Kenn Ricci, chairman of Flexjet, the nation's second-largest commercial private jet operator, reveals why time is the most valuable asset for the ultra-wealthy. He explains how private jet travel provides peace of mind and removes the hassle of commercial flights, allowing clients to maximize their time and minimize stress.
Kenn Ricci has turned the luxury of flying private into a successful entrepreneurial career. Once a pilot himself, Ricci spent years flying A-listers like Elton John and Bruce Springsteen and even piloted Bill Clinton's plane during his presidential campaign.
As the chairman of Flexjet, the nation's second-largest commercial private jet operator, Ricci has made it his mission to make sure that the very wealthy are getting their money's worth when they step onto one of the 600 to 900 flights his company operates daily. \'Why do people pay $80,000 to go to London when they could fly first class or premiere for $12,000 or $15,000?' he asks. The answer, Ricci says, is because there's one thing that the very-wealthy value above all else: Time. While the privacy, luxury and convenience of private air travel is a huge draw, Ricci says the real selling point is the peace of mind that tens of thousands of dollars can buy you on your trip. 'Where can you buy time? Where can you buy less stress?' he says.'That's what they're really paying for.' Even flying first class, travelers have to deal with airport traffic and TSA lines. When they get to their gate, their flight could experience a delay or be canceled outright. When you're paying up to $10,000 per hour flying private, Ricci says, that stress is taken off of your plate. 'When our plane breaks, or if the weather's bad, we feel bad for the customer. We find alternatives. We solve their problem,' he says.'If you're on an airline and the plane is canceled, you have to solve your own problem. They're paying for the removal of the hassle and for the gaining of time.' 'We want your problem solved,' he adds.'I'll say 'What will make you happy? Whatever you want, we'll do that for you.'' Sometimes that problem solving means finding alternative travel arrangements. For particularly disgruntled customers, that might mean Flexjet offers to comp the hefty price tag of their trip as an apology for the inconvenience. 'This is what customers like about us: If we fail you, we're apologetic,' he says.'We didn't meet the standard, we didn't meet your expectation. So they're getting attention, and that makes the travel experience different than when you have to slog your way through it.' Still, Ricci doesn't recommend that his clients break the bank to fly private no matter what. In fact, he often tells customers that they should be spending no more than 10% of their discretionary income on his offerings. 'I pride myself on not making you do something that wouldn't be in your interest,' he says.'If you have disposable income of a million dollars, you're nuts if you're spending more than $100,000 a year on this asset.
Travel PRIVATE JETS LUXURY TRAVEL TIME MANAGEMENT STRESS RELIEF FLEXJET
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