A Cessna 501 Citation I/SP corporate jet was destroyed in an accident at Franklin-Macon County Airport, NC. The five occupants were killed. The airplane was inbound from Venice Municipal Airport, FL (VNC). The Citation was high during the approach to runway 25, performed a go-around, and made a left turn for another approach. During the second approach, the airplane was high again and the approach steepened, nose-down onto the runway. The nosegear touched down approximately half-way down the runway, followed by main gear touchdown. The airplane then bounced and the witnesses heard the engine noise increase. It then banked right and the right wing contacted the ground. The airplane subsequently flipped over off the right side of the runway and a postcrash fire ensued. The airplane came to rest in a grassy area, about 50 feet off the right side of the runway, approximately 4,250 feet beyond the approach end of runway 25. Runway 25 is a 4400 ft/1341 m asphalt runway. PROBABLE CAUSE: “The pilot’s failure to achieve a stabilized approach, resulting in a nose-first, bounced landing. Contributing to the accident was the pilot’s activation of only one thrust reverser, resulting in asymmetrical thrust.”