I am forming a new freight company.I would be appreciated if you can help with few Qs

joseph1135 · May 6, 2015

samycubies said: ↑

If its not sarcastic. Can you please tell me how did you learn about the broker shortage? is there a way to check how many companies with broker bond are out there?
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There's no shortage of brokers. And there's certainly no shortage of BAD brokers either.

KenworthGuyNH · May 6, 2015

samycubies said: ↑

Hi everyone, my name is sam. The whole thing might be a bit long but i would be deeply appreciated it if you could read it and give me some advices. I am forming a freight broker company with a friend of mine. We already applied for mc and it is on its way office and equips are ready to go. I have 1.5 years experience as truck dispatch. My father is a truck driver for 8 years and i started to dispatch him about 1.5 years ago. I occasionally help his friends to get load as well. The company had gross income $250,000 last year which I know its not that much for me being lack of experience. I dont want to bore you with details. I would be very grateful if you can help me by provide any soft of information or advises to my following questions.

First of all, the bond. Ive done some research on trust bond and surety bond. We have the cash to put into a trust bond. But, i know that if i get a claim the surety bond agency will look into it or fight for me which comes with a monthly interest fee. Would i be able to protect my freight company if we use trust bond in case of claims? Do i have a third option?

Secondly,the claim. I dont know much about claims and I had no real issue with brokers before except no detention fee, drop me off the load after rate con was signed and 1-2 weeks late payment. What kind of claims would i be possible facing as a new broker? and would factoring company help with the cash flow? Do shipper ever not pay? And what can i do if the shipper dont pay me?

Thirdly, the carrier. As a dispatch while helping my fathers firend's company get load.Some of their driver was really frustration .I got into some situation where driver wont pick up my phone on a timely manner load(i did thew 2 smartphones to the wall for that -_- ).Some times the traffic so i talked to receiver warehouse to open 2 more hours just for the driver but driver doest pick up my phone and missed the time. It made me look like an ### . Does this happen to most of carrier? What can i do to prevent it? Is there a website to check detailed info or reviews about a carrier?

Fourthly, the insurance. I have a meeting with my current insurance agent tomorrow.My current questions are what insurance do i need to buy, how much would it cost, what does it cover, how much coverage should i buy and how many insurance do i need? Any more?

Lastly yet the most important one. How do i satisfy carriers and how do i find good carriers. When i was a dispatch, I get as much info as i can when a load is signed. I research weather and road condition, such as raining or snowing also some possible iced road. And a picture of a close look of destinations on google map and send them to drivers. For me when i was a dispatch, i worry about payment and the loading/unloading time, also if the load would damaged my trailer. Is there more that i need to pay attention to?

Thank you very much for reading the whole thing.Again I would be very very very grateful if you could provide me with any info , thoughts or examples.

Heres a little background about me and my friend. We opened a shop back in 2nd year of collage time. We made about 130k in 6 month buying and selling electronics. Then we went our separate way because i had to withdraw all my money to fill a family casino det,i ####### hate casinos. Anyway, after 2 years ,he moved back to Cali few weeks ago and wanting to partner with me for this new broker company. I had the plan to open my own broker company next year because my family just bought another truck and im short on cash.However, we worked out a way to do it. Anyway i know hes really good at aggressive selling to certain type of people. Me on the hand, I am more of people friendly person, I have some friends over age of 40 says i have the talent of becoming a friend in a very short time...but a psychiatrist says i have a mental illness and the word is very long and i dont remember it...What am trying to say is, we both have what each other needs to hopefully make it work. Please help me out by giving info or advises. Thanks you.
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A solution in search of a problem.........ahhhh yes!!! Let's open a brokerage!!!! Stick with aggressive selling at the "family casino" whatever that means. We don't need ANY more brokers.............much less ones that don't know fetch from roll over.

Broker42 · May 6, 2015

The broker market in consolidating rapidly. In a few years, there will just be a handful of mega-brokers and in-house brokerages at asset based carriers. See recent mergers with Echo, Coyote, TQL, XPO and CH Robinson. It's not a great market for small brokerages. The one's that do succeed tend to specialize in specific markets (produce).

Starboyjim · May 6, 2015

Some of the "fooling around" material in here, Samy. Don't stress about it. If you're a good businessman, take care of your customers and your drivers, you should be OK in a while.

KenworthGuyNH · May 6, 2015

samycubies said: ↑

is there really a broker shortage out there or the other way around....
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I am rarely speechless........but I am now.

6wheeler · May 7, 2015

Thirdly, the carrier. As a dispatch while helping my fathers firend's company get load.Some of their driver was really frustration .I got into some situation where driver wont pick up my phone on a timely manner load(i did thew 2 smartphones to the wall for that -_- ).Some times the traffic so i talked to receiver warehouse to open 2 more hours just for the driver but driver doest pick up my phone and missed the time. It made me look like an ### . Does this happen to most of carrier? What can i do to prevent it? Is there a website to check detailed info or reviews about a carrier?

Understand that we can not have a race with a 40 ton truck that we can not jungle a phone a steering wheel and a stick with double clutching 16 gears. Sometimes I can not hear well with road noise, engine noise and exhaust noise so answering the phone might not be good.
Things happen, airlines break, trucks have to take detours, drivers have needs, don't expect anything to make a delivery on time, as a matter of fact don't make any appointments for delivery.

samycubies · May 7, 2015

Broker42 said: ↑

The broker market in consolidating rapidly. In a few years, there will just be a handful of mega-brokers and in-house brokerages at asset based carriers. See recent mergers with Echo, Coyote, TQL, XPO and CH Robinson. It's not a great market for small brokerages. The one's that do succeed tend to specialize in specific markets (produce).
Click to expand...

thank you very much for the info. I just googled it and was shocked. But this wont be an issue, I cant say I know everything,however i know im pretty good with customers. Ive dealt with coyote before and they were really good at their stuff(25 loads with them and only 1 with misled info), i cant say im surprised to see them expand. Anyway, do you mind share some of the good website that you use for quick info? have a nice day

samycubies · May 7, 2015

joseph1135 said: ↑

There's no shortage of brokers. And there's certainly no shortage of BAD brokers either.
Click to expand...

I appreciated your reply and honesty.
Do you mind list something that "BAD" brokers annoys you the most?

Thanks you

samycubies · May 7, 2015

6wheeler said: ↑

Thirdly, the carrier. As a dispatch while helping my fathers firend's company get load.Some of their driver was really frustration .I got into some situation where driver wont pick up my phone on a timely manner load(i did thew 2 smartphones to the wall for that -_- ).Some times the traffic so i talked to receiver warehouse to open 2 more hours just for the driver but driver doest pick up my phone and missed the time. It made me look like an ### . Does this happen to most of carrier? What can i do to prevent it? Is there a website to check detailed info or reviews about a carrier?

Understand that we can not have a race with a 40 ton truck that we can not jungle a phone a steering wheel and a stick with double clutching 16 gears. Sometimes I can not hear well with road noise, engine noise and exhaust noise so answering the phone might not be good.
Things happen, airlines break, trucks have to take detours, drivers have needs, don't expect anything to make a delivery on time, as a matter of fact don't make any appointments for delivery.
Click to expand...

I understand what you saying, but believe me. I know he was trolling because in that case,that driver missed the pick up time for an hour for no reason. driver called me says he woundlt make it to receiver warehouse because of traffic. I told him to keep driving and i will call him back no matter what in 10mins. I called that warehouse manager about the situation and explained to him how my driver will have to drive 300 mile deadhead miles if he cant make it today. I asked them very nicely and the manager said he would leave 3 man there and wait for him 2 more hours because i asked nicely and he wont charge me. So i called right back to that driver, and he never picked up. So i expected him to keep driving ,then 1 hour later, drivers boss called me says the driver got back to the warehouse already!!!!!!! So i had to call that manager again to tell him driver couldnt make it........I just dont like the feeling to let someone down when they put such trust in you.

samycubies · May 7, 2015

SMTatham said: ↑

A solution in search of a problem.........ahhhh yes!!! Let's open a brokerage!!!! Stick with aggressive selling at the "family casino" whatever that means. We don't need ANY more brokers.............much less ones that don't know fetch from roll over.
Click to expand...

Would you mind share some experience

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