Legend has it that the Boeing Business Jet was conceived on the back of a cocktail napkin in 1996 as Phil Condit and Jack Welch—then the CEOs of Boeing and General Electric, respectively—discussed the need for a bigger and better business jet. An extensive user of corporate jets, Welch convinced Condit to develop a high-performance derivative of the Next-Generation 737-700, capable of flying more than 6,000 nautical miles nonstop and offering more cabin space than traditional long-range business jets.