““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”
The Best FBOs 2011
To determine which of more than 1,700 FBOs around the world best serve their customers, BJT's sister publication, Aviation International News, conducts an annual survey of its readers regarding the experiences they have encountered. There are two kinds of FBOs: chains, which may manage dozens of facilities around the world; and independents, which may own but a single FBO. At some airports, both types compete for customers. Traditionally, independent FBOs have tended to occupy the top slots on the survey.
In 2011, several independent FBOs made their debut in the top 10, including first-place finisher J.A. Air Center at Aurora Municipal Airport, which is west of Chicago in Sugar Grove, Ill. The nearly $10 million facility, which opened at the end of 2008, boasts a 25,000-square-foot canopy to shelter arriving aircraft.
Coming in second was the perennially highly rated City of Sugarland, Texas FBO, which was rebranded over the past year as Global Select. It was followed by XJet at Centennial Airport in the Denver suburb of Englewood, Colo. This newcomer to the top ranks of our list started five years ago as a private club for a group of business jet owners and eventually added services for the public.
Many airports have multiple FBOs, but Oakland County Airport in Waterford, Mich. has 10. Despite the competition there, Pentastar Aviation has landed in our No. 4 spot (and
has been in the top five in the survey in each of the past five years).
After trading in its temporary trailers for a new state-of-the-art building, Hangar 10 at Kansas City Downtown Airport made such as splash that it landed in fifth place in this year's survey. The No. 6 position went to Tampa International Jet Center, which has had three top 10 finishes in its six years in business.
The only FBO chain with facilities in the top 10 this year was Wilson Air Center, which took the seventh and ninth spots with its Memphis and Charlotte, N.C. locations, respectively. Also in the top 10 were Fargo Jet Center in Fargo, N.D., and Banyan Air Service at Fort Lauderdale Executive Airport.
Other highly ranked North American FBOs include Irving Aviation Services at Gander International Airport in Newfoundland, and Skyservice Avitat in Toronto. In the rest of the world, TAG Aviation's Farnborough, England FBO once again took the top spot, followed by the Hong Kong Business Aviation Centre, and Harrods Aviation at London's Luton Airport. Rounding out the top five were Signature Flight Support's Munich, Germany FBO and TAG Aviation Geneva.
AIN's survey tasks readers with rating the FBOs that they patronize in four categories: line service (fueling and servicing of the aircraft); passenger amenities; pilot amenities and services (showers, quiet/sleep rooms and crew cars are among the most popular); and facilities. Forecast International administers the survey, which this year resulted in 1,970 completed questionnaires containing evaluations of 23,452 FBOs.