Jet Set Need a more convenient way to fly? Share the ownership of a jet.

Ask any entrepreneur and you'll get the same response--timeis precious. Pose the question to frequent business travelers wholog 100 or more in-flight hours a year, and they'll readilyacknowledge that valuable hours are lost in transit on commercialflights due to delayed connections or inconvenient stops at anairline's hub. Wouldn't it be nice to have your own privatejet?

Of course it would be a time-saving luxury. But purchasing aprivate aircraft is not a viable option for mostentrepreneurs--even a low-end, seven-seat Cessna Citation S/IIcarries a sky-high price of $2.5 million (not to mention theadditional monthly maintenance costs). And chartering a planeoverrides any cost savings for those making many short trips overseveral days because you pay by the day, not by the hour.

Today, a more convenient, and surprisingly cost-effective,alternative is steadily gaining momentum with small-business ownersand corporate executives nationwide. Known as fractional jetownership, the concept is comparable to a vacation resort timeshare, minus the limitations: Individuals who fly between 50 and400 hours annually buy a slice of a business jet and have theaircraft (or an identical one) available on an on-call basis, anytime, anywhere. The larger your share, the more hours you have atyour disposal. Under a typical plan, the use of a Cessna Citation VUltra would cost a company $11,800 for 100 hours, plus $3,600 amonth for incidentals such as fuel, insurance, pilot's salaryand hangar space. There's also an annual $389,000 managementfee. By no means is fractional ownership cheap, but it brings theonce unattainable within reach.