In an effort to explain the concept of due diligence to a co-worker I looked up the phrase in the Merriam-Webster Dictionary online. The second entry is the true definition of how we use the word in the aviation world, but the first entry caught my attention. It stated:
“1: the care that a reasonable person exercises to avoid harm to other persons or their property”
This definition intrigued me because isn’t this really the spirit of why we perform due diligence? It seems to me that this phrase is used in many aspects of aviation, from a pilot doing his due diligence before a flight, to a buyer doing his due diligence on a potential purchase. It’s all about the person getting ready to do something (make a flight, purchase an asset, etc) making sure they keep harm from coming to themselves or their business down the road.
In the case of a pilot doing his due diligence he is taking steps to prevent physical harm from befalling any of his passengers. While a buyer’s due diligence may not directly prevent physical harm, there are many areas where not performing due diligence on a potential purchase could financially harm a company or individual
Wikipedia considers due diligence to be “An examination being achieved by asking certain key questions, including, how do we buy, how do we structure the acquisition, and how much do we pay?”
This definition is exactly where My Jet Manager comes into play. Most buyers in today’s market understand the value of due diligence and are as Merriam-Webster puts it a “reasonable person exercising care to avoid harm.” But how do you as the buyer, or the seller, or even the broker know you are asking the key questions? As an aircraft owner you know your aircraft, but what about knowing which one to purchase. As a broker you may know all about the selling and acquisition side of things, but what about the maintenance side?
My Jet Manager has a team of employees all with difference experiences and skill sets that bring knowledge to your side. During a pre-purchase on an aircraft we send someone to put eyes on the aircraft. Our maintenance personnel review the log books and aircraft records to ensure there are no items that could become problems in the future. We work closely with a number of brokers who can quickly and efficiently provide market value summaries and overviews to make sure you are not over paying, or being underpaid, for your aircraft. We also provide a case by case analysis of how your aircraft ownership should be structured to maximize the benefits and minimize your operating costs and headache.
Every “reasonable person” in aviation knows that due diligence is critically important, but what so many people fail to realize is that the quality of the due diligence is even more important. No matter where you are in the sales/acquisition process, My Jet Manager’s experts will help you make sure all the key questions don’t just get asked, they get answered.