I inherited a truck & business...Advice?

So...I say you can do it. You can be great at it, and have it thrive. While it's important to understand that it's not your dream, or desire, but that if a loved one. Being so, there are sacrifices inherently woven in desires that require tenacity which is only produced by the visions of the dreamer... but I believe in you, itll have to become a dream of yours to see it live.

Pause whatever you can pause...payments, bills ect.. get your bearings.
Talk to whomever your brother worked/contracted with, to make sure everything is still in good standing to continue running and that management is changing hands. See how the work is communicated because that will be something youre involved in unless you delegate the task. If he was working off of a load board then unless youre willing to don a dispatchers hat, it may be easier to lease the truck on with a reputable company and let the driver transfer if he/she wishes.

Find a mechanic that can be trusted, perhaps research your area look at reviews, have them look over the truck and make sure everything is good and get a potential list of problems and list order of importance. Take care of those things at a reasonable pace.

Talk with the driver, ask about the truck and anything he may have noticed that needs attention.

I say driver because you mentioned one driver. I do not know if the driver was your brother or if he was the owner and employed a driver.

If your brother was the driver, I would look i to leasing on with a company, have the company assist with driver placement.

That will put the truck on the road, generate some income and perhaos give you tome to decide how involved you ld like to be or how youd like to scale.

Continue gaining knowledge, network and talk with trustworthy people in the industry perhaps in your area.

Good luck.

 

This almost exact situation happened to me. My Uncle passed in 2003 leaving me and my wife everything left of the family business assets that my Great Grandfather started in 1938. My Grandfather and Dad were not involved in it. They did other careers. I as well was in the tire industry and driving for another local tire supply company fulltime but had been helping him out everyday part time my whole life. It was my home life away from work. I was in and out of their old trucks since birth.

I kept what I could and slowly sold off the rest. I still am selling and trading vintage truck parts here and there because of it. Turned it into a hobby.

The trucking part of the business was not doable for us because it could not be done full time by us. We were lucky that He had some great drivers that worked for him and We gave them the option to “buy” what they drove and pulled and they did. We basically willed the equipment to them because they were like family. One was a life long old childhood friend of my Uncle and he also bought out the numbers and authority and kept going until he shut down for retirement in 2016 he’s 83. His youngest grandson is going with it now. Still with the numbers issued in 1938!
So in a way both their legacy’s still roll.

 

Best advice given , I agree .

 

The biggest difference between him owning the business and you owning the business is that he also drove the truck. Hiring a driver to do that immediately costs you $50-80k a year. Also, you’ll have to pay someone to do all of the other things he did.

I would sell.

ps- sending my deepest condolences on your loss.

 

You could hire hippie goat to operate the volvo.

 

so sorry for your loss.

but find a reputable, experienced trucking association type of auction house, and sell it.

the money you get in the sale, can be used for what ever you need, and you will have no worries, no liabilities.

 

From the description I'm not sure if you have a driver, or if your brother was the driver.

That said, I agree, even if you are ready to go full time, and you already employ a driver, you've been left a losing hand. There's no honor in trying to make something work that has little earning potential. The truck is going to need a LOT of work, the driver, regulators and customers are all going to clamor for a LOT of attention and hand holding, and you don't have the experience and knowledge to pull it off.

You are NOT dishonoring his memory by an orderly shut down of the business. It's just the right thing to do.

 

Talk to the people your brother was negotiating with. See if they want to buy the assets.
Rip to your brother.

 

Hello,
Aren't you interested in selling this business by any chance?
I am looking to buy an active trucking company with clean record?
I am sorry for your loss though.
I know it's been several years since you lost your brother but wanted to check just in case if..........

Thank you
Lily