SALT LAKE CITY
SkyShare Named to MountainWest Capital Network’s 2024 Utah 100 for Fourth Consecutive Year
SALT LAKE CITY, Oct. 3, 2024 /PRNewswire/ — Utah-based private aviation firm SkyShare today announces it has been named to the 2024 Utah 100, MountainWest Capital Network (MWCN)’s annual list of the fastest-growing companies in Utah. SkyShare ranked No. 50 out of 100 companies and was honored at the 30th annual Utah 100 Awards program, held at the Grand America Hotel in Salt Lake City.
This marks SkyShare’s fourth year in a row on the Utah 100, an achievement indicative of the company’s three-year growth margin of 258%. Since its inception, SkyShare has provided accessible private jet solutions to business leaders and executives, enabling them to focus on their core operations without the stress and hassle of commercial flight. Over the past year, SkyShare unveiled an industry-first financing option for fractional aircraft ownership, made key executive hires and achieved Inc. 5000 status for four consecutive years.
“It is an honor to be recognized among Utah’s fastest-growing companies for the fourth time!”
Cory Bengtzen, CEO of SkyShare
“This achievement is a testament to our dedicated team and the trust our clients place in us to deliver exceptional private aviation solutions. As we continue to grow and innovate, we remain committed to providing business leaders and executives with cost-effective, flexible private flight options tailored to their specific needs.”
“We congratulate all of this year’s Utah 100 companies for building outstanding businesses and making strong contributions to Utah’s economy,” said Chris Badger, Chairman of the MWCN Utah 100 committee. “These companies further advance Utah’s standing as an excellent place to do business.”
Recipients of the Utah 100 were chosen by the percentage of revenue increase of each company between 2019 and 2023.
SkyShare will showcase its innovative private flight solutions at the 2024 NBAA Business Aviation Convention & Exhibition in Las Vegas, Nevada on October 22-24. Attendees can visit SkyShare at Henderson Executive Airport AD_210 and in West Hall, Booth 1641, or learn more at SkyShare.com.
About MountainWest Capital Network
MountainWest Capital Network (MWCN) is the largest business networking organization in Utah, consisting of entrepreneurs, venture capitalists, consultants, legal professionals, bankers, and educators. MWCN seeks to promote and recognize business growth and capital development in the state through a variety of award programs and activities.
About SkyShare
Founded in 2009 by CEO Cory Bengtzen, SkyShare has disrupted the private aviation industry with its customer-centric approach and innovative flight solutions. Offering a spectrum of services including fractional ownership, aircraft management, brokerage, charter, and FBO operations, SkyShare serves as a guide to private fliers. SkyShare guides fast-moving entrepreneurs + businesses to compete and thrive leveraging the safest, most cost-effective, full-service private flight solutions. SkyShare helps clients utilize jets to save time, scale their companies, and create emotionally-charged experiences people never forget.
Media Contacts
Michael Patwin, VP of Marketing and Brand, michael@skyshare.com
5WPR, skyshare@5wpr.com
Images above / below: CEO of SkyShare, Cory Bengtzen (right) and President of SkyShare, Tommy Aoki (Left) pose holding the 2024 MWCN Utah 100 Award.
SALT LAKE CITY
SkyShare, Achieves Inc. 5000 Status for Fourth Consecutive Year
NEW YORK, Aug. 20, 2024 /PRNewswire/ — Today, private aviation firm SkyShare announced its inclusion on the 2024 Inc. 5000, the publication’s annual list of the fastest-growing private companies in America. The prestigious ranking, which has spotlighted numerous household-name companies including Microsoft, Meta, Chobani, Under Armour, Timberland, Oracle, and Patagonia, provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses.
This marks SkyShare’s fourth consecutive year on the Inc. 5000, an achievement indicative of the company’s three-year growth margin of 258%. Since its inception in 2009, SkyShare has offered accessible private jet solutions to business leaders and executives, enabling them to compete and thrive in other areas of their business without the stress and hassle of commercial flight.
“To be included on the Inc. 5000 list is an honor in itself, but to be included four years in a row is a testament to not only what we’ve built as a company, but also the people we’re hiring to create the best flying experience in the country.”
Cory Bengtzen, Founder and CEO
“This year has been particularly eventful between our new SFX+ program and creating a brand-new financing option for fractional ownership of aircraft. Despite the busy pace, we never stop thinking about the broader vision. As we continue to lower the barriers to entry for business professionals seeking private flight, we are confident in our trajectory and opportunity for continued growth and innovation.”
SkyShare recently announced an industry-first, innovative financing program for its fractional aircraft ownership plans, aimed at maximizing the accessibility of private flight. This came on the heels of the company’s groundbreaking SFX+ program launch, which increased its fleet with the addition of Gulfstream G450s and Challenger 300s, while also expanding its existing fleet of Pilatus PC-12s, Citation CJ2s, and Citation Excels under the SFX program. Through these new programs and financing tools, SkyShare is making it easier than ever for leaders and entrepreneurs to access private aviation.
“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, who recently joined Inc. as editor-in-chief. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller. Congratulations to this year’s honorees, as well, for growing their businesses fast despite the economic disruption we all faced over the past three years, from supply chain woes to inflation to changes in the workforce.”
In addition to being named to the Inc. 5000 list, SkyShare is also proud to have been recognized by the Utah 100 for three consecutive years, highlighting the company’s consistent growth and profitability.
Images above / below: Inc 5000 Sun Burst Logo Featuring SkyShare’s 2024 Ranking of #2023
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“This year has been particularly eventful between our new SFX+ program and creating a brand-new financing option for fractional ownership of aircraft. Despite the busy pace, we never stop thinking about the broader vision. As we continue to lower the barriers to entry for business professionals seeking private flight, we are confident in our trajectory and opportunity for continued growth and innovation.”
~ Cory Bengtzen (Founder & CEO, SkyShare)
Contact:
Michael Patwin, VP of Marketing and Brand, michael@skyshare.com
5WPR, skyshare@5wpr.com
More about the Inc. 5000 and SkyShare
Methodology
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
About SkyShare
Founded in 2009 by CEO Cory Bengtzen, SkyShare has disrupted the private aviation industry with its customer-centric approach and innovative flight solutions. Offering a spectrum of services including fractional ownership, aircraft management, brokerage, charter, and FBO operations, SkyShare serves as a guide to private fliers. SkyShare guides fast-moving entrepreneurs + businesses to compete and thrive leveraging the safest, most cost-effective, full-service private flight solutions. SkyShare helps clients utilize jets to save time, scale their companies, and create emotionally-charged experiences people never forget.
Celebrating 14 years
of success in the skies
words by
Cory Bengtzen
on a hot, June summer day in 2009, I turned the key to my new, one-room office at the Ogden Airport, 30 miles north of Salt Lake City, Utah. It was the start of something completely new and thrilling. In the 14 years since, each and every single day, I’ve been in-love with aviation, in-love with flying and being a pilot, and thrilled to share my passion with anyone that asks.
But I’m not going to lie to you — aviation is a tough nut to crack. As “The Oracle of Omaha” Warren Buffet himself commented just last month,
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(A competitor has) 12,600 people who have given them over a billion dollars on prepaid cards… and I think there’s a good chance some people are going to be disappointed later on.
Warren Buffet
“(A competitor has) 12,600 people who have given them over a billion dollars on prepaid cards…and I think there’s a good chance some people are going to be disappointed later on.”
Ours is a brutal business of $100k cracked windshields, pilot hiring carrousels, and ups and downs that sometimes feel like a rollercoaster. I’m still amazed to see how quickly our industry can change and how we seldom learn from one another’s mistakes.
Given the current state of the aviation business, I realize SkyShare’s clients, employees, and prospects are keeping a close watch on the news. One of our main competitors closed their doors on both their employees and owners last week, letting go of all staff in an email and
leaving their fractional owners AOG in the dark. Further, the competitor Mr. Buffet referred to earlier had their CEO resign less than a month ago, joining a long list of their fleeing leadership. Their stock, which IPO’d at $10.00 per share and rose to as high as $12.00 per share, is hovering at ~$0.27 as of today.
Back in 2017, when our fractional program was still in the research and development stage, I interviewed everyone I could find with experience in this sector and asked questions until they told me to shut up. I flew-in former executives from highly successful companies like Airshare (then still “Executive Airshare”) and notorious flame-outs like Avantair. What did they do right? What would they change if they could travel back in time? Most importantly, what were the crucial things they felt we should learn in order that SkyShare could find and sustain success?
Due in large part to how we’ve structured our company, while we are witnessing a slowdown in requests and demand, I want to reassure you that SkyShare stands in a solid place, healthy and thriving as a company. Instead of furloughing pilots or planning layoffs, we are actively hiring more pilots. I am also excited to announce that we have a new G200 under contract, which the company will own and utilize for charter and to support the fractional demand.
I felt it was important to help our owners and potential owners understand why we’re able to grow profitably in spite of the current climate. Here are some key factors:
- In-house maintenance
By performing a majority of our maintenance internally, we’ve reduced operating costs through self-reliance versus always being in the corner pocket with third-party facilities. - Proactive charter team
The diligent efforts of our Charter Team to sell empty legs and charters while fleet aircraft sit idle set us apart from many other operators. Many other fractional companies do not do this at all or as diligently. - Fuel cost reduction
In 2015, we acquired our first FBO in Ogden, UT. In 2017, our second in Marin Co., CA. The combination of SkyShare FBOs and a large fleet enables us to purchase fuel in bulk, further lowering our operating costs. - Aircraft brokerage
When we started our journey 14 years ago, our identity was as an aircraft broker. The SkyShare Brokerage continues to generate significant revenue for us. Moreover, this means our overall revenue is diversified, allowing SkyShare to benefit regardless of the “hot” product. - Fractional focus
The major note we heard time and again by trusted voices when creating our fractional program was to grow organically in terms of geography. By focusing only on clients who live here in the West, we’ve minimized repositioning (the #1 expense of any fractional operator). This approach sets us apart from companies that expand too rapidly, resulting in excessive deadheading or chartering aircraft for long owner flights. - Old fashioned economics
As both the founder and majority owner of SkyShare, I can confirm we have never taken any PE (private equity) or VC (venture capital) funds. This allows our highly experienced leadership team to run our company with all our employee’s best interests at heart, and with the goal of learning from our mistakes to create sustained growth over many years.
SkyShare chooses to operate in the private flight space because we do not see aviation as a commodity. However, we exist downmarket from Warren’s company because one of SkyShare’s value propositions is to provide 90% of the big boys’ offerings at 45% of the cost.
In closing, SkyShare’s growth and stability amid industry challenges is a testament to our talented employees’ efforts, our effective business strategies, and the unique advantages that define us. Let’s continue to grow and Love Our Journey together!
SALT LAKE CITY
SkyShare Bolsters Executive Team With Three New Hires
SALT LAKE CITY, June 12, 2024 /PRNewswire/ — Today, Utah-based private aviation firm SkyShare announced significant additions to its executive team, welcoming industry veterans Harry Mitchel as VP of Operations, Greg Johnson as VP of Business Development, and Jason Bercan as Director of Charter Sales. Together, the trio brings extensive experience in private flight, charter, and operations excellence (and pilot experience for all three). These new hires further cement SkyShare as a leading jet operator, promoting their vision for guiding business professionals to use private jets to save time, scale their companies, and create life-changing experiences. By continuing to strategically invest in top talent in critical areas of the business, SkyShare is well positioned to expertly guide clients to successful private flight solutions.
Mitchel has already played a key role in building upon SkyShare’s FAA Part-135 Certificate, aligning closely with the company’s safety and compliance objectives. After serving as Chief Operating Officer (COO) at Airshare in Kansas City for over seven years and Vice President of Baker Aviation in Fort Worth, Mitchel holds more than 6,800 hours as an ATP pilot under his belt, including 2,000 hours in 737/BBJs. His three-plus decades in the industry are a welcome addition to the executive team.
These key leadership additions bring a combined 70+ years of experience in private flight.
“It’s a thrilling time to be in private aviation, and we are building something great here at SkyShare,” said Mitchel. “Since my arrival, we have significantly revamped our SkyOps flight department, strengthening our pilot support and enhancing our relationship with the FAA. From acquiring approval for operating aircraft over 12,500 lbs, changing our FAA certificate name to SkyShare, LLC, and adding Part-91K operations to our cert, we’re ecstatic about the progress we’ve made and continue to make.”
An avid pilot, Greg Johnson joins SkyShare as a seasoned professional with 20+ years of private aviation experience. With 150+ successful aircraft management agreements under his belt, his bread and butter lies in aircraft management and charter, FBO operations, and aircraft sales and acquisitions. He previously served as Senior Vice President for one of the world’s largest super-mid and large cabin aircraft operators and also holds a certification from NBAA’s aircraft management program.
“This is a really special group of aviation professionals,” said Johnson. “I’m excited to lead SkyShare’s Managed Aircraft sector because we’re able to provide our managed clients guaranteed, predictable charter revenue due in part to our SFX and SFX+ fractional programs, as well as offering reciprocal access to our incredible fleet.”
Jason Bercan, also a pilot with over 20 years of private aviation experience, transitions from V.P. of Sales at Verijet and assumes the role of Director of Charter Sales at SkyShare. His responsibilities include identifying client needs and ensuring SkyShare’s fleet meets business requirements after extensive involvement and sales experience in fractional operations in Ohio and Florida.
Images above / below: Headshots of SkyShare new executive hires, Harry Mitchel (right), Greg Johnson (top left), and Jason Berclan (bottom left).
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“Each brings their own value to SkyShare whether it be charter sales, previous work at other fractional operators, aircraft management, and most importantly, customer service, which is the heart of our core values and company culture. I have the utmost confidence in them to uphold our standards while bringing an added level of excellence and service to the company.”
~ Cory Bengtzen (Founder & CEO, SkyShare)
“We could not be happier to welcome Harry, Greg and Jason to the SkyShare family,” said SkyShare CEO and founder, Cory Bengtzen. “Each brings their own value to SkyShare whether it be charter sales, previous work at other fractional operators, aircraft management, and most importantly, customer service, which is the heart of our core values and company culture. I have the utmost confidence in them to uphold our standards while bringing an added level of excellence and service to the company.”
Following its recognition by Inc. 5000 and Utah100 for consistent growth and profitability the previous three years running, SkyShare continues to revolutionize the ways entrepreneurs and businesses leverage private flight through unmatched financing options, lower barriers to leverage fractional ownership, and more.
For more information about SkyShare and other services offered, please visit www.skyshare.com.
About SkyShare
Founded in 2009 by CEO Cory Bengtzen, SkyShare has disrupted the private aviation industry with its customer-centric approach and innovative flight solutions. Offering a spectrum of services including fractional ownership, aircraft management, brokerage, charter, and FBO operations, SkyShare serves as a guide to private fliers. SkyShare guides fast-moving entrepreneurs + businesses to compete and thrive leveraging the safest, most cost-effective, full-service private flight solutions. SkyShare helps clients utilize jets to save time, scale their companies, and create emotionally-charged experiences people never forget.
Media Contacts:
Michael Patwin, VP of Marketing and Brand, michael@skyshare.com
5WPR, skyshare@5wpr.com
SALT LAKE CITY
SkyShare Unveils Industry-First Financing Option for Fractional Aircraft Ownership
SALT LAKE CITY, May 8, 2024 /PRNewswire/ — SkyShare, a leader in private aviation, is proud to announce an innovative financing program for its fractional aircraft ownership plans. This groundbreaking initiative coincides with SkyShare’s 15th anniversary, marking a significant milestone in its history of providing premium aviation solutions.
Recently, SkyShare launched the SFX+ program, expanding its fleet with Gulfstream G450s and Challenger 300s, in addition to its existing fleet of Pilatus PC-12s, Citation CJ2s, and Citation Excels under the SFX program. The new finance options make it easier than ever for leaders and entrepreneurs to access private aviation while retaining capital in their businesses.
“If you’re a small or medium business aiming to compete with a Goliath in your industry by doing more business face-to-face, here’s a brand new slingshot.”
Cory Bengtzen, Founder & CEO, SkyShare
Flexible Financing for Fractional Ownership
Fractional ownership already massively lowers the barrier to entry for private flight by cutting costs as much as 1/16 versus full-ownership, while still providing guaranteed availability and a low-commitment three-year term. Under SkyShare’s new financing plan, potential owners can now kick that barrier to entry down even further with significantly reduced initial investment.
For example, in the SFX program, shares start at $335,000. The new financing program requires only 35% of that down ($117,250) and monthly finance payments as low as $2,354. For the large-cabin SFX+ program featuring Gulfstream G450s, shares begin at $950,000, with financing options starting at a $332,500 down payment and $6,684 monthly finance payments. This allows for enhanced accessibility and flexibility to private aviation, empowering more businesses to access the benefits of fractional ownership.
Tax Bonus Depreciation Still Eligible
SkyShare’s innovative financing still allows fractional owners to take full advantage of bonus depreciation benefits on their taxes while keeping more liquidity for other investments and/or their business needs. “Our goal is to make private flight as accessible and beneficial as possible, ensuring clients can keep their money working for them while enjoying all the benefits of a personal aircraft fleet,” said Cory Bengtzen, CEO and Founder of SkyShare. “If you’re a small or medium business aiming to compete with a Goliath in your industry by doing more business face-to-face, here’s a brand new slingshot.”
Reduced Monthly Management Fees
In conjunction with the financing announcement, SkyShare has also revealed a reduction in monthly management fees for the SFX program. This adjustment reflects the company’s commitment to affordability and service excellence, catering to owners who prefer access from light aircraft to mid-size jets.
Images above / below: Tail of SkyShare aircraft Pilatus PC-12, with SkyShare logo.
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“Our goal is to make private flight as accessible and beneficial as possible, ensuring clients can keep their money working for them while enjoying all the benefits of a personal aircraft fleet.”
~ Cory Bengtzen (Founder & CEO, SkyShare)
To discover more about SkyShare’s fractional ownership and new financing options, please join us for a detailed Zoom session: https://skysha.re/zoom
*Financing is subject to credit approval, plus applicable closing costs and operating fund contributions.
For more information about SkyShare and its services, please visit www.skyshare.com.
About SkyShare
Founded in 2009 by CEO Cory Bengtzen, SkyShare has disrupted the private aviation industry with its customer-centric approach and innovative flight solutions. Offering a spectrum of services including fractional ownership, aircraft management, brokerage, charter, and FBO operations, SkyShare serves as a guide to private fliers. SkyShare guides fast-moving entrepreneurs + businesses to compete and thrive leveraging the safest, most cost-effective, full-service private flight solutions. SkyShare helps clients utilize jets to save time, scale their companies, and create emotionally-charged experiences people never forget.
Media Contacts:
Michael Patwin, VP of Marketing and Brand, michael@skyshare.com
5WPR, skyshare@5wpr.com
How to Make a Private Jet
Part of Your Tax Strategy
Unleashing the Power of Section-179 and
Bonus Depreciation for Private Aircraft
words by
Michael Patwin
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The window of opportunity is fleeting. The savvy investors among us recognize that to unlock the full
potential of Section 179 and Bonus Depreciation, action must be taken before the year’s end.
As we enter the homestretch of ‘23, those in the know are exploring avenues to optimize their financial portfolios, including the potential acquisition of full private aircraft and fractional shares of aircraft. For discerning investors, two powerful provisions demand immediate attention: Section 179 and Bonus Depreciation. These instruments, when wielded adeptly, yield remarkable tax savings while elevating your business travel to new heights. In this article, we delve into the world of tax strategies for private aircraft ownership.
Section 179: An Exclusive Deduction for
Discerning Investors
Section 179 of the Internal Revenue Code (IRC) is a tax provision that caters to those with a cultured eye for investments. 179 serves as a valuable tool for businesses and individuals alike, allowing them to reap substantial deductions for the acquisition of qualifying assets, including private aircraft.
For the tax year 2023, the IRC permits the expensing of up to $1,050,000 of the cost of both new and used aircraft placed into service during the year. Note that this also includes fractional ownership of aircraft, both new and used. This provision is a testament to the government’s commitment to stimulating investment and fostering economic growth.
- Immediate Deductions: Unlike traditional depreciation schedules, Section 179 empowers investors to deduct the full cost of their aircraft in the year of acquisition. This instantaneous reduction in taxable income is a hallmark of sophisticated tax planning.
- Strategic Tax Positioning: Leveraging Section 179 enables businesses and individuals to substantially lower their tax liabilities, thereby preserving capital for reinvestment or other financial endeavors.
Bonus Depreciation: Turbocharging Your Deduction
In tandem with Section 179, Bonus Depreciation is an accelerator of tax benefits, generally taken after the Section 179 Spending Cap is reached, allowing business owners to harness the full financial potential of their aircraft investment from day one.
Bonus Depreciation is available for both new and used aircraft,
including SkyShare fractional shares. - Accelerated Depreciation: With Bonus Depreciation, you can deduct the entire cost of the aircraft in the first year it’s placed in service, providing a substantial tax advantage.
- Immediate Cash Flow: By accelerating your depreciation deductions, you can free up cash for other investments, expansion, or operational needs.
- Tax Efficiency: Bonus Depreciation significantly reduces your taxable income, lowering your tax liability and preserving capital for your business.
Your Year-End Opportunity: Act Now!
The window of opportunity is fleeting. The savvy investors among us recognize that to unlock the full potential of Section 179 and Bonus Depreciation, action must be taken before the year’s end. Connect with SkyShare’s aviation experts to make well-informed decisions.
Private aircraft offer a precious gift: time. By eliminating the hassles of commercial travel, such as lengthy security lines and flight delays, they allow you to maximize your most valuable resource. With private aviation, you can reach your destination swiftly and efficiently, enabling you to focus on what truly matters, whether it’s closing business deals or spending quality time with loved ones. It’s not just about reaching your destination faster; it’s about reclaiming your time for the things that truly enrich your life.
Next Steps:
Finalize your aircraft acquisition plans, navigate the purchase process diligently, and take your first flight all before December 31st to harness the full potential of Section 179 and Bonus Depreciation.
