Taking the plunge. My journey as an O/O.

This was the plan, but after some thinking about risks, finances, and retirement, I have another plan. I'll put it in another post shortly.

 

Well, at this point, I have proven that I have the work ethic and ability to be an o/o. However, I also have other factors working against a long-term commitment to being an o/o.

First, I love the job, but have a strong dislike of tax paperwork and fiddly crap associated with business ownership.

Second, I tend to be a bit OCD about truck repairs. I control the costs of this to some degree with my hometime schedule, but it still impacts the bottom line.

Third, I prefer not to turn a wrench myself. I am not a diesel mechanic, and got enough skinned knuckles in the steel mill, thanks.

Fourth, while I am in a business arrangement where Crete doesn't pay me much for miles, they do pay deadhead miles, washout costs, reasonable tolls, and I have access to their fuel discounts and healthcare plan. All told, my benefits from Crete are better than the basic CPM, though I am NOT claiming they are good, they aren't as bad as the simple numbers indicate. As an o/o in most other places, I would eat all those costs.

Fifth, like with most businesses, you won't really start to make money until you either become a specialist with a strong market, or have other people working for you. I have no desire to deep dive into specialty freight, and employees are more paperwork and drama - neither of which I want.

Sixth, trucking is an industry with strong swings up and down. Normally it's the little guys that get hurt during market dips. I'm a hard enough worker that I can get through most dips, I'm sure, but they would still hurt, I am also sure.

Seventh, leaving Crete will lose me my seniority (yes it still accrues while I am a contract employee with my own truck, so long as I remain employed continuously.)

Eighth, I am 50 years old in two days, and I really need to start pushing money into buying property and pushing money into retirement investments.

Ninth, the truck resale market is pretty decent right now, and I do have the maintenance records to show a buyer that I didn't simply run it into the ground.

Tenth, I am currently working on a patent, and there are significant expenses associated with that which, if they come due at a time when the freight market is in a slump, it could hurt.

Lastly, one of my biggest failings is that I am very headstrong. If you tell me I can't do something, that just makes me want it more. There's a place for this, but I had a long think with pen and paper pros and cons, and I think I was headed in the wrong direction with all the notes indicated above.

So, I have decided that I will simply sell the truck and remain with Crete. They pay well, and aren't too annoying as long as you are professional and willing to work as a team. I get to keep good health insurance, and run lots of open road miles. I can participate in their retirement plans, and with four and a half years at the company, I will have my mileage pay and bonus rate ticked up a bit. Also, upon return as a company driver, I will get vacation time based on my start date, despite being an o/o. As others have said, based on how I like to run, I should be able to pull in something in the range of 90-100k per year without all the headaches of being an o/o.

If I were married with a spouse who could either ride with me, or help me handle paperwork and business stuff from the house, being an o/o would be more feasible. Doing it all from the truck is painfully annoying at times.

If I were much younger, I could start the process of building a multi-truck o/o business even without a spouse. Sure I could do it at my age now, but I would really have to pile on the ulcers to do so, would likely start to hate the job, and would likely keep working at it until I die at my desk or behind the wheel. I have a powerful work ethic, but I am also very conservative in how much risk I want to expose myself to. Someone more willing to take risks and build quickly might make a different decision than me, at my age.

TLDR

I had a long think, looking at my situation, the pros, the cons, and what I want in life vs what I don't want in my life, and decided that I am going back to being a company driver without losing four years of time investment with Crete.

I'm not simply dropping the truck and hopping back into a Crete truck yet.

Anyone care to suggest a good place to sell a 2016 Cascadia dd15 Eaton 10 (manual,) with @776+k miles?