Trucking company owner's workday.

Sure - as long as you think you can run a 4 truck operation while you drive full time yourself. Not saying it CAN'T be done, but this is where that "there are better ways to make a living" thing comes into play.

 

Oh c'mon Highside? A better way to make a living? Getting 3 hours sleep after--helping out in shop to square a way a load--walkin back in # 7--grabbing fire extinguisher and putting out 2-3 explosions for I can make it to coffee pot? let alone get to office--then answering 5 screamin customer voicmails--just as you find out about the driver that didn't get in@5 to leave on time--So i can jump in the truck and try to run that load 3 hrs late? the entire time my cell phone screaming at me while I am trying to ride in AM rush traffic? ###### man--whats better than that? where is your sense of adventure--what do YOU want--a job or a LIFESTYLE? LMAO
Just thought it was time for a little levity--hope you enjoyed it.
Carry on!

 

Q: How do you eat an elephant?
A: One bite at a time.

The first problem is that you aren't thinking about this like a businessman. You're looking only at your salary as a means to acquire wealth, and only looking at one option of going into business. You really need to consider a bigger picture where you don't equate your hourly wage to your earnings. Your salary will get you started but won't get you all the way to buying out companies. At least in the real near future. You're going to have to hustle and that isn't just being available 24/7. It's about finding ways to make money where you don't do it by the hour.

The guys that are doing $700k deals today started out doing $10k deals years ago to work their way up.

I don't know how much help I can be but you're welcome to email me thomas at fearless data dot com. Don't get offended if it takes me a while to get back to you. In the middle of a million other things I've gotten pretty slow to answer.

 

When I started my research I was thinking the same thing. Buy an organization that's already been operating profitably, and you reduce the likelihood of failure. I still think this is a good plan for most businesses. But as I've researched the trucking industry and looked at the trucking companies that are being offered by business brokers, I've come to realize that paying for a trucking company's goodwill is a waste of money.

Even if the company has a good relationship with some shippers and/or brokers, the management change could hurt those relationships. If you have to start over building relationships, you could have saved a lot of money by starting your company from scratch instead of buying one.

 

It's common when purchasing a business with a working owner to have them stay on X number of years and maintian X percent of profit before the sale is completed.

 

If I could raise $700,000 for a business venture, I'd be buying a McDonald's Franchise not a trucking company.

One of the companies I used to work for started with 1 truck and got up to 50 before cutting back to around 20. It was him and his wife plus one office employee. His wife handled most everything until they hired help and then they split the work. He managed maintenance and the drivers. One of the things he had going for him was that he did ALL the repairs. From engine work to clutches to tires and brakes, saved himself a bundle over the years. Maintenance costs are a killer. They've also been in business since the late 70's, though.


***EDIT*** I just noticed somebody already gave you this advice in another thread where you want to buy a bus company. Do yourself a favor and skip the transportation industry all together. Most of the guys in it have been around it their entire lives and don't know any different. It is unlike any other industry out there, I promise you that. It is also the only industry thats seems to attract people that know nothing about it. I don't eat at the Cracker Barrel and say "hey, I think I should start a restaurant". I don't know dickity doo da about the food business and would probably fall flat on my face. Even some of the guys that have been around trucking their whole lives can't make it.

As for the successful company I mentioned that I used to work for, they are divorced and stressed to the max. They run the company together because they don't have any other choice. They're counting down the days until they can retire and pawn the company off on their sons lol. The sons BTW say they plan to sell off every truck and pursue something else if that tells you anything.

 

This thread is something else.


You may want to start by getting your Class A and seeing what the life of a driver and the industry is like firsthand... Then you can get on to being the new owner of Swift.