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Selling corporate jets isn't easy!

less than 1m read
·Nov 3, 2024

How long can that process take? Days, weeks; sometimes you're working on a transaction for a year or two. Sometimes it's a month, still right up to the line.

I've had a transaction where we've signed the contract, they put up a deposit, and we're going to go for the inspection. Then he called me up and said, "Hey, I talked to my accountant, and I have a big tax recapture. I've changed my mind; I don't want to buy it, and I'll walk away from my deposit." I know I have to, but that's life. I get zero; the people that were doing the deal with him got the money and were out of pocket.

We've had times where you've done the demonstration, the inspection, the contracts—everything is done. You get on a closing call with the buyer's lawyer, the seller's lawyer, and the escrow agent. The buyer's lawyer gets on the phone and says, "Thank you all for joining for this closing call, but my clients have decided not to go forward with this transaction. We know we're going to lose the deposit; we're ready to do that. So really, there's no more sense to stay on this phone call. Thank you all very much for your time, goodbye."

I'm feeling that now. It is terrible when you do that kind of deal, and you've been working on it for so long. You're thinking about what.

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