...and I would add another to Flexjet's list:
* do you have the ability to win big corporate deals?
Privatair avoids these problems by being the wet-lease provider for the big guy, so benefits from LH's or KL's or LX's FFP/network/corporate sales presence. Of course the flip side of Privatair's taking less risk is that they get less reward when things go well, but it seems like a reasonable tradeoff...