Taking Flight: The Business Advantages of Owning a Private Jet
There’s a saying in business that “time is money.” It’s a longstanding adage laden with truth. Savvy entrepreneurs and established, successful businesspeople have known this for years; and for decades, those with the means have acquired private jets to aid them in their quest to better use and maximize their time. Ironically, poor business decisions related to the purchase and acquisition of those aircraft too often undermine the profits that those well-heeled businesspeople can take from owning a private jet. BOK Financial Private Wealth can help buyers avoid these pitfalls.
Ownership Perks
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Taking Flight: The Business Advantages of Owning a Private Jet
Taking Flight: The Business Advantages of Owning a Private Jet
There are many business advantages that come with owning a private jet. For starters, they make air travel quicker and more efficient. Sales executives can swiftly visit clients to close deals and still be home in time for dinner. Similarly, a privately owned business jet allows entrepreneurs and executives the opportunity to efficiently visit multiple company locations in the same day. In other words, they can lead their companies to greater success while maximizing their time at home with their families. Simply put, a private jet empowers astute businesspeople to more effectively grow their enterprises.
Avoidable Mistakes
Unfortunately, first-time aircraft buyers too often learn valuable lessons about jet ownership the hard way. Most notably, they’re seduced by an attractive plane that seemingly represents a good deal; however, factors such as speed, requisite hangar space, capacity, and the availability of parts can profoundly distinguish two planes with similar prices. Many times, novice jet buyers also fail to consider the distances they’ll most often travel aboard the aircraft. And then there’s the matter of securing a qualified pilot to fly the plane—these days, proper training to fly certain aircraft extend beyond a year.
For all of these reasons, it’s imperative that consumers work with a trustworthy broker or consultant to guide them through the process. Scott Powell, BOK Financial Private Wealth’s managing director of aviation, is highly involved in the process, bringing more than two decades of wealth management expertise, as well as pilot experience and personal ownership of an airplane and hangar. “Even after being in the industry for several years, I’m still surprised by the steep learning curve of aircraft acquisition and ownership,” he says. “BOK Financial Private Wealth is not only a reliable source of capital, we are a knowledgeable partner throughout the transaction.”
Financing Investments
BOK Financial Private Wealth can provide clients with up-to-date jet valuations and aircraft availability across the country, but more importantly, the institution offers financing options that can save business owners hundreds of thousands, perhaps even millions of dollars. After all, your business enterprise contributes strongly to your wealth, many times delivering double- and triple-digit returns. Rather than withdrawing capital from that business to purchase a jet with cash, finance the purchase so you can use that capital to further expand your business. Although many entrepreneurs look to the charter market as an investment opportunity and purchase an aircraft solely to make it available for charters, BOK Financial Private Wealth doesn’t play in that space. Instead, the institution specializes in the financing of jets for owners who are looking to further their business and build a personal empire. The way BOK Financial Private Wealth sees it, a jet is just one more tool that its clients can use to enhance multiple facets of their lives.
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