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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.
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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.