Partner on 18 wheeler

The OM is not pleased.

If your soon to be former friend has a successful business as you perceive, he should not need to borrow money from you. I get it you saw this as an investment opportunity.

Always get any financial agreement in writing. And very detailed at that.

 

What was the main reason for you guys getting this venture started in the first place? Was it that he needed a new or newer truck and did not have the cash flow or credit to do it on his own? Or was it that he sold you on jumping in with him on the gravy train?
Either way, I suspect he is seeing that whatever profit the truck is getting, divided by two, is minimal. He is used to getting the full bite out of that apple just for himself.

 

So, the truck that you helped obtain has been rolling for 2 WHOLE WEEKS, and you're not seeing any money back YET?

Yes, trucking is just like an ATM machine spewing out cash. 2 weeks after that rig started rolling, you should have gotten at least half of your investment back already.

Do you know any U.S. Marshalls? Maybe they can impound the truck for you.

IF he did his shipping paperwork right away and then hand-delivered it to the person responsible for paying the freight, who then said "Why sure, I will whip my checkbook out right now and pay you." Then, the bank doesn't put a hold on the funds until payment clears.

Then from the proceeds ( since your partner is paying all the other freight of owning a truck), he gets paid back for the fuel used, any repairs, the registration and licensing fees, the insurance payments made to get mandatory coverage, new lettering on the doors, maybe a tire or 2 or 4, etc.) whatevers left may or may not be profit. Only the accountant knows that.

What were your expectations? If you thought you had found the newest form of Bitcoin, guess what? Every truck owner in America would be sitting at the beach sipping Margaritas as some dummy drove his truck all over the country instead of working his own butt off for 12-16 hours a day as an Owner-Operator, just hoping he shows a profit this week.

Sounds like you need to talk to your partner face to face (not on a phone, or Facebook, or Twitter, whatever) and get a reality check.

As partners you both need to be on the same page. And THAT should have been done before you wrote a check. Either that or its very possible that your Partner made an error in choosing his partner.

 

Chill out, if I put up 10k in cash, its not terribly unreasonable to expect some kind of update that didnt involve yelling at me within the first 2 weeks.

 

IMHO...yes...it is unreasonable.