Choose Your Aircraft Purchase Team Wisely
As a business owner, you know that your team of experts is critical to the success of your business and that even one mediocre player can impair your expected outcome. Having a superior team of aviation experts on your team will ensure a smooth purchase and seamless integration into your personal and business transportation plan.
The basic core of your team may look similar to the type of experts you trust in your business currently. Certainly a tax specialist who can determine the optimal structure for your purchase is critical. He or she will prepare and file the proper paperwork to ensure maximum tax deductions, determine the sales or use tax solution that suits your particular situation, and structure a method to integrate your personal flights effectively with your business aircraft.
Of course, you’ll want to protect your new asset just as you would any of your business assets, as well as protect yourself, your family and your business. As a business owner, you know how important it is to have the right coverage and how shortcuts in this area can be devastating to a business and family.
A smooth financial transaction will prevent unnecessary headaches during the purchase process and ensure that documents are filed correctly to avoid future headaches. Whether or not you seek a loan for your purchase, you need an experienced professional to close your purchase and take care of filing your documents for you.
In additional to your core team, you may also consider other team members such as a personal flight instructor, professional pilot or aircraft manager. Your completed aviation team of experts will work together to ensure a successful integration of your aircraft into your personal and business transportation plans.
While your team may have similar skills as your business team, your new group of experts will have additional expertise and knowledge that is lacking on most business teams. Integrating your new specialists into your existing team will be both simple and welcome. It’s generally a costly mistake to believe that your current team can effectively handle the responsibilities of structuring and managing an aircraft purchase. The nuances of IRS and FAA regulations can lead to costly mistakes for the inexperienced.
While it’s not difficult to locate aviation specialists who can act on your team, finding the most skilled and best fit for your business can be the difference between success and unexpected problems. This is where you’ll execute your skills as a business owner and shine. You may ask your peers for recommendations, interview candidates, or check references.
But what if you’re new to aviation and don’t even know where to start?
One place to start is with the recommendations of your aircraft sales professional. His or her primary interest is to make your purchase an enjoyable and successful experience. Sales professionals have experience working with a wide spectrum of aviation specialists and can direct you to the very best professionals saving you valuable tie and steering you away from those who have caused grief to previous aircraft customers. Don’t overlook this valuable asset when assembling your team.
So, consider your aviation group as you would a subsidiary of your business. You probably won’t be hiring additional employees, but as a contractor works with his subcontractors, you’ll hire the best you can find, coordinate their efforts and manage each of them just as you’re doing now. This is your business, your airplane and you’re in control.