Flight Options - Is it an Option for you?

 By Mark A. Gardner

 June 17, 2009

     History - (as Flight Options tells it) 

*

1 "In July 1997 Corporate Wings began development of the industry’s first nationwide previously owned aircraft fractional ownership program under the name Flight Options, Inc.  In October 1998,

"Flight Options was formally launched at the 51st Annual NBAA Convention in Las Vegas, NV.  While fractional ownership of aircraft was a proven concept with new aircraft, primarily supported by the aircraft manufacturers,  Flight Options became the first company to offer a complete line of jets at a 35% savings over comparable aircraft offered new by other programs."

"Flight Options quickly became the fastest growing fractional program in June 1999 by adding 100 customers in just nine months.  In December 2001, Flight Options combined operations with Raytheon Travel Air,  effectively doubling the size of the company and moving the company into the sale of both new and pre-owned aircraft." 

"In December 2005, Flight Options became a wholly-owned subsidiary of Raytheon and introduced the Go-Forward Business Plan that rationalized the fleet, which  is now one of the youngest fleets, as well as the most effective and efficient fleet in North America."

"Flight Options was acquired in November 2007 by H.I.G. Capital, LLC, a leading global private equity firm with more than $4 billion of equity capital under management." 

"In March 2009 Directional Capital -- an investment firm led by Flight Options Chairman Kenn Ricci, and Resilience Capital Partners -- a leading private equity firm, and key members
of the Flight Options management team made an additional investment in Flight Options. H.I.G. Capital also remains an investor." Flight Options is a company located at the Cuyahoga Airport, in Cleveland, Ohio. The company has changed management, in the last year;  Flight Options has reduced it's pilots staff dramatically, due to what appears to be, decreased demand for their product.

Flight Options has a long road ahead, the company is basically restructuring its operations, thru management changes. It seems, the company,  has lost it's sense of direction, relative to the it's position in the Industy.

Flight Options competitors have the advantage of having an aircraft manufacturer behind them, for support; This is a definite factor in determining the competitiveness of "Options"within the Industry; without the discounts provided an aircraft manufacturer, Flight Options will likely remain in a disadvantaged position.

Flight Options has some good points, and will survive the current downturn, though, with a much smaller market share, when compared to their 2008 size.

The return of Kenn Ricci, is viewed, by some, to be a good sign.. (not sure the pilots feel that way)?

In any case, things should eventually improve with the new management.  

^*2 Here are the aircraft, currently being utilized, at Options: 

  The company, as of this writing, has a fleet total of 110 aircraft.

  Flight Options says, on their website, that in Late 2009, they will be introducing the NEW Phenom 300 jet to their fleet. 

Here is what you can expect to earn as a Pilot, at Flight Options:

^{*1 Flight Options Website - http://www.flightoptions.com/history.html}

^{*2 Flight Options Website - http://www.flightoptions.com/} 

^{*3 WillFlyForFood Website - http://www.willflyforfood.com/airline-pilot-salary/140/Flight-Options.html}