Hiring owner operator questions

I have had a small trucking company for just over 5 years now running usually 1-2 trucks OTR pulling reefers. I am now going to put more time into it and try to grow it. I started in December by buying 2 new 2015 Kenworth 680's and looking to add a third new one after the first of the year and more thru 2015 as I can find good decent drivers. I now have an owner operator that wants to come drive for me and this is an area I wanted to get into anyways. He wants to start ASAP so I'm trying to get everything figured out and could use some help. One of my plans with growing is to do things right as I've learned a lot over the last 5 years, so now I want to get this owner operator thing right. He will either bring his own dry van or he will pull a reefer that I will furnish so I'm trying to figure out ways to do both then he can decide what he wants to do. I will find his loads and handle all paperwork, he will use my fuel card and I will keep him running in the lanes that he prefers.

So my main questions are:
* What are fair %'s to pay him
* What all should come out of his pocket and what should come out of mine
- things like insurance, reefer fuel, tires & repairs, 2290, tags, IFTA, tolls, pre-pass, etc.
* If he pulls my trailer, should I pay lower % or rent trailer out to him
* Other stuff that I'm sure I'm missing as this is more complicated than hiring a driver to drive my truck

I just want to put together the proper plan so I can attract more owner operators in the future. Any help would be greatly appreciated as he wants to start driving for me this coming week!

 

I really didn't think about this being a problem but I'm sure it can be if you are bringing it up. I will definitely do that!

 

Thanks, this info is exactly what I need. How does he buy the plate? Can he do that without his authority or do I somehow help him do it? Sorry if this is a silly question but this is a new area for me.

 

This real world info helps out a lot as I'm not looking to reinvent the wheel here. It is looking like he can't get the loan to purchase the trailer that he had been leasing with his current company. It would be easier if he could as I know he would prefer a dry van compared to one of my reefers. So we need to still figure out a solution there. I prefer him to pull what he is happy pulling, I can make him more money with a reefer but he is ok with making a little less and keeping his dry van. He wants me to somehow buy his dry van for him and charge him back for it but I can see several problems if things don't work out.

Thanks for the response, it's helping put together how I will do this. But still looking for more thoughts or feedback if anyone has any for me.

 

Thanks for the help! So this is what I have come up with if owner operator uses his own trailer.

Owner of truck (using his own dry van) will pay: 2290, fuel, plates, IFTA, insurance for truck & his trailer, drug tests, tolls, etc, so most everything.

I will supply fuel card to use and not really pay anything for him if he uses his own trailer. Who should pay cargo insurance if he pulls own trailer? And is there anything else I will have to pay?

I'm looking at trying to pay him 85% to 88% if possible so want to make sure this all sounds correct before he starts with me.