Utah's Jet Set.

• Author: Titze, Maria
• Position: Company jet purchasing program - Brief Article

You, too, can own your own plane.

Owning your own jet used to be the ultimate symbol of business success and corporate status, reserved only for a select few. That is, until recently when fractional jet ownership became more affordable option, at least when compared with sole ownership.

Purchasing a business jet can cost upwards of $10 million, not to mention an additional $1 million a year minimum for insurance, maintenance, hangar space and pilots -- a hefty price tag for convenience.

"Yeah, but time is money, and some of these companies are flying people all over," says Monte Yeager, executive coordinator of the Utah Air Travel Council. "It's just more economical for them to have their own airplane."

Enter the entrepreneurial answer to the economic realities of private jet ownership -- fractional ownership. It's like time-sharing for jets. Purchase a certain number of hours of flight time each year, and own a percentage of an aircraft.

Nationally, fractional ownership companies are cropping up all over. Warren Buffett owns NetJets, one of the largest.

In Utah, Barken International Inc., a demand charter service company with 26 years in business, began offering fractional ownership about five years ago.

Richard Blair, Barken's fractional ownership program administrator, explains how it works: Basically the individual or corporate entity purchases a percentage share in the title of the aircraft, based on the plane and its year of manufacture. For example, if they wanted about 200 hours of flight time per year, they would purchase a one-quarter share in one of Barken's aircraft. Then they contract with Barken to provide management services. That fee runs about $14,000 per month and covers a hangar for the airplane, the hiring and training of pilots, maintenance, and other miscellaneous services.

A quarter share in a smaller plane, such as a Lear 25, Blair says, sells for about $330,000. A more long-range aircraft, like a Westwind 1, would go for $650,000 per quarter share.

Demand Flies High

Business has been brisk, says Blair, especially in the last few months. "It's generally a really cyclical business. We usually will slow down during early spring and late fail. But it's been steady for the last year and a half. We've had very little fall-off."

Blair says the three aircraft in his fleet...