The Aircraft, Engines, and Business Models That Built Business Aviation w/ Richard Aboulafia and Kevin Michaels

The Aircraft, Engines, and Business Models That Built Business Aviation w/ Richard Aboulafia and Kevin Michaels

Business aviation is often misunderstood because the aircraft are the most visible part of the story. The brands, the cabins, the speed, the ramp presence, and the culture around private aircraft tend to dominate the public imagination. But the industry was not built around image. It was built around utility. From the early aircraft companies in Wichita to the postwar expansion of aviation infrastructure, from Gulfstream’s focus on reliability and customer support to Learjet’s cultural impact, from Cessna’s utilitarian approach to the Falcon 20’s role in the early FedEx story, business aviation evolved around one central promise: giving people and companies control over time. In this episode, I talk with Kevin Michaels and Richard Aboulafia of AeroDynamic Advisory about their book, Time Machines: Business Aviation’s Dynamic Journey. Kevin and Richard trace the forces that shaped the business aviation market across decades. The deeper story is not simply how business jets became faster, more capable, or more recognizable. It is how business aviation became an operating system for access, connecting companies, communities, executives, pilots, manufacturers, service networks, and airports in a way the scheduled airline system never could. You’ll also learn; How Wichita became one of the most important centers in aviation history Why World War II accelerated the business aviation ecosystem by creating pilots, mechanics, infrastructure, air traffic control, and mission familiarity. How early business aviation moved from converted aircraft and surplus DC-3s into purpose-built turbine-powered aircraft. Why Gulfstream’s early success was rooted in understanding the customer's mission: short-field access, reliability, dispatch performance, and customer support. How Learjet became the cultural shorthand for business jets through design, performance, Hollywood visibility, and Bill Lear’s marketing instincts. Why Cessna’s slower, more utilitarian Citation strategy became a winning formula for customers who valued functionality and reliability over pure speed. How Dassault’s Falcon 20 gained early momentum through Pan Am, Charles Lindbergh, Federal Express, and the U.S. Coast Guard. Why engine technology repeatedly expanded what business aviation could become. How fractional ownership changed business aviation by opening access beyond traditional whole-aircraft ownership and flight departments. Why general aviation, airport infrastructure, advocacy, and regulation remain foundational to the health of the business aviation industry.   About the Guests Richard Aboulafia is a Managing Director at AeroDynamic Advisory, a boutique aerospace and defense management consultancy based in Ann Arbor, Michigan. He is also a Special Advisor on Aerospace & Defense at Eurasia Group and a Fellow of the Royal Aeronautical Society. Since 1988, Richard has tracked aircraft programs, markets, and companies as an analyst and consultant, advising aerospace manufacturers, defense contractors, and financial institutions on commercial aviation, military aviation, and broader aerospace and defense market trends. Before joining AeroDynamic Advisory in 2022, he was Vice President of Analysis at Teal Group. Richard is also a widely published aviation and defense writer, with regular columns in Aviation Week & Space Technology and work appearing in outlets including Foreign Policy, Forbes, The Wall Street Journal, the Financial Times, Professional Pilot, and others. He is the co-author, with Kevin Michaels, of Time Machines: Business Aviation’s Dynamic Journey, a comprehensive look at the people, aircraft, technologies, business models, and market forces that shaped business aviation into the industry it is today. Connect with Richard on LinkedIn. Kevin Michaels is a Managing Director at AeroDynamic Advisory and a globally recognized expert in aerospace manufacturing, MRO, strategy, customer satisfaction, M&A advisory, technology assessment, and market analysis. Across his career, Kevin has advised leading aerospace OEMs, airlines, MRO providers, suppliers, and investors on the strategic and operational forces shaping the aerospace industry. Before AeroDynamic Advisory, he was Vice President in ICF International’s Aerospace & MRO consulting practice and co-founder of AeroStrategy, which was acquired by ICF. He also held roles with Rockwell Collins Government Systems, The Canaan Group, and aero-engine supplier Williams International. Kevin is a columnist for Aviation Week & Space Technology’s Up Front feature, a contributing columnist to Inside MRO and Forbes, and chairs the Industry Advisory Board for the University of Michigan’s Aerospace Engineering Department. He is also the author of AeroDynamic: Inside the High-Stakes Global Jetliner Ecosystem, winner of the 2019 Choice Outstanding Academic Title Award. Connect with Kevin on LinkedIn. Buy the book Time Machines: Business Aviation’s Dynamic Journey on Amazon.   About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.   Resources For more aerospace industry news & commentary: https://craigpicken.com/insights/. To learn more about Craig Picken, visit https://craigpicken.com/.

The Inflection Point for Flight: Inside Electra Aero’s Quiet Revolution in Air Mobility (Replay)

In aerospace, we talk a lot about “the future of flight.” But most of that conversation has been driven by fantasy. Fully electric aircraft that can’t fly far enough, and technologies that look good in a render but can’t sustain the physics or economics of real aviation.   That’s why what Electra Aero is building feels like the first practical revolution in modern air mobility. It’s not about escaping airports altogether; it’s about rethinking what access to the air actually means.    A platform that combines the short-range flexibility of a helicopter with the efficiency, speed, and safety of a fixed-wing aircraft. A system that can land in 150 feet, carry nine passengers, and fly 1,000 miles…all at a cost per seat mile that rivals a Cessna Caravan.   In other words, not a science experiment, but an aircraft for both the Pentagon and Palm Springs.   When you look at the infrastructure, the capital, and the technology now converging, from turbo generators to hybrid propulsion, it’s clear the “inflection point” for advanced air mobility is already here. The question isn’t if we’ll see it, but when the iceberg breaks the surface and everyone suddenly realizes how much has already been built underneath.   What makes this design different enough for the Department of Defense to back it, and powerful enough to fly missions no existing aircraft can?   In this special replay episode, the CEO of Electra Aero, Mark Allen, joins me to dive into what it takes to turn an experimental prototype into a scalable aircraft production company. We also discuss how hybrid-electric flight could redefine how people and goods move between cities in the next decade.   You’ll learn: * Why “payload-to-range” is the real metric that will define the winners in advanced air mobility * How Electra’s hybrid-electric system radically cuts maintenance and lifecycle costs * Why vertical takeoff isn’t the future, ultra-short takeoff and landing is * How runway independence could transform both defense logistics and civilian travel * What it takes to fund deep-tech aviation in a VC world built for SaaS * Why the next big shift in aerospace will feel like a “ketchup bottle” moment: slow, then all at once * How leadership and team “swing” drive complex innovation when the mission is bigger than any one person About the Guest: Marc Allen is the CEO of Electra Aero. At Electra, Marc is leading the charge in developing hybrid-electric Ultra Short aircraft to define the next level of seamless air travel connectivity. Through direct aviation, Electra is bringing air travel closer to where people live, work, and play – without airports, emissions, or noise. ‍Marc joined Electra after a distinguished career at The Boeing Company, where he held several key leadership roles, including Chief Strategy Officer and Senior Vice President for Strategy and Corporate Development. He led the $5 billion customer finance business before spending nearly a decade on Boeing's Executive Council, where he served as President of Boeing International and oversaw critical enterprise-wide functions. As head of all venture businesses, he led Wisk Aero’s restructuring and full acquisition, focusing on the future of autonomous flight and serving as Chairman. Other roles at Boeing included President of the Embraer Partnership, President of Boeing China, and General Counsel of Boeing International. To learn more, go to http://electra.aero/ [http://electra.aero/] or connect with Marc on LinkedIn [https://www.linkedin.com/in/b-marc-allen/].  About your Host: Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    Resources: For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].   Check out this episode on our website [https://aerospaceexecutive.podbean.com/], Apple Podcasts [https://podcasts.apple.com/us/podcast/the-aerospace-executive-podcast/id1353891134/], or Spotify [https://open.spotify.com/show/4yFXeO6eiYQTSDEtlQ2K6x?si=61d6b2bd825c4ed1/], and don't forget to leave a review if you like what you heard. Your review feeds the algorithm, so our show reaches more people. Thank you!

The New Defense Procurement Model: Faster, Smarter, More Investable w/ Meghan Welch

Defense is not just changing because the technology is changing. It is changing because the old way of buying, building, funding, and deploying that technology no longer matches the speed of the threat. For decades, aerospace and defense have been built around massive programs, long procurement cycles, and the assumption that the government could define a requirement, put it out to bid, and eventually get the capability into the hands of the warfighter. But Ukraine, Iran, China, unmanned systems, AI, cyber, and contested logistics have made one thing clear: “eventually” is no longer good enough. The next era will not be defined by one platform or one prime. It will be defined by systems, speed, supply chains, and the middle-market companies that can actually execute. Private equity is moving in, and venture capital is trying to understand defense tech. The primes are being forced to rethink what they build, buy, and divest. And founders who survived years of disruption are now sitting on businesses that may be more valuable than ever. Meghan Welch has a front-row view of all of it. As an investment banker focused on aerospace and defense, she joins me to break down why the industry is in the early innings of a major M&A boom, why the middle market has become the engine of the Defense Industrial Base, and why the companies that can scale, execute, and solve real bottlenecks may define the next era of American defense. You’ll also learn; * Why defense is moving away from single-platform thinking and toward systems, software, unmanned technology, and cross-domain capability * How Ukraine, Iran, China, AI, cyber, and contested logistics are reshaping the way the industry thinks about future warfare * Why traditional defense procurement has struggled to keep pace with commercial technology * What OTAs, gauntlet-style competitions, and faster acquisition models mean for defense tech companies * Why private capital needs stronger, multi-year demand signals before it can fully lean into national security technology * Why the middle market has become the engine of the Defense Industrial Base * What private equity sees in aerospace and defense, and why the sector is being treated as a safe-haven investment * Why large primes may need to rethink bureaucracy, acquisitions, venture arms, and divestitures * How dual-use technology, from Joby to SpaceX, could shape the future of defense logistics, launch, range, and payload * Why energetics, precision manufacturing, MRO, maritime, and labor constraints are becoming critical investment and national security issues About the Guest Meghan Welch is the Managing Director of Brown Gibbons Lang & Company (BGL).  Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, divestitures, capital markets, financial restructurings, valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, Boston, and New York, and real estate offices in Chicago and Cleveland. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. For more information, visit www.bglco.com [http://www.bglco.com] or connect with Meghan on LinkedIn [https://www.linkedin.com/in/meghan-welch-aba5b04/].    About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].     Check out this episode on our website [https://aerospaceexecutive.podbean.com/], Apple Podcasts [https://podcasts.apple.com/us/podcast/the-aerospace-executive-podcast/id1353891134/], or Spotify [https://open.spotify.com/show/4yFXeO6eiYQTSDEtlQ2K6x?si=61d6b2bd825c4ed1/], and don't forget to leave a review if you like what you heard. Your review feeds the algorithm, so our show reaches more people. Thank you!

The Pro Sports of Business: What PE Demands From Aerospace Leaders w/ Adam Coffey

Private equity is often talked about like it’s either a villain or a jackpot. Founders fear it, corporate executives romanticize it, employees hear horror stories, and everyone seems to have an opinion about what happens when PE walks into a business. But that framing misses the bigger shift happening across American industry. Private equity is no longer some niche financial corner of the market. It has become one of the most powerful forces shaping who owns companies, how businesses scale, how executives are evaluated, and how wealth gets created.  The misconception is that PE is simply about financial engineering. But the real story is execution. In a PE-backed company, the pace changes, scoreboard, and expectations change. You’re no longer running a comfortable, founder-dependent business or managing a narrow slice of a giant corporate machine. You’re being asked to build value quickly, professionally, and repeatedly. But for the people who can make that transition, the opportunity is enormous. Private equity can give founders a way to take chips off the table without walking away from the business they built. It can help executives move from earning a comfortable income to building real wealth. And it can turn unglamorous, overlooked industries like aerospace suppliers and manufacturing businesses into serious wealth-building platforms. In this episode, I sit down with Adam Coffey, a veteran private equity CEO, author of The Private Equity Playbook, and operator behind more than $2.5 billion in exits as a CEO. We talk about what private equity actually demands from founders and executives, why so many people misunderstand the opportunity, and what it really takes to survive and win in a PE-backed environment.   You’ll also learn; * Why private equity has become one of the biggest forces shaping modern business ownership * What it means to treat business like a professional sport * Why many founders do not survive the first PE hold period * How selling to private equity changes your role from owner to shareholder, employee, and partner * Why the founder mentality that built the company can eventually become the thing that limits it * Why PE firms want process, leadership depth, and scalable systems, not founder heroics * What Adam calls the “rule of 130,” and why it matters for founder risk * The difference between being a platform company and an add-on acquisition * What Fortune 500 executives often get wrong about moving into private equity * Why “boring” industries often create more wealth than glamorous corporate careers   About the Guest Adam Coffey is a CEO, board member, best-selling author, and acclaimed international speaker. He is a visionary leader who drives transformative growth and fosters high-performance cultures. With 25+ years of experience as CEO, Adam built 4 companies for 9 private equity firms. During this time period, he completed 58 acquisitions; his track record includes notable outcomes measured in the billions, averaging 4x MOIC at exit. Adam is a respected mentor to MBA candidates and a sought-after speaker at top business schools. He brings diverse expertise from commercial and industrial service businesses, alongside being a licensed general contractor, pilot, former GE executive, and US Army veteran. As an author, Adam's books "The Private Equity Playbook" (2019)(2024), "The Exit Strategy Playbook" (2021), and Empire Builder (2023) all became #1 Amazon Best Sellers. Recognized as one of the "Most Influential Leaders" by the Orange County, CA Business Journal (4x), he founded the CEO Advisory Guru in 2021, providing consulting services to private equity firms, their portfolio companies, and to founders. Connect with Adam on LinkedIn [https://www.linkedin.com/in/adamecoffey/].  About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.   For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].

Space Infrastructure…The New Logistics Opportunity w/ Dr. Robert Sproles

The space industry is treated like it’s a collection of launches - rockets, satellites, new vehicles, and programs. But that framing misses what’s actually being built right now and how significant it is. What’s happening in space is not just a launch boom. It’s the early construction of a permanent logistics and infrastructure layer that will eventually make access to orbit feel normal, repeatable, and almost invisible.  The same way we stop thinking about the shipping routes behind Amazon deliveries or the cargo planes moving goods across continents, future businesses won’t obsess over which rocket carried their payload. They’ll care about reliability, timing, orbit, and outcomes. That shift changes the role companies like Exolaunch play in the market. They are not simply “booking rides” to space. They’re helping create the connective tissue between launch providers, satellite operators, insurers, regulators, logistics systems, and the growing commercial demand for orbital infrastructure. And as launch capacity remains constrained, that coordination layer becomes incredibly valuable. One of the most overlooked dynamics in space right now is that demand is no longer the problem. The real bottleneck is orchestration. There are more satellites, more commercial applications, more defense use cases, more data demands, and more infrastructure ambitions than the market can currently support.  Launch windows are getting booked years in advance. Entire business models now depend on access to orbit. And increasingly, companies are realizing that flexibility matters more than loyalty to any single launch provider. In this episode, I sit down with Dr. Robert Sproles, CEO of Exolaunch, to talk about what this next phase of the space economy actually looks like. We unpack why launch is becoming an infrastructure business, how Exolaunch built a global launch integration company without venture capital, and what most people misunderstand about how commercial space is evolving. You’ll also learn: * Why the biggest story in space is not rockets, but infrastructure * What “launch-constrained” really means, and why demand still exceeds available capacity * Why launch availability is starting to resemble supply chain and logistics management * How Exolaunch became a critical coordination layer between launch providers and satellite companies * Why future space customers may stop caring which rocket carries their payload * How launch integration is evolving into a full-service ecosystem, including insurance, customs, tariffs, logistics, and mission planning * Why launch flexibility matters more than locking into a single provider * What happens when launch providers prioritize their own internal programs over commercial availability * Why some launch vehicles are booked years into the future * How the growth of orbital infrastructure mirrors the historical buildout of railroads, shipping, and aviation * Why “up mass” and “down mass” are becoming equally important commercial opportunities * How returning material from orbit could unlock entirely new manufacturing markets * Why Europe’s engineering ecosystem helped Exolaunch scale efficiently without heavy VC funding * What bootstrapped growth looks like inside a capital-intensive industry * How Exolaunch uses aggregation to reduce risk for both launch providers and satellite operators * Why passion and curiosity matter more than resumes in fast-moving aerospace environments * What the next 10–20 years of commercial space infrastructure could look like if current trends continue   About the Guest Dr. Robert Sproles is the CEO of Exolaunch. Exolaunch is a global leader in launch mission management, satellite integration, and satellite deployment technologies. With a decade of flight heritage and 650+ satellites launched across 41 missions to date, Exolaunch leverages industry insight to tailor turnkey solutions that meet customer needs and respond to market trends. Exolaunch fulfills launch contracts for industry leaders, the world's most innovative startups, research institutions, government organizations, and international space agencies. The company develops and manufactures its own flight-proven, industry-leading satellite separation systems and payload launch stacks, with the fastest-growing heritage in the market. Exolaunch, headquartered in Germany, operates globally with offices in the US, France, and Japan. Exolaunch promotes safe, sustainable, and responsible use of space and is committed to making space accessible for all. With over 20 years of experience in engineering leadership, Robert is passionate about strategic planning and developing technical capabilities at scale. To learn more, visit https://www.exolaunch.com/ [https://www.exolaunch.com/] and connect with him on LinkedIn [https://www.linkedin.com/in/robertsproles/].    About Your Host   Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    Check out this episode on our website [https://aerospaceexecutive.podbean.com/], Apple Podcasts [https://podcasts.apple.com/us/podcast/the-aerospace-executive-podcast/id1353891134/], or Spotify [https://open.spotify.com/show/4yFXeO6eiYQTSDEtlQ2K6x?si=61d6b2bd825c4ed1/], and don't forget to leave a review if you like what you heard. Your review feeds the algorithm, so our show reaches more people. Thank you!    For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].