Transcript:

Aircraft co-ownership is a good way to make general aviation more affordable. Before entering into such an agreement, consider factors like, “How frequently will I be using the plane? Does my use leave enough excess capacity to satisfy another co-owner? How flexible is my schedule? How often will my schedule conflict with that of my co-owner?” Because all co-ownerships should define a finite duration, ask yourself how long you’re willing to commit. How will we decide on significant changes such as improvements to the aircraft and changes in where the aircraft is managed or based? Are there limits on how the plane will be used such as where it will be flown, how long the trips can be and whether pets are allowed onboard? These are all straight-forward questions but it is key to discuss them in advance and to document the answers to avoid any conflict or misunderstanding down the road.