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Field Notes
Field Notes is operator-level analysis on lower-middle-market aviation: succession dynamics, regulatory shifts, certificate arbitrage, valuation dislocations, and the systems that turn fragmented shops into scaled platforms.
No fluff. Just signal.
FAA Certificate Backlog Is Creating a Once-in-a-Lifetime Acquisition Window
The FAA's 18 to 36 month certification backlog has turned existing aviation certificates into one of the most valuable and under-recognized assets in lower-middle-market M&A. For operators with certificates already in hand, the moat has never been deeper. For acquirers who understand the arbitrage, the window is now.
Why Generalist Private Equity Keeps Failing in Aviation
Every few years, a generalist PE firm decides aviation looks like a good idea. They model the returns, hire a consultant, and write a check. Then they discover that Part 145 is not a highway, FSDO is not a radio station, and SMS does not mean text messaging. Here is why domain expertise is not optional in this sector.