Private Jets, Managing Wealth & Finding Purpose | Kenn Ricci, Flexjet

Kenn Ricci is the chairman and largest shareholder of Flexjet, a fractional private jet company that operates more than 360 aircraft and is the largest Gulfstream operator in the world. A former Air Force-trained pilot, Kenn bought a small Cleveland charter company in his twenties so he could keep flying, built it into Flight Options, lost control of it to Raytheon in 2002, and bought it back during the 2008 financial crisis before acquiring Flexjet from Bombardier in 2014. He explains how Warren Buffett’s purchase of NetJets unlocked his financing, why he avoids mergers, why he has kept Flexjet private, and why he gave his children their wealth early through a family limited partnership. He also shares the advice from Notre Dame’s Father Ted Hesburgh that shaped his idea of a life of significance, and why every Flexjet employee can fix a customer’s problem without approval. Show notes: https://www.davidsenra.com/episode/ke... Made possible by Ramp: ⁠https://ramp.com Deel: ⁠https://deel.com/senra AppLovin: ⁠https://applovin.com/senra David Senra X: https://x.com/davidsenra Instagram:   / davidsenra   LinkedIn:   / davidsenra   Facebook:   / senrashow   Threads: https://www.threads.com/@davidsenra Spotify: https://spti.fi/TVrr557 Apple Podcasts: https://apple.co/4msoZtb Website: https://www.davidsenra.com Kenn Ricci Website: https://kennricci.com Instagram:   / kennricci   Chapters 00:00:00 Kenn's son had never flown commercial 00:02:34 Giving your kids their wealth while you're alive 00:07:03 Charlie Munger: "You give them the money" 00:15:57 The rule his kids made to avoid jealousy 00:25:36 Buying a failed charter company for $27,500 00:35:05 Turned down by every bank until Buffett bought NetJets 00:39:33 $100 million in sales in 3 months 00:41:36 Why he hates mergers 00:42:58 Losing his company: the worst day of his life 00:52:15 Buying his company back in the financial crisis 00:56:08 The $600 million problem that led to Gulfstream 01:03:01 Father Hesburgh's 3 rules for a life of significance 01:05:47 Why he gave away everything he owned 01:09:57 Why any employee can comp a $300,000 trip