Picking my own freight baby! My journey to & of being on Schneider choice, the Adventure & Numbers!

it can still stay pinned

 

Where’s Bobby Ricky? Still with team orange?

 

Hello, I am resurrecting this thread to see if someone can provide a summary of freightwipper's journey.

1. His original business plan,
2. How his business plan evolved over time,
3. Lessons from his successes and failures over 6 years,
4. How he went broke and what could have been done differently.

I have been following another O/O/broker on youtube who documented his failure and loss of $2 million of assets and his starting over with a new authority. There are always lessons to learn from the arc of one's journey as a business owner. Hopefully any summaries of freightwipper's story could provide knowledge and insight for others who are discouraged but want to start over a little wiser.

 

But keep in mind he failed

 

Give yourself a few days and you’ll be able to get through it, and gather some good info from commenters as well.

Expanding a business is always challenging and risk mitigation is important, so if you’re looking at this to help improve your business plan I encourage you to reach out and have it reviewed by others to help identify areas of weakness to be addressed up front.

I applauded him for his efforts, maybe the viper purchase was a bit extravagant but hey when you’re young you make mistakes and grow. Hopefully he learns and the next time goes better

 

There is ONE major thing he did, of which I was guilty of myself many, many years ago.

This is a summary of some of his problems. I will get to the big one at the end.

FW was new to the industry. He had the drive and ego to do well, but the ego was so big that he wouldn't listen to those that had been there before him when he faced adversity, or when he was doing well.

When things go well, you think you have it figured out, then you end up digging yourself into a hole by getting too big, too fast, without thinking the industry will face adversity, which it will. This industry is either feast or famine.

If you are leased to a big company, you will only be allowed to make so much money, period. They will change the rules when things go well to cut your pay. They are slow to improve your pay, if at all, when things are bad.

If you are on a mileage pay, the only way to make more money from the company is to run more miles, and cut your expenses.

If you are on percentage, and rates go way up, the company will find a way to take most of the higher rate away, either by more share of the cost put on you, or by cutting your percentage.

Remember, if you are making too much money, you will take more time off. They don't want that. Keeping you hungry will ensure that you stay on the road, and take any load they offer.

Those are just a few of the things to know about L/P and O/Os leased to a big company.

Now here is where the end began for FW.

He ended up with more trucks than he could drive by himself well before he was in a position to do so.

Why would anyone drive for you in your L/P truck when they can get their own just by signing a paper?
Answer...To use you and your truck to get experience and see if they really want to do it, and to also see if there is any money made, without putting their name on the dotted line for high debt and expenses.

When you are in one part of the country and your driver is in the other, you have no control over them.

If you are teaming in a L/P truck, you are wearing your truck out twice as fast, without any real increase in income. You have to pay the driver plus the employer share of taxes and benefits. Most/all leases have mileage caps on them, after which you either pay a penalty, or are strongly encouraged to move to a new truck.

There is nothing wrong with going L/P to get your foot in the door of O/O. Just know you will live in the truck for quite a while. Have a plan as to what you are going to do with the truck outside of the big company you are leased to when you get to the point you can pay it off and leave.

If you happen to get a lemon truck that stays in the shop, well, you will never make it as long as you have that truck. That's the luck of the draw.

Just my opinion.

 

he also posted about casino visits.
as I recall, it wasnt long after we saw less of him...

 

HE failed.
Almost 10 years on, I didn't.
It's not rocket science.
But it seems difficult for some to grasp.

Do your best.
Be honest.
Get up early, park early.
Do your best.
Be honest.

After that, it's downhill.