The American Bonanza Society monthly magazine has a good article “Thoughts on Forming Beech Clubs” written by Paul Lilly, President ABS. Paul shares his story about airplane co-ownership and the lessons learned along the way. He says, there are a lot of people who wish there was a high-performance airplane club nearby; however, he never hears anyone say they are willing to start one. Starting a club requires a fair amount of work.
There are 3 types of pilots and 3 airplane co-ownership situations:
- Seeking: Pilots just seeking to join a club or co-ownership want share in the costs of owning an airplane but don’t have the time or experience to start a club.
- Starting: Pilots starting a new airplane co-ownership have made a commitment to the formation and they’re willing to put in the time, experience and/or learning. They may want to find another pilot to join the group before acquiring a plane.
- Existing: Pilots of an existing co-ownership from time to time will want to find another member to join. Over the years, pilots move in and out of shared ownerships as their needs and missions change.
Paul’s story covers the following topics: “Take the Lead.” It’s not difficult to start a club it just takes some work. Be a leader. “Define your airplane first.” If you’re building a club around an airplane you already own or have selected, you’re ready to go. But if you’re trying to decide, Paul reviews the pitfalls of too many cooks trying to select a plane. “Size Matters.” Paul says, the ideal club is from two to a maximum of five people. Each pilots’ share of fixed and acquisition costs is divided by the total members. But more members usually limits the airplane’s availability and has insurance cost implications. “Making Your Intentions Know.” Usually, the higher the price of the airplane the longer the time to find the right pilots. Connecting with pilots interested in co-ownerships needs to be easier.
You can find Paul’s full article in the American Bonanza Society magazine, March 2021 publication on page 2.
© 2021 Connecting Aviators® Above and Beyond