Start a Distressed Charter Operator Acquisition Advisory

1. 1

   Understand why a failing operator has value

   The Part 135 certificate, along with fleet, contracts, approvals, and trained personnel, represents years of effort and serious capital, so a buyer may find acquiring a struggling operator faster and cheaper than certificating from scratch. Your advisory exists because these situations recur (operators fail for financial, not always operational, reasons) and because valuing and transferring what is left is genuinely complex. Know exactly what carries value in a distressed operator before advising on one.

2. 2

   Master certificate and asset valuation

   The hard analytical work is valuing the pieces: the certificate and its scope, aircraft and leases, customer and managed-aircraft contracts, key personnel, safety record, and liabilities. Some assets transfer cleanly and some do not, and a certificate is not simply bought and sold like a car. Build the expertise to value these realistically, because the whole advisory rests on knowing what a distressed operator is actually worth to a buyer.

3. 3

   Navigate the regulatory transfer reality

   Transferring or preserving a Part 135 certificate through an acquisition involves the FAA and specific processes; it is not automatic, and structuring the deal to preserve certificate value requires regulatory knowledge. Advise on how ownership changes, key-personnel continuity, and operational continuity affect the certificate, ideally alongside aviation counsel. Getting this wrong can destroy the very asset the buyer is paying for.

4. 4

   Serve both buyers and sellers

   There are two clients: buyers seeking a faster route into operating (or to expand), and owners of failing operators seeking an orderly exit that salvages value rather than a shutdown. Advising either (or running a clean sell-side process) is billable. Distressed situations are time-sensitive and emotional, so a calm, expert advisor who can move quickly and structure a fair deal is genuinely valuable to both sides.

5. 5

   Price via retainers and success fees, protect reputation

   M&A advisory is typically paid through retainers plus success fees on closed transactions, and distressed deals reward advisors who can actually get them done. Build a network among operators, lenders, lessors, and aviation attorneys who encounter these situations. In a small industry, discretion and a reputation for fair, competent deals are what bring the next mandate, so protect both scrupulously.

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