Beginning today, Jet Venue is rolling out a new feature–Spotlight–to focus on the businesses, services and people who help make business aviation great. What better company to start with then Netjets, one of the most recognized companies in corporate aviation.
Founded: Launched in 1964 as Executive Jet, many years before it became best known as a provider of fractional jet ownership. Brigadier General O.F. “Dick” Lassiter founded the company, but it wasn’t until 1986 when the concept of fractional jet flying was introduced by Richard Santulli.
Business Model: The company uses 13 lines of aircraft–light, medium and large duty–in their fleet, carrying 6 to 18 passengers each. Customers are offered an ownership share of the aircraft of their choosing or can get a jet card redeemable for flight time. Netjets supplies the crew, performs the maintenance and all other care for the aircraft; customers pay for their share of the upkeep.
Significance: Netjets is the leader in fractional jet flying with more than 800 aircraft in their fleet. The company flies from point to point to destinations all around the world. Marquis Jet is their jet renting entity, selling jet cards in 25-hour flying increments.
Net Worth: Executive Jet Aviation was acquired by Warren Buffet’s Berkshire Hathaway company in 1998. The business was officially renamed Netjets, Inc. in 2002. Class A Berkshire Hathaway stock trades for a mint closing at $117,000 a share recently.
Notables: Even Netjets hasn’t been immune from the economic problems facing the rest of the world since 2007. In the first half of 2009, Netjets lost $350 million with the company replacing senior management and consolidating operations in order to shake up leadership and cut costs.
4111 Bridgeway Ave.
Columbus, Ohio 43219-1882
- Warren “Tax The Rich” Buffett’s NetJets Sued For $366 Million In Unpaid Taxes (businessinsider.com)
- Despite Potential, China’s Private Aviation Industry Still “Yet To Take Off” (jingdaily.com)
- Sorkin’s disingenuousness on corporate taxes (blogs.reuters.com)