Here is one person's **opinion**
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I wounder what Cirrus did right or at least a little better? Is their production cheaper. Are the Lancair's labor intensive to build, since it was an out growth of their kits, where Cirrus was a clean sheet plane with production in mind? Was it the safety recovery chute Cirrus promoted that sold more planes? Better sales and advertisement?
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All of the following should be viewed as **OPINION** although there are some facts included.
My opinion ...
I flew the early Lancair (Columbia) "prototype" and later the first "production" model. Spent a bit of time "considering". Much later flew the Cirrus.
At the time I thought that Lancair was technically a "better" plane but in reality inside it was "uglier". It simply was not as well finished at first glance. Solid plane ... needs finish work especially in the cockpit.
The Cirrus team was able to get major financing just before the market went bust ("dot bombs" etc. still going off). Lancair, it seems was trying to self finance and later come to the (money) market later for (less??) money. But **unfortunately** by the time they went to the trough, it was a bit dry. Thus, it seems, their whole ramp up of production and marketing efforts had to go a LOT slower than Cirrus. They changed hands a couple of times I think trying to get $$$. All the while Cirrus was enjoying ramp up in production and lots of marketing $$ being spent.
The chute helped the Cirrus marketing campaign but quite frankly, if you flew both of them in the early days, you would have been able to tell that the Lancair seemed more "solid". To me, it handled better as they made real improvements on the stick forces from the prototype to the production model. Now remember, in the beginning the Cirrus was much slower (smaller engine) and thus the "buzz" could/should have been in the Lancair favor if all else had been in order.
They (Lancair/Columbia) later got the interior looking a lot better and ended up with a very snazzy plane. I hope Cessna simply re-badges it and ramps up on the production and marketing effort. Unlike some, I believe they **CAN** do it. They just need to keep it a separate Division for a while and infuse a few of the Cessna people at a time.
So summary: I think it was bad timing/bad luck in efforts to raise the big $$ to ramp up production and marketing.
James' armchair assessment.