Buying Time -- Flying Private 101 with Tommy Sowers

Buckle up for an inside look at the complex world of private jets. Host Brian Adams talks with FlyExclusive President Tommy Sowers about his unusual path to leading one of the nation’s top charter companies. They turbulence-proof your understanding of this fragmented industry, from dodging shady operators to knowing when to pull the trigger on buying your own plane. Along the way, Tommy shares what powers flyExclusive's journey from startup to industry rocketship. But it's not all clear skies—they also unpack hair-raising risks like safety gaps and crippling cash burn.

The Honorable Tommy Sowers, Ph.D., serves as President of flyExclusive expanding on a career in entrepreneurship, academia, the military and public service. He is a graduate of Duke University and received his Masters and Ph.D. from the London School of Economics. A U.S. Army Green Beret combat veteran, Sowers previously served as an Assistant Secretary of the U.S. Department of Veterans Affairs. He co-founded and was Chief Executive Officer of Durham and San Francisco-based GoldenKey and was a management consultant at McKinsey & Company. Tommy most recently served as the Southeast region lead for innovation for the U.S. Department of Defense and taught innovation and entrepreneurship at Duke University.

[00:01 - 06:23] Growth and Fragmentation of the Private Aviation Industry

• Tommy's unconventional path to becoming President of flyExclusive after an exit
• The founding and bold vision of flyExclusive to build a large operation in a small NC town
• FlyExclusive has grown from 1,838 to 2nd largest by flight hours
• The industry remains fragmented with high barriers to M&A
• Capital intensity contributes to fragmentation

[06:24 - 17:59] Projecting the Future and Evaluating Providers

• Boom during pandemic but expects cyclical normalization
• Key criteria: safety ratings, mission match, maintenance reliability
• Assess strategy/longevity, get on a plane to inspect quality
• Complicated business prone to cash burn - warning signs

[18:00 - 21:38] Plane Ownership Considerations

• Safety issues are an obvious non-starter
• Around $10M+ net worth is the typical threshold
• Time savings and flexibility main benefits of outright ownership

Key Quote:

"Our founder likes to say, once you try private, it's hard to go back." - Tommy Sowers

Connect with Tommy Sowers!

Website: https://www.flyexclusive.com/ 

Email: tommy@flyexclusive.com 

This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.

Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/

Connect with me:

https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)

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