I took a flight on a $10 million private jet, and it shows why one business case for private-plane ownership makes perfect sense

David SlotnickSep 26, 2019, 23:57 IST

David Slotnick/Business Insider

Private jets have a reputation for being opulent or extravagant, but in many cases in the US, a private plane is actually a smart business resource.
For those who need occasional access to a jet, but don't have the need or funds to buy one outright, fractional ownership presents a model that can be helpful.
I recently took a test flight on an Embraer Phenom 300, one of the best-selling business jets in the world, operated by Airshare, a fractional ownership company.
The ride was smooth and comfortable, and got me thinking more about why flying private can make sense for some businesses. Read on to see what it was like.
Visit Business Insider's homepage for more stories.

While private jets have a reputation for being extravagances - and in some cases, they certainly can be - there are actually a few more practical and down-to-earth reasons that people fly private. Especially for business

The number one advantage is flexibility, which begets efficiency.

Say you're a college sports recruiter, and you have to visit a bunch of high schools in the mid-west. Flying commercially, you'd need to book a flight to the closest airport with commercial service, which could be hours away from the school.

Then, you'd have to drive hours to the school in a rental car, drive back to the airport, and get the next flight to your next school. It might not be until the next morning, and even then you'll probably have to connect in a major city like Chicago or Denver.

If you're flying private, though, you can find a closer airport and land there. Take a quick taxi or ride to the school, then head back to the airport. Take off within 10 minutes of arriving, and fly to the next school. The visits that might have taken a week or two flying commercially can be knocked out in two days.

The same holds true for people who manage multiple franchise locations, car dealerships, or other businesses. While there are roughly 5,000 public airports in the US, only 10% of them have any commercial service, which could be as few as two flights a day.

For those with a business need to fly private, but without the funds to buy and operate a plane, there are a few options, including charter services and fractional ownership.

Fractional aircraft ownership basically means instead of owning an aircraft outright and having to manage maintenance, operations, staffing, licensing, and so on, you own a share of an aircraft which is managed by a company. After purchasing the shares, you simply pay a monthly maintenance fee, and an hourly fee when you're onboard the plane - that covers fuel and staff. You can fly a certain number of hours each month or year based on the size of your share.

One fractional ownership company, Kansas City-based Airshare, has been aggressively expanding over the past several years, offering service to clients farther and farther away.

Airshare operates a fleet entirely of light business jets made by Brazillian company Embraer. Its Phenom 100 and Phenom 300 planes - which are among the best-selling business jets in the world - can carry up to eight passengers nearly 2,000 miles at a time.

During a stop at Teterboro Airport in New York recently, Airshare invited Business Insider to take a look at one of their newest Phenom 300s, and to take a short test flight.

As someone who - well, let's just say, someone who isn't used to flying in private planes, aside from a few work-related test flights, I was impressed by the incredible convenience and versatility of the jet. From take-off to landing, it was a great ride, and reminded me why for some businesses, private jet flights can actually be a smart investment.

Here's a look at what the plane was like, and the quick ride.

See I took a flight on a $10 million private jet, and it shows why one business case for private-plane ownership makes perfect sense >>

Here it is, the Embraer Phenom 300 in Airshare's brand new white, blue, and gold livery.

Since it was launched in 2009, the Phenom 300 has been one of the most delivered private jets in the world, with more than 500 delivered.

The jet is a stretched version of Embraer's Phenom 100. The 300 can comfortably carry eight passengers, while the 100 carries 5.

The Phenom 300 has a wingspan of slightly more than 53 feet, with a generous range of 1,970 nautical miles.

It can fly up to 495 miles per hour, with a cruising altitude of 45,000 feet — not too shabby for a small business jet.

It's classified as a light jet, but it certainly feels like a more formidable plane than that category might suggest.

The plane is powered by two rear-mounted Pratt & Whitney PW535E engines.

This particular Phenom 300, which I had a chance to ride on during a test flight, is flown by Airshare, a fractional ownership company.

Fractional ownership allows an individual or a business to purchase a share of an airplane, which is operated and maintained by a company like Airshare. You can fly a certain number of hours each year, depending on the size of share you buy. Airshare also manages peoples' own planes for them, providing pilots and maintenance.

As you walk up the stairs onto the plane, you'll see its two-person divan couch.

If you turn left, you'll come across a drinks cooler and a counter — basically a miniature galley — and the cockpit.

Turn right, and you've made it to the jet's surprisingly spacious cabin, considering the jet's size.

The cabin is sleek and comfortable, with six bucket seats (the other two passengers can sit on the couch, for a total of 8).

This layout has two sets of seats facing each other, with two forward-facing seats behind them.

The cabin also has sizable windows, which lets in plenty of light. Don't worry, though: if it gets too bright, you can pull the built-in window shades down.

Tray tables fold down and store in the side panels near each seat. The seats facing each other share one larger table, so you can dine with a partner.

During our test flight, I sat in the forward-facing seat on the right side of the jet.

But all of the seats were equally comfortable.

Embraer recently released a new version of the jet, the Phenom 300E. It's basically the same plane, but features an updated interior and seats.

We took off from Teterboro Airport in New Jersey, near New York City, just a few minutes after I arrived. It was nothing like the usual process at the airport.

While our departure was a bit bumpy, partly thanks to the fact that it was a warm day, it was smooth sailing once we got a bit further from the airport and started to climb.

Landing was even easier; we touched down with hardly a bump.

Although Airshare has two pilots operate every flight, the Phenom 300 is certified for single-pilot operation, too.

All in all, it was a fun and impressive ride. The ability to hop on the plane and leave whenever, compared to sticking with a schedule, and the plane's ability to access ten times as many airports as most commercial jets, reminded me of the business case for access to private aviation, whether through fractional ownership, charters, or outright buying a plane.

Despite their reputation for being opulent extravagances, most private jets are used by businesses to help executives and managers reach far-flung sites in a more efficient way than flying commercially.

For instance, a sports recruiter visiting multiple remote campuses, or a franchise owner inspecting several sites, can visit each location over a day or two, while coordinating with scheduled commercial flights, and driving to and from commercial airports, can take a week or more — of the roughly 5,000 public airports in the US, only 10% have commercial service, and many of those are just a few flights each day.

Fractional ownership is a viable situation for people who need to fly in a business jet, but either don't fly enough to warrant purchasing a plane outright, or don't have access to the capital required — a Phenom 300 is listed at around $9.45 million dollars.

Cookies on the Business Insider India website