If approached by someone starting a commercial flying club interested in leasing your aircraft, what should you prioritize before proceeding?

Prioritizing the checking of the potential lessee's credit rating and experience is crucial before entering into any leasing agreement, especially in the context of a commercial flying club. This step ensures that you are dealing with a financially responsible and capable entity. A thorough evaluation of their financial background can significantly mitigate the risk of default on lease payments and protect your investment in the aircraft.

Additionally, assessing the lessee's experience is vital as it provides insight into their capability to operate and maintain the aircraft safely. Since aircraft operation entails strict regulatory compliance and safety considerations, ensuring that the flying club has qualified pilots and management can prevent potential liabilities and operational issues.

Leasing an aircraft involves significant legal and financial commitments, and skipping this initial vetting process can lead to severe consequences, including financial loss or operational hazards. Thus, checking credit and experience is an essential first step before discussing leasing terms or formalizing any agreement.