You have spent watching the sun come up over the threshold of Runway 19, watching the frost melt off the wings of Citation Jets and King Airs. You know every crack in the north ramp.
You know which hangar doors stick when the humidity climbs above 80%, and you know exactly how many gallons of Jet-A it takes to keep your biggest tenant happy through a busy December. You built the business, you hired the line techs, and you signed the front of the checks.
In your mind, the Fixed Base Operation is yours. It is a monument to your sweat and your capital.
But then you decide it is time to move on. You find a buyer, a private equity group or perhaps a larger FBO chain looking to expand its footprint. You agree on a price that feels like a fair reward for a quarter-century of work. Then the buyer’s attorney sends over a list of requirements, and the first thing on that list is a request for the original ground lease.
Janet Kowalski experienced this transition in a single Tuesday afternoon. She sat at her kitchen island, the wood grain hidden beneath forty-six pages of a ground lease