1: has the two propellers on the side, that's a king
14:07
Speaker 1: Air three fifty for instance. So that is kind of
14:09
Speaker 1: the bottom end of the range. You then have very
14:11
Speaker 1: light jets, which is going to take two to three passengers.
14:13
Speaker 1: That's very light jet, qualifies as the Honda Jet the
14:17
Speaker 1: citation M two. Even the Suius Vision Jet, which is
14:21
Speaker 1: kind of in a league of its own as a
14:23
Speaker 1: single engine jet, is in the very light jet category.
14:25
Speaker 1: You then have light jets, which is going to be
14:27
Speaker 1: Emperor Phenom three hundred, the citation CJ three and CJ four.
14:32
Speaker 1: Light jets are really great for regional travel, not as
14:36
Speaker 1: great for coast to coast You're going to have to
14:38
Speaker 1: stop at some point. Then you have so mid size
14:40
Speaker 1: the citation XLS that's going to be you know, again
14:43
Speaker 1: regional travel. You're not quite going to get New York
14:46
Speaker 1: to San Francisco, but you're going to get pretty close.
14:48
Speaker 1: Then you have the super mid sized jet, which is
14:51
Speaker 1: kind of like, you know, the differ between large and
14:52
Speaker 1: extra large shirts. It's like, oh, that was lazy. Super
14:55
Speaker 1: mid jets is a great example super mid jets. The
14:59
Speaker 1: Challenger three one hundred, three fifty thirty five hundred is
15:03
Speaker 1: going to qualify in that the citation latitude, the citation longitude.
15:07
Speaker 1: The latitude cannot get coast to coast, but the citation
15:10
Speaker 1: longitude can. That's going to be your super mid size.
15:13
Speaker 1: Those are typically going to have a flat floor. They'll
15:15
Speaker 1: see around eight people at max capacity, and that's going
15:20
Speaker 1: to be the super mid sized jet. Is the first
15:22
Speaker 1: time we're going to unlock that New York to San Francisco,
15:24
Speaker 1: New York to LA trip. Then you start getting into
15:26
Speaker 1: the large cabin. So when you get into large cabin,
15:29
Speaker 1: you have the Challenger six o four six fifty uh
15:32
Speaker 1: six five six fifty. You have the Falcon two thousand,
15:36
Speaker 1: which kind of feeds on that super mid size to
15:38
Speaker 1: large cabin.
15:39
Speaker 2: Can you take those New York to London, New York
15:41
Speaker 2: to Paris.
15:42
Speaker 1: You can get New York to London depending on which
15:45
Speaker 1: way the wind is blowing and how new it is.
15:48
Speaker 2: Well, that's a little tight. And my assumption is as
15:51
Speaker 2: you go from small light to mid to super mid
15:55
Speaker 2: to large, everything not just the cost of the jet,
15:58
Speaker 2: but the insurance, the main and it's the hangar, the pilots.
16:02
Speaker 2: All of this scales up dramatically as you go from
16:05
Speaker 2: flying New York to DC versus San Francisco to Hong Kong.
16:10
Speaker 1: Yeah, it scales up proportionately. As you get larger in
16:14
Speaker 1: the aircraft. You start having higher pilot cost you start
16:18
Speaker 1: having higher insurance costs, you have higher fuel burn on
16:21
Speaker 1: a per hour basis. So it does exponentially get larger.
16:25
Speaker 1: That's not to say, though, that people automatically enter the
16:29
Speaker 1: light jet category the turboprop first. There is a vanity
16:33
Speaker 1: piece to private aviation. They always say that the most
16:37
Speaker 1: expensive part of the plane is the window. And that's
16:40
Speaker 1: because when the shade is up and you land at
16:42
Speaker 1: the FBO, you look out and you say, ooh, I
16:44
Speaker 1: like that one, and so you're tempted to kind of
16:47
Speaker 1: step up.
16:48
Speaker 2: Really interesting. My last question how has the technology changed
16:52
Speaker 2: private aviation in recent years.
16:54
Speaker 1: Yeah, so there's been a lot of software that's come
16:57
Speaker 1: to market over the last call it ten to fifteen
17:00
Speaker 1: years that have really impacted the way in which private
17:03
Speaker 1: flyers are interfacing with kind of the administrative layer of
17:08
Speaker 1: private aviation because it is such a tax complicated factor.
17:14
Speaker 1: There is tracking tools out there, there is services that
17:17
Speaker 1: will actually help you make sure. There's maintenance tracking softwarees.
17:21
Speaker 1: There's predictive maintenance tracking softwares. There's logbooks scanning aviation in general.
17:27
Speaker 1: I know this is shocking, but aviation in general lags
17:30
Speaker 1: from a technological standpoint because of how conservative it is.
17:34
Speaker 1: So paper logbooks are still a thing. There are still
17:38
Speaker 1: maintenance records that are held in paper in a fireproof
17:41
Speaker 1: safe at the FBO. That's like still a very common thing.
17:45
Speaker 1: There has been a shift towards technology and aviation when
17:49
Speaker 1: you look at private aviation, though. The challenge for software entrepreneurs.
17:53
Speaker 1: I get dms all the time on x to say, hey,
17:56
Speaker 1: I want to build XYZ software and revolutionize the market.
17:59
Speaker 1: The problem is in the grand scheme of things, it's
18:02
Speaker 1: not that big.
18:03
Speaker 2: So people listening to this conversation are thinking themselves, Hey
18:07
Speaker 2: I'd like to fly private ballpark figures. How much money
18:12
Speaker 2: you need to have to make this really a worthwhile experience?
18:16
Speaker 1: So generally speaking, it's two million dollars in net income, right,
18:20
Speaker 1: so that's kind of cash flow to you, and twenty
18:22
Speaker 1: million dollar net worth before you start chartering on a
18:26
Speaker 1: regular basis. So that's you know, probably vacations, that's probably
18:30
Speaker 1: some business trips. That's not you know, you're not pedal
18:33
Speaker 1: to the metal. Never have seen the inside of a
18:35
Speaker 1: commercial airport again, but you're seeing it less and less.
18:38
Speaker 1: At two million dollars of income and twenty million dollars
18:40
Speaker 1: in net worth before you start thinking about buying a
18:44
Speaker 1: mid sized jet where you sit in the back and
18:46
Speaker 1: you have pilots and all of that. The number was
18:49
Speaker 1: between ten and twenty million of net income and around
18:53
Speaker 1: one hundred to two hundred million dollars of net worth.
18:55
Speaker 1: Now that includes privately held companies, that includes my operating
19:00
Speaker 1: company has been marked to market at two hundred million dollars,
19:03
Speaker 1: and then I'm starting to think about an aircraft. But
19:05
Speaker 1: that is generally speaking, now, that is not the rule.
19:09
Speaker 1: In my day job, I look at people's financials and
19:12
Speaker 1: help them place debt for aircraft purchases. I will tell
19:16
Speaker 1: you that that number is not a hard and fast rule.
19:19
Speaker 1: It is a good rule of thumb. But for everybody
19:22
Speaker 1: it's different, right. It may be a higher net worth
19:24
Speaker 1: and maybe you're a lower cash flow. Maybe you're a
19:26
Speaker 1: really cash flow person and this is really what you
19:29
Speaker 1: want to do. But those that's kind of a good general,
19:33
Speaker 1: you know, general term to start looking at kind of
19:36
Speaker 1: midsize jets and then as you kind of scale up,
19:38
Speaker 1: you're really not buying a brand new G seven hundred
19:41
Speaker 1: until you're knocking on the billion dollar market.
19:43
Speaker 2: So to wrap up, if you're doing pretty well income
19:47
Speaker 2: wise and have a couple of shekels put away, you
19:49
Speaker 2: don't have to go out and drop tens of millions
19:52
Speaker 2: of dollars buying your own jet. You could do hourly charter,
19:55
Speaker 2: you could do fractional ownership, or you could do one
19:58
Speaker 2: of the jet memor membership cards that allow you to
20:02
Speaker 2: spend less time in commercial airports and more time getting
20:06
Speaker 2: to where you go quicker, faster, and more comfortably. I'm
20:10
Speaker 2: Barry rid Helts. You're listening to Bloomberg's at the Money