Now just how could you think of all those things? You're just a female driver! *which would be the exact start of the questioning from the other side of this "deal"* ABSOLUTELY EVERY QUESTION THAT NEEDS TO BE ANSWERED! I think Scottied...it's time to call the Swift recruiter that let you into this deal and begin the process to get out....way out...and consider this a learning experience!
Be very careful Scottied. Like others have said, something about this part of your arrangement sounds fishy. Before you sign any papers, do yourself a favor and look over his financial records very carefully. You have to be extremely careful when forming a partnership. If you go forward with this deal, I suggest that you set things up so that any withdrawals from the business account requires signatures by both of you!
Scottied... you have a complete right to all of the financials associated with this deal - essentially a prospectus - provided by this yukk. Needs to be broken down to an item by item listing of the costs associated with the deal, expected revenue and sources - what they are and how he obtained the numbers. From that you need to construct a potential profit/loss sheet that includes all of your needs... including YOUR DRIVER SALARY - what you intend to pay yourself. I know Swift pays per mile, so from this it will be obvious how many miles per week you're going to need to average. Those numbers need to show enough postive wiggle room that you can actually make the deal work. He also needs to provide you with a contract - up front. And YOU NEED TO TAKE IT TO AN ATTORNEY!!! This needs to spell out how the money is going to work - where the cash goes, and how you get access to it. Also, if you don't have complete control over where that truck goes and how you operate it, then you're really going to be his employee - don't accept a deal where he considers you a 1099 contractor unless this part is fulfilled. Be very careful here... you wouldn't be the first driver I've heard of who was taken advantage of by a fast operator whose only intent was to clean you out. Ask yourself a couple of questions... if this yukk can't manage to make money with one truck (and 5cpm one way or the other shouldn't make that much of a difference) how is he going to manage to make money with multiple trucks?? And who do you think is going to take it in the shorts if the times get tough and/or the money gets mismanaged?? Finally, do you have enough cash to keep yourself eating for at least 90 days, and enough for a bus ticket from anywhere in the US to your home?? If this answer is "no" - then you need to really rethink this entire thing.
think you're forgetting someone here, gus. But again, your comment about "not seeing how anyone can make a decent living" with the swift lease, goes back to what i've said before.....your idea of what you're happy 'earning' and what someone else is happy earning, could be two totally different levels. For me, i'm happy earning $100 a day (min.) If i happen to earn $150.....great. So much the better. But its nobodys business if THEY think they cant be happy with anything less than $200-300 a day, and i'm happy with half of that. So what.....i'm making it work. few weeks have been slow...but i've b!tched enough that the next weeks have picked up. Did my best week this last settlement period running close to 3500 miles. I stand to see about $1700. (before taxes)
If it so easy to do that plan why don't you just do it without him and make 100% of the profit and not 50% of it? It is already fact that he can't make money with one truck with him running it so why can he do it with multiple trucks. Sounds like multiple trucks in the hole.
Scottie, I'll be blunt and tell you it is a bad idea based on what I have read on here. You are better than that. You only have 40K miles of warranty remaining on the truck. Why not lease a new truck for the same price or save up for a nice down payment on one and lease it onto Swift. KH
He inquired about doing it this route but Swift requires a written business plan and multiple other red tape. He's got a buddy who is doing it the Co-Op route instead where there's more or less a 'gentleman's agreement' to share maintenance and 10% of the profits from all trucks in the fleet for repairs and acquiring more trucks and team drivers. I hope not. I have told him this many times that I will have about $40k working capital in a few months here and that I was considering buying a used truck and leasing it onto Swift-- he says I would not be able to afford to go solo. He has helped a team partner before to qualify for Swift lease with the handshake deal to share 10% but the other guy signed his lease and bailed out of the handshake deal.
I don't believe you anymore Scotty...you keep making excuses for this guy and for your lack of decision making, along with a line of BS. Since you are so gullible...Jerry has an offer for you...you can buy the company by signing a note that puts all the responsibility of Jerry's debt on you and leaves Jerry free and clear....but you still own the company formerly known as Swift now known as..."Sold It to a Chump" carriers! And the chump that bought it only needed to sign over 10% of his profits for the next 50 years. Oh and just go to Jerry's office and sign on the dotted line!
