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Three Key Characteristics of an Excellent Management Company

Aircraft Management

Three Key Characteristics of an Excellent Management Company

Aircraft Management Companies are intricate entities with multiple components in operation. Through our Audit Services, we have had interactions with numerous management companies and have observed both positive and negative practices. The industry often boasts about the exceptional service provided by these companies, and having encountered countless management companies, we have identified three key areas in which the top companies excel.

Management Company and Needs Anticipation

One notable aspect of their service is their ability to anticipate the needs of their customers without being prompted. This goes beyond simply providing their preferred drink on board the plane, but also includes knowing their clients’ annual events such as Masters or the Kentucky Derby. They are proactive in preparing for these trips ahead of time, often before the client even requests it. For instance, they have established processes for charging and cleaning a client’s car while they are away, and always make sure to have cold water or their favorite beverage ready in the cup holder upon their return. They understand that some clients prefer no interaction during their ride, and that small talk is only appropriate when they are leaving, not when they are coming home. By gathering information in a non-intrusive manner, they are able to better anticipate the future needs of their clients. This is made possible by their systematic approach to tracking these details, so that the quality of service is not dependent on a single individual.

Financial Stewards

The Management Company prioritizes being a responsible Financial Steward of the aircraft owner over its own financial gain. They do not accept unfavorable charter trips solely for the purpose of profit. Instead, they handle the clients’ money with prudence and consider the cost of operation, as well as the clients’ objectives and operational requirements. For instance, they carefully select parts to ensure the best value on a regular basis, but also prioritize expediency in cases of Aircraft on Ground (AOG) situations where the owner needs to get home quickly. The management company must always act in the best financial interest of the owner and avoid making decisions on third-party services based on their own benefit. This includes choosing an FBO and fuel purchase based on the pilots’ potential rewards or rebates, as this could compromise their role as a financial steward. Once a managed owner becomes aware that the management company is not fulfilling its role as a financial steward, it could lead to the end of the relationship, especially if the behavior is not corrected immediately.

How the Management Company Communicates

One crucial quality possessed by top Management Companies is their exceptional communication skills. They possess the ability to effectively communicate with owners and staff, knowing when and how to do so. They strike a balance between providing thorough details when necessary and being efficient in other situations. They also establish relationships not only with the primary owner, but also with other important members within the organization, including the assistant and CFO, making them a valuable resource for all. Effective communication is key in preventing problems from arising and fostering genuine connections.

While every aircraft owner should be in search of an excellent management company owners often gravitate to what is close or convenient. We try and help owners see the advantages of both local and regional or national management company options.

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