The Partnership Perspective

If you’re thinking of buying an airplane, the major advantage of a partnership seems obvious enough: save money. According to Plane & Pilot Magazine, "Most jets and turboprops have some sort of formal or informal joint-ownership arrangement because it cuts the fixed monthly costs by 50 percent per partner." Saving money is indeed a strong motivator for finding a trusted partner, but there are other benefits as well: 

Airplanes need to be flown: Like a thoroughbred that needs its exercise, an airplane needs (and likes) to be flown. If you want the benefits that come with aircraft ownership but don’t have time to use it to its full potential, then joint-ownership is a viable option. Consider your needs, both personal and professional: will you fly less than 100 hours per year? If so, and if you are willing and able to share access, then a joint-ownership arrangement is likely the way to go.

Your goals are spelled out in advance: The most successful partners work out the details even before they purchase the aircraft. Because they have to account for their purpose and mission to reach a mutual agreement, partners are less likely to buy more or less airplane than they need. They are more likely to enter into the buying process cautiously and to work with a professional broker to help guide them.

A partner can keep you in check: Like with other arrangements in life, a partnership means compromise and sharing the burdens as well as the joys. If you enter into a partnership with the agreement that the aircraft will only be used for business trips, or a certain number of hours per year, etc., then a partner can help hold you to that commitment. Remember that you are still accountable for the hourly cost each time you fly, so a partnership guarantees cost savings only if used in a way that reflects the original purpose and arrangement.    

The best partners are those with similar goals and resources. Whether you split a turbo-prop with one other partner or a new jet with five others, each partner must hold to his or her end of the arrangement. Often, those already in business together make excellent partners because their professional goals and schedules may already be aligned. 

However, you do have to know your partner in advance. In fact, a reputable and knowledgeable aircraft management company can help bring partners together to create a successful joint-ownership arrangement. We’ll work with you to determine your mission, budget, and to find the airplane that fits both.

If owning an airplane is your dream, let us show you how to achieve it.  

Contact V1 Management today: 857-600-8338