Splitting Profit with 2 Owners

One truck and two people splitting the profits and expenses will make for two homeless people.

 

I would think that Oscar is pretty close to the truth IF you guys are going to set up the split 50/50. That would never work. It's hard enough supporting one family with a truck, never mind two.

However...if you are willing to be in it for the long haul (no pun intended) and not take a salary out of the company, then you may be able to work it to your advantage.

There are a lot of ways to get from point A to point B. I guess the best thing I could tell you, IMO, is to keep the long view in mind. Your brother is going to be doing the driving, compensate him well. Keep rolling anything over and above his salary and expenses back into your project. Make a commitment to yourself to not take a dime out of the company while you are still in the military. (Many thanks for your service, by the way.)

Good luck with your project brother...I almost envy your journey. Keep us posted and anytime you want my opinion just ask. You have a really cool road ahead of you.

\m/
Scott

 

the only ship that doesn't float is a patrnership

 

Got to love Dave Ramsey for that quote.

Best thing you can do is have your brother own the business and you be an employee or vice versa. If you're the employee you would get paid a percentage of the loads you book. Nothing huge for now since you aren't driving with him and let him keep the rest of the profit. Also, you could set up a small profit sharing plan to help compensate you as a bonus based in how well the business does each quarter or year. Then once you retire, you can be compensated appropriately for driving and securing loads. That's really the best plan.

If you go into it as partners, you're asking for trouble belt you even retire and get to enjoy the business.

Thank you for your service!

 

my grandfather said that long before dave ramsey
probably his grandfather too

 

OK then I give credit to your family for the quote. It still stands very true!

 

Family is wealth. Kudos for you and your brother venturing to go into business together. Since your brother is going to be driving, you need to pay him a percentage right off the top...something like 25-27% (the immediate goal isn't to line your pockets, it's to set sail or get started) as a driver's wage. Split the weekly expenses and set up 10% in maintenance. And most importantly, you need to learn patience. Especially when going into business with another person.

My brother and I own a construction company. We talk, we buy, I invest...it's for the family, if that makes sense. Mom, sisters, nieces and nephews.

 

Also, a good way to start a family feud.