New guy - wants to buy truck, split profits with driver

Now that is a REALLY good freind or he wants that guy out of the picture for some reason.........maybe he's dating his sister
I want to be your freind too

 

Don't screw with freight .
Contact Clark Transfer and get into moving shows.
They are all owner ops.
I think if you give him exclusive use of the truckthey will allow it and they supply the trailer.
Good luck with it.

 

If you bought a teenager a new mustang, it would look like crap in a year. Because it was given to him, with no personal effort or sacrifice on his part. If the kid got a good job and you co-signed a loan, he might take care of it, he has a little interest in keeping it running and looking good. If the kid bought it on his own with no help, you can bet he would PROBABLY keep it in excellent shape.

Don't EVER involve friends and family into a business. (Unless your friends and family ARE the business).

Your friend needs to have an interest in this truck, he needs to have something to lose if the deal fails. I watch drivers all the time that just "lose it" as soon as a truck's paid off. They go nuts covering an old truck with chrome and expensive, useless stuff. They destroy the electrical system with cheap lights, glued on shiny decorations that eventually rust and fall off, while neglecting the old wagon. Because they no longer have something to lose once the truck's paid off and they are a lot less serious about making money.

If you give your friend a truck, he has no reason to work hard. Why should he? If he doesn't care for it properly and loses an engine, or runs up an astronomical repair bill, who cares? "Hey, it's your truck, I guess you got a lemon".

If he put a second mortgage on his home, or used his savings for the downpayment, or was lucky enough to get his first loan on good credit, he'll be willing to go without sleep, do his own repairs, be frugal with his profits.. in other words, he's motivated to do it right.

If he's been driving ten years and wanted to be an O/O, why hasn't he done it by now? I don't know, he could be an O/O now- if so, why does he need a new truck and why does he need your help?

My polite suggestion is to form a formal business partnership. Both of you contribute equally. Forget about buying him a truck, form a corporation and get a loan for a truck. Put your bucks in the corporation, not the truck. Buy a good used truck at auction- or search for a good deal and don't spend big bucks on the first truck. Put him in a beater until he proves his worth and step up one notch at a time until he proves himself to be a competent, mature business partner.

Your worst nightmare is a guy that takes your $60,000.00 big truck and drills holes all over it for the chrome that just weighs it down, then butchers the electrical system to hang hundreds of cheaply done "chicken lights" on it. Then ignores oil changes and routine maintenance - and wastes your expensive fuel and tires- until you find out it has so many small problems that need repair and have been ignored for so long that you have to sell it off for scrap and take the loss.

And forget about sharing 50/50, there's so little profit in running one truck that there is no room for two people.

My very best advice is to buy $60,000.00 of silver coins with your hard earned money. Put it in storage, insured and safe- then forget you have it while you two build a trucking company from scratch. In the end, when you both wish you had never seen the &*%$#@$ truck and your company is only a pain in the keyster to manage, you can fold it all up and thank God that you still have your life savings in silver coins, in the vault.

Good luck my friend, please don't lose that money like most of us have. Trucking is only fun until the money runs out. After that point, it's just endless, pointless, brutal punishment.

 

Amen on that yellow/roadway thing 11 years of my life I'll never get back

 

I would check further into hauling your friends rental equipment it could prove out to be a money maker. Then hire your friend to drive and pay him a good drivers pay check.

 

Hopefully they'll call me!

 

Anytime Freight, you might reconcider the half profit with driver because you are gonna have alot of expensence especially you owning the truck!!!!!!!!!Good-luck!

 

This really isn't going to end well is it?