I guess it all depends on how profits were used during times of good business. Were they invested into the company's infrastructure and spent on sourcing new markets and costumers etc preparing for worse times ahead, or did the owners cash out most of the profits to pay their 3rd (4th?) home, cars, wife's shopping trips etc etc... ?
It looks like large cabin (challengers, falcons, Gs) are doing slightly better under the current market conditions then the Citation/Lear operators. Maybe less competition and undercutting in this segment?
Good luck to all!
CP