Back in the high- flying 1970s, every nouveau-riche oil exec in Alberta seemed to enjoy access to a private Learjet, ready for takeoff at the snap of exquisitely manicured fingers.

But in today’s cost-conscious business climate, shareholders cast a cold eye on such fripperies. Sober-sided Canadian companies (even filthy rich ones) now ask their low-rung management types to squeeze their backsides into economy seats on commercial flights.

Even the wealthiest bosses have decided they can’t justify the cost of a corporate airplane.

Solution: Buy a one-eighth ownership interest in a spiffy jet or turboprop. Sort of an airborne timeshare.

Air Sprint photo
AirSprint CEO Judson Macor is taking corporate tushes out of economy class and putting them back in pillowy leather seats.

It’s a trend- setting purchase scheme with U.S. roots, known as “fractional ownership.” And Judson Macor, the 36-year-old CEO of AirSprint, can put your travelling sales team in the pillowy leather seats of a Pilatus PC-12, or a Cessna Citation Excel, at the drop of a windsock.

Although competitors have since sprung up around the country, three-year-old AirSprint (with bases in Calgary and Kitchener-Waterloo, Ont.) was the first to offer fractional airplane ownership to Canadians coast to coast.

And Macor, a Red Deer product who owns an aeronautics B.Sc. as well as an MBA and law degree from the University of Alberta, says he’s satisfied with AirSprint’s steady growth.

“Word of mouth through our existing clientele has been our most effective sales tactic,” Macor said, flashing a wicked grin. “Air Canada’s probably been our second most effective.”

He was making sardonic reference to the national carrier’s dismal service record since the Air Canada-Canadian Airlines merger: poor connections, frequent delays, botched flight numbers and snafus of every conceivable kind.

“A client can get on one of our aircraft, hit three or four destinations in a day and be home to have dinner with his family,” continued Macor, who confessed that he once nursed a burning ambition to fly the big birds for Robert Milton’s under- achieving turkey.

“If we can keep clients’ costs down to what a full-fare economy-class seat is going to be on the commercial airlines, then we’re doing really well.”

With his friend and co-founder Phil Dewlap, Macor emulated a business model developed by American businessman Richard Santulli. In 1986, Santulli introduced a fractional ownership company, known as NetJets, with a fleet of eight Cessnas. Today NetJets’ customers share title to more than 500 planes.

“I looked at the U.S. experience and wondered why it wasn’t happening here,” Macor explained.

He then spent about 10 months evaluating the viability of the idea. Soon Macor began trolling close friends and relatives in an effort to finance the enterprise.

But the perceived risk factors scared away most potential investors. About that time, he ran across businessman Bob McLean, who then held the exclusive Western Canadian distributorship for Pilatus PC-12s. A deal was struck whereby Macor purchased half of McLean’s distributorship and gained the use of two of his new partner’s turboprops.

Macor, who has since bought out his ex-partner, then took a crash course in the Canadian Transportation Act, before meeting the complex regulatory standards required of his start-up.

Here’s the deal.

Clients buy either an eighth- or quarter-share of the plane, which allows them to “park some capital” in a modern turboprop or small jet.

Such planes represent a sound investment, with only a minimal built-in depreciation factor.

When clients climb aboard their plane, they’re dinged for neither pilot expenses nor holding charges. They do pay a low hourly rate while they’re aloft.

Meanwhile, a monthly management fee covers fixed costs, such as the AirSprint flight crew, insurance, hangar fees and administrative overhead.

Macor claims the tally generally works out to half the cost of traditional charters.

“If the (commercial) airlines are frustrating your travel needs, this can work very well for you,” he continued. “For one thing, our planes can get into more locations. We fly into about 5,000 airports. That compares to about 500 in the commercial arena.”

At the moment, AirSprint operates 10 planes on behalf of its clients, mainly mid-size and small corporations. At a purchase price of a minimum $5 million a plane, it’s easy to get a handle on revenue generated by this private company.

After only three years, the numbers don’t seem half bad. Nor is the boss particularly anxious for rapid expansion.

“I like the fact that I know each and every one of our clients personally,” Macor said.

He also enjoys knowing that Air Canada isn’t part of their flight plan.