Will I Have To Start Over? Advice Needed

Discussion in 'Ask An Owner Operator' started by 68Goat, Jun 14, 2021.

  1. 68Goat

    68Goat Light Load Member

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    Hello,
    I have had my authority for 11 years now....been a truck owner for 13 years. I have been approached by a decent sized local trucking company to work with them on their dry van division. Most of their activities have revolved around refer freight. They want to make a "go" at the dry van side and we know each other because of the locality and they know that all I do is dry van freight. They have been open and running since the 90's and it should be considered an opportunity for sure. My company is tiny but we are doing fine. I have A rated insurance and regular freight we haul. My question and sought after advice is this....If I decide to go and work for them (everything is right number-wise) and things don't work out after a year or two and I keep my authority active, will I be able to jump back in with a few trucks and resume my business with excellent insurance (A Rated) and no odd, unforeseen things happening which will cause me to have to start over again? Will I be able to resume life as it is right now or would I be starting over again with crappy insurance etc....etc....Please advise.
    Thanks!
     
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  3. buddyd157

    buddyd157 Road Train Member

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    keep at least one or 2 of your trucks separate from this new venture, and run it as-is like now..???
     
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  4. slow.rider

    slow.rider Road Train Member

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    My understanding is you would need to keep your authority insured in order to keep it active.
     
  5. 68Goat

    68Goat Light Load Member

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    Thanks, buddyd
    I would sell my equipment. If I was going to give this job my all it would be too much of a conflict, worrying about my guys and trying to build their business. Believe me, I thought about that but it wouldn't work. Too many things can happen and they would surely feel cheated on their investment.
     
  6. slow pok

    slow pok Light Load Member

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    U sound like one in a million goat . Stik with your guys. I’m shure they appreciate it or ask them
     
  7. Ridgeline

    Ridgeline Road Train Member

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    You don’t make sense, if you are making good coin and are running smoothly, why even bother to work for someone else?

    I do not see it as an opportunity, you are established with 11 years under your belt, I would just keep doing what you are doing and don’t look back.
     
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  8. 68Goat

    68Goat Light Load Member

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    Thanks, Slow Pok....
     
  9. 68Goat

    68Goat Light Load Member

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    Hey Ridgeline....while I appreciate you replying to my thread....I am asking a question and hoping for an answer. I have my reasons.
     
    ProfessionalNoticer and Bean Jr. Thank this.
  10. buddyd157

    buddyd157 Road Train Member

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    @Ridgeline gave you some information, him being a company owner of over 250 trucks.

    you have a good thing going, and basically, you wanna kiss it all good-bye.

    then selling your equipment, but then buying it back if things Peter out at the new venture.

    you're gonna do as you wish anyway's.

    you knew you were gonna get questions about your decision.

    good luck, and hope and pray something weird does not happen to your authority in the meantime, and you lose it permanently.
     
    Vampire Thanks this.
  11. nctraveler69

    nctraveler69 Bobtail Member

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    Your authority will go inactive as soon as you cancel the insurance and if you decide to reactivate it, it will appear to brokers that you are a new authority and some will not use you for a period of time. To keep your authority active you will need to maintain insurance on it. If your premium is low and can afford to pay it and keep your DOT active you wont have any issues at all. But once you cancel the insurance, you will look like new company to the industry and brokers.

    Now if you had dedicated customers and brokers you use they may jump right back to using you and wont care that you look like new company and you took a break. Most will think you are a new company because of the insurance lapse.

    As far as insurance, unless you have an accident of tickets your rate should not go up too much as its based off your driving record and state of residence and credit rating but you never know what the future holds in trucking with the FMCSA wanting to up insurance minimums rates will go up for sure.
     
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