On April 26, 2014, about 1130 eastern daylight time, a Cessna 525B (Citation CJ3), N300ET, operated by a private individual, sustained minor damage during a runway excursion, while landing at the Spruce Creek Airport (7FL6), Port Orange, Florida. The airline transport pilot and two passengers were not injured. Visual meteorological conditions prevailed and an instrument flight rules flight plan had been filed for the flight that departed the Opa-Locka Executive Airport (OPF), Miami, Florida, about 1040. The personal flight was conducted under the provisions of 14 Code of Federal Regulations Part 91.According to Federal Aviation Administration (FAA) records, the airplane was owned by the pilot through a limited-liability-company. The pilot reported that he performed a visual approach to runway 23, a 4,000-foot-long, 176-foot-wide, asphalt runway. He further reported that he landed "a little long" and then realized that he was not going to be able to stop the airplane on the remaining runway. The pilot considered performing a go-around; however, he believed that a go-around would have posed a greater hazard at that point in the landing. The airplane subsequently rolled off the end of the runway, through grass, and came to rest in a freshwater pond, about 600 feet from the end of the runway. One of the passengers, who was seated in the copilot's seat, was a private pilot who held a type rating for Cessna 525s with second-in-command privileges. He reported that the airplane remained airborne as it flew past "the numbers," and touched down about one-third down the runway. Examination of the airplane by an FAA inspector, after recovery from the pond revealed minor damage to the landing gear, wings, and flaps. The airplane was equipped with a Fairchild FA2100 series cockpit voice recorder (CVR), which was forwarded to the NTSB's Vehicle Recorder Division, Washington, DC, for readout. The CVR recorded the last 2 hours of airplane operation. A summary report of the recording revealed: About 1055, while en route to 7FL6, the pilot and front seated passenger discussed landing performance as they utilized the flight management system. The discussion noted runway 23 was expected and concluded that 3,000 feet was required for landing. At 1126:40, the pilot reported the airplane was about 3 miles from 7FL6. At 1128:13, the pilot reported that airplane was at 2,000 feet on an extended left downwind for runway 23. At 1129:17, the front seated passenger reported that the airplane was on final approach for runway 23 over the airport common traffic advisor frequency, which was followed by an automatic "500 feet" call-out, 6 seconds later. At 1129:55, the passenger said "better get it down," which was followed by sounds consistent with touchdown about 4 seconds later. At 1130:01, an unidentified voiced stated, "get on the brakes." At 1130:12, the sound of deep rumbling, similar to the airplane exiting a paved surface was recorded, which was followed by sounds consistent with airplane movement ceasing, about 6 seconds later. [Additional information can be found in the Cockpit Voice Recorder Factual Report located in the public docket.] The pilot reported that he did not experience any mechanical malfunctions with the airplane. He further reported that the incident could have been prevented if he had made a longer final approach, was more familiar with the airport, and if he would have rejected the landing attempt at a safe stage of the approach. The pilot reported about 2,900 hours of total flight experience, which included about 900 hours accumulated in the same make and model as the accident airplane, and about 70 and 20 hours flown in the accident airplane, during the 90 and 30 days that preceded the accident. A weather observation taken at the airport at 1155 included winds from 030 degrees at 4 knots