Think Like an Owner

The Economics of Flying Private - Cory Bengtzen - Ep. 256

Jan 14, 2025

Cory Bengtzen, Founder and CEO of SkyShare, shares his thrilling journey from the auto industry to the skies. He discusses the economics of private aviation, revealing the secrets behind his vertically integrated business model. Hear about his adventures ferrying aircraft for a TV show, and the challenges of navigating complex private aviation transactions. Cory emphasizes the practical benefits of private flying for business efficiency and explains how strategic acquisitions fuel growth in the aviation sector.

45:11

Episode guests

Cory Bengtzen

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Episode notes

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Quick takeaways

Cory Bengtzen's transition from the auto industry to aviation highlights the importance of passion and adaptability in entrepreneurship.

SkyShare's vertical integration strategy allows for reduced costs and enhanced control, demonstrating an effective model for success in private aviation.

Deep dives

Strategic Growth in Aviation Management

The discussed organization has achieved notable growth in the management side of its aviation business, with 98% of its flights operated on its own fleet. This strategy contrasts with many fractional companies that rely on external charter operators, incurring higher costs due to retail rates and repositioning fees. By keeping charter operations within its own charter certificate, this organization minimizes expenses while maintaining control over its flights. This approach positions them for sustained profitability in a competitive landscape.

Intro

4min

Wings Across Continents: Aerial Adventures

5min

Navigating Private Aviation Complexities

5min

The Practical Benefits of Private Air Travel and Business Relocation

3min

The Advantages of Private Aviation

26min

Strategic Expansion Through Acquisition

2min

Ep.256: Alex (@aebridgeman) is joined by Cory Bengtzen (@Cory-Bengtzen).

In this episode, I sit down with Cory Bengtzen, founder and CEO of SkyShare, to explore his entrepreneurial journey from the auto industry to building a vertically integrated private aviation business. Cory shares how his passion for aviation inspired him to leave the car business and start an airplane brokerage with no prior industry experience. He recounts his early days of cold-calling aircraft owners, developing a fractional ownership program, and growing SkyShare into a successful operation serving the Western U.S.

We dive into the unique challenges and opportunities in private aviation, from running Fixed Base Operators (FBOs) to launching fractional ownership and charter services. Cory explains how vertical integration—owning maintenance operations, FBOs, and a charter fleet—has been key to SkyShare’s resilience and growth. He also breaks down the economics of private aviation, describing how his team balances efficiency and service to deliver value for clients.

Cory also shares fascinating stories from his career, including ferrying aircraft across continents for the Discovery Channel’s Dangerous Flights and his insights into why so many aviation ventures fail. Whether you're an aviation enthusiast or a business owner considering private aviation, this episode is full of practical advice and compelling stories from one of the industry's most innovative leaders.

Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.

Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/

Links:

SkyShare - https://www.skyshare.com/

Cory on LinkedIn - https://www.linkedin.com/in/cory-bengtzen-95a13216/

Topics:

(00:00:00) - Intro

(00:01:10) - Building SkyShare

(00:12:35) - The economics of an FBO

(00:15:25) - The rationale for flying private

(00:23:50) - Customer journeys

(00:30:00) - Aircraft management from a customer standpoint