Page 30 - FON Spring Issue

“If you are unsure which option to pursue, you might opt to work with a private aviation advisor
to schedule a demo flight. During this demo flight, you can experience firsthand what it would be like to fly on that particular model, while the advisor
can provid”
e unbiased feedback to help determine
whether the aircraft in question meets the defined requirements.
FON AIRCRAFT
Family offices might consider recommending a combination of options in order to accommodate the remaining 20% of their mission requirements. For example, if your family intends to predominantly use their aircraft for short trips, with the occasional international trip, it might make sense to acquire an aircraft that’s well-suited for short trips and utilize a charter service or purchase a fractional share to meet their international travel needs.
4. Evaluate both new and pre-owned aircraft models
A brand new aircraft can be fully designed, but the lead time for delivery could be anywhere from 12–18 months — or more — which could pose a problem for families for whom time is of the essence. To that end, family offices would do well to consider both new and pre-owned aircraft models. In many cases, pre- owned aircraft are a more affordable option and can be upgraded, refurbished and customized to exact specifications.
If you are unsure which option to pursue, you might opt to work with a private aviation advisor to schedule a demo flight. During
this demo flight, you can experience firsthand what it would be like to fly on that particular model, while the advisor can provide unbiased feedback to help determine whether the aircraft in question meets the defined requirements.
5. Start the financing process early.
Family offices who intend to use a loan or lease for their aircraft purchase would do well to start the financing process as early as possible.
The reality is that financing is an incredibly involved process, one that can take a significant amount of time to complete — in fact, it can take financial institutions upwards of a month to conduct an initial review, follow due diligence protocols and generate a formal proposal. It’s also important that family offices build in time to compare rates and request proposals from multiple lenders.
The more prepared your family office is, the sooner you can start the actual acquisition process.
30 FON MAGAZINE / SPRING ISSUE 2021 / FONMagazine.com