Splitting Profit with 2 Owners

One truck can only make so much money, it's hard enough to support one family off the profits let alone two.

 

The first thing you would have to do is draw up an agreement as to how the driver will be paid. It complicates things when the driver is a co-owner of the company. If for example you were paying someone else to drive and you had a loss due to lots of repairs, you still owe that driver his pay. Because you are 50% business owner and not employee your partner as the driver still needs to be paid but also be would incur a loss for the business loss at his equal 50%. So basically he could take money right out of your pocket.
I would never go into business in the trucking industry other than only me steering the ship.

 

Split the money is just like any other business ...
Gross revenue then pay out:
Drivers pay
Insurance
Taxes
Fuel
Maintenance
Repairs
Tires
Toll roads and scale fees
Equipment payments
Phone lines, rent, utilities, office expenses
All other business expenses

Then you are left with profit
Split that amount.

 

I started with a partner how we were working it is he helped me financially about 4 k. And pretty much he doesn't make any profit till second truck comes into play. You get paid for what you work... Doesn't matter about start up cost just make sure it's split what you work is what you get paid... But here is the up side down its very hard to get enough capital for a second truck I am getting ready to pay my partner 4 k so he can do what ever he wants if he wants to buy a truck I will help him with knowledge and financially as he did but out side of that can't do any more... Really hard In this market especially when you ha e two different families wanting different things... Getting ready to sell my truck and move to Cali see how some times partners work out:..it came to this way because I found out my partner doesn't really have much of an interest so it's easier this way...

Hope my story helps gl and thanks for your service buddy.

 

With experience you can learn from your brother and by doing trust me... Better to learn on your own equipment imo cause you can do it right for a company they will rush you and what not....

 

If you are making a decent living doing what you are doing now I'd say keep doing that. Trucking is very very risky, very capital intensive and has a high failure rate. Go eat dinner in a large truck stop for a week and listen to all the ways drivers figure they are getting screwed. Should give you lots of new questions for here ...

 

You have to be careful of what you hear from truck drivers when I was getting start I remember I was talking to a oo who had 10 trucks and he was telling how bad it is to start and no money but he is rolling around in Mercedes and 10 trucks so how are you going to tell me no money lol... Glad I didn't listen to him... You have to plow through the bs and see what is really out there... I agree it's a tough tough business but if you want to make it you can do it.. Not going to be come rich though with one truck only allow your eyes and nose above the water .

 

trust only yourself! not that anyone would be dishonest, but YOU cannot depend on no one but YOU. what if your partner gets sick? or wants to take a vacation? you have to be able to get in truck & roll. I have had my own business in the past. I knew every detailed function of the business. no one knew more than me. I trained everyone myself, there was nothing I could not do. never had a time where I had to depend on someone, other than employees & those could be replaced.