Efficiency is critical in business, expenditures must be justified. It is important to recognize the point when the efficiency of your business will be enhanced by having a corporate jet available at a moment's notice. There is no substitute for expertise. When the stakes are high and time is in short supply you need to be able to get experts to the scene as quickly as possible. Most companies utilize corporate jets to increase time value.

     One benefit that many smart companies have begun to recognize is the psychological value that private air travel provides for their team members. Obviously people are more productive and do their best work when they have fewer hassles and less psychological stress. A fast paced business lifestyle can be stressful enough, the hassles and inconveniences of large airports can drain a lot of energy from a person and hurt their overall productivity.

     Although seen by some as symbols of corporate excess, business aircraft provide many valuable benefits. They allow time-pressed CEOs to fly directly to field offices that might take much longer to reach by a commercial flight. The frequent delays and unexpected interruptions that occur at major airports are unacceptable when certainty and promptness are critical.

     Automakers, for example have relied on business aviation since the early part of the 20th century. Ford Motor has been doing so since 1928, when the company introduced its Tri-motor plane, American public. Ford has operated two 48-seat commercial-grade Fokker 70s for more than a decade to transport engineers and managers between its North American manufacturing plants and its corporate office in Dearborn, Michigan. The company also owns a small fleet of mid- to long-range jets used to transport senior executives, as well as a fleet in Europe, where short commercial flights are expensive and many destinations are hard to reach.

     With the current strength in the marketplace and lower prices on both new and used planes, many CEOs will eventually face the inevitable question: When should I buy a corporate plane? CEOs are experts in their fields, but that doesn't mean that they necessarily have any better ability to evaluate the variables associated with owning a plane to make the best choice.

      If you are contemplating adding the value of a corporate jet to your business it might be wise to gain more experience about the industry as a whole by chartering aircraft, joining jet-membership programs that offer a fixed number of flying hours for a fixed rate, or buying fractional shares in a jet. The key factor is how many hours your company flies per year. Less than 300 hours per year is usually the cutoff for aircraft ownership.

     Industry experts compare the purchase of a corporate aircraft to buying any other large asset. Just like acquiring another company or an expensive piece of equipment, purchasing a plane can be a complex undertaking. You should conduct a thorough due diligence. One common and widely recommended approach is to find a reputable consultant to make sure you get the right aircraft for your needs and optimize the arrangements from a tax and liability standpoint.

     Knowledgeable consultants have special software and detailed aircraft operating cost data to analyze both your current and future needs. They also can help find buyers and facilitate the services of the team that makes for a successful corporate jet purchase: accountants, attorneys, aircraft inspectors (if you are buying a used plane) and a buyer's broker. They can also determine the best way to outsource your needs for pilots and maintenance or set up an in-house flight department.