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 →

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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.

A confidential conversation about your situation, no obligation, and no agenda other than giving you an honest read on where you stand and what your options are.

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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.

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The information on this page is provided for general informational purposes only and does not constitute legal, financial, tax, or aviation advisory counsel of any kind. Last reviewed: April 2026.