John joined Airshare as CFO in 2016 and became President and CEO in March 2018. He originally fine-tuned his consultative skills and financial acumen working in progressively higher roles at State Street, Accenture, and KPMG. On this episode, Chris and John discuss the industry of private aviation, misnomers about flying private, aviation throughout COVID, what the next ten years might look like, technology making aviation more affordable and safer, and John's career path. Enjoy!
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Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com
(02:07) - John's Story
(05:58) - What was your life like in the consulting role?
(06:28) - Why do you have a passion for the organizational and operational side of business?
(07:07) - What was the series of events that landed you in the CEO role?
(07:51) - How would you describe AirShare?
(10:07) - What are the advantages of a JetCard?
(11:03) - What are some advantages to fractional ownership?
(12:08) - What are the ongoing costs once you’ve bought a fraction of a plane?
(14:50) - How did you choose the Phenom 100 & 300?
(16:19) - Do pilot licenses allow you to fly multiple types of planes?
(16:50) - How many jets do you have?
(17:09) - Do plane owners that allow you to manage their aircraft let you lease it out to shareowners?
(17:36) - If I owned 100% of a Phenom 300, what does it cost to maintain it per year?
(18:18) - What are the most common maintenance issues aircraft owners will run into?
(19:14) - How are you set up around the country with where you can land and store planes?
(20:04) - How many customers do you have?
(20:57) - What do you tell someone not located in density that wants to be a customer?
(21:19) - What’s the market like for a private pilot? What are their rates?
(21:46) - Where are your pilots coming from?
(22:34) - When is a good time for a business owner to consider private aviation?
(26:33) - How long do you keep a plane in the fleet?
(27:13) - Who’s the typical buyer on the way out?
(28:05) - What’s your ownership structure at AirShare?
(28:48) - How do you think about growth?
(30:59) - Do you host customer events?
(31:57) - Having Patrick Mahomes as a Client
(32:49) - Can you charter something by the day for a larger group?
(33:53) - What's the difference between AirShare and Warren Buffet’s NetJets?
(36:04) - What were the first few months of COVID like for the private air industry?
(38:02) - Is there a permanent shift of people flying private?
(40:03) - Are there states that are harder to fly into than others right now?
(40:33) - Is there anything you’re watching for economically that will give people hope in the coming months?
(41:57) - Is a COVID vaccine the key to opening everything back up?
(42:39) - What’s usually the most common reason for a crash?
(44:12) - What are some simple questions people can ask to find out if they’re flying on a good plane with a good pilot?
(46:03) - Do planes actually ‘fly themselves’?
(47:35) - Is there new tech that’s coming down the pipeline for this industry?
(48:08) - Are planes being built at the same rate as they were pre-COVID?
(48:24) - What do you think the industry will look like in 10 years?
(50:34) - What do your gas contracts look like?
(51:00) - How much fuel do you buy per year?
(51:24) - Are there any other risks you look out for besides a crash?
(52:36) - What’s your day to day like as the CEO of a private aviation company?
(56:33) - Who are the biggest names in this industry?
(58:54) - When you purchase fractional ownership of a plane that has a 15-year life-span, is that a one-time purchase, or do you re-buy multiple times?
(59:51) - Is getting involved with planes one of the first things someone will do if they come into a lot of cash?
(1:00:46) - Do you have a morn