Closing up shop, or thinking about it?

Discussion in 'Ask An Owner Operator' started by Midwest Trucker, Aug 28, 2022.

What’s your situation in todays trucking climate?

  1. Still in business and plan to keep going.

    50.7%
  2. Still in business but it’s touch and go, we’ll see.

    9.6%
  3. I sold out, just couldn’t make it work anymore

    4.8%
  4. I’m a company driver, and glad I didn’t make the jump

    15.8%
  5. Owner op for life, ride or die!

    21.2%
  6. Other: Retirement or something else. Explain

    8.9%
Multiple votes are allowed.
  1. Magoo1968

    Magoo1968 Road Train Member

    1,870
    4,921
    Mar 18, 2021
    St Malo mb
    0
    If I won the lottery I’d probably donate some time to different causes that require a cdl .. Aka haul relief supplies, charity work like haul bales etc
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. skallagrime

    skallagrime Road Train Member

    3,553
    9,061
    Apr 10, 2012
    Indiana
    0

    All debts, liabilities, and enough to live1 year on and buy and build or refinish a 2nd & 3rd house & pole barn on 10 acres each. At age 40 i can probably make a go of real estate or something else as long as that were done.

    So 125k + 75k + 500k x2

    1.2 million would do the trick.
     
    Last edited: Sep 21, 2022
  4. Bigtruckdrivah

    Bigtruckdrivah Light Load Member

    186
    224
    May 31, 2020
    0
    Right on. Spent a bunch of time up there around 2010-2012. I was a fishing tool hand for Patterson. Mostly cased hole though
     
  5. REO6205

    REO6205 Trucker Forum STAFF Staff Member

    12,583
    56,849
    Feb 15, 2014
    California.
    0
    I'm betting you'd have a hard time hanging everything up and just walking away. You're purpose driven more than results driven and the game itself is as important as the outcome.
    Money isn't the main motivator. A couple of million in a good money market fund should be enough of a cushion.
    I know...on the really aggravating days you'd happily sell the whole thing for a dollar and never have to put up with the performance anxiety again.. Some days you stop and look around and say to yourself "here's every day of the rest of my life" but you put your head down and barge right on through anyway.
    To answer your question...I wouldn't hazard a guess without knowing your finances.

    Or is it myself I'm talking about?
     
  6. Accidental Trucker

    Accidental Trucker Road Train Member

    3,084
    6,611
    Jun 4, 2015
    0
    didn’t we have this discussion a while ago?

    I could retire tomorrow and never need to lift another finger to make money, but the wife would kick me out of the house every morning, anyway, so I might as well be productive……

    that’s only a LITTLE tongue-in-cheek. I’m not near old enough to spend my days rearranging my stamp collection.
     
  7. TheLoadOut

    TheLoadOut Road Train Member

    1,812
    8,188
    Nov 6, 2019
    0
  8. 59EX

    59EX Medium Load Member

    407
    631
    Jun 27, 2015
    0

    I guess it's time to fess up. I threw the towel in about a month ago. Between the rates/volume, the fuel creeping back up and rising cost of maintenance I had a hard time seeing the light at the end of the tunnel.

    I was never going to be the guy that stays out months at a time just so I can say I'm successful and have my own truck. And my business model required me to do so with these rates to essentially make company driver money. Also I was never going to be the guy harping on brokers on how they're putting me out of business. This was either going to make sense for me or not. I'm absolutely glad I did it though and it taught me a good bit about business and what I'm actually capable of...but I do not miss that stress.

    If there is one piece of advice I could give anybody that's thinking about it is, do it ONLY if you're a trucker thru and thru, love it and want to build a fleet and are wiling to sacrifice years of your life to do so. Because this game is rigged against a small O/O companies.

    Thankfully I lucked into a local job that I actually turned down few years ago and so far I have no regrets.

    Best of luck to all the guys out there still pounding the pavement and load boards.
     
    Last edited: Nov 12, 2022
  9. SteveScott

    SteveScott Road Train Member

    4,897
    16,803
    Nov 10, 2015
    0
    A big part of being a good business person is knowing when it no longer makes sense to be one and getting out before your dream turns into a nightmare. I got out a year ago, and have absolutely no regrets. Financially I'm doing much better, and no longer have the daily stress of running a small trucking company to worry about. Yes I miss the road sometimes, but I get over it quickly.
     
  10. GYPSY65

    GYPSY65 Road Train Member

    1,938
    5,217
    Nov 16, 2012
    SW FLA
    0
    This is good news!
    We all knew guys who could make it when it’s easy money would be out at some point

    Hopefully more will follow suit and that alone will change any low rate issues as some will just try to hang on even if it’s at a loss until they realize it’s not for everyone
     
    InTooDeep, Siinman, Oxbow and 3 others Thank this.
  11. D.Tibbitt

    D.Tibbitt Road Train Member

    19,660
    130,551
    Apr 26, 2013
    Gettin' down westbound
    0
    Not sure if i could ever just flat out quit and be happy with it... If i had enough money to live comfortable every year without having to work... Id most definatly just truck for fun, haul a load whenever i got the inspiration..
     
    larry2903, Siinman, dwells40 and 5 others Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.