Who we are

    Independent private aviation advisory

    Private aviation programs are genuinely complex financial and operational commitments. The contracts are long, the cost structures have multiple interacting components, and the decisions made at the point of entry, share sizing, program structure, lease versus ownership, have consequences that compound over years. Understanding what you are actually buying, and whether it fits your situation, requires a level of program familiarity that is difficult to develop from the outside. The principals of Fractional Aviation Advisors developed that familiarity from the inside. Steve Eiseman co-founded the fractional jet ownership model in 1986 and spent the decades that followed working with private aviation clients across the full range of program decisions. Erich Walsh served as Senior Vice President of Sales at NetJets from 2016 to 2024, advising C-suite executives, family offices, and ultra-high-net-worth individuals through acquisitions, program management, and renewals. That background now informs advisory work conducted entirely on behalf of clients.

    How we approach an engagement

    What informed private aviation advisory actually looks like

    The starting point of any engagement is not a program comparison. It is a thorough understanding of the client's actual situation. Mission profile, travel frequency, seasonal demand patterns, routing concentration, group size variability, and peak period exposure all shape what a program needs to deliver before any evaluation of whether it delivers it can begin. Most private aviation decisions that underperform do so not because the program was poorly structured but because the program was sized and selected against assumptions rather than data.

    From that foundation, the analysis moves into the specific mechanics of the program or programs under consideration. Cost structure, contract terms, availability obligations, aircraft interchange mechanics, peak day designation authority, exit provisions, and the interaction between fixed and variable cost components over the life of the agreement all receive direct review. The objective is a complete and accurate picture of what the program will actually cost and actually deliver for this client, before any comparison to alternatives begins, and before any commitment is made.

    Within a program

    What we examine before comparing programs to each other

    Total cost architecture
    Occupied hourly rates are the figure that leads most program conversations, and the least sufficient basis for evaluating total cost. Monthly management fees, fuel surcharge structures, peak day surcharges, positioning fee mechanics, interchange ratios, and ancillary charges all contribute to the all-in cost of a program in ways that vary significantly by utilization pattern and routing profile. We model the complete cost picture against your actual usage before drawing any conclusions about program economics.
    Share sizing and utilization alignment
    Fractional share sizing is among the most consequential and least-discussed decisions in the acquisition process. A share that is consistently underutilized represents capital and management fee expenditure that generates no corresponding value. A share that is consistently overextended creates operational friction and additional cost. Sizing requires honest analysis of actual travel patterns, including seasonal concentration, peak period demand, and the realistic trajectory of usage over a multi-year term.
    Availability obligations and peak day structure
    Guaranteed availability is not uniform across programs or across tiers within a program. The number of designated peak days, the advance notice required during those periods, the departure flex provisions the operator retains, and the distinction between guaranteed and availability-based access are all material operational considerations. We map each program's availability structure against the client's actual travel calendar, not against a generic annual average.
    Contract terms and exit provisions
    Multi-year fractional and lease agreements contain provisions that materially affect the client's options throughout the ownership period: pricing escalation mechanics, management fee adjustment provisions, fleet substitution standards, service failure remedies, and exit fee structures that govern what disposition looks like before and at term end. These provisions warrant direct review before commitment, not after a service issue or exit need arises.
    Residual value and exit economics
    For fractional ownership programs, the acquisition cost is not the total capital at risk. The depreciation of the underlying share over the ownership term is. The guaranteed buyback provisions that most fractional programs offer provide exit certainty, not exit economics. Understanding the realistic residual value of a specific aircraft share type over a specific ownership period is a necessary component of any fractional ownership cost analysis.
    Operational control and fleet composition
    The regulatory framework governing a client's flights, Part 91K for fractional ownership and Part 135 for charter and most membership programs, carries practical differences in operational control standards, crew rest requirements, and the liability framework that applies to each flight. Fleet composition, aircraft age, maintenance standards, and the conditions under which third-party aircraft may be substituted for the program's primary fleet are also operational considerations that warrant direct inquiry.
    Billing accuracy and ongoing performance
    For clients already in a program, the analysis shifts to whether the program is performing as contracted, not as marketed. Billing accuracy against contracted rates, utilization patterns relative to the share structure, service quality trends, and operator compliance with contractual commitments are the metrics that determine whether a program is delivering value during the contract period, not just at the moment of purchase.

    Across programs

    What cross-program comparison requires once the internal analysis is complete

    Once the cost structure, availability mechanics, and contractual provisions of a specific program have been fully analyzed against a client's actual situation, the comparison to alternative programs becomes meaningful. The programs relevant to any comparison depend on the client's utilization profile, aircraft category requirements, geographic concentration, peak period exposure, and capital position.

    At certain utilization levels, fractional ownership and jet card programs overlap in ways that require direct economic modeling to resolve. At others, the appropriate structure is clear from the analysis and the comparison is straightforward. We do not approach the comparison with a predetermined conclusion. We approach it with the client's data and the program knowledge to evaluate it accurately.

    Our services

    What an engagement covers

    Acquisition advisory
    End-to-end guidance through a fractional ownership, lease, or jet card decision, from mission analysis and share sizing through program selection, proposal evaluation, contract review, and introduction to relevant specialists. The objective is a decision made with complete information, not a decision made at the conclusion of a sales process.
    Lease versus ownership analysis
    The financial and operational case for a fractional lease versus an equity share depends on cost of capital, tax position, projected utilization, and time horizon, variables that interact differently for every client. We model both structures against the client's specific situation and present the comparison without a preference for either outcome.
    Jet card and membership evaluation
    Jet card and membership programs vary significantly in their availability structures, pricing mechanics, peak day policies, cancellation provisions, and total cost at different utilization levels. We evaluate the programs relevant to a client's profile against their specific travel patterns, and assess where those programs compare favorably or unfavorably against fractional alternatives.
    Charter versus structured program analysis
    The economic and operational crossover between on-demand charter and a structured fractional or jet card program is a function of utilization volume, routing consistency, availability requirements, and total cost at realistic usage levels. We help clients understand precisely where their situation places them relative to that crossover.
    Account management and program oversight
    Independent review of an active program's billing accuracy, utilization patterns, service quality trends, and contractual performance, conducted periodically throughout the contract period and structured toward renewal or transition preparation.
    Renewal and transition strategy
    A renewal decision informed by actual program performance data, current market conditions, and a complete analysis of available alternatives is materially different from a renewal decision made in response to the operator's standard offer. We prepare the analysis and the framework that makes the former possible.

    Our team

    The principals

    Steve Eiseman
    Steve Eiseman co-founded the fractional jet ownership model alongside Richard Santulli in 1986, serving as NetJets' first sales executive. Over the decades that followed, he worked with private aviation clients across the full range of program structures and decisions, from initial acquisitions through long-term account management and program transitions, developing a depth of industry familiarity that is the product of having been present at the industry's formation and active within it ever since.
    Erich Walsh
    Erich Walsh served as Senior Vice President of Sales at NetJets from 2016 to 2024, working with C-suite executives, family offices, and ultra-high-net-worth individuals across fractional ownership, leasing, and jet card programs. His background in finance, developed over more than two decades before joining NetJets, informs the financial modeling and cost analysis that underpins every advisory engagement Fractional Aviation Advisors conducts. He founded the firm to bring that combination of operational and financial expertise to bear on the client side of private aviation decisions.
    Full team biographies →

    Ready to talk through your situation?

    We start with your travel history rather than a product, and tell you which structure the flying actually supports.

    Who we work with

    The clients this work is built for

    Our clients are executives, family offices, and corporations for whom private aviation is a meaningful financial commitment that warrants the same analytical discipline as any other significant capital decision. Some are evaluating a first fractional share and want to understand what they are actually committing to before any program conversation begins. Some are already in a program and questioning whether it is structured correctly for how they actually fly. Some are approaching a renewal and want an objective assessment of their options and their position. What they share is a preference for decisions made on complete information, and an appreciation that the complexity of these programs is real, not incidental, and that navigating it well requires experience that comes from having been inside it.

    Private aviation decisions are complex. The guidance available should match that complexity.

    An independent read of your own travel and documents: a defined review scope, a documented output, and a clear view of where you stand and what your options are.

    Our advisory services

    What we advise on

    Our advisory covers every major private aviation decision, from initial program selection through multi-year ownership, renewal, and transition.

    Acquisition guidance
    End-to-end advisory on fractional ownership, lease, jet card, and whole aircraft decisions.
    Account management
    Periodic independent oversight of an active program's billing, utilization, and contractual performance.
    NetJets advisory
    Fractional shares, leases, and jet cards evaluated by people who came from inside the program.
    Flexjet advisory
    Fractional ownership, lease structures, and program comparison for prospective and existing clients.
    Wheels Up advisory
    Membership program structure and cost evaluation against fractional and jet card alternatives.
    VistaJet advisory
    Global subscription program evaluation for clients with international routing requirements.
    Nicholas Air advisory
    Regional jet card and fractional program evaluation against national alternatives.
    Clay Lacy advisory
    Deposit-based charter membership evaluation and geographic fit assessment.
    Jet Linx advisory
    Locally-based jet card program evaluation and base location alignment analysis.
    flyExclusive advisory
    Daily-plus-hourly pricing model evaluation and fractional ownership comparison.
    Jet Edge advisory
    Large-cabin charter operator evaluation and on-demand versus fractional comparison.
    Fractional program comparison
    Independent comparison of every major program against your specific travel profile.
    Renewal advisory
    Independent analysis and preparation for fractional contract renewals and transitions.
    Cost analysis
    Total cost modeling, billing review, and cross-program cost comparison.
    Charter to fractional
    Independent assessment of the charter to fractional crossover point.
    Family office advisory
    Aviation analysis and ongoing oversight structured for family office clients.
    Corporate aviation advisory
    Program evaluation and oversight for corporate flight programs.

    Illustrative outline

    What a decision brief sets out, section by section

    This is an illustrative outline of how we structure a decision, not a sample client deliverable and not a document belonging to any engagement. It is here so you can see the shape of the output before you decide whether it is worth your time.

    01Travel profile

    • The twelve months actually flown: routes, dates, passenger counts, cabin used.
    • The trips that cannot move, and the ones that could.
    • Airports that constrain the aircraft choice, and how often they appear.

    02Options considered

    • The structures relevant to that profile, and the ones excluded with the reason.
    • For each, the commitment, the recurring charges, the flight charges and the exit position.
    • Where a current proposal exists, its terms as written rather than as summarized.

    03Assumptions

    • Hours assumed, and the basis for that number.
    • Escalation, peak exposure and any figure carried forward from a proposal.
    • Every input we could not obtain, listed as unknown rather than estimated.

    04Trade-offs and open questions

    • What each option gives up to deliver what it gives.
    • The questions to put to the provider in writing before signing.
    • The questions that belong with counsel or a tax adviser, identified as such.

    05The next decision

    • What has to be decided, by when, and what date forces it.
    • What would change the recommendation if it turned out differently.

    An outline is not a conclusion. What any brief actually says depends entirely on the travel and the documents behind it.

    Scope

    Where our role ends

    We organize the travel requirement, the current documents, and the open questions into one decision file.

    Our work is advisory and does not replace legal, tax, investment, appraisal, aircraft-operating or safety-management advice. Where those questions arise, and on a commitment of this size they usually do, they belong with the professionals responsible for them. We are happy to work alongside yours.

    Common questions

    Frequently asked questions

    Explore Related Advisory

    General information only, not legal, tax, investment or financial advice; reading it creates no advisor-client relationship. Program pricing, terms, fleets and availability change, and current operator documents and your executed agreement control; verify terms with the operator. Fractional Aviation Advisors is an independent, client-side firm with no operator affiliation, commissions or referral fees. We are not an air carrier, broker-dealer, lender, law firm or tax advisor; flights are operated by certificated direct air carriers that retain operational control. We do not guarantee savings, availability, pricing, negotiation outcomes or program suitability.

    Prepared by Fractional Aviation Advisors.

    Last updated: July 2026.