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To go owner operator or not. I need input!

Discussion in 'Experienced Truckers' Advice' started by retlow8, Feb 25, 2018.

Page 1 of 9
  1. Feb 25, 2018 #1
    retlow8

    retlow8 Light Load Member

    51
    11
    May 31, 2009
    Florence, IN
    0
    Ok guys and gals I'm in a situation. I'm really weighing my options on what I want to do, stay company or go owner op.

    I've been with my current employer for almost 4 years. I make decent money, average $67k a year. The company has great benefits, at 5 years I'll have 3 weeks vacation and insurance runs me about $75 a week for everything. Not to mention the 25% company 401k match. Dispatch sucks like at every company. I average 1-2 nights out a week.

    Now for my other option.

    I purchase my own truck and lease on to my current employer. I would get 76% of the load with annual increases of 1% topping out at 83%. My average loaded mileage would be $3 a mile with $0 mT miles. Running roughly 10000 miles a month. Loaded vs. mT about 4:1. As a owner operator many of the runs i have to stay overnight to complete I could turn in my own truck, so less time away from family. I have about $25k saved up, the company would provide me with a fuel card, help with all necessary licensing and insurance taking it out of my first 6 checks. I'm not sure whether I want to purchase a glider kit or dealer truck. I'm doing this for maintenance security. With the glider, I'd have the piece of mind of the warranty without the after treatment aspect. With a dealer truck I'd have the extra piece of mind of a warranty and an extendable warranty, which I plan on getting on everything as long as I can. Price on both will run basically the same.

    What would you guys do? Stay as a company driver since I already have so much invested or make the leap into my own truck? If you guys have any more questions please feel free to ask and there is no bad input here.
     
    retlow8, Feb 25, 2018
    retlow8, Feb 25, 2018
    #1
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  3. Feb 25, 2018 #2
    HalpinUout

    HalpinUout Road Train Member

    7,074
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    Oct 2, 2011
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    I'd stay a company driver.
     
    HalpinUout, Feb 25, 2018
    HalpinUout, Feb 25, 2018
    #2
    bottomdumpin, aussiejosh, Klleetrucking and 4 others Thank this.
  4. Feb 25, 2018 #3
    Puppage

    Puppage Road Train Member

    4,266
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    Aug 2, 2012
    Connecticut
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    How is your business acumen?
     
    Puppage, Feb 25, 2018
    Puppage, Feb 25, 2018
    #3
    blairandgretchen Thanks this.
  5. Feb 25, 2018 #4
    DUNE-T

    DUNE-T Road Train Member

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    May 10, 2015
    Detroit, MI
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    I'd stay a company driver too. Seems like you can't even run your own numbers, this whole o/o will be a headache for you
     
    DUNE-T, Feb 25, 2018
    DUNE-T, Feb 25, 2018
    #4
    Diesel Dave and buddyd157 Thank this.
  7. Feb 25, 2018 #5
    homeskillet

    homeskillet Road Train Member

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    Jun 1, 2013
    Dayton, OH
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    You have "decent" benefits, as you say. You lose those as an O/O.

    If your dispatch sucks enough for you to remark upon, why would you want to assume all the extra risk, expense, and headache of being an O/O, yet still subject yourself to their sucky dispatch?
    Seems to me they'd give profitable loads to lower paid company drivers, and give you and other O/Os the turd loads. 76% of a turd is still a turd.

    Just seems to me you might want a little more money saved up, but I'm not an O/O, nor do I want to be one. YMMV and good luck.
     
    homeskillet, Feb 25, 2018
    homeskillet, Feb 25, 2018
    #5
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  8. Feb 25, 2018 #6
    blairandgretchen

    blairandgretchen Road Train Member

    13,667
    74,349
    Dec 9, 2011
    South west Missouri
    0
    Owner operator absolutely.

    I’d like to see the numbers accurately represented on here, but it sounds feasible.

    How’s your ‘happiness scale’ ?

    Happy doing what you do now, or feel like you could be happier owning a truck.

    Note - I said happier, not wealthier.
     
    blairandgretchen, Feb 25, 2018
    blairandgretchen, Feb 25, 2018
    #6
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  9. Feb 25, 2018 #7
    bryan21384

    bryan21384 Road Train Member

    15,460
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    Sep 18, 2009
    Memphis, TN
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    You get mad props for saving up money before considering going owner operator. Most people make that jump with no money saved. You say dispatch sucks but you have been with them for years and you make pretty decent money, so somehow y'all have found a way to make it work. Y'all are doing something right. If they have steady freight, and you can gross at minimum $3000-$3500 per week, with what you have saved, you could be successful. If it were me in your shoes, being a company driver where you're at seems like a recipe for long term success. I would stay company. Just curious. Does your company haul for customers.or so they have broker freight? If they haul broker freight, it can be difficult at times to keep a good check, because some of those brokers don't want to pay worth nothing.
     
    bryan21384, Feb 25, 2018
    bryan21384, Feb 25, 2018
    #7
    blairandgretchen Thanks this.
  10. Feb 25, 2018 #8
    buddyd157

    buddyd157 Road Train Member

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    stop using BIG WORDS that i have to look up..>!!!!!
     
    buddyd157, Feb 25, 2018
    buddyd157, Feb 25, 2018
    #8
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  11. Feb 25, 2018 #9
    retlow8

    retlow8 Light Load Member

    51
    11
    May 31, 2009
    Florence, IN
    0
    We are in the bulk freight industry. Largest in the Midwest. I pull end dump. The company gives the O/O the better loads because they realize that they have a truck payment as opposed to us company drivers. They keep the O/O at a minimum of $600/day gross. My last week I would've grossed $5000+ as an O/O. We do get slow during the winter months but again the O/O still move while company drivers sit some days. Dispatch sucks, but that's every company I've been at in my 9 years of driving. Lie to get you to do the run. They could still do that as an O/O but I guess it depends how much they value their job because the owner doesn't mess around when it comes to that. I have talked to many of our O/O drivers and they average around $200k a year gross and have an average of 10 years with the company.
     
    retlow8, Feb 25, 2018
    retlow8, Feb 25, 2018
    #9
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  12. Feb 25, 2018 #10
    buddyd157

    buddyd157 Road Train Member

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    under a shade tree
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    stay company enjoy all those (near) free benefits. you will have to pay TOP dollars to have them as an O/O.

    continue to build up a tidy nest egg, buy a home...CASH...and retire free from headaches. even with a great warranty plan, "what if" a catastrophic repair comes up (under warranty) and you're still out (let's say) 1 month or longer due to parts being backordered?

    you gonna have enough money then to rent a truck? you had better, cuz those monthly payments on EVERYTHING are still due each month, whether you are running or not....
     
    buddyd157, Feb 25, 2018
    buddyd157, Feb 25, 2018
    #10
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