I am forming a new freight company.I would be appreciated if you can help with few Qs

Discussion in 'Freight Broker Forum' started by samycubies, May 5, 2015.

  1. samycubies

    samycubies Bobtail Member

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    Hi everyone, my name is sam. The whole thing might be a bit long but i would be deeply appreciated it if you could read it and give me some advices. I am forming a freight broker company with a friend of mine. We already applied for mc and it is on its way office and equips are ready to go. I have 1.5 years experience as truck dispatch. My father is a truck driver for 8 years and i started to dispatch him about 1.5 years ago. I occasionally help his friends to get load as well. The company had gross income $250,000 last year which I know its not that much for me being lack of experience. I dont want to bore you with details. I would be very grateful if you can help me by provide any soft of information or advises to my following questions.

    First of all, the bond. Ive done some research on trust bond and surety bond. We have the cash to put into a trust bond. But, i know that if i get a claim the surety bond agency will look into it or fight for me which comes with a monthly interest fee. Would i be able to protect my freight company if we use trust bond in case of claims? Do i have a third option?

    Secondly,the claim. I dont know much about claims and I had no real issue with brokers before except no detention fee, drop me off the load after rate con was signed and 1-2 weeks late payment. What kind of claims would i be possible facing as a new broker? and would factoring company help with the cash flow? Do shipper ever not pay? And what can i do if the shipper dont pay me?

    Thirdly, the carrier. As a dispatch while helping my fathers firend's company get load.Some of their driver was really frustration .I got into some situation where driver wont pick up my phone on a timely manner load(i did thew 2 smartphones to the wall for that -_- ).Some times the traffic so i talked to receiver warehouse to open 2 more hours just for the driver but driver doest pick up my phone and missed the time. It made me look like an ### . Does this happen to most of carrier? What can i do to prevent it? Is there a website to check detailed info or reviews about a carrier?

    Fourthly, the insurance. I have a meeting with my current insurance agent tomorrow.My current questions are what insurance do i need to buy, how much would it cost, what does it cover, how much coverage should i buy and how many insurance do i need? Any more?

    Lastly yet the most important one. How do i satisfy carriers and how do i find good carriers. When i was a dispatch, I get as much info as i can when a load is signed. I research weather and road condition, such as raining or snowing also some possible iced road. And a picture of a close look of destinations on google map and send them to drivers. For me when i was a dispatch, i worry about payment and the loading/unloading time, also if the load would damaged my trailer. Is there more that i need to pay attention to?

    Thank you very much for reading the whole thing.Again I would be very very very grateful if you could provide me with any info , thoughts or examples.


    Heres a little background about me and my friend. We opened a shop back in 2nd year of collage time. We made about 130k in 6 month buying and selling electronics. Then we went our separate way because i had to withdraw all my money to fill a family casino det,i ####### hate casinos. Anyway, after 2 years ,he moved back to Cali few weeks ago and wanting to partner with me for this new broker company. I had the plan to open my own broker company next year because my family just bought another truck and im short on cash.However, we worked out a way to do it. Anyway i know hes really good at aggressive selling to certain type of people. Me on the hand, I am more of people friendly person, I have some friends over age of 40 says i have the talent of becoming a friend in a very short time...but a psychiatrist says i have a mental illness and the word is very long and i dont remember it...What am trying to say is, we both have what each other needs to hopefully make it work. Please help me out by giving info or advises. Thanks you.
     
    Last edited by a moderator: May 6, 2015
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  3. samycubies

    samycubies Bobtail Member

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    May 5, 2015
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    PS, I currently have 3 companies with 37 trucks whos the friend of my father says they would help me out by taking my load if i can offer a fair price.
     
  4. mp4694330

    mp4694330 Road Train Member

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    Perfect candidate for freight broker, good luck!!!
     
  5. samycubies

    samycubies Bobtail Member

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    haha the mental part or the illness part :) and how so?
     
  6. dannythetrucker

    dannythetrucker Road Train Member

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    thank you for helping to solve the broker shortage problem.
     
    rollin coal, 281ric, RGN and 4 others Thank this.
  7. joseph1135

    joseph1135 Papa Murphy

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    Yes. There's certainly not enough brokers to cut the freight rates more and take more from the people doing the actual work.
     
    mhyn Thanks this.
  8. Erick Evans

    Erick Evans Light Load Member

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    Minneapolis, MN
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    LMAO, everyone derserves a good laugh once in a while.
     
  9. samycubies

    samycubies Bobtail Member

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    I dont understand, even if im wrong. Can you please point out what did i do wrong?
     
  10. samycubies

    samycubies Bobtail Member

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    If its not sarcastic. Can you please tell me how did you learn about the broker shortage? is there a way to check how many companies with broker bond are out there?
     
  11. samycubies

    samycubies Bobtail Member

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    May 5, 2015
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    is there really a broker shortage out there or the other way around....
     
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