Page 31 - FON Spring Issue

6. Develop a basic understanding of the acquisition process.
Although it isn’t necessary to be familiar with the intricacies
of private aircraft acquisition — that’s what the experts are for — a basic understanding of the process can prove useful. The process of acquiring a new aircraft typically includes:
Initial Evaluation & Aircraft Identification
The process of acquiring a new aircraft typically includes: Those who decide to purchase a newly produced aircraft must choose between a custom-built model, where you have to opportunity to select the floorplan, materials and additional specifications, and a “white-tail” aircraft, which has already been produced and has limited customization options. Both options pose unique benefits, depending on your specific needs and desires.
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Design Phase
Once you have identified an aircraft for purchase, you will enter into the layout and design phase. During this phase of the acquisition process, you may need to assist in scheduling specifications meetings in order to address and finalize design specifications for the aircraft.
Production Phase
Once you have approved the final aircraft design and specifications, the manufacturer will start production. As mentioned before, the production process for a new aircraft can take a year or more depending on several variables. The owner’s existing flight department members and/or their private aviation representative will actively review and monitor the ongoing production process on your behalf, as well as provide you with regular updates.
Final Delivery & Acceptance
When the aircraft is ready for final delivery, the flight crew, private aviation representatives and family members will work through the formal delivery and acceptance process with the manufacturer. Once the delivery team has completed the final inspection and acceptance of the aircraft, the final delivery and transfer of title will proceed.
7. Partner with an aviation advisor.
As mentioned earlier, working with a private aviation advisor can prove useful when scheduling a demo flight, but that’s not all. An aviation advisor can be a valuable asset to a family office, helping you to understand the different private aviation options available and the pros and cons for each, as well as spearheading the entire acquisition process. When searching for a qualified advisor to work with, it’s best to look for one with decades of industry experience, an extensive network and a proven track record of providing unbiased advice.
FON MAGAZINE / SPRING ISSUE 2021 / FONMagazine.com 31