Should I buy a 4 year old trucking company?

Where is the OP?

Would like some feedback from him.

 

15 years ago I would have told you to go for it. Today’s FedEx Ground is a train wreck!

 

You may not think so, but it is honest.

I agree with seeking counsel… from people that I know and trust.

 

Used trucking companies are worth scrap value of the equipment. No garrantee on the customer or drivers staying with you after the purchase.

That leaves you with a pile of used trucks…

If it Dosent have its own operating authority and trailers then it’s not even really a business to be sold or bought..

 

If I owned a trucking company I would fire all of the drivers and then I would quit. Some of the things that drivers do will have you Scratching your head and no driver will respect your equipment. And in today's world if you don't have your own customers you probably won't make it and you'll go broke

 

Because the site went down the other day - glad it is back up - my reply to some criticism vanished. I am going to clarify it again because another member bashed me over my comment.

First, the member was boasting he pays his drivers as 1099 contractors, which is alright if you let them decide what work they want to do, you can't punish them if they refuse. He also boasted that he does it because he is obfuscating his tax liabilities, putting it on the driver. So my suggestion to fleet owners unless you compensate the driver for their additional taxes, if you don't treat the driver as a contractor with a contract and give them control of their work, you should make all drivers W2. Working FedEx loads, they need to be all W2 drivers.

Second and most importantly, I didn't put in S Corp in my post-BFD. It doesn't matter what I put in the post, the most important portion I said from the start of my post is this - GET A LAWYER AND AN ACCOUNTANT WHEN YOU START A FLEET AND WITH ANY AQUISITION OF AN EXISTING FLEET. Buying a business can lead to ruin very fast if the business has a lot of hidden liabilities that some cheap POS owners want to offload so this is why there is a process that is followed to protect you in your journey.

As I was going to my office this morning, I was told that there was an accident with FedEx and Amazon on I275 this morning. it looks like a serious accident and bet the lawyers are sitting on the side waiting to sue the truck owners, so protect yourself.

 

hell with some of the idiots on the roads today will sue the crap outta you just for a little bump. they will start crying they have all of these problems and there 4 wheeler was totaled and they will want to sue you for everything you have!!! AGREE protect yourself

 

wonders if the OP got there feelings hurt or discouraged?? heck it's the truth along with a hell of alot of liability on top of it all!!!

 

to the OP if you want to become a millionaire then get into realestate. that's how most become millionaires. i would also think there's better protections than running a trucking co!!!