Process in Purchasing an pre-existing authority

Discussion in 'Ask An Owner Operator' started by Whitey14243, Aug 1, 2016.

  1. Whitey14243

    Whitey14243 Medium Load Member

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    Hello, has been awhile since if been here. I have a friend that knows another good friend that is retiring and wants to sell his authority for a good price.... All clean ratings. What is the legal process in buying a pre-existing authority from start to finish? Thanks in advance!
     
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  3. 8thnote

    8thnote Road Train Member

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    Your question will be best answered by an attorney, not an anonymous Internet forum. You will be money-ahead by hiring a lawyer with expertise in contract law.
     
    Dominick253, Broke Down 69 and RERM Thank this.
  4. Whitey14243

    Whitey14243 Medium Load Member

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    Thanks, I planned on contacting an attorney about it, just figured I could get some insite from a fellow driver that Has perhaps already been down the road who could inform me on what to expect.
     
  5. Ruthless

    Ruthless Road Train Member

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    You can likely expect to overpay for something that doesn't give you a whole lot of leg up on anything.
    " won't get a new entrant audit" is a plus I've heard. Cept that first time you get pulled over and find out you been doing something improperly with your paperwork; there's no slack given like they'd have gave at that new entrant audit.
    "Brokers won't use new entrants" -yeah, like 1 in 20 maybe won't. And they ain't gonna be posting big money freight on a board for any old anybody to pull, more than likely neither.

    Unless something good come along with that authority I'd say you got somebody thought they "seen ya coming"

    Just my opinion. Feel like to many folks get sold a story that buying a old one is somehow a big advantage.
     
    KenworthGuyNH and Whitey14243 Thank this.
  6. Oscar the KW

    Oscar the KW No Filter

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    The only advantage I can see buying an old authority is if it came with contracts for direct shippers.
     
  7. KenworthGuyNH

    KenworthGuyNH Road Train Member

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    Exactly!!!
     
  8. windsmith

    windsmith Road Train Member

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    After talking with people who have been through that new entrant audit, I'd say that going through it is a priceless bit of training that should be experienced. The auditors tell you exactly what you need to do to make them happy the next time they show up, and they don't ding you or even judge you if you're not doing it right when they do the first audit.
     
  9. Pepper24

    Pepper24 Road Train Member

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    Why would you want to buy a pre existing athority?
     
  10. Oscar the KW

    Oscar the KW No Filter

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    Some think that an older dot number automatically gives them a leg up with brokers.
     
  11. rollin coal

    rollin coal Road Train Member

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    I'm still offered the same junk loads and rates from brokers leased on at an old MC as I was at a newer one. I'd sure like to know the secret of how an old MC # gets better paying loads, more consistent better paying work, etc from the brokers?
     
    Big John Classic HQ Thanks this.
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