Am I being used

well you should be seeing the books to see where the money is going
like many other small buisnesses they dont run well hands off from afar
apparently your relative is in charge of the checkbook too?

 

Sell the truck, (upside down or not) and run like hell. Solo truck, sideline owner trucking is not an "investment", it's a recipe for financial ruin to the extent you're invested in that particular business.

 

To the original question "am I being 'used'?" ... it's hard to say except that in trucking, there are no fewer than a dozen ways a poor driver/operator can screw with an owner's profitability and/or the viability of the business, if not plain theft and embezzlement tactics. In a single truck operation, you can literally be "stolen" blind inside of a month, and many ways are just out of sheer stupidity on the operator's (driver's) part but other ways are out of malicious intent.

 

No you are not being used... You should have realized it will take you 2 years to get any profits out of the truck.. I don't understand a couple of things though... Why is he getting the money and paying you it should be the other way around.. He who controls the purse strings controls the business.. You need to take the money and pay him his half not the other way around.. Is this a really close relative?..

You have made a bad investment there are only 2 things you can do let this relative keep driving but take control of the purse 100% and make this business work.. Or sell everything.. In my mind you are not being taken advantage of but...you would never know if you were or not because you allow the money to never pass through your hands.. Take control of everything and then see if it works but don't expect to get rich in trucking fuel cost insurance and freight rates wont allow it..

3 hours later

I have thought about this and while you may not be taken advantage of you very well could be.... You need to demand receipts records of maintinence and all load sheets that he has.. For now on you need a copy of the commitment sheet from the broker... You also need to set up a fuel card of some sort like comdata and have a daily limit put on it.. (you will probably have to back the card with cash) but this will give you control over advances and such..

After thinking about it you are not being taken advantage of you are being robbed.. You need to do all the steps I mentioned above fire your relative and hire a driver and set the rule in writing or well everything.. If it was me I would sell

 

Strippers,and blow have gone waay up.You gotta wait your turn
J/K
I wish I had relatives like you.

 

Hope everything works out for you OP. You seem like a nice person, but unfortunately nice things don't always happen to nice people. I truly hope they do for you though.

 

If you paid for the truck and trailer, why are the checks going to him ? Shrimp from California to Washington D.C. ? What does that pay ?

 

Are you being used? Of course. Your money, your being used. Are you really asking if there is a profit and he is stealing from you. No. He is stealing so there is no profit. I would get a lawyer to look at the issue. A lawyer doesn't have to mean you are calling the police. It means we need to work somethings out. If he balks at that, he is steal and committing fraud and probably sleeping with your wife, daughter, and mother. Does the family dog greet him?

My guess is you know the answer but are too whimpy to do anything. The real money is in tolls anyway. I own the George Washington Bridge and I make a fortune. I am looking for a partner. The Bridge needs a little bit of work but it should make you money in the near future.

 

As a former Managing Partner and CEO my advice to you, is to take control of the books and oversee the business. You need to form a LLC if you haven't done so.
He needs to be on a salary or pay by the miles. You are the investor and have every right to take control, depending on your written or verbal agreement.
You should also have a P&L monthly statement to see where and how the money is being spent.
Put it into writing if you haven't If he refused then you need to bow out of the partnership.
Now that being said, it takes and average business to breakeven in 5 years. 92% business fail in the first year do to the lack of financial stability.
Never take a business for granted even when it involves family. I could express a lot more what you need to do, but time and space doesn't permit it.
Good Luck.