Haulin Assets: Recent Episodes
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We made it to Episode 200! In this special milestone episode, Craig and Chris reflect on the journey of the Haulin Assets Podcast, share some of the most important trucking business lessons they have learned, and thank the listeners and families who have supported the show along the way.
We also announce one of our biggest giveaways yet as a way of celebrating and thanking the Haulin Assets community.
What To Expect From Episode 200
We look back at five of the biggest lessons we have learned over the course of 200 episodes:
• Don’t grow your fleet too quickly.
• Know your numbers and maintain an accurate accounting system.
• Continually reevaluate your lanes and consider the profitability of the entire route.
• Start building relationships with direct shippers as early as possible.
• Expect trucking ownership to be harder than you think, but worth the effort.
We also discuss some of the beliefs that have changed as we have gained more experience. Hard work matters, but it cannot overcome poor business decisions. Revenue is not the same as profit, the cheapest truck is not always the least expensive option, and being a great driver does not automatically make someone a successful owner-operator.
Chris also recognizes the spouses, children, and other family members whose sacrifices and support make careers in trucking possible.
Episode 200 Giveaway
To enter the giveaway, follow Haulin Assets on Facebook or Instagram, find the pinned Episode 200 giveaway post, and share it.
Entries will remain open for two weeks, and the winner will be announced during Episode 201.
Thank you to everyone who has listened, shared an episode, left a review, sent us a message, or recommended the podcast to another driver. We genuinely appreciate your support and look forward to the next 200 episodes.
In this episode, we talk about motor carrier safety and why it affects almost every part of running a trucking business. Safety is not just about avoiding violations. It impacts insurance, CSA scores, audits, customer relationships, driver retention, and profitability.
We start by talking about what safety really means. It includes equipment, driver behavior, maintenance, fatigue, compliance, and documentation. Many accidents begin long before the actual accident, often with skipped inspections, rushed decisions, or ignored maintenance issues.
We also break down the seven CSA BASICs: Unsafe Driving, Hours of Service, Driver Fitness, Controlled Substances, Vehicle Maintenance, Hazardous Materials, and Crash Indicator. Even if you do not haul hazmat, it is important to understand how these categories affect your carrier profile.
A big part of the conversation focuses on pre-trip inspections and why they matter. A quick walkaround is not the same as a real inspection, and common issues like tires, lights, brakes, and air leaks can quickly turn into roadside violations or worse.
We also talk about the connection between safety and insurance. Insurance companies pay close attention to violations, claims history, CAB reports, and overall carrier reputation. Poor safety habits can lead to higher premiums, fewer options, and more risk to your business.
Toward the end of the episode, we discuss driver habits that help prevent accidents, including following distance, speed management, fatigue management, trip planning, and making better weather decisions.
For owner-operators, the message is simple: you are the safety department. Building a safety culture means documenting what you do, maintaining your equipment, keeping good records, and asking whether you would hire, insure, or trust yourself on the road.
We also preview Episode 200 and announce that we are putting together a giveaway for the Haulin Assets community. More details will be shared soon, so make sure you are subscribed and following us on social media.
There are very few things in trucking that can end a career overnight, but a drug and alcohol violation can absolutely do it. The scary part is that many drivers who get in trouble are not trying to break the rules. They are confused, misinformed, or were never properly taught how the system works.
In this episode, we break down what drivers and owner-operators need to know about drug and alcohol compliance, including Clearinghouse violations, consortiums, random testing, return-to-duty requirements, and the mistakes that can put a CDL at risk.
What To Expect From Episode 198
We start by talking about why drug and alcohol regulations exist in the first place. CDL holders operate large, heavy vehicles and are held to a higher standard because the consequences of a serious accident can be much greater than they are for regular motorists.
Then we walk through the six major types of drug and alcohol testing: pre-employment, random, post-accident, reasonable suspicion, return-to-duty, and follow-up testing. Each one has its own rules, and misunderstanding those rules can create serious problems.
We also explain what the FMCSA Clearinghouse is and why it matters. The Clearinghouse is where violations, refusals, and certain drug or alcohol-related issues are reported so drivers cannot simply move from one company to another without the issue following them.
A big part of the episode focuses on common violations drivers do not always realize are violations. That includes refusing a test, leaving a testing site, delaying a test, using CBD products that may contain THC, mismanaging prescription medications, or assuming state marijuana laws override federal CDL rules.
For owner-operators, we cover why having your own authority does not exempt you from drug and alcohol compliance. Even self-employed drivers need to be enrolled in a compliant testing program, participate in a random pool, maintain records, and stay registered with the Clearinghouse.
Finally, we walk through what happens after a violation. A violation does not always end a career, but ignoring it usually does. Drivers may need to go through the SAP process, complete treatment or education, pass a return-to-duty test, and complete follow-up testing before getting back on the road.
We also talk briefly about Episode 200, which is coming up soon. To celebrate, we are planning a giveaway for listeners and followers, with more details coming soon on Facebook.
The first 90 days as an owner-operator can make or break your business. While many drivers focus on the freedom and earning potential of truck ownership, the reality is that success comes from learning how to operate a profitable business, not just drive a truck.
In this episode, Chris and Craig discuss the biggest misconceptions new owner-operators have, the critical lessons learned during the first three months, and the habits that help build a stable, profitable operation. They cover everything from freight selection and broker relationships to understanding expenses, tracking profitability, building systems, and avoiding the mistakes that cause many new businesses to fail.
Whether you're considering becoming an owner-operator or you're currently navigating your first few months of ownership, this episode provides practical guidance to help you build a strong foundation for long-term success.
Topics discussed include:
- The biggest misconception about becoming an owner-operator
- Why revenue and profit are not the same thing
- What to focus on during your first 30 days
- Building relationships with brokers and shippers
- Learning freight markets and lane selection
- Understanding your operating costs
- Tracking expenses and profitability
- Building systems for maintenance, safety, and cash flow
- Common mistakes that sink new owner-operators
- What success should realistically look like during your first 90 days
- Episode 200 giveaway announcement
Episode 196 dives into some of the biggest myths, overrated trends, and hard truths in trucking. Chris and Craig break down the difference between gross revenue and actual profit, why cash flow matters more than flashy numbers, and how social media often creates unrealistic expectations about life as an owner-operator.
The conversation covers emotional truck purchases, chrome and accessory culture, burnout from nonstop grinding, and the reality behind “hustle culture” in trucking. They also tackle common misconceptions about drivers, including myths about income, education, family life, and women in the industry.
The episode also includes a transparent look at April 2026 company financials, discussing rising fuel costs, profitability challenges, and why honest conversations about the trucking business matter more than ever.
If you’ve ever wondered what trucking really looks like behind the social media highlights and industry stereotypes, this episode is a brutally honest discussion about perception versus reality in the transportation industry.
Burnout in trucking isn’t just about being tired. It’s the mental overload that builds from constant pressure, uncertainty, isolation, and nonstop responsibility. In this episode, Chris and Craig dive into the real psychology behind trucking burnout, why so many drivers silently struggle with it, and how the industry’s “just tough it out” mentality often makes things worse.
They break down the unique stressors drivers face every day, from financial pressure and long hours to sleep disruption, isolation, and the emotional toll of constantly operating in survival mode. The conversation also explores how burnout impacts decision-making, physical health, relationships, and safety behind the wheel.
Most importantly, this episode focuses on awareness, prevention, and practical ways drivers can protect their mental health before burnout starts affecting every part of their lives. From creating routines outside of trucking to building financial breathing room and learning to separate identity from business stress, Chris and Craig share an honest conversation about sustaining a long-term life in trucking — not just surviving it.
If you’ve ever felt mentally exhausted, emotionally drained, or disconnected from the road, this episode is for you.
Freight rates and fuel prices are two of the biggest forces in trucking—and they’re more connected than most drivers realize. In this episode, we break down what actually drives both, how they move together (but at different speeds), and why failing to understand that relationship can crush your margins.
We dig into the fundamentals behind freight rates, including supply and demand, market cycles, lane imbalances, and why timing and positioning matter more than most drivers think. Then we shift to fuel—explaining how global factors like crude oil, refining capacity, and geopolitical events directly impact what you pay at the pump.
From there, we connect the dots. Fuel prices spike fast, rates adjust slowly, and that gap is where profits disappear. Smart operators don’t wait for the market to catch up—they adjust faster.
We also cover practical strategies for staying profitable: knowing your cost per mile, running intentional lanes, managing fuel strategy, and avoiding the trap of “outworking bad math.”
Finally, we walk through our March financials to show how these dynamics play out in real time—highlighting how a rapid spike in fuel costs created a cash flow crunch, cut into profits, and forced tighter operational discipline.
If you want to stop reacting to the market and start operating like a business, this episode lays it out.
Too many owner-operators focus on loads, trucks, and revenue—but overlook the foundation that determines how much they actually keep. In this episode, we break down the legal structures, tax strategies, and partnership decisions that can either cost you thousands or help you build a profitable, protected business.
Why most owner-operators focus on revenue instead of structure
How your setup protects your income and reduces taxes
Who this episode is for: new owner-operators, aspiring owners, and small fleets
Partnerships in trucking: when they work and when they fail
The importance of shared values, vision, and complementary skills
Key decisions to define upfront: roles, money, and exit plans
Why everything needs to be documented in a detailed operating agreement
LLC vs Corporation explained
Why LLCs are the most common starting point
When a corporation might make more sense
Common mistakes: mixing finances, choosing the wrong structure, skipping legal guidance
How the right setup protects your truck, income, and future
Tax strategy basics for truckers
Self-employment tax and payroll tax explained simply
What an S-Corp actually is and why it matters
How S-Corp elections can reduce your tax burden
The importance of reasonable salary and working with a tax professional
Real-world example: $100K owner-operator scenario
Sole proprietor vs S-Corp tax comparison
How an S-Corp can save roughly $7,000+
What that savings means in real terms: fuel, repairs, and profit
Key takeaways
Your business structure directly impacts your profit
LLC is a strong start but not always the finish line
S-Corp can be a major advantage when set up correctly
Partnerships require serious planning and documentation
Share the episode with another driver
Follow the show and connect on social media
Check out Episode 2 for a deeper dive with tax experts
Big milestone coming soon—stay tuned for Episode 200
Starting a trucking company sounds simple—until you hit the paperwork. DOT numbers, MC authority, IFTA, IRP… it’s where a lot of new carriers get stuck, overpay, or make costly mistakes before they ever haul a load. In this episode, we break down exactly what you need, what you don’t, and how to set your authority up the right way from the start.
Want a deeper dive? Check out Episode 3 for a more detailed breakdown of authority and setup.
Running a trucking business is already hard. What makes it even harder is when your own systems are working against you.
In this episode, we break down the concept of “friction” in your business—those small inefficiencies that slow things down, frustrate customers, and quietly cost you money. From communication gaps to messy invoicing, we cover where friction shows up and how to eliminate it so your operation runs smoother, faster, and more profitably.
We also tie it all back to real numbers with a look at February’s financials and what’s driving strong performance right now.
What You’ll Learn:
• What “friction” actually means in a trucking business
• How small inefficiencies compound into lost time and revenue
• Where friction commonly shows up (communication, onboarding, billing)
• Why anticipating customer needs is a competitive advantage
• How cleaner systems directly improve cash flow and repeat business
Key Takeaway:
If your customers have to guess what to do next, chase you for information, or deal with unnecessary steps, you’re creating resistance—and that resistance is costing you.
February Snapshot:
• Total Miles: 101,755
• Revenue: $251,077.05
• Rate per Mile: $2.48
• Net Profit: $44,496.50
Call to Action:
Ask yourself: Where am I making this harder than it needs to be?
If you’re not sure—or you want help building systems that actually make your business run smoother—that’s exactly what we do at MCHQ and Haulin Assets. Reach out and let’s fix it.
Buying a truck is exciting. Signing the wrong financing deal? Not so much.
In this episode, Chris and Craig break down how to finance a truck and trailer the right way, so your equipment works for you instead of trapping you in bad payments and cash-flow stress.
What We CoverWe kick things off with January 2026 performance numbers, then dive into the financial realities every owner-operator should understand before shopping for equipment.
Topics include:
- Knowing your numbers before talking to lenders
- New vs. used truck math — payments, depreciation, and maintenance tradeoffs
- Financing options explained: banks, equipment lenders, dealer financing, lease-purchase, and SBA loans
- How down payments impact your break-even point and freight flexibility
- Financing (or renting) trailers strategically
- Hidden startup and compliance costs most new operators overlook
- When you should not finance a truck at all
- A real-world example breaking down payments, miles, and revenue required to make a truck profitable
Key TakeawayThe truck payment alone won’t sink your business, poor planning will. Understanding costs, cash flow, and financing terms is what separates sustainable operators from those forced to run nonstop just to survive.
In this episode of Haulin Assets 2.0, we look back at the rapid growth from 1 truck to 12 in just 2.5 years—right before the freight market flipped. What seemed like momentum quickly turned into hard lessons. This episode breaks down the three biggest assumptions that didn’t hold up and how they reshaped the way the business runs today.
Top 3 Things I Got Wrong1. Direct shipper relationships would be easy to land.
I thought showing up and doing great work would be enough. In reality, most shippers don’t change carriers unless they have to—and it can take dozens of conversations just to get a shot.
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Being financially conservative was the main key to success.
Important? Absolutely. But it’s not even top three. Strategy, relationships, and timing matter just as much—if not more. -
Broker freight could carry us long term.
Maybe as an owner-operator. Not if you want to grow. Market cycles expose that weakness fast.
What’s ChangedAfter growing too fast heading into a freight downturn, the approach shifted: slower, controlled growth, bringing on a partner, and building smarter through market volatility.
What to Expect from Haulin Assets 2.0More energy. More entertaining content. More focus on the operator’s day-to-day life—not just ownership, but life on the road and how to make it better.
Final ThoughtsGrowth without strategy will humble you. Relationships take longer than you think. And broker freight alone isn’t a long-term plan if you want to build something that lasts.
If this episode resonates, share it with another driver or fleet owner in the grind. Subscribe so you don’t miss what’s coming next.
We’re just getting started.
After seven years and one of the toughest freight markets anyone can remember, Haulin Assets is back — refocused and ready for the next chapter.
In this relaunch episode, we look at why the podcast started, what it was meant to solve, and what’s changing as we move into Haulin Assets 2.0.
Why Haulin Assets ExistsHaulin Assets has always been about owner-operators.
An owner-operator isn’t just a driver. You’re a business owner who also happens to operate the truck. When I owned Motor Carrier HQ, I saw drivers come through with the same goal — becoming owner-operators. The ones who struggled usually had one thing in common: they didn’t understand the business side of trucking.
This podcast started as a way to change that by letting drivers follow along with my own journey in real time.
My JourneyI got my CDL in early 2019, bought my first truck shortly after, and hit the road in April of that year. I drove for a full year before hiring my first driver in May 2020.
By the end of 2020, I had bought a second truck. In 2021, Nate joined as a partner, and during the COVID boom, the business grew fast. The last three years have been survival mode, but even in this market, we recently hit a revenue record while running one fewer truck.
Lessons LearnedYou don’t know what you don’t know. Learning what it really means to slide your tandems, realizing you can’t control everything, getting hit by a deer, and spending a year behind the wheel all shaped the fleet owner I am today.
Driving gave me perspective on what it actually means to be both an operator and an owner.
What to Expect in Haulin Assets 2.0This isn’t a reinvention — it’s a refocus.
Expect more fun, more entertaining content, giveaways, and more attention on the operator side of owner-operator life. We’ve covered ownership well. Now we’re spending more time on what makes life better on the road.
Story From the RoadGetting scammed out of $742 — and the lesson that came with it.
Call to ActionIf you’ve been with us since Episode 1, thank you. If you’re new, this is the perfect time to jump in.
Follow us on Facebook and Instagram and send us your funniest or toughest trucking story. It might be featured on a future episode.
This podcast isn’t just about my journey anymore. It’s about yours. Let’s haul some assets together.
After an extended break, Haulin’ Assets is back.
In this episode, I explain where we’ve been, why the podcast went quiet longer than expected, and what’s changing as we relaunch. Quarter four was busy, the market shifted quickly, and between operational changes and a major accident, it was time to pause, reassess, and reset.
This episode will feel familiar, but it also marks a more focused direction going forward.
Where We’ve Been
Q4 snowballed faster than expected.
I talk through:
- Why I needed to step away
- How the break stretched longer than planned
- What we’ve been rebuilding behind the scenes
The goal wasn’t just to restart the show, but to make sure it continues to deliver real value.
Financials: The Real Numbers
Here’s how the business performed late last year:
- September: $23,428 profit | $2.16 per mile
- October: –$6,143.88 | $2.26 per mile
- November: $12,877 profit | $2.18 per mile
- December: $27,818 profit | $2.16 per mile
All P&L documents are available in the show notes.
Changes in How We Operate
In October, I took a hard look at our lanes, shippers, and loops.
The takeaway was clear: some lanes we ran regularly were significantly less profitable. As a result:
- We avoid underperforming lanes whenever possible
- We largely stay out of the Southeast
- When we do go there, we head straight back west instead of drifting northeast
That approach saves roughly 2.5 days of transit time, and with a truck costing about $400 per day to sit, those decisions add up quickly. This analysis is now a monthly process.
Market Shifts and a Major Loss
We also saw one of our strongest Q4 pushes in several years, along with new freight contracts coming online.
At the same time, we experienced a major accident that resulted in the loss of a truck and trailer—an event that had real operational impact and contributed to the reset.
The Relaunch
Going forward, Haulin’ Assets is refocusing on the owner-operator.
That means:
- More business-focused topics
- More attention to both the owner and driver side
- More discussion of the owner-operator lifestyle
It's Truck Driver Appreciation Week and before we get into the August 2025 Financials, Craig and I talk a little bit about what that means. I personally want to thank you all for being such a driving force in the economy of this great country. Without you we would not be able to live such blessed lives. I try to make sure my kids understand how important the trucking industry is, especially its drivers. Thank you!
What To Expect From Episode 186
This year is feel more like a regular freight market, something I don’t think we have felt for 6 years, since 2019. That is good and bad. Good, because I think we are going to feel a good 4th quarter bump, which we haven’t seen in a long time. Bad because summer is always pretty tough, and August wasn’t super pretty for us. Let's take a look at the numbers:
- Total miles ran– 104,346
- Deadhead miles– 7,540 (7.2%)
- Total revenue- $209,337.10
- All-in rate-per-mile- $2.01
Haulin Assets had a loss of $6,767.91. We did not get enough miles. We really have to be over 110k to even have a fighting chance. Considering we were so far under, it could have been worse.
Here are the P&L Items we are going to discuss in more detail.
- Revenue
- Damages
- Fuel
- Repairs and Maintenance
- Taxes and Licensing
The last couple of weeks have actually been kind of slow, when it comes to the craziness of trucking so I don't have any really dramatic stories from the road. However, now that Break Safety Week has come and gone I do talk about how it affected our fleet. Leave a comment and let me know what your experience was like.
What to Expect in Episode 185
It’s a pretty normal reaction to be scared of the unknown. Just like Dorothy, the Tin Man, and the Scarecrow were scared of the unknown that lurked in the forest as they journeyed to Oz, changes lurking in the trucking industry can be scary too. I thought it would be interesting to talk about some of the topics that seem to be getting a lot of attention these days. Here's how this episode breaks down.
Electric Trucks
I talk about my experience driving an electric vehicle for the last 7+ years and how I think it relates to trucks.
Driverless Vehicles
My Tesla has the "Full Self Driving" feature. It's good, but I think it's going to be a while before we see anything of any significance in capability and quantity in the trucking world. Craig and I talk about why.
The English Proficiency Mandate
A recent crash in Florida that killed 3 has brought this topic to the forefront of the highway safety discussion. Craig and I talk about some of the specifics and how this has the potential to have a significant impact in the not too distant future.
The financial challenges continue in July, but before we get into that I tell Craig about two stories from the road. One of them involves smelly onions. The other is about some spilt milk — buttermilk, to be exact.
What To Expect From Episode 184
June was a pretty rough month and July was even worse. The summer months are always hard to get through. I still think the market is in the very early stage of a rebound. The biggest problems we had in July are really driven by internal factors, not external ones. Let's take a look at the numbers:
- Total miles ran– 107,335
- Deadhead miles– 8,546 (8.0%)
- Total revenue- $235,064.03
- All-in rate-per-mile- $2.19
Haulin Assets had a loss of $8,939.48. We just did not get enough miles, especially considering the bump in expenses we had in a few areas.
Here are the P&L Items we are going to discuss in more detail.
- Revenue
- Damages
- Repairs and Maintenance
- Fuel
In this episode of Haulin Assets, we’re giving a freight market update—and while the beginning might sound a little doom-and-gloom, don’t worry. There’s light at the end of the tunnel, and we share why things are finally starting to turn around.
We walk through the current market forces, how we got here, and why I believe the 4th quarter of 2025 could be the best we’ve seen in quite a while.
You can listen to the full episode here or on your favorite podcast app.
What We Talk About In This EpisodeWe start off with a quick story about a rental truck and a call I had with a judge in Oregon who, until now, had never let anyone off the hook for an OR citation. After I explained how Oregon’s system works—and how it differs from other states—she had a change of heart. It was a good reminder of how misunderstood the trucking world can be from the outside.
Then we dig into the big topic: how the freight market has evolved over the past five years, with a focus on:
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A quick refresher on supply and demand, complete with a graph analogy:
- Y-axis = freight rates
- X-axis = number of trucks and volume of freight
- Where the lines cross is market equilibrium—where supply meets demand
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What happened during and after COVID:
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Massive consumer spending on goods instead of travel
- Skyrocketing freight volume and rates
- A wave of new entrants into the trucking industry
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How it all began to change around March 2022:
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Too many trucks on the road
- Freight rates dropping consistently for nearly two years
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Signs of stabilization in 2024–25:
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Truck count slowly decreasing
- Demand holding steady
- Recent holidays (DOT Blitz, Memorial Day, July 4th) showed stronger rate spikes than we’ve seen in years
The Bottom LineFor the first time in a long while, we’re back near equilibrium. There’s very little excess capacity in the market right now, and when capacity dips—even a little—rates jump. That’s a good sign.
I think we’re heading into a much stronger Q4 than we’ve had in recent years. If you’ve been hanging on, it might finally start paying off.
June had some short-term challenges, but also some indicators that the future might be a little brighter. Before we dive into the numbers, I share an experience one of our drivers had that caused an unloading delay. It was a new one that had never happened to us before. We also talk a little about the challenges we faced over the 4th of July weekend. It was a pretty tough weekend.
What To Expect From Episode 182
June was another pretty rough month for us. The good news is that is that the biggest contributing factor was not the market, but some short-term issues that we were able to work through. Let's take a look at the numbers:
- Total miles ran– 94,128
- Deadhead miles– 7,658 (8.1%)
- Total revenue- $219,217.73
- All-in rate-per-mile- $2.33
Haulin Assets had a profit of $152.17. Our saving grace this month was a better rate per mile than we have seen in a long time. Even though it was profitable, it was a negative cashflow month so we need to keep fighting to see a significant improvement to that number.
Here are the Profit & Loss items we discuss in more detail:
- Revenue
- Fuel
- Repairs and maintenance
The most common question I get is, "When is a good time to start a trucking company". In this Episode Craig and I are going to answer that question and the answer might not be what you think. But..... before we get into that, I tell a story about a stressful situation one of our drivers experienced that has a happy ending and gives you faith in humanity.
What to Expect in Episode 181Starting your own business is never an easy decision. It requires a huge leap of faith and a lot of guts. Most people just are not willing to jump into the unknown like that. I commend you for even thinking about it. The entrepreneurial spirit is one of the biggest, if not the biggest reason the United States is the greatest country in the world. The right time for you to start a trucking company is a very personal decision and I hope this episode will give you some insight to help you make that very big decision.
I think there are different 4 scenarios or "triggers" that when you meet at least one of them you are increasing your likelihood of being able to run a successful operation. The first three are things that are well within your control. The last one is not in your control and I think it is also the one that involves the most risk and most prone to failure. It is also the one that entices most people to make the leap.
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Before we dive into the nuts and bolts of May 2025, Craig and I talk about the crazy weekend we just had. Literally every truck had some kind of significant issue over the weekend. Everything from problems cause by getting loaded more than 24 hours late to breakdowns and blown tires. It is crazy how you can go from one weekend that is quiet with almost no activity to one like last weekend where all hell breaks loose. I also ask for your opinions on how much of an impact hot weather has on tire failure rates.
What To Expect From Episode 180
The ups and downs of trucking are not limited to crazy or mundane weekends, the profitability of trucking is also one heck of a roller coaster. After a better start to the year than we have experienced the last several years, May hit a brick wall. I don't think the difference we saw in May is due to the market, but more because of internal factors we experienced. Let's take a look at the numbers:
- Total miles ran– 99,880
- Deadhead miles– 7,985 (8%)
- Total revenue- $205,682.73
- All-in rate-per-mile- $2.06
Haulin Assets had a loss of $27,150.76. Wow, that was hard to type, that is almost a $75,000 difference between April and May, even though May even had a slightly higher rate per mile. There is A LOT going on in the P&L and we talk about it in more detail than normal. You'll want to listen to the episode to get the full story.
Here are the P&L items we dive into:
- Revenue
- Low revenue was the largest contributing factor to the loss, we spend a lot of time talking about it
- Fuel
- Repairs and Maintenance
- Taxes
What are the odds that two clutches go out within 24 hours of each other? Can't be high, but we had it happen. Does that mean I should take a trip to Vegas and start placing bets? Our experience with two different shops was night and day. One of them had our truck in and out quickly, the other one was ridiculous. Check out the episode to hear all the fun details.
What to Expect in Episode 179
In this episode I am going to cover 3 things I think every business owner, whether you are an owner operator or you manage a fleet, should do on a regular basis. They are:
- Look for new revenue sources
- Review all your expenses to trim the fat
- Conduct a SWOT Analysis
The first two are pretty self explanatory and we don't take up too much time covering them. I am sure there are several people out there who haven't heard about a SWOT Analysis or know much about them so that is where we spend the majority of our time. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Doing a SWOT Analysis and then using the information you learn from it is a great way to make a big impact on your business.
Craig and I walk through a very simple SWOT Analysis from the perspective of an Owner Operator and use some examples to help show how they are used. They truly are a great tool and I hope you take the info we share and use it to conduct one on your business. Not in business for yourself yet? No worries, it is also a great tool to use to help you decide if there is an opportunity for you to go into business and help you be better prepared when you make the leap. A good SWOT Analysis is a critical element of any business plan.
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See the profit and loss statement at haulinassetsllc.com
Before Craig and I dive into the April 2025 financials, we talk about a fun little adventure I had. It had been a while, but I finally got to jump back into a truck for the first time in several months. This adventure included a Mother's Day departure, several Uber rides, a flight and "breaking" the truck out of a lot at 02:00 in the morning and then "breaking" into the parking lot at the shipper.
What To Expect From Episode 178
April has continued the trend of year over year improvement. Let's take a look at the numbers:
- Total miles ran– 112,158
- Deadhead miles– 7,746 (7.3%)
- Total revenue- $229,695.19
- All-in rate-per-mile- $2.14
Haulin Assets had a profit of $47,211.69. The bottom line number is pretty good, but I think it is a little deceptive. There are some things in the P&L that we expound upon that give a more realistic picture of how things are going. You'll want to listen to the episode to get the full story.
Here are the P&L items we talk about in more detail:
- Revenue
- Fuel
- Insurance
- Repairs and Maintenance
March 2025 was a good financial month, but before we get into that, Craig and I talk about one of our trailers being rejected. It was because of some minor damage that had happened a while ago and hadn't been an issue, so why the rejection all of the sudden? Who knows. I'm also back in the dispatching saddle again. It has been while since I have done that job full time and let's just say, I'm a little rusty.
What To Expect From Episode 177
Last month I said February was a pleasant surprise, March was an even more pleasant surprise. Let's take a look at the numbers:
- Total miles ran– 115,070
- Deadhead miles– 7,746 (6.7%)
- Total revenue- $246,412.65
- All-in rate-per-mile- $2.14
Haulin Assets had a profit of $49,849.00. The best month in over a year and the second best month since March of 2022. I hope it's a sign of things to come. The P&L was pretty normal, but here are the things we talk about.
- Revenue was strong
- Manageable fuel, 27.1%
- No insurance payment
Trucking Insurance is tricky! It is also typically in the top 5 expenses for a trucking company. For Haulin Assets it is the 4th biggest expense. There are a lot of factors that go into getting the best policy and the best pricing. In this episode we go over what you need to know as an Owner Operator or a Fleet Owner to make sure you are keeping that insurance expense as low as possible.
What to Expect in Episode 174
We just completed our insurance renewal so insurance is fresh on my mind and now is a great time to talk about it. Here are some of the topics we discuss.
The Biggest Contributors To The Cost Of Your Policy
- Your loss run report
- Your CAB (Central Analysis Bureau) Report
- Drivers
Who Are The Key Players
- Insurance Carriers
- Underwriter
- Insurance Agencies/Agent
We spend the bulk of the episode in this section and go into some pretty extensive detail about who each one is, what their role is and we give some best practices for how you should interact with them.
What You Will Need To Provide For A Quote
Get everything to your agents 45 days before your policy expires. Here is what they will typically need.
- 4 Quarters of IFTA Returns
- Loss Runs for the last 3 years
- Updated Equipment List
- Updated Driver List
- Your Current COI (Certificate of Insurance)
The timing of when you sign on the bottom line and bind your policy is critical. Make sure you listed to the episode to know when you should do this and what you will need to do it.
Getting the best price on your insurance is something that does not happen overnight. It takes you being intentional about several things. You have to work on the things we talk about throughout the episode all year long to make sure to get the best price possible and are able to control your costs. Remember, trucking is a low margin business and profits are earned by the penny. A dollar you save in expense is a dollar that hits your profit line.
February 2025 was a pretty eventful and interesting month. We had a truck get in a little skirmish with a BMW. No one was hurt and the vehicles weren't too bad off either, but it was one of those incidents that really make you scratch your head. We'll share some video on social media, I'd love to hear your opinions. I'll just ask the questions, when merging onto the freeway, how many vehicles can squeeze in front of a truck?
What To Expect From Episode 175
February was a pleasant surprise. I really hope it's an indication of things to come, because I am really getting tired of low profits. Let's take a look at the numbers:
- Total miles ran– 103,728
- Deadhead miles– 6,730 (6.5%)
- Total revenue- $227,885.97
- All-in rate-per-mile- $2.20
Haulin Assets had a profit of $30,707.01. The best month of profits we have had in a very long time and really knocking on the door of being cashflow positive. The P&L is pretty bland, but here are a few things Craig and I talk about
P&L
- Revenue
- Fuel
- Maintenance and repairs
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
Before we get into talking about truck driver pay, I talk about a recent incident where one of our trucks had its hood damaged by a driver who decided to make a left hand turn where he shouldn't have. His trailer didn't even come close to making the corner and caused some pretty good damage to the front of our parked truck. There is always something exciting going on in a trucking company.
What To Expect From Episode 174
Truck driver pay is a complicated subject. There are a lot of different factors, probably the biggest being if you operate locally or over-the-road. Most local drivers are paid hourly and most over-the-road drivers are paid by the mile. Hourly paid is pretty straightforward, over-the-road, not so much. We spend most of our time talking about that. Here are some of the areas we touch on:
- Deadhead miles
- Bonuses (There is a lot that goes into this one.)
- Why I feel torn about incentive type pay
We finish off by discussing how to figure out how much to pay and what are some of the things you should think about in that regard are.
Rinse and repeat is a good thing when times are good, not so much when you're in a freight market like we are in right now. January seems almost like a carbon copy of December. Most of the numbers are very similar. Before Craig and I dive into the numbers I talk about a couple of recent instances that happened to a couple of our trucks over the last week. Hopefully you find them entertaining.
What To Expect From Episode 173
Let's take a look at the numbers:
- Total miles ran– 119,570
- Deadhead miles– 8,559 (7.16%)
- Total revenue- $247,795.86
- All-in rate-per-mile- $2.07
Haulin Assets had a profit of $15,862.03.
P&L
- Damages
- Fuel
- Worker's Compensation
- Maintenance and Repairs
- Parking
- Fuel Taxes
This is a super important episode. If you own a truck, are a truck driver or run a trucking company, chances are you are going to deal with an accident at some point in your career. When it happens, you want things to go as well as possible. During this episode, Craig and I are going to help you know how you can be prepared and we will help arm you with some tips to protect you against those who want to take advantage of the situation.
What To Expect From Episode 172
We have all been driving down the interstate and seen a billboard that says something along the lines of, “Have you been hit by a semi, give us a call and we’ll make sure you get what you deserve.” Basically, that just means they know there is big insurance money behind trucking companies and they will try to sue the pants off them. Sometimes even if the accident wasn’t the trucking company's fault. We talk about some things you can do to help you get the best possible outcome.
Prevention (Before the Accident)
- Follow the FMCSA rules
- Make sure you are hiring qualified, safe drivers
- Maintain up-to-date driver qualification files
- Keep your vehicles well maintained
- Don't break Hours of Service rules
- Install forward facing cameras on your trucks
When An Accident Happens
- Turn on your hazards
- If physically able, place warning triangles, flairs, etc. (make sure you know how to do this correctly)
- Take lots of pictures, from multiple angles, including some from far enough away to capture the entire scene
- Once things have calmed down, call your insurance company ASAP, ideally before you leave the scene, for sure within 24 hours
- I can't emphasize this enough, I explain why this is so important in the episode
Post Accident
There are lots of things that need to happen. We aren't going to cover them in this episode, but make sure you do them. If you don't know what to do, contact your insurance company. They should be able to help.
Before we get into the December 2024 financials, I go on a bit of a rant about truck parking. It is such a HUGE Problem! It causes drivers frustration and costs everyone time and money. I talk about an incident that recently happened to us that cost us a lot of money because of the parking problem. And it is a completely ridiculous situation that happened just north of Charlotte, NC at a Shell truck stop called Charlotte Travel Plaza. Beware of this place. You have to check in to park, if you don't, the parking fine they charge you is beyond RIDICULOUS, it really is a scam and it's legal because of the North Carolina laws. Listen to the episode to hear how much we had to pay to get a boot removed, it's not going to help out our January Financials. Shame on North Carolina for allowing this kind of extortion to happen, it's worse that usury interest on check cashing loans.
What To Expect From Episode 171
The numbers this month were good, not great. I am however starting to feel a little bit of optimism that this year is going to see some improvement in the market. I have my fingers and toes crossed that things do get better. Let's take a look at the numbers:
- Total miles ran– 121,021
- Deadhead miles– 7,282 (6%)
- Total revenue- $253,288.09
- All-in rate-per-mile- $2.09
Haulin Assets had a profit of $12,042.27.
P&L Items
- Payroll
- Fuel
- Maintenance and Repairs
As I mentioned recently, Brad, our operations manager left us the end of last year and Nate and I have had to divvy out his responsibilities. One of them that I have taken on is safety and compliance, so those topics have been pretty heavy on my mind lately. I feel like as a company, we have a pretty good safety culture, but we aren't perfect, and I want to step it up a notch. Improving safety within Haulin Assets is one of my personal goals for 2025. In this episode we cover some of the things that have been on my mind.
What To Expect From Episode 170I know this is not the most sexy topic in the world, it doesn’t bring in revenue, it’s not a task that requires your immediate attention like a broken down truck, but it will have an impact on your bottom line and can have catastrophic consequences if ignored. Here are the things we cover in this episode:
- Why does safety matter
- How do you build a safety culture
- Where can I find resources to help
Why Does Safety MatterThere is a lot that goes into this and we cover a lot in the episode, but it all boils down to a few things. We have a moral obligation to the public to do what we can to keep roads safe and the financial health of our companies depends on it. In trucking, profit margins are thin and we can't afford unnecessary expenses. Damage to equipment and injuries are often preventable and are big expenses we can largely avoid.
How Do You Build A Safety CultureIt starts at the top. Here are some of the topics we cover:
- Make safety a priority and ensure your drivers know it
- Show your drivers safety is more important that on-time deliveries
- Have regular safety meetings/talks
Resources* Your insurance company * YouTube * Haulin Assets Academy (Coming Soon) * The FMCSA + Resources for Drivers + Resources for Carriers
It's the end of 2024, in fact, this episode with the November 2024 Financials is getting recorded on the last day of the year, but will post on the first day of the new year. 2024 was a tough year, proceeded by another tough year, that honestly was preceded by the start of the drop in the freight market. With three tough years in a row, we deserve some relief. With dropping interest rates, an economy that appears to be decently healthy, and what is likely to be a more trucking friendly presidency coming into office, there is a lot to look forward to.
What To Expect From Episode 169
Sorry there has been a bit of a break since the last episode, with me taking a trip in a truck and the Holidays, I just couldn't get an episode out. November was an interesting month in a few ways, mileage dropped, but revenue increased. That makes for some pretty good talking points. Let's take a look at the numbers:
- Total miles ran– 109,155 (One of the lowest mileage months of the year)
- Deadhead miles– 7,147 (7.1%)
- Total revenue- $236,053.07 (With the holiday, ran fewer miles, but more profitable miles)
- All-in rate-per-mile- $2.16 (Best in several months, third best of the year)
Haulin Assets had a profit of $16,837.14. With as low as our mileage was, profit could have been a lot worse, our saving grace was definitely the better rate per mile.
P&L Items
- Maintenance and Repairs
- IFTA Payments
- Fuel, 26.4% of revenue
- We sold a piece of equipment
Happy Thanksgiving! Some of you will be home for Thanksgiving, some of you won’t, I know what that is like. I want you all to know I am thankful for you. Both that you are listeners and fans of the podcast and that you keep America moving. I am thankful that there is food on my table and a roof over my family's head, both of which would not be possible without what you do everyday. THANK YOU.
What To Expect From Episode 168
Revenue dropped a bit last month. I wish I know what caused it. I think there are several factors, one of them just being that the market is still bad and it is volatile.
- Total miles ran– 119,607 (Higher than last month)
- Deadhead miles– 8,542 (7.1%)
- Total revenue- $227,931.30 (Lower than expected, I think partly due to lower fuel prices, brokers are being more stingy on rate)
- All-in rate-per-mile- $1.96 (Our worst rate per mile all year)
Haulin Assets had a profit of $5,062.43. With as low as our revenue was and as bad as the rate per mile was, I am kind of surprised we turned a profit.
P&L Items
- Work Comp
- Maintenance and Repairs
- Fuel
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
The end of the year is a crazy busy time with the Holidays and everything else going on so taxes typically are not at the forefront of your mind, but they need to be. There are certain things you can do to improve your tax situation before December 31st that you can't do after January 1st, so you need to have a plan. I usually try to have a general idea about what I want to do by the end of October or the beginning of November. During this episode we are going to give you somethings to think about so you can start to build the right plan for you.
What To Expect From Episode 167
So you own a business, does that mean you need to file a business tax return? The answer is maybe... We are going to help you answer that question and so much more. Here are some of the things we will cover.
Filing deadlines, April 15th, right? Not always. Here are some other deadlines we talk about.
- Partnerships and S-Corps (March 15)
- Single Member LLC, Sole Proprietor, Corporations (April 15)
- Extensions (September 15th and October 15th)
- Quarterly Tax Payments ( 15th of the month after a quarter ends)
One of the most important things you need to decide, is what is more important to you… show a profit or reduce how much you have to pay in taxes. You really can’t do both. No one wants to pay any more taxes than they have to, but to lower your tax bill you have to lower your profit which then hurts when you try to get financing.
Tax Strategies
- Reduce Taxes
- Maximize Profits
Strategies for reducing income:
- Business Strategies
- Purchasing equipment and different types of depreciation
- Use of accelerated depreciation
- Expense planning
- Prepaying expenses
- Negotiating payment plans or future payments
- Ensure you capture all your expenses, and account for all your deductions
- Home Office
- Business use of personal vehicle
- Child Care
- Revenue Recognition
- Cash Basis vs Accrual
- When does it need to be
- Purchasing equipment and different types of depreciation
- Personal Tax Planning
- Retirement accounts
- SEP
- Traditional IRA
- 529 College savings account
- Health Savings Plans
- Itemized Deductions
- Mortgage Interest
- Charitable Contributions
- None-reimbursed medical expenses
- Retirement accounts
If you have been slacking on your bookkeeping, get caught up now so you don’t have surprises early next year when you can’t do much about it
- Be ready to provide a summary of your business operation
- Factoring company statements
- Business bank account and transaction categorization
- Some banks track your spending and categorize expenses. May require specific accounts or
- Use an accounting firm
- Multiple years of taxes needed, start with today and filed the current year. Don’t get overwhelmed. Strategically work your way backwards until it’s done. Small wins will get you there.
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
It's Halloween, which is a fun time of year. I love driving down the road and seeing how drivers deck out their trucks. It's fun to see their personalities come through.
What To Expect From Episode 166
We are still slugging through this unprecedented freight market. I wish I knew when things would turn around, I keep thinking it has to be right around the corner, but I have thought that for a year now. I expect we'll see at least a little relief due to the holiday push, but I don't expect it to blow anyone's socks off. Here are the numbers for September.
- Total miles ran– 107,902
- Deadhead miles– 5,141 (4.8%)
- Total revenue- $227,931.30
- All-in rate-per-mile- $2.11 ($0.02 better than last month, $0.20 better than last year)
Haulin Assets had a profit of $16,024.48. Which is more than I would have guessed, based on the revenue number. Still not close to where we want to be, but… all things considered, it could have been worse.
Here are the P&L items that we'll talk about.
- Maintenance and Repairs
- Fuel
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
In this episode we are going to step out of the truck and away from the business and focus on you and your health. This can be a sensitive topic and it's something I have struggled with most of my adult life. I have found something that is working for me better than anything else I have done and want to share it. I'm no health expert, but want to share my story. It a change is something you are looking for, I hope this helps. Before we get into the meat and potatoes of the topic, Craig and I talk about some of the challenges the trucking industry is facing because of the crazy amount of fraud going on.
What To Expect From Episode 165
Not everyone cares about their weight. With this and most things in life I take the attitude of to each their own. Do whatever makes you happy in life as long as it isn't impacting someone else. For me, weight is one of those things I love and hate. Because I am in the National Guard, I have to maintain a certain weight standard and it is something I constantly struggle with. I like food too much and I like to eat too much food. I tend to yo-yo. Most years during the summer I lose 20-30 pounds and then gain it back in the winter. This summer I tried something different that is working better than anything else I have ever tried. It is something you can do while on the road so I thought it would be good to share it with you.
It's nothing new, you have probably heard of it. I've been counting macronutrients, commonly referred to as macro nutrients. Neither Craig or I are nutritionists so I am not going to go into the science of it, but I talk about my experience and share what I have been doing in more detail. Basically, I figure out what my macro breakdown needed to by, actually a professional figured that out for me. I use an app to track my macros on a daily basis to make sure I am eating a little less than what my body actually needs so that I lose about a pound a week. Like I said, we go into this in more detail during the episode.
Here are some of the things I typically eat for each meal.
- Breakfast
- Greek yogurt (It's higher in protein than regular yogurt)
- Cottage cheese
- I often mix the cottage cheese and yogurt (I like it my wife doesn't)
- Oatmeal Mix (Oatmeal with water or milk, protein powder, I like vanilla, and fruit)
- Reese's peanut butter cup protein shake (8 ounces of milk, ice cubes, spinach, half a banana, two scoops of PB Fit, one scoop of chocolate protein power, mix it in a blender)
- Lunch
- Chicken breasts 8-11 ounces, grilled or baked with seasoning. You can cook it with a Road Pro 12 volt stove.
- Sandwiches using pitta bread and filled with cold cut lunch meats and cheese or healthy chicken salad.
- Cold cut lunch meat wrapped in cheese for a lower carb option
- Dinner
- Rotisserie chicken from the grocery store, makes several meals
- Breakfast burritos or an omelet
- Fish
- Shrimp cocktail, if I want to treat myself
- Tons of healthy dinner recipes, we make a big meal and eat leftovers. I always took as many leftovers as I could when on the road.
- Snacks
- Protein drinks
- Protein bars
- Snickers, not the king size
- Beef jerky
- Boiled eggs
- Egg muffins
- Eating Out
- I still tend to get a burger and fries at least once a week. I just usually don't have the bun, some places call it protein style others call it a lettuce wrap and I only get a regular fry.
- I make healthier choices. When I go to Texas Roadhouse I only eat one roll instead of five
- For example, I recently went to Buffalo Wild Wings. I got the traditional 10 piece non-breaded wings, half with a dry rub half with a sauce and I only dipped a few of them in ranch.
Tips for being successful
- Don't let yourself get hungry
- Focus on hitting your protein goal
- You'll feel fuller and have less cravings
- Don't drink sugary drinks
- Coffee and diet sodas are good
- Water is the best
- Don't beat yourself up if you aren't perfect, you are going to have bad days. If you can follow the plan 80-90% of the time you are going to be successful.
- Eat for fuel, not for fun
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
Holy cow, Hurricane Helene has caused some serious problems. It seems like it has been a while since we have had a hurricane that was this bad. Ashville, NC received over 2 feet of rain and is a zone of devastation. It's not an area we deliver to often, but guess what, we have a load trying to deliver there now. The receiver's parking lot is full of mud and can't take trucks. It could be weeks before they are up and running again. I'll keep you posted on what happens.
We are constantly trying to improve. We start off this episode talking about a few things we have decided to do a little different. We hope both changes will improve our bottom line. One of them should also have a positive impact on our maintenance BASIC score and hopefully on our overall maintenance costs.
What To Expect From Episode 164
We had a really good revenue month, but overall numbers are still not where we want them to be. There are some positives in the numbers that we will talk about throughout this episode.
- Total miles ran– 136,000 (That's a new record)
- Deadhead miles– 10,513 (7.7%, down a little from last month.)
- Total revenue- $283,586.73
- All-in rate-per-mile- $2.09 ($0.03 better than last month, $0.10 better than last year)
Haulin Assets had a profit of $5,189.78. With the big revenue month, I was expecting more. There were some P&L items that impacted net profit.
Here are the P&L items that stick out, we'll talk about them.
- Damages
- Payroll
- Maintenance and Repairs
- Fuel
In episode 160, we talked about CSA scores and how they work and some best practices. Managing the safety program for a trucking company is not an easy job, whether you are an O/O or have a fleet. There is a lot to know and do. So, what happens if you didn’t do a good job with those things and you are under the FMCSA’s microscope?
In these two episodes, Craig and Chris are joined by Alex from Motor Carrier HQ to pick her brain about her experience with the FMCSA, maintaining good ISS scores, and how to get yourself out of a hole if you find yourself in one.
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
In the last episode on safety, we talked about CSA scores and how they work and some best practices. Managing the safety program for a trucking company is not an easy job, whether you are an O/O or have a fleet. There is a lot to know and do. So, what happens if you didn’t do a good job with those things and you are under the FMCSA’s microscope?
In these two episodes, Craig and Chris are joined by Alex from Motor Carrier HQ to pick her brain about her experience with the FMCSA, maintaining good ISS scores, and how to get yourself out of a hole if you find yourself in one.
Get the full show notes at haulinassetsllc.com
Check out MotorcarrierHQ.com
Find our courses at haulinassetsacademy.com
Haulin Assets Academy
Full Show Notes
Haulin Assets T-shirts and More
This year has been better than last year, but we are still not where we want to be. Hopefully, things continue to gradually improve as the year goes on. Here is what July looked like.
- Total miles ran– 118,563
- Deadhead miles– 9,649
- Total revenue- $243,804.91
- All-in rate-per-mile- $2.06
Haulin Assets realized another small profit of $10,342.41. That continues our profitability streak of 10 months, but cashflow is still negative and we talk about that a bit, including a big change to help alleviate some of the pressure that causes.
Here are some areas of the P&L that we highlight.
- Factoring
- Fuel
- Repairs
- Taxes and licenses
What do peaches and the FMCSA Safety program have in common. You'll have to listen to find out, but I will tell you, understanding the low hanging fruit principle can help you stay out of hot water with the FMCSA. We cover a lot in this first episode of a two part series on the FMCSA Safety program. It can be tempting to neglect safety, especially when you are struggling to survive in a tough market. However, failing to manage your safety and your FMCSA scores can sink your company faster than low freight rates. Listen to the episode as Craig and I share some great tips when it comes to safety.
What To Expect From Episode 160BLUF (Bottom Line Up Front), If you want to have good CSA scores, be safe, maintain your vehicles, obey traffic laws, and don't break the hours of service rules. With that being said, we give a lot of tips about what the CSA scores are, how they are calculated, and some of the best practices to keep them low. Lower is better. Here is an outline of what we cover.
What Are CSA ScoresMost Motor Carriers receive scores in 7 Behavior Analysis and Safety Improvement Categories, which wrapped up in a nice little acronym called BASICs. The categories are:
- Unsafe Driving 65%
- Crash Indicator 65%
- Hours-of-Service Compliance 65%
- Vehicle Maintenance 80%
- Controlled Substance 80%
- Hazardous Materials Compliance 80%
- Driver Fitness 80%
- Insurance and Other (This one isn't really scored, it's more like pass or fail)
The percentages are the thresholds, we explain those during the episode.
How You Get Your CSA ScoreThe simple answer to this question is they come from interventions with the FMCSA/DOT Officers. Those can be anything from roadside inspections to an audit. Most inspections occur at Ports of Entry or because of an inspection that happens when a driver is pulled over for a moving violation or obvious vehicle maintenance issue. One of the biggest contributors to the number of inspections you get is your ISS Score (Inspection Selection System). You can check your score and a lot of other important things regarding your company's history with the FMCSA by logging into their system here.
Understanding The Scoring SystemThe scoring process is a bit complicated. I am going to over simplify it, but here is the general idea. Every time you are inspected your company receives a score. If there is a violation, you get bad points. If the inspection report is clean, you get good points. The formula the FMCSA uses basically divides the bad points by the good points. If you have more good points than bad, your resulting "measure" will be less than one. If you have more bad points than good points, your "measure" will be higher than one. Good inspections will give you more good points and lower your "measure". Your "measure" is then compared to all the other fleets that are roughly your same size. If you are right in the middle, meaning half the companies have a "measure" lower than yours and half the companies have a "measure" higher than yours, your BASIC score will be 50%. If you are in the top 10%, your score will be 10%, etc. Every BASIC has a threshold, if you are above the threshold you are going to be on the FMCSA's radar. You just became low hanging fruit, if you don't know what that means, listen to the episode.
If you really want to nerd out and dive deep into the methodology and calculations, you can learn a lot by clicking on this link and reading the document.
Understanding The Consequences Of Your CSA ScoresThere are several things that happen if your CSA Score exceeds the threshold.
- You are going to get a letter from the FMCSA saying you need to behave and do better
- Your ISS Score is going to increase and your are going to get inspected more, when that happens, most scores get even worse
- If your score stays elevated for a while or if you exceed the threshold in multiple categories, you are way more likely to be audited, that's when the fun really begins
Most audits result in a Safety Rating, either Satisfactory, Conditional or Unsatisfactory. In part two of the series we will talk about what happens if you get a bad safety rating or if the FMCSA tells you that you need to complete Corrective Action Plan.
Haulin Assets Academy: https://www.haulinassetsacademy.com/
Motor Carrier HQ: https://www.motorcarrierhq.com/
This is a topic I wish I did not have to cover, but fraud in the trucking industry is going crazy right now and it is affecting all of us. Being dishonest is very short sided and will catch up with you in the long run. There is no place for dishonesty in the business world. In my opinion, fraud is one of the worst forms of dishonesty.
What To Expect From Episode 159Why is fraud so rampant right now? I have my theories that Craig and I discuss, but I think it stems from the tough market we are in. Here are some of the more common types of fraud that we talk about:
- Double brokered loads (We spend a lot of time on this one)
- Companies that pretend to be the FMCSA, DOT, IRS or State Agency
- Emails from government entities should end with a .gov not .com
- Card skimmers
- New Entrant Audit scams
- Watch out for these domains
- compliance@dotfilings-fmcsa.com
- compliance@usdots-fmcsa.com
- @fmcsa-gov.com
- @safer-usdot.com
- Watch out for these domains
Being vigilant and skeptical is your best weapon. Here are some of the things we talk about watching out for:
- Formatting is off on the rate confirmation
- Rate confirmation is missing information, like your company name
- The logo looks blurred or otherwise messed up
- The rate is well above market rate
- Email addresses with a domain that does not match the company
- Gmail, Outlook, iÇloud, Yahoo, etc email domains are a big red flag
- New domains, you can check the domains age at https://www.whatsmydns.net/domain-age
Verify everything, especially when working with someone for the first time
- Independent internet searches
- Call the phone number you find independently, not the one on the paperwork they gave you
- Your factoring company
- Get a second opinion from someone you trust or someone who is an expert
Haulin Assets Academy: https://www.haulinassetsacademy.com/
I start off this episode ranting a bit about a couple of challenges I faced recently. One involved being dropped from a load that I think was completely unwarranted. The second situation was because of a strong oder in a trailer that wouldn't go away, even after a washout.
What To Expect From Episode 158
We are not where we want to be, but if you look at June of last year verse June of this year, we are in a much better spot. All the trucks are running. Here are the numbers:
- Total miles ran– 118,237 (The sitting truck was back working for about half the month)
- Deadhead miles– 8,806 (7.5%, Creeping up. I have expected this and explain why)
- Total revenue- $244, 523.12
- All-in rate-per-mile- $2.07 (Drop from last month)
Haulin Assets realized a profit of $23,521.93, that is the second best of the year. What has me even happier is that it is $46,983.01 better than last year when we had a loss of $23,461.08. We continue to extend our streak of being in the black, that makes me happy. If we continue to see profit through the summer I will continue to get more and more optimistic that the market is finally turning the corner.
The P&L was pretty bland this month. Additionally, I explain why we were able to have a lower all-in rate-per-mile, but had a higher profit than last month.
Haulin Assets Academy: https://www.haulinassetsacademy.com/
Throughout my military, business ownership and corporate careers I have held many different types of leadership positions. I have lead groups with just a few people to groups with hundreds of people. I am a much better leader today than I was 20 years ago. I hope this episode will give you some things to think about so you have a leg up to becoming a better leader. Keep in mind that a great leader positively impacts an organization in ways that are immeasurable. Great leadership is a multiplier for your organization.
What To Expect From Episode 157
Whether you are a single owner operator or the owner of a fleet of trucks, you are the leader of your trucking company. I want to share some of the things I have learned over the years about being a good leader. Some of the greatest leadership lessons I have learned came during difficult circumstances. Here are a few of the leadership experiences I have had that have helped me gain experience: Army Engineer Company Commander in Afghanistan, starting and running multiple businesses, running businesses in difficult times and learning how to lead at the Army's Sapper Leader Course under extreme hunger and fatigue.
During this episode, Craig and I break down and expound on the following keys I feel like are imperative to being a good leader for your trucking company. Here they are:
- Provide good direction and guidance
- Good company policies
- The type of drivers you hire
- How big of a company you will be
- Build a good culture
- Safety
- How hard your drivers run
- How your drivers are treated
- Hiring process
- Be a servant leader
- Find ways you can serve your drivers
- Find ways to give your drivers a win
- Be self-aware
- Be honest with yourself, change the things you do that cause problems
Leadership is a life-long endeavor. You should always work on your leadership skills. Here are some ways I like hone my leadership skills.
- Read great books on leadership, here is a list of some of my favorites:
- Good to Great, Jim Collins
- Speed of Trust, Steven
- Start With Why, Simon Sinek
- Biographies
- Ulysses S Grant
- Alexander Hamilton
- Buffet: Making of an American Capitalist, by Roger Lowenstein
- Steve Jobs, Walter Isaacson
- Elon Musk, Walter Isaacson
- Be reflective
- Get feedback
This month is a really good indicator of what happens when you have a truck sitting for too long. We had a truck sit the entire month and the impact on the bottom line is pretty easy to calculate. Craig and I spend a few minutes of this episode showing the impact that a sitting truck has on your net income. It's a pretty interesting case study. Be sure to listen in.
What To Expect From Episode 156
We took a step back this month. Largely because of the truck without a driver. Here are the numbers:
- Total miles ran– 109,840 (Lowest since September of last year)
- Deadhead miles– 7,578 (6.9%)
- Total revenue- $239,743.84
- All-in rate-per-mile- $2.18 (Moving in the right direction, three months in a row of improvement)
Haulin Assets realized another little profit of $4,688.82. This is a decrease from last month and we ended our streak of doubling every month. But, at least we extend our streak of being in the black. June of last year was the beginning of a really bad streak of losses, I am super interested to see what happens this June. I am crossing my fingers that we can keep the numbers in the black through the summer. That will be a win compared to last year.
There were a few expenses to take note of on the P&L, here are the areas we dive a little deeper into:
- 5 Payrolls
- Tolls keep going up and up
- Fuel is 27% of revenue
We just completed our 2024 insurance renewal last month, so I thought this world be a good time to revisit the subject of insurance. It's been several years since we have taken a serious swing at the topic and high time we do it again. Especially since insurance is in the top 5 expenses for most trucking companies and a little savings on your insurance bill can go a long way towards improving your bottom line.
What To Expect From Episode 155
Buying truck insurance is a pretty complicated and sophisticated purchase. The better you understand it, the better product and service you will receive and the better price you will pay. Understanding the players in the truck insurance world is step one in building your insurance knowledge. Craig and I start off the episode talking about the difference between insurance agents/agencies and insurance companies. We also discuss how many agents should you have giving you quotes. I typically recommend that you work with 2-3 agents, because that is usually enough to get you quotes from most, if not all of the major truck insurance companies.
It's good to get an early start whether you are getting a quote for the first time or working on a renewal. I recommend you start gathering all the information needed for the agents giving you quotes around 60 days before your renewal. Here is what you will usually need to provide:
- A completed application, your agent can often take the information over the phone, fill it out and provide you a document to sign.
- Your equipment list with all your trucks and trailers listed along with their current values. The value you list is critical. Listen to the episode and I explain why.
- Driver list
- Loss runs
Timing is critical. I recommend you have all the info your agent needs to get a quote to them at least 30 days before your policy expires so you get the quotes back in a timely manner. I also recommend you bind the new policy, that means making the down payment, at least 1 week before your policy ends. That ensures you don't miss out on any loads. About a week before your policy expires some shippers and brokers won't book loads with you because they see your policy is expiring and they want to see you have a new one in place first.
How much your policy is going to cost depends on a lot of different factors. It really boils down to risk. We talk about some of the main risk factors that affect your pricing, to include:
- How long you have been in business
- How many claims you have had and how much has been paid out in the past
- Experience of your drivers
- Equipment values
- Where your home base is and where your truck(s) travel to
Not all insurance policies are equal. Price is an important factor, but you also want to make sure you are getting adequate coverage for the type of operation you run. For example, if you have reefers, make sure you get reefer breakdown coverage. If you are hauling something super expensive, make sure your cargo insurance is high enough. If you haul HAZMAT make sure you have the right coverage at the right limits. A good agent who primarily does truck insurance will be able to help you through all of this. Don't work with an agent just because they are someone you know. If they don't regularly write truck insurance they can get you in a lot of trouble by not providing you the coverage you need.
We keep moving in the right direction, April 2024 Financials were better than March. If you remember I mentioned I would be happy if we can keep doubling our net income for 4-5 months. April is the third month in a row we have been able to do that. We start off the episode talking about the importance of being agile. If you aren't agile in this kind of a market, you are going to be hurting.
What To Expect From Episode 154
Even though we keep moving in the right direction, there is still a decent way to go. Here are the numbers:
- Total miles ran– 113,066 (Lowest in a while, had a truck sitting for a while. Larry had to step a way from over the road for a while. He is a great driver, we’ll miss him)
- Deadhead miles– 7,551 (6.7%, slight increase)
- Total revenue- $241,614.25 (Decrease, for the number of miles, it’s an improvement)
- All-in rate-per-mile- $2.14 (Moving in the right direction)
Haulin Assets realized another baby profit of $10,565.31. That is also 7 months in a row in the black.
Here are some of the P&L items we discuss during this episode:
- Revenue was down
- Rate per mile was up.
- Most expenses were pretty normal, but here are the exceptions:
- Bad debt
- Maintenance and repairs
- I did another CPM analysis and we went from $1.97 in October 2023 to $1.87 now
Independent Owner Operator verses Leased Owner Operator is a bit of a controversial topic because you get strong opinions on both sides of the argument. I think that is because being an independent Owner Operator is the right thing for some people, while leasing on to another company can be the right thing for someone else. In this Episode of Haulin Assets the Podcast, I want to talk about the pros and cons of both, along with the things you need to keep in mind and watch out for to help you make the decision for yourself.
What To Expect From Episode 153
Let’s define each.
Independent Owner Operator, just like the name implies, you are truly independent. You have your own DOT number, you own or lease the truck you drive, in most cases, you have your own Operating Authority (MC Number) with the FMCSA (Federal Motor Carrier Safety Administration).
Leased Owner Operators, own or lease a truck and operate under the authority of another motor carrier.
Where things get confusing is the term leased is also used when leasing vehicles, think of that kind of lease as a long-term rental of the vehicle. That type of vehicle lease/rental is different the leasing on as an owner operator, they are two very different types of leases, but often happen at the same time between the same companies and can cause some very serious problems. We talk about that and why you have to be super careful in that type of situation. I'll put it this way, we don't recommend leasing or buying a truck directly from the motor carrier you are going to lease on to. Craig and I talk about why that is.
There are pros and cons of both and we talk about each.
Independent Owner Operator
Pros
- Truly Independent
- Higher financial upside
- You get to decide the type of loads you haul
- Lots of tax benefits
- Investment control
- Strong sense of ownership
Cons
- You have to find your own loads
- All responsibility falls on you
- Bookkeeping
- Sales
- Maintenance
- Admin tasks
- MCHQ and Trackin Assets can help you navigate a lot of these
- Higher stress
- Takes more money to start
- Your insurance will likely be higher for the first year or two
- Isolation
- Unknown, unknowns
Leased Owner Operator
Pros
- Many administrative tasks are handled for you
- You don’t have to find loads
- You will get some cost savings operating as part of a larger fleet
- Less financial risk
- Should have access to steady work
- Training and safety programs
- Great way to gain experience and use it as a stepping stone to becoming an independent OO
Cons
- You sharing the profit with another carrier
- You’re working for someone else and have to follow their rules and do what they say, you lose control
- Some companies will take advantage of you
- You may be the low man on the totem pole
- Some contracts can be very restrictive
- Ownership transfer issues
Other considerations
Independent Owner Operator
- Fraud
- You'll need a bigger reserve of money
Leased Owner Operator
- Talk to several owner operators who do work for the any company you are thinking about leasing on to
- Make sure you read through the entire lease agreement. Consider having an attorney review it. I know it costs money to do so, but it could save you money in the long run and prevent a lot of heartache.
- At Haulin Assets we don’t come down hard on either side of Independent O/O vs Leased O/O. We generally advise against lease to own. It’s not the subject of this episode so we won’t go into depth but things just seem to be more likely to go wrong with lease to own. The agreement is riskier, the lessees are generally not starting on a firm footing, and the lessors can have incentives for you to fail.Buy or lease your own truck, from somewhere other than the company you are leasing on too
- Do your own truck registration/IRP plan (Another way they trap you)
- This will take a bit more money, but is a much safer way to do it, less likely to be taken advantage of
Although we saw a slight improvement, the March 2024 financials turned out to be more like February than I would have liked. Considering the extra payroll, it really could have been worse. Hopefully we continue to see improvement as the year goes on.
What To Expect From Episode 152
Our trucks ran harder in March than they ever have, setting a new record for the most miles ran in a month. The high miles, however, weren't enough to give us a meaningful profit. Here is how things looked:
- Total miles ran– 130,151 (New Record)
- Deadhead miles– 7,615 (5.9%, about the same as last month)
- Total revenue- $261,567.02 (Better than last month, but not as good as January)
- All-in rate-per-mile- $2.01 (I would have liked to have seen a little better number, hopefully we do in April)
Haulin Assets realized another baby profit of $4,199.19. That is double what we did in February, if we can double our net income every month for the rest of the year, I’ll be happy, okay, that's not realistic, even we can do it for the next 4 months would be fantastic.
There wasn't much in the P&L that really sticks out. The only thing outside of normal is an increase in fees for legal and professional services. That was mostly a payment to do the Haulin Assets taxes for 2023.
Who didn't like marshmallows when they were a kid and how do they relate to trucking? We'll try to answer that. Before we do, I want to rant a bit. I can't wait until I'm like Walmart and companies just have to do what I say, whether they like it or not. We talk about a new decision Walmart has made that affects us. To be honest, I can't argue with their logic, but I don't have to be happy about it.
What To Expect From Episode 151In 1972 psychologist Walter Michel of Stanford conducted a study on delayed gratification with some kids. It was called the Stanford Marshmallow Experiment. We talk about the experiment and how it relates to trucking, especially business ownership. The study largely focuses on self-control and willpower and how those two skills or traits have an impact on a person's ability to be successful. Listen to the episode as Craig and I talk about the study and how important those two skills or traits are. We also attempt to answer the questions whether those traits are something you are born with or can learn or develop as you age.
Here are some interesting additional readings about the Stanford Marshmallow Experiment.
- UCLA Anderson Review
- University of Colorado Boulder
Sign up for information about Haulin Assets Academy here: https://haulinassetsllc.com/2024/01/23/finding-loads-the-process-episode-146/
Check out Fuelstream here: https://www.fuelstreamservices.com/
Traditionally, February is the low point of the year for the trucking industry. If that is the case this year, we have reason to celebrate. Although we didn't rake in huge profits, we did a lot better than we did during the really tough period we had during the middle of last year.
Before we jumped into the heart of this episode, Craig and I talked about two different situations we ran into recently. The first is about a frustrating receiver we regularly deliver to in the Miami area of Florida. The second is about a ruptured reefer fuel tank, that's a new one for me.
What To Expect From Episode 150
The numbers this month are pretty bland, nothing to write home about, but what more do you expect in February? I am actually fairly pleased with how things turned out and I expect things to get better and better as the year goes on. Here are the numbers:
- Total miles ran– 114,044 (Lowest miles we have had in 5 months)
- Deadhead miles– 6,474 (5.7%, about the same as last month)
- Total revenue- $234,532.17 ($56,426 less than last month)
- All-in rate-per-mile- $2.06 (If this is the low point of the year, which I think it should be, I’ll be happy)
Haulin Assets realized a baby profit of $2,046.87.
Here are the P&L items we talk about:
- Revenue
- A new expense category
- Fuel
Sign up for information about Haulin Assets Academy here: https://haulinassetsllc.com/2024/01/23/finding-loads-the-process-episode-146/
We start this episode off with a funny story about Cruella de Vil the truck, it makes for a good listen. Finding the right loads is one of the most important things to do well with your trucking company. It is also one of the most challenging. That is why I decided to do a series on the subject. This episode is going to wrap the series up and tie it all together with a neat little bow. If you have not listened to the previous three episodes, go back and listen to them first. As a reminder, they were: Episode 144, Finding Loads, They Systems I Use, Episode 146, Finding Loads, The Process, and Episode 148, Finding Loads, Relationships.
What To Expect From Episode 149The spot market, that mostly lives on load boards, has its purpose in the trucking industry. However.... if that is all you are using, you probably won't last long as a company and you definitely won't be as profitable as you could be. There is both a science and an art to find the best loads available. The the science is the systems, processes, and number crunching and art is the relationships and negotiation. We break down the science and art and talk about the following keys to success:
The Science* Having good systems + Load board + TMS + File Storage + Tracking weather * Having a good process + Early to bed, early to rise, makes a dispatcher successful and wise + Don't wait + Be efficient * Know your numbers + Variable and total cost per mile + Target rate per mile + Revenue per day is as important as rate per mile
The Art* 80-20 Rule * It's about relationships * Where to find the best loads * How to negotiate
If you want to hear about the worst experiences I have had with a repair shop, listen to this episode. All I can say is never take your truck to the Freightliner Northwest in the Seattle area. As time goes on, I get more and more comfortable dispatching. One of the best parts of dispatching is the relationships I have been able to build. Relationships is one of the biggest keys to being successful finding loads.
What To Expect From Episode 148
Anyone can find loads, it is a lot more difficult to find loads that are profitable and keep drivers happy. The biggest difference between finding just any load and finding consistent, good paying loads is building good relationships. When I first started dispatching, I was getting all of my loads, that weren't direct shipper loads, off load boards. Last month I booked 41 loads through brokers, I only got 20 of them came from a load board. The other 21 were all via a few broker relationships where I was able to reach out directly to the broker and get a load before they had posted it.
The meat and potatoes of this episode covers some of the things I have been doing to find and build those relationships. This may seem like a simple thing, but it's not easy. It takes time, commitment, compromise, and a good attitude. Doing it right can have one of the biggest positive impacts on your trucking company. Like many hard things, it's worth the time and commitment it takes. Being willing and able to do hard things is one of the biggest factors that separate the successful from the unsuccessful.
THE CHECKLIST Whenever I book a load with a new broker I...
- Make sure I communicate well throughout the entire load
- Do everything they ask
- Follow through with what I commit to them
- Send a follow up email thanking them for the load.
- If I think they are someone I would want to do more business with, I follow up with a phone call:
5a. Try to guage if we are a good fit for each other. Common lane, are their rates good enough
5b. Make regular contact
5c. You might have to take a load that fills a need for them, but might not be the best for you
January was a good month, it seems like it has been a while since I have said that. It's also been a while since I have told a good "Chris is stupid story" from my adventures on the road. This episode starts with a good one. The silver lining is that it was a good learning lesson that shouldn't cause any serious harm.
What To Expect From Episode 147The last 4 months have been some of the hardest months of my career. They have been tiring and stressful, but it is so nice to see positive results and it is making all the sacrifices feel worth it. With that being said, we still have work to do. Like I said in the story I told at the beginning of this episode, we can't get complacent and we can't settle into a routine. If we continue to push, good things will happen.
I feel like we need a drum roll. I'm really excited to share this month's numbers, so without further delay......
- Total miles ran– 120,930
- Deadhead miles– 6,347 (5.2%)
- Total revenue- $290,958.59 (New Record)
- All-in rate-per-mile- $2.40 (Best number we have seen since August of 2022)
Haulin Assets realized a good profit of $59,546.22. Last month I said I was not going to feel good until I see our net profit number in the $50-60k range. I feel pretty good. We haven’t seen a number like that since the height of the market at the beginning of 2022, right before the crash started. I think we have made a muckle, at least for this month.
Most of the expenses on the P&L were pretty in line with normal so we don't talk much about those. The only exception was fuel, which was only 24.3% of revenue. That is the best we have seen since the beginning of 2022. Hopefully, fuel stays relatively low and revenue stays high.
We finish off the episode by talking about some of the changes happening that have produced good results.
This episode is jam packed with tips to help you find loads for your trucking company. We hone in on the process of finding and booking loads. We also start off this episode by introducing a new project I am working on that is going to be a game changer for many of you. It's called Haulin Assets Academy. It is an online, video based learning system that a team and I have developed to help you take your trucking education to a whole new level. Whether you have 1 truck or 20, Haulin Assets Academy is being built to take what I have learned over many years of trucking and condense those lessons learned into easy to digest modules that will help you sprint to a high level of success without losing your breath. You will be able to get to where you want to be faster, with a lot less headache. Stay tuned, Haulin Assets Academy will launch sometime in the next few months.
What To Expect From Episode 146
Dispatching is not an easy job. It's busy, hectic and requires you to be detail oriented at a very high level. Having a well defined process and following it is critical to keeping your trucks rolling efficiently with high paying loads. One of the keys to success is starting your day early. Load boards see their highest level of activity between 0800-1100 Eastern Time Monday-Friday. Activity on load boards tend to see another uptick around 1500 (3:00 PM). You need to be up and glued to the load boards during those hours if you are looking for loads for a truck. Here are some of the other things we talk about:
- Staying ahead of the game
- Your company information
- Sending a driver out
- When to start looking for the next load
- Relationships
- Take notes
Impact Tip
Register for the Haulin Assets Academy email list. Go to haulinassetsllc.com and look for the popup on Episode 146's page.
Happy New Year!! I am so happy to kick 2023 to the curb. I am optimistic that we will see some good things happen in 2024. Regardless of what happens with the economy, I think the changes we are making will help Haulin Assets continue to improve and become stronger as a company. One thing I know for sure is that this challenging year has taught us lessons that will make us stronger and more profitable than we would have been otherwise. I hope you follow our journey and that some of the lessons we learn will be valuable for you too.
Craig and I start this episode off with a funny story about one of our drivers crossing a scale while pulling a reefer trailer full of bulk liquid totes.
What To Expect From Episode 145
This was another month that did not produce the results I was hoping for. On a good note, we were slightly in the black. Here are the numbers for December.
- Total miles ran– 123,557 (315 more miles than last month, you can’t say we aren’t constant)
- Deadhead miles– 7,455 (5.1%)
- Total revenue- $268,143.84 (Second best ever)
- All-in rate-per-mile- $2.16 (One of the better all-in rates of the year, but still not where we need it to be)
I am really happy with the total number of miles ran, total revenue and our all-in rate-per-mile is moving in the right direction. The net income did however disappoint me. This month Haulin Assets realized another small profit of $1,633.76. There were several contributing factors that kept us from better numbers. Here are some of the areas we dive a little deeper into:
- Bad debt
- Payroll
- Fuel compared to revenue
- Repairs, especially Truck 02, our only active truck that we bought used
- Tolls
I also spend some time talking about a new goal I have regarding working with brokers. I have already seen some good benefits. Listen to the episode to find out what I am learning and what I am trying to do different that is bearing fruit.
Finding loads for truckers is one of the most critical tasks for any trucking company. If you have been following this podcast, you know that up to this point we have used a third party dispatching service to help us find loads. About three months ago we started the process of bringing load finding in house. We are taking about 5-6 months to complete the transition. I am up to dispatching 6 of our 11 trucks and will take on 2 more trucks in about a week and the last 3 in the month or two that follow. The last 3 months have been super educational and I plan on sharing a lot of what I have learned with you. I am going to do at least 3, probably many more, episodes around the topic of finding loads. The first one is going to be technical, Craig and I are going to cover all the systems I use to do the job effectively.
What To Expect From Episode 144Finding loads and dispatching trucks is a very fast paced, intense job, whether you are managing 1 truck or 10. It requires lots of different skills, you have to be able to multitask, pay attention to detail, build relationships and stay organized. Having good systems and processes in place is critical to being successful, that is why I am dedicating the first episode on this series to the systems I am using to stay on top of everything that is going on. Here are the different systems I am using, we cover each one in more detail throughout the podcast. I hope this episode is helpful.
-
- Computer 1. Two monitors, scroll down to see what my computer setup looks like. 2. Email, kind of goes without saying 3. You want any system you use to ideally be able to operate on your phone so you don't have to be by your computer all the time. However, the apps are never as good and there are typically things that are harder to do from your phone.
- Phone system
- A VOIP based phone system, something that records calls and can text. I use my cell to communicate with drivers and my VOIP phone to interact with brokers.
- Ring Central seems to be the most popular
- Nextiva
- A cell phone
- A VOIP based phone system, something that records calls and can text. I use my cell to communicate with drivers and my VOIP phone to interact with brokers.
- Loadboards
- DAT
- Seems to have more loads
- The app is not as good as the computer. You can't do multiple searches at the same time.
- Audible alarm
- Heat map that shows inbound and outbound volume of loads
- ITS, truckstop.com
- Cheaper
- They say they have brokers who either use them exclusively or post to their site before they post on other load boards
- DAT
- TMS (Transportation Management System) or an Excel Spreadsheet
- One of my favorite things about spreadsheets is they are free or very cheap, Google Docs, Excel
- I think you can manage 5 trucks okay with a spreadsheet. Once you get over 5, I would definitely recommend using a TMS. You may even want to with 3.
- ELD
- Motive
- A program to digitally sign docs, lots of options
- For a Microsoft Windows based computer, Adobe Acrobate DC, it's free
- Comes installed on most computers
- For Macs, Previewer
- Comes with the computer
- Android, Adobe Fill and Sign Mobile App
- iPhone, you can sign with the native pdf viewer
- For a Microsoft Windows based computer, Adobe Acrobate DC, it's free
- Credit Checks
- DAT
- I take this with a grain of salt
- Factoring companies
- Their systems seem to be the most reliable
- DAT
- Weather
- National Weather Service, look at the loop and select weather.
- State Road Conditions, every state has something
- Look at the cameras
- WY, I-80
- OR
- WA
- NE
- Cloud based share point for document storage
- Accessible from your phone
- Evernote
- Knowledge is everything. The more you know the better you are going to be. I don't remember everything well, so I take notes and review my notes regularly
- Free and paid versions
Earlier this week I had one of the crazier days I have had in a long time. Two trucks broke down within a matter of minutes of each other and we had a truck involved in a minor accident. Needless to say, we have a few interesting things to talk about.
What To Expect From Episode 143
Another month in the black, but I still feel like we are running on a treadmill getting nowhere. I am beyond ready for a change in the freight market. I was expecting a little better 4th quarter than we are seeing. At least it isn't as bad as this summer was. Here are the numbers:
- Total miles ran– 123,557 (11,232 average per truck. I am happy with that)
- Deadhead miles– 7,455 (6%, backdown to a respectable number)
- Total revenue- $246,357.69 (Second best ever)
- All-in rate-per-mile- $1.99 (I really want to see this number above $2.25)
Haulin Assets realized another small profit of $9,471.77. I was hoping for better, but it does feel good that we are not bleeding as badly as we have been.
The P&L was pretty bland so there was NSTR. (Army acronym, can you guess was it means?)
A breakdown, a tow, a rental truck, another breakdown, getting ignored by a broker and rushing to make appointments, all in a week's work for one of our drivers and the team that supports him. I have said this before, nothing is easy in trucking and the best company owners are people who can solve problems. We had a lot of problems we had to solve throughout that trip. I start off this episode talking about a truck we had breakdown and the excitement that ensued. It all ended as well as can be expected, the load got delivered, only a day late, and our driver made it home in time for Thanksgiving.
What To Expect From Episode 142Your CPM (cost per mile) is one of the most important things you should know and understand well about your trucking company. This is the second time we have dedicated an entire episode to this subject. The first time was over 4 years ago and a lot has changed so we're overdue to dive into it again. We cover a lot in this episode and it is definitely a must listen. The excel spreadsheet with our CPM data is below. It is best to look at it while you are listening to or watching the episode.
Here are some of the things I feel like you need to consider when it comes to your cost per mile, we discuss each in detail.
- How often you should figure out your cost per mile
- Is it better to calculate your CPM based off one month of data or the average of 6 months worth of data
- When should you re-evaluate your CPM
My Process For Calculating Haulin Asset's CPMI dive into the mechanics of how I do it. Here is an overview:
- I pull a Profit and Loss Statement for the most recent month and one for the previous 6 months and export them into Excel.
- I delete the revenue info. I like a clean workspace without unnecessary data and the revenue info is not needed.
- I categorize all my expenses as either fixed or variable and group them together.
- Fixed costs-costs that are based on time rather than the quantity miles driven. (I give some examples in the podcast.)
- Variable costs-costs that change as the number of miles driven changes. (I give some examples in the podcast.)
- To simplify things, I lump the smaller less significant fixed costs into one group I call G & A (General and Administrative). I do the same thing for smaller variable costs and put them in a group called miscellaneous.
- I like a hybrid CPM calculation where some of the expenses are based off the most current month and some of them I use a 6 month average. I explain this better in the podcast.
- I take the mileage from the most recent month and divide each expense by the mileage to get the CPM. Using a spreadsheet makes this step pretty easy.
How Do I Use This InfoIn the podcast I cover a bunch of different ways I use the CPM to help me make better business decisions. With that being said, just because I know my CPM doesn't mean I won't take a load that I essentially lose money on. I use some examples of recent loads to explain this better.
If you haven't actually started your company yet and you want to estimate your cost per mile, Motor Carrier HQ has a great online CPM tool. You can use it to get an idea of what you think it will cost you to operate and that will help you know if you can be profitable based on the rate per mile you think you can get from loads you will be hauling. You can access the calculator by clicking on here.
To close out, Craig and I talk about how using my CPM as a comparison to yours could be a great tool to give you better insight into your operations.
We finally broke the losing streak, but not by as much as I would have liked. October saw the establishment of several new records, predominantly positive ones. However, the bottom line was not where I would have liked to see it. There is definitely more work to be done, but I feel like we are moving in the right direction.
What To Expect From Episode 141
There have not been many months where I felt like all the trucks and drivers were running on all cylinders, but they certainly were in October. On average, the trucks ran almost 12,000 miles, all of them over 10,000. I don’t think that has happened since we have had more than two trucks. Check out the numbers for the month:
- Total miles ran– 128,771 (Almost 20k more miles than we have ever run)
- Deadhead miles– 11,398 (8.9%, The highest we have had in a while, there were some really long deadheads)
- Total revenue– $274,59
- All-in rate-per-mile– $2.13 (Highest in 4 months, only 2 months this year that were higher)
Haulin Assets realized a small profit of $8,781.56. I was hoping for better, I would have like to have seen closer to $30k. Many mickle make a muckle, we have more mickles to make. One of the positives of a hard market/economy is it forces you to be better as a company. We have made a lot of changes that I think are good changes. It’s clear that there are additional adjustments we need to make. Those adjustments will help us get through these tough times and will make us that much more profitable when the market takes a positive turns.
HERE ARE THE P&L ITEMS WE DIVE A LITTLE DEEPER INTO:
- Payroll was higher because of the extra miles
- Last work comp extra payment from our audit – $2,900
- IFTA
o Oregon $2,000
o NM $500
o KY $200
o UT $500
- Repairs
o $8,000 Truck 02 – It’s these kind of repair bills that add proof that older trucks can be a money pit.
o $4,000 Truck 07 – Worn wiring harness from rubbing, not under warranty, but hoping to get some back. $3,500 of it was towing. Barely over 1 year, a wiring harness shouldn’t rub. I hope freightliner will do the right thing.
Over the past 6 months, our outbound loads have shown significant improvement, particularly the last 3 months. The rates we are getting are respectable. We are getting sent to the same areas more regularly. This consistency will enhance our understanding of those lanes and enables us to build relationships that contribute to more profitable outcomes when operating in those regions.
Here are a some things we are going to be working on next:
- Better understand what routes will get us home more profitably and quickly
- Since our most profitable loads are the ones leaving Utah, we need to get back to Utah quickly
- We need to start making more contacts with shippers in those areas we are traveling to on a more frequent basis so we can work our way back with direct shipper loads
October brought a mixed bag of achievements and challenges for Haulin Assets. While we managed to break the losing streak and witnessed positive records in various aspects, there’s an undeniable sense of room for improvement, particularly in the financial realm. The month’s financials didn’t quite reach the desired mark, but the positive strides in operational efficiency and increased average mileage per truck indicate that we’re on the right track.
I have some good news and some bad news.... October is going to break some records, in a good way. Before we can get to October, we have to get through September, which broke a record in a bad way.
What To Expect From Episode 140
September is our 4th month in a row with a loss, but I am pretty confident that streak is going to end with October. The freight market continues to struggle and so does our bottom line. Here are the numbers for September.
- Total miles ran– 103,808 (We essentially had one truck sitting in September)
- Deadhead miles– 7,021 (6.8%)
- Total revenue- $198,099.60
- All-in rate-per-mile- $1.91 (really bad, again)
Haulin Assets realized a loss of $49,554.61. We did finally sell Truck 01 and $23,001 of that hit the P&L as other income, so the true loss was slightly more palatable at $26,558.11.
There is a lot to digest in this P&L. Here are some of the things we discuss in more detail.
- Damages
- An extra payroll
- Hiring costs
- Work comp audit
- Maintenance and repairs
Normally this episode would be a financials episode, but I have had a crazy couple of weeks and am up against a flight and won't have time to finish the books for September before it's time to record. Last episode I mentioned that we have a bit of a change in the works and that's what we are going to talk about. Haulin Assets is going to bring dispatching in house.
What To Expect From Episode 139
Your 20 Dispatch has been with us since day 1 and has been a huge part of our business. I wouldn't know how to slide tandems if it wasn't for Jake. It just makes business sense for us at this point in our business to bring dispatching in house. We have known for a while this day would come and have been communicating about it for a while.
To make the transition easier on both of our businesses, we are going to do it over a long time. The plan is to transition 2 trucks per month for the next 5-6 months. That will allow us time to build good processes and it will prevent a big shock in Jake's business as well. If you are interested in using Your 20 Dispatch, give Jake a call or shoot him an email, his contact info is (208) 717-1681 or jake@your20dispatch.com.
Here are a few of the topics we touch on:
- Minimizing driver impact
- Sharing workload
- Learning process
- Future podcast episodes
- Handling direct shippers
This is a bitter sweet change. In the long run, I think it will be good for our business and great for the podcast.
"Many a Mickle Makes a Muckle" is an old Scottish phrase. It was popularized in the United States by George Washington, but he actually got the phrase wrong. I'm not going to explain how here, to learn about his mistake, listen to the episode. The phrase basically means many little things make a big thing, or many little changes will have a big impact. If you want to hear the phase being said with a Scottish accent, click here.
What To Expect From Episode 138I think this is a great episode with some really good wisdom. I hope you like it as much as I do. Many a mickle makes a muckle is probably more true in the trucking industry than any other. Money is made from pennies on the mile. Lots of pennies and lots of miles add up to something big.
If you have been following the financial episodes, you know that the last several months have been a real financial struggle for Haulin Assets. There is no silver bullet to solve this problem. Fixing it is going to take a lot of little tweaks and changes that together will have a big impact on our bottom line.
Over the last couple of months we have been working on making those tweaks. Here are some of the little changes we have been or will be making to realize the big impact we so desperately want to have.
Changes we are already making:
- Regular visits to customers
- Shaving costs off our fuel expense
- Management driving more often
- Revisiting how and where we get tires
- Getting our vendors on 30-day terms to improve cash flow
- Being more deliberate about all our expenses
- Load analysis
- Following up on warranty claims
- Staying on top of our A/R
Changes we are are in the process of implementing:
- Reducing the down days of our trucks (I hope this will be on the larger side of an impact)
- Getting some direct shipper backhauls
- Being more efficient in the office, maybe use a TMS (Transportation Management System)
- Doing minor repairs and maintenance ourselves
- Constantly reevaluate all we do
- Consistently find time to work on the business, instead of just in the business
We have a bigger change that is likely to happen in the not too distant future, but there are some pieces that need to fall into place before we are ready to make an announcement. Stay tuned!
Making lots of little changes is hard. It requires patience, dedication and a willingness to be deliberate in all you do. That is not easy, but people who are willing to do that are usually the people who are successful. Jump on the wagon with us, let’s go down this path together and work diligently on solving this problem.
Impact TipGo find many mickles. Lots of little changes can have a big impact on your business. Go find a bunch of little things you can do to improve; that together, will have a big impact.
I start off this episode talking about an overside load crash here in Utah that could have been catastrophic. It was a totally preventable crash and resulted because of what I would call extreme negligence. It's an interesting story and one of those situations where we should all learn from someone else's mistakes. It is easier that way.
What To Expect From Episode 137
It was another tough month, but I am seeing more and more signs that we are turning the corner. I have my fingers crossed that we are almost to greener pastures.
- Total miles ran– 100,053 (Less miles, two trucks sat the entire month)
- Deadhead miles– 7,421 (7.4%, about the same as last month)
- Total revenue- $199,337.87
- All-in rate-per-mile- $1.99 (bad, but $0.13 better than last month)
Haulin Assets realized a loss of $25,755.42.
Here are the things we dive a little deeper into on the P&L:
- Fuel, it's getting bad again
- Work comp, we are playing catchup from an audit
- Maintenance, lots of tires
- Oregon use tax
- Repairs, highest number I remember seeing
National Truck Driver's Appreciation Week is almost upon us, so we thought it would be a good time to do an episode that is a tribute to the truck drivers of America. Before we hit the main topic I talk about my most recent trip on the road taking a load to Phoenix. Let's just say it wasn't the most smooth run I have ever done. You'll have to listen to the episode to hear all the juicy details.
What To Expect From Episode 136Trucking is one of the most demanding and important jobs in the United States. This is one of the best times of the year to show our appreciation for what drivers do because this Sunday, September 10th, is the beginning of National Truck Driver’s Appreciation Week. The American Trucking Association’s theme this year is, “Miles of Gratitude”. What do you think that means? We have some ideas that we share during the episode.
The trucking industry is one of the most critical industries in our country. Without us the economy would grind to a halt within a matter of days. Here are some cool statistics that came from the American Trucking Association:
- $940.8 billion in gross freight revenue from trucking, that is 80.7% of the nations freight bill in 2022.
- 46 billion tons of freight hauled, that is 72.6% of the total domestic tonnage shipped.
- $29.12 billion paid by commercial trucks in federal and state fuel taxes in 2021.
- 48 billion miles traveled by single-unit and combination commercial trucks in 2021. That’s 3,521 trips to the sun.
- 62 billion miles by combination trucks, tractor and trailer.
- 750,000 active motor carriers.
- 8% operate 10 or fewer trucks.
- 7% operate 100 or fewer trucks.
- 54 million truck drivers
Craig and I also talk about some of the things I really like about driving and what we appreciate about truck drivers. If you ever have any doubt about how important trucking is, just look at what happened to trucking verses many other industries during the COVID pandemic. We share some pretty cool comparisons that should make any truck driver proud.
To Larry, Trudy, Tyler, Shelly, Jeanie, Thomas, Paula, Charles and Joel, the current Haulin Assets team of drivers and to the rest of you 3.54 million drivers out there my family and I would like to thank you from the bottom of our hearts for all you do to help this amazing country be what it is. Thank you!
One of the most challenging things for me to do when I was on the road was to maintain good health and fitness. Especially during the winter. My recent trip was a good reminder of that and I want to share some of the things I do while I am on the road.
What To Expect From Episode 135 Health and fitness can mean a lot of different things, during this episode Craig and I are going to focus on 3 different aspects nutrition, mental health and fitness. The biggest keys to be successful in any one of these areas, is to first prioritize your time on the road and second to think ahead and plan.
As we discuss on the podcast, my priorities while on the road are:
- Delivering my load safely and on time.
- A) Administrative business tasks 2B) Fitness
- Sleep
- Time preparing meals
There are things, like my family and my mental health that are important to me that aren’t on the priority list. That is because they are things I can do while driving, so I don’t feel like they compete as much for my time.
Nutrition
The hardest part of eating on the road...
Head here for the full show notes.
Another tough month. June, July and August are some of the harder months of the year. The months with losses are really getting old. It can be discouraging. The economy and the freight market have always had peaks and valleys, good times and bad times. That is predictable, we know we are currently in a valley, but we also know it will get better and we will see good times again.
Meramec Solutions is the sponsor for this episode. If you have any need to hire drivers, they are a great option that we have used several times at Haulin Assets. We have had great success using them. You can learn more by visiting their website, click here. It never hurts to give them a call to see if they are a good match for your needs.
What To Expect From Episode 134 How do you get through the hard times? If you have listened to this podcast very long, you know I am in the Utah Army National Guard. I had drill over the weekend and as part of it, did a 6 mile ruck march carrying 35 lbs of gear in the mountains of Utah. That weight isn’t really that bad, I have done much worse over much longer distances with a lot more weight, but it reminded me of some of the harder rucks I have done. How do you get through those when your body is screaming at you and you just want to be done, you put one foot in front of the other, and that’s what we are doing now. It’s not fun, but it will end at some point and life will get better. Perseverance brings rewards.
- Total miles ran– 105,356 (More trucks on the road, but less miles. Several drivers to more time off than normal, it’s July)
- Deadhead miles– 7,949 (7.5%, on the high side, have to drive further to find loads)
- Total revenue- $196,152.07
- All-in rate-per-mile- $1.86 (really bad)
Haulin Assets realized a loss of $11,890.75.
Items we cover about the P&L:
- Maintenance and many more tires
- IFTA and use taxes
- Repairs
Let’s pray this doesn’t last much longer.
On a positive note, we did just finish up a load for a new shipper and it went well.
Check out today's sponsor, Meramec Solutions: https://meramecsolutions.com/hirenow
It’s no secret that trucking is really tough right now. That fact has caused me to do a lot of thinking lately about what can I do to help get Haulin Assets in a healthier place. One of the things I decided to do was look at the loads we have been hauling to see if I could find any positive or negative trends that we could improve on. In this episode, Craig and I are going to take a look at what I have found.
What To Expect From Episode 133
Anytime you hear the word analysis you have to get excited because you know there is going to be a spreadsheet involved. First thing I did was went into our accounting system and pulled a report of all the loads we did in April, May and June of this year and exported the data to a spreadsheet. The spreadsheet included:
- Broker's name
- Date the load was delivered/invoiced
- Invoice amount
- Then I added the following items for each load:
- Loaded miles
- Deadhead miles
- Total miles
- Direction of travel (Outbound, east to west, or other)
- Direct Shipper or Broker
Once I did that, I singled out all the shippers and the brokers we hauled at least 4 loads for. They are who I wanted to focus on. Then I did some spreadsheet wizardry with some formulas to calculate the following for each company I had singled out to determine:
- Percentage of loads hauled
- Percentage of revenue
- Percentage of miles
- Loaded rate per mile
- Total rate per mile
I lumped all the remaining loads into one category and calculated the same items for that category. I'm going to call that category "Everything Else" and use it as our average. You can download the spreadsheet I used here. I changed all the brokers and shippers names to something generic.
Taking a look at our loads and our relationships at such a detailed level was very insightful. There were a lot of lessons learned that are going to result in some changes we are making. Craig and I talk a lot about what those lessons and some of the changes we are going to make during the episode, so be sure to listen. I think an exercise like this can benefit any business. Some self-reflection is always a good thing.
Check out today's sponsor, Meramec Solutions: https://meramecsolutions.com/
The roller coaster continues. We were pretty high last month, that means we're pretty low this month. Before we dive into the numbers Craig and I talk a little about some analysis I have been doing on the brokers and shippers we have been hauling the most for. I think it is going to help us focus in on relationships we want to develop and others we might want to let go. I think you'll see an episode on this subject in the next couple of months. We got Truck 12 on the road in June, that's exciting.
What To Expect From Episode 132
I’m glad I didn’t get too comfortable making a profit. We definitely swung the other way this month.
- Total miles ran– 109,092 (Record, 10.25 trucks, 10,643 miles per truck. Not bad.)
- Deadhead miles– 6,837 (6.3%)
- Total revenue- $200,773.11
- All-in rate-per-mile- $1.90 (I removed Truck 12’s numbers from this, because the mileage was out of proportion with the revenue since it started at the end of the month)
Haulin Assets realized a loss of $23,461.08. There are several things that made the loss as bad as it was. Rates still suck, that is probably the biggest issue. Close behind is that we added Truck 12 in June.
Here are some of the P&L items we discuss during the show:
- Why payroll expense was so high
- Fuel was $6k more than May and was 33.4% of revenue
- Maintenance was high
- Tow bill for truck 08
- About $2k in expenses getting 12 on the road
In business you have to expect the unexpected and sometimes you get pleasantly surprised. After months of disappointment, a good surprise was a breath of fresh air and put a smile on my face. By no means are we out of the words yet, but I am starting to get more and more confident we have hit bottom and may even be on our way back up.
What To Expect From Episode 131
For the first time in a while I am excited to show the numbers to everyone. So, without further delay:
- Total miles ran– 102,460
- Deadhead miles– 8,361 (8.1%, higher than it has been)
- Total revenue- $227,809.76
- All-in rate-per-mile- $2.23 (I don’t think June is going to be as good, but it should be better than April was)
Haulin Assets realized a profit of $46,444.56. The best profit number we have seen since early 2022. Again, I think there were a lot of aligning of the stars that made May look better than it realy was, but I’ll take it. Hopefully this is the beginning of the upward climb, it’s going to be a slog, but as long as we are moving in the right direction, I’m okay with it taking a bit to get to where we want things to be.
Here are some of the things we discuss in more detail as we breakdown the P&L Statement:
- A negative number in damages, how does that happen?
- Fuel was 27.2% of revenue, the best we have seen since the beginning of 2022 and in the normal range. Fuel prices seem to be stabilizing a bit.
- Hiring cost of $1,000
- If you remember last month, WC was high because of a Down payment for a new policy, we ended not having a payment this month, for some reason and we also received a refund from our old policy.
- Everything else was pretty vanilla
FuelStream can help you save money on fuel! One thing I have always been pretty sensitive about on this podcast is making the podcast feel like it is a promotion for some of my other businesses because that is not the point of the podcast. I feel like we have done a pretty good job of that, up until now. This episode is going to be a bit of a shameless plug for a business under the Motor Carrier HQ family that we have not talked about. And you know what, I feel really good about doing it because I think this is a service that can be super beneficial for just about anyone out there.
What To Expect From Episode 130 The FuelStream system has been in the development for over 2 years and has come about because of my time on the road and the challenges of keeping my fuel costs as low as possible. When I was driving I found that it took too much time and was way harder than it needed to be to save money on fuel. During this episode we bring on two guests, Raff and Christian from FuelStream to discuss how the FuelStream system, an app and card can help you save money on your fuel expense. Here are some of the things we talk about:
- Speed and acceleration
- Idling
- Negotiating fuel pricing
- The monthly and per gallon savings will blow your socks off
- Easy and effective fuel planning using the FuelStream App
- The card teams up with the app to make it easy to find the best fuel prices you have probably ever seen
Don't just take our word for it, we also bring on some clients and listeners who share some of their experiences using the FuelStream system. Special shout out to Jason and Kim, Doug, Corey and Kent for sharing their experiences with us. And a big thank you to all the FuelStream clients who have been with us the last couple of years as we have built FuelStream into what it is today. Sometimes it isn't easy being the guinea pig but you all have helped us build something that we hope will help many more people and we can't thank you enough.
Raff mentioned a special offer to the Haulin Assets family where you will get a $50 rebate after you use the card for the first time. More details are available by clicking here and filling out the contact form and entering promo code: PODFREE50. You can also call (385) 264-7610 to learn more.
Craig and I start off this financials episode by talking about one of the things that has the biggest impact on just about any business's financials, sales. We have been doing some work to get more loads directly from shippers. Building new relationships with shippers is all about sales. We talk about the sales funnel and how sales is a numbers game. Every healthy company does some kind of selling and we hope you learn something new from this discussion.
What To Expect From Episode 129
I'm feeling like a broken record. The freight market continues to be tough and our numbers are not fun to look at, but sticking your head in the sand like an ostrich is even worse. Before we jump into the numbers Craig and I discuss a couple of the things that help get through the challenging times. It's a good discussion and worth listening to, especially if you are like me and could use something to help you refocus.
- Total miles ran – 97,331
- Deadhead miles – 5,239 (5.4%, not bad)
- Total revenue - $177,508.38
- All-in rate-per-mile - $1.82 (The worst we have seen in years, probably since I was driving)
Haulin Assets realized a loss of $8,221.70. No sugar coating this month. May is going to be more of the same, but things did get a little better towards the end of the month. Not sure yet if that was temporary because of Memorial Day or if it will turn into a more permanent improvement.
Impact Tip
Build the leads in your funnel. Find at least 10 shippers you call to get your funnel started. Once you have gone through them, reevaluate and improve your process and do it again.
Before we dive into the past, present, and future of the freight market, we talk about a big change we made . We hired an operations manager. It is a huge step for a company like ours, especially as small as we are and considering the freight market we are in. Craig and I discuss why we thought this was a smart decision, even though on the surface, it may seem like a dumb one.
What To Expect From Episode 128
The freight market has been really tough for a year. When is that going to change? In this episode, Craig and I discuss some of the factors that drive the freight market, what usually makes it change, and when we think that it will start to turn. We finish off the episode by talking about the two key things any trucking company needs to focus on to get through times like this.
Full show notes (with charts!) at https://haulinassetsllc.com/
We had one truck sitting for the entire month of March, that definitely had an impact on things. The infamous egg load occurred around the end of the month. It will have more of an impact on April's numbers than it did in March. Needless to say, March was an eventful month. We talk all about it during this episode. Make sure to give it a listen.
What To Expect From Episode 127
The tough months keep racking up. With that being said, it could have been worse, we were positive and at least moving in the right direction. The weather was a bit better in March and so far April has been much better. I'm done with winter. Here are the numbers.
- Total miles ran – 99,992
- Deadhead miles – 6,736 (6.7%, creeping up, indicator of a tough freight market)
- Total revenue - $201,659.00
- All-in rate-per-mile - $2.02 (The worst we have seen in years, since the start of COVID)
Haulin Assets realized a profit of $9,848.55. I am actually surprised we made a profit based off the average rate per mile. Our direct shipper relationships are making a difference. An owner operator could probably survive in a market like this working only off the spot market, but anyone with employee drivers I don’t think would be able to. We're keeping our hook in the water so we'll be able to take advantage of a stronger market when the fish are ready to bite.
Website: http://bit.ly/haulinassets
Facebook: https://www.facebook.com/haulinassetspodcast/
iTunes: http://bit.ly/ha-itunes
Google Podcasts: http://bit.ly/ha-google-podcasts
Stitcher: http://bit.ly/ha-stitcher
Motor Carrier HQ: http://bit.ly/motor-carrier
If you are trying to grow a fleet of trucks, I can just about guarantee your biggest challenge is hiring good drivers. With a nationwide shortage of about 80,000 drivers and a driver turnover rate close to 100%, hiring and keeping good truck drivers is extremely difficult. How does a growing carrier not have their lunch eaten by the big guys when it comes to recruiting? That's what we'll cover in this episode.... After we talk about a recent load of eggs we hauled that had some challenges and ended up with a big mess to clean up.
What To Expect From Episode 126Finding the type of drivers we look for at Haulin Assets has always been a challenge. That challenge got a little easier when we started working with Jake, our guest on this episode, and he helped us start recruiting on Facebook. Here are some reasons to use Facebook as a recruiting tool:
- 96% of truck drivers have a Facebook account
- On average, Facebook users spend 33 minutes a day on the platform
- It's the #1 platform for user engagement
- 73% of seekers found their last job through social media
Here are the general topics we cover:
- What is currently generating interest in your positions and how do you leverage that?
- What needs to be in place before launching ads, i.e. Facebook Business Manager, Facebook Ads Manager, etc?
- Who is your target audience?
- What content do you need to create and the basics of how to do it.
- How many applicants do you need?
- What is your plan after launch?
Best Practices
- Make ads mobile friendly
- Use images and video
- Have patience
- Driver testimonials are gold
- Use web automations to increase the speed to contact
- Facebook is a piece of the pie
Common Mistakes
- Failure to declare your ad as a “special ad category”
- Poor image sizing
- Using stock images
- Not running ads through the Ads Manager
- Not staying up to date on policy changes implemented by Facebook
Check out Meramec Solutions here
Being financially smart is less about intelligence and more about having a plan and being disciplined. I think being a rocket scientist verse running a marathon is a good comparison. Having a high financial IQ is more akin to preparing for a marathon than being a super intelligent person. Not everyone is going to have the intelligence necessary to be a rocket scientist, but I think just about anyone can get to the point where they can finish a marathon. It might take years to get there, but if you have the desire and discipline, almost anyone can run a marathon. Anyone with the desire and discipline can be financially smart and gain financial freedom can do it, but in almost every case it will take a good portion of your lifetime to get there. In this episode Craig and I are going to cover steps anyone can take to be financially smart and eventually gain financial freedom.
What To Expect From Episode 125One of the first books I ever read that had a big impact on my financial IQ is an older book called, "The Richest Man in Babylon" by George S. Clason. It's a great book, that teaches simple financial principles that are easy to understand and he does it in an entertaining way. You can learn more about it by clicking here. Most of what we are going to talk about is not trucking specific, but we will try to relate some of it to owning a trucking company. Here are some of the principles we'll cover during this episode:
- Believe YOU control your own destiny (This is one of my own principles and I think it is the most important, listen to learn why)
- Increase your income
- Manage your expenses
- Reinvest your earnings
- Is your home an investment? (My answer to this question might surprise you.)
Things have been a little hectic for me the last couple of weeks. That means this episode is not as robust as I would have liked. There is some great info in it, so I think it is definitely worth a listen.
What To Expect From Episode 124
February ended up being better than I thought it was going to be, but definitely not a good month. At least we didn't lose money. Craig and I dive into how things went this month. I also talk a little about insurance because our insurance renewal is coming up in April. Less than a month away by the time this episode posts.
- Total miles ran – 83,391
- Deadhead miles – 4,142 (5.0%, Decent)
- Total revenue - $184,606.48
- All-in rate-per-mile - $2.21
Haulin Assets realized a profit of $7,279.94. The P&L for the month was fairly bland, but there are a few specific things about it that we go over.
I have been asked to do an episode on how we spec our trucks by several listeners, so here you go. It's a complicated topic full of lots of different opinions and there is more than one way to skin a cat. I would love to hear your opinion on things, comment here or on the Facebook post for this episode. We have now purchased 9 brand new trucks from two different dealers and two different makes. We have learned a lot along the way, but as I have prepared for this episode I have learned even more. I challenge you to never have the mindset that what worked for you yesterday is good enough for you today because trucks are constantly changing. This is a topic that a good owner will never stop learning about. Stay on top of the technology. As engines change, the best gear ratios change, etc. I hope you like the episode and learn something new.
What To Expect From Episode 123
As I mentioned, speccing a truck is something everyone has an opinion about and they are all different. It's good to do your research so you can make the best informed decision possible. This is one area of your business it is good to spend a little extra time on to make sure you get it as close to right the first time as possible. There are a few things we did differently on our 2nd and 3rd new trucks than we did on the first new truck, like ordering a TV mount and inverter from the factory. Doing them aftermarket was just a pain.
Here are the main topics we are going to cover:
- The engine
- The transmission
- The rear axle
- Items that affect the weight
- Driver comfort
- APU
- Extended warranty
Below you can see the document from the dealer that has exactly how our most recent trucks are specced. It's just some light reading, great to help put you to sleep.
We had one of our best months in quite a while, but honestly, I am a bit disappointed. I though it was going to be better. Right at the end of the month, I-80 in Wyoming was shut down for several days because of weather and a big 50 vehicle pileup. That resulted in several of our loads that should have delivered in January being delayed and not arriving at their destination until the beginning of February. On a positive note, that will probably make February's numbers better than they would have been. If you haven't ever used this website, check it out. It is a good way to see what is happening on the major roads in Wyoming.
What To Expect From Episode 122We had all 10 trucks running in January for the first time. In fact, it was the first time in over a year that we have had all of our trucks running for an entire month. What does that mean, we broke some records. Check it out:
- Total miles ran – 101,915 (Record, but weather had a negative impact)
- Deadhead miles – 5,739 (5.6%)
- Total revenue - $215,780.06 (Record, but should have been $20k higher)
- All-in rate-per-mile - $2.12 (Yuck!)
Haulin Assets realized a profit of $21,131.69. Our saving grace was that we had all trucks running for essentially the entire month. The longer I have been doing this the more I realize that we need to have the wheels turning as much as possible. A sitting truck is a money pit.
Whether you are an owner operator or a fleet owner, Worker's Compensation or Occupational Accident Insurance is something you will have to deal with. They are two different types of insurance, that are for a similar purpose. The basic concept is the same from state to state, but each state has some differences. Make sure you figure out what your state's differences are so you follow the law. A good place to start is your state's office that oversees this type of coverage, you can find their contact info here. Having one of these types of insurance usually is the law and most states audit it.
What To Expect From Episode 121According to NIOSH (The National Institute for Occupational Safety and Health), Worker's Compensation Insurance is used to provide partial medical care and income protection to employees who are injured or become ill from their job. The concept is simple, the rules behind it are not. If you or one of your drivers is injured while working for your business, this type of insurance will help cover some or all of their medical expenses and typically give them a small wage while they are not able to work.
We'll cover a lot of details during the podcast, but here is the bottom line. Most states require you have either Worker's Compensation or Occupational Accident Insurance if you are an owner operator. If you have employee drivers, you typically have to purchase Worker's Compensation Insurance. As an example, the way Utah works, if you are an owner operator, you can opt out of worker's compensation by paying a $50 annual fee, submitting a waiver form to the Utah Labor Commission and showing proof that you have Occupational Accident Insurance, which is cheaper, but will still cost you money and provide some coverage.
One of the big topics we cover is how much the insurance costs and that answer varies, A LOT. Worker's Compensation for a truck driver is way more expensive than it is for an office worker. The type of work you do is the biggest determining factor, the other two main factors are how much you pay in wages and the number of claims you have had. If you are a brand new company, they use a generic factor to calculate the claims part. We cover this in more detail, so be sure to listen.
Some other good options for learning more about Workman's Compensation and Occupational Accident Insurance include:
- Your truck insurance agent, they can usually get you the coverage and tell you all about it.
- Search Engines. Google is pretty smart, google worker’s compensation in (put your state here) or Occupational Accident Insurance in ..... and you will learn a lot.
- Your state's Division of Insurance
Don't try to skirt the system. If you don't follow the rules you can get fined or sued. Worker's Compensation coverage is one of the biggest reason companies that try to use 1099 contractors instead of employee drivers get sued by their drivers.
Impact TipGet your hook in the water. This impact type is brought to you by Chet, my much smarter than me brother. People have been asking a lot if now is a good time to start a business. The answer to that question depends on you. I would say your success in starting a company is 80% you and your preparation and 20% the economy and other factors out of your control. I have seen people start trucking companies when the economy is down and freight rates are terrible and succeed. I have also seen people start a trucking company when the economy is booming and freight rates are awesome and fail. The owner’s ability and their preparation are the difference maker. If you are prepared and ready, do it. If not, wait. There is one thought I would like to add to that for you to consider.
Do you like fishing? When you are fishing you want your hook in the water when the fish start biting. If you wait unitl the fish start biting to find your rod, get all your gear and bait your hook, by the time you are ready and cast your hook in the water, you will have already missed some or all of the action. To catch a fish, you hook must be in the water.
When I first pulled the profit and loss statement for this month, I was disappointed because the profit was lower than I was hoping. Then I dove into the numbers and felt much better. All-in-all, this is actually one of the best months we have had in a while. Craig and I will go over all the details so make sure you listen to learn what made the difference.
What To Expect From Episode 120
We start off the episode by talking about a driver we let go at the beginning of the month. We learned some lesson that we'll discuss that will hopefully help you avoid some of the same mistakes. Here are the highlights for the month.
- Total miles ran – 80,998 (A new record, celebrate the wins)
- Deadhead miles – 4,937 (6.1%, Decent)
- Total revenue - $194,233.65 (Much better than the last two months, also a record, but we need to keep working on pushing that number higher)
- All-in rate-per-mile - $2.39 (Getting closer to being respectable)
Haulin Assets realized a profit of $7,746.33. Not where we want things to be, but when we break down the P&L you will see why, the number is really better than that.
Overall, I would say this was our best month in quite a while, especially considering Christmas week and that rates really were not that good for a December, really for any month, let alone December. We also had quite of few anomalies this month that we talk about during this episode.
This is an episode, comparing the profitability of a new semi-truck verses a used rig has been a long time coming and is one people have been asking for. I have been super excited about doing this since the early days of Haulin Assets. This was an eye-opening deep dive into profitability for me and to say the least, I am pretty shocked with the results, the difference was bigger than I thought it would be. I have some really good data and hopefully you feel like it has been well worth the wait.
What To Expect From Episode 119
Everyone's situation is different so we are not going to answer this question for you. We are going to give you some really good data and analysis to help you make the right decision for yourself. You are going to have to listen to the episode to get all the details. I highly recommend you listen to it while following along with the P&L below, it will help things easier to understand.
Here are some of the most interesting topics we will be covering.
- The difference in fuel expense. This one really surprised me.
- Insurance
- Interest on loans
- Maintenance
- Repairs
- Operating Income vs Net Income
- Depreciation. We take a bit of a deep dive into this one.
We also cover some pros of new trucks and some reasons it might make sense to buy used.
Every month that goes by I tell myself we are closer to getting through this rough patch. I am really optimistic that we are either at the bottom of the valley or very close to it and by March of next year we will be climbing out to better times. I'm not sure how steep that climb will be, it may be gradual, but at least we will be moving in the right direction.
What To Expect From Episode 118
We start off the episode by talking about some recent meetings we had with shippers and some of the lessons we learned. Make sure to listen because it will have some really good information for any owner operator or fleet owner. November was better than October and I think December will be better than November. Craig and I talk through the numbers for the month, but here is a snapshot.
- Total miles ran – 77,557 (Close to our best month, but still not where it should be)
- Deadhead miles – 3,162 (4.1%, really good)
- Total revenue - $169,215.25 (Much better than last month, but still almost $20k down from our high)
- All-in rate-per-mile - $2.18 (Still tough, but slightly better than it was last month)
Haulin Assets realized a profit of $5,015.91. Not where we want things to be, but better than a loss. With 9 trucks running, I would like to see that number consistently over $30k.
A couple of the things we talk about regarding the P&L are:
- A $2,000 hiring expense
- Fuel, 45% of our revenue, yikes!
Impact Tip
Go talk to 5 new shippers within the next two weeks. When you meet with shippers you are doing sales. I have a lot of experience in sales and sales is a numbers game. For example, for every 10 phone calls you make, you may get 3 face-to-face appointments and out of those you may get 1 sale. A big chunk of sales is having the discipline to make the "cold calls", set the appointments and meet with people. If you do that consistently, the sales will come.
To start off the episode I tell a story about a problem I have never faced with one of our loads and answer a question I get asked all the time by people who are in the process of starting a trucking company. After that, Craig and I talk about the crazy month of October.
What To Expect From Episode 117
October was another tough month. We had two trucks sitting and a third truck that only ran about half as many miles as it should have. That put us nearly 25,000 miles short of where we would like to be and was the biggest impact on our P&L. Here are the numbers:
- Total miles ran – 63,455 (Significant drop)
- Deadhead miles – 4,495 (7.0%, highest we have had in a while)
- Total revenue - $134,281.24 (Lowest in 8 months)
- All-in rate-per-mile - $2.12 (Significant drop, lowest it has been in a really long time. Freight rates were just not good in October. I don’t have November numbers yet, but I am pretty confident November was better, especially the latter half of the month.)
Haulin Assets realized a loss of $20,825.09. Two months in a row with a loss. Is the sky falling? I don’t think so. I think all in all we can get by as long as we don't average more than one truck off the road. Hiring drivers in a timely manner is crucial. Craig and I dive into the two main reasons I feel like we had such a big lost, a low number of miles and a freight market that is struggling.
We also talk about a few expenses on the P&L that were outside of normal.
- Fuel
- Adding Truck 09
- Maintenance and repairs
- IFTA
My favorite episodes are ones where I feel like listeners get some good nuggets of wisdom out of them. I think this is one of those episodes. You are probably expecting a financial review for this episode, but we're not ready and you'll get something else. Instead, we tell an interesting story from the road and we review a book that can be life changing, if you embrace it's principles.
What To Expect From Episode 116 I have been talking about the incident that I haven't been ready to talk about for two months, well, I am ready to talk about it. Craig and I discuss a significant issue that occurred with one of our trucks and drivers in September. You'll want to listen to this episode just for this story. On top of that, there is an abundance of good content about a book I just finished that I really loved.
I recently finished listening to an audio book that I feel like I really relate to, and it is full of lots of great lessons anyone can learn from to make their life better. The book is "Can't Hurt Me: Master Your Mind and Defy the Odds" by David Goggins. David is a retired Navy Seal and one of the best endurance sports athletes in the world. His life experience and how he views our existence is inspiring and there are lots of lessons we all can learn from the book to make us better at all aspects of our lives. He also issues 10 challenges that we can follow to help us along a path of perpetual improvement. Below I list 6 of my favorite lessons and challenges from the book. I encourage you to read or listen to it. You can learn more about it be clicking here. Comment on your favorite lessons once you have had a chance to pick it up.
- Life is not fair, don't use that as an excuse and let it hold you back.
- Create an "Accountability Mirror". It will help you be self-aware and hold you accountable to achieve self-improvement.
- Get out of your comfort zone.
- Be willing to work harder than the next person.
- Remove the governor in your brain.
- Be uncommon.
Craig and I talk about these 6 lessons and challenges and why they stuck out to me. I hope you read the book and enjoy it as much as I did.
Managing your Accounts Receivables well so you are paid promptly by your customers can be the difference between operating smoothly and being tight on cash. We recently had a glitch in our accounting system that prevented a bunch of invoices from being sent out. We didn't notice the problem for several weeks, which delayed payments and almost caused us to have to dip into our savings account so we had money to operate. It was a good reminder that in business invoicing clients and staying on top of your receivables is extremely important. So here you go, I hope you like it.
What To Expect From Episode 115 If you have listened to this podcast for very long, you probably know that I also own a factoring company, iThrive Funding. Factoring companies are usually pretty good at managing receivables and I think iThrive Funding does an exceptional job at it. In this episode, Craig and I bring in a guest, Farrah, from iThrive Funding to help share some of the best practices iThrive uses to keep its average days to pay low. Here is a snapshot of what we cover.
The Process 1. Gather the paperwork and create the invoice 2. Make sure the invoice and accompanying paperwork are sent to the right place (This is the number one mistake people make) 3. 7 Days after the invoice is sent, send an email that confirms they received all the paperwork and that they have all the info the need to send a payment 4. 25 Days after the invoice is sent, send an email asking for a payment status 5. 35 Days after the invoice was sent you should have received the payment, if you haven't make a PHONE CALL to see what is going on 6. Call every other business day until you have a resolution
Tips and Tricks * Identify issues early, step 3 is the key * Make sure you are sending the invoice to the right place (We explain this one in detail so make sure you listen) * Make sure all the paperwork is in order, common issues include: + Missing pages of the bill of lading or rate confirmation + Scans or pictures of paperwork that are difficult to read + Missing signatures + Missing BOLs (Bills of Lading) when there are multiple drops + Unresolved claims, shortages, etc
Free Credit Checks iThrive Funding is offering a free version of credit checks. The website to get the credit checks can be accessed by clicking here. Before you can use the system you have to get in contact with Farrah by calling her at (385) 430-2315 or you can send her an email at farrah@ithrivefunding.com. She will get you the login information you will need and give you some tips and tricks for using the system.
Impact Tip Do something today that will strengthen your personal finances. Why do you put your oxygen mask on before your child’s, even though it is kind of counter intuitive. If you don’t take care of yourself first (If you’re not strong) you can’t help anyone. Same goes for finances. Your personal finances are the adult and your business is your kid. If you can’t manage your personal finances, you aren’t going to be able to manage your much more complicated business finances. If you have bad personal spending habits, your personal finances are going to bleed your business dry. Make sure your house is in order.
Another month has come and gone and it's time for a financial episode. It's a pretty interesting market right now and we start off the episode talking about that. I also mentioned a Soldier I work with who had an accident that is likely to leave him paralyzed from the waist down. If you are able to donate to help him and his family, it would be greatly appreciated. He has a Go Fund Me page you can access here.
What To Expect From Episode 114 BLUF (Bottom line up front), we lost money in September, it wasn't much, however we also had a lot of one off expenses that skewed our numbers a bit. We also had two trucks sitting for some of the month so revenue wasn't quite as high as it should have been. This month's P&L was pretty chaotic, Craig and I dive into the details and explain it all.
- Total miles ran – 78,386 (New record, but still not where it should be for 8 trucks, should be closer to 90k)
- Deadhead miles – 4,094 (5.2%)
- Total revenue - $187,637.46 (Record, but should be over $200k)
- All-in rate-per-mile - $2.39 (Drop from last month, but it is still better than average over the last 6 months)
Haulin Assets realized a loss of $5,326.76. This month was really just one of those months that was a sacrifice to the gods of the up and down trucking industry. A lot of things kind of came together, in not such a great way, this month and we lost money.
Here is a few of the things that impacted the P&L that we talk about.
- Bank charges, $2.5k in loan origination fee
- Damages, $12.5k
- About $10k in repairs and maintenance, a bit on the high side, but not crazy high
- $4.5k in HVUT (2290)
- $500 in travel, refer to the incident that has not yet been named.
Impact Tip Try to manage time off. October through December typically have the best freight rates of the year. Avoid taking time off during these months. I would much rather as an owner operator work hard through the holidays, and then take time off in January and February when rates are often at their worst. Same thing for drivers, try to work with them to limit time off in the 4th quarter and take it in the 1st. With that being said, don't sacrifice relationships for a few extra bucks.
Every once in a while it is good to be called on the carpet. A couple of months ago a listener did that and I really appreciate the time and thought he put into his comments. He put a bit of a novel into a Facebook comment about episode 105. You can find his original comment here. He had some nice things to say, suggested some things he thought we should do better and made some general comments about the podcast. Craig and I spent most of this episode addressing most of the points of his comments. I think that makes this episode another listener questions episode. Eric, this one's for you!
I feel like my head won't stop spinning. There has been a lot going on and to be honest, I think that is going to be the new normal for us until we can bring on another admin employee. At our size, we are on the cusp of being big enough to justify someone to help us out in the office, but we just aren't quite there yet. We'll probably be redlined until we get there.
What To Expect From Episode 112
Profitability has improved, but we are still struggling with cashflow. The loss we had last month and catchup from adding trucks 6, 7 and 8 in such a short period of time have really stressed our bank account.
- Total miles ran – 67,773 (About 10k less than our record last month, kind of low for 8 trucks)
- Deadhead miles – 3,095 (4.6%, really good)
- Total revenue - $170,655.41
- All-in rate-per-mile - $2.52 (Best month since March)
Haulin Assets realized a profit of $29,840.34. Our best bottom line number since March. I am hoping this trend continues. I think we are probably going to have some up and down months over the next couple of months, but I am hoping we have our cashflow smoothed out by the beginning of the year because I think the first quarter of 2023 is going to be tough.
Impact Tip
Always monitor your cashflow. Cashflow is different than profitability. A profitable company can still have cashflow issues. Any time you add a new unit to your fleet, it is going to have an impact on your cashflow, and you need to take that into consideration. Have a backup plan incase things don’t go as you planned.
Typically, you can make more money working for yourself than you can working for someone else, but doing so comes with challenges most people don't want to deal with. It it was easy, more people would do it. Growing a business is never easy and we have dealt with some pretty big challenges over the last couple of months. I want to share some of the experiences we have had and hopefully some of the lessons we have learned to help you manage some of these challenges as smoothly as possible.
What To Expect From Episode 111
Here are the challenges we will discuss in detail:
- We had to let a driver go, he is a great guy, but was just costing us too much money
- Fuel prices are really hurting the bottom line when freight rates, especially on the spot market, don't leave much wiggle room
- We have struggled to get financing for our next trucks, although we think we have it worked out through a lot of work
- Rates have dropped, we are working on direct shipper loads
July was a crazy month and this episode is jam packed with lots to talk about. In true trucking fashion, there were lots of ups and downs. Driver challenges, unexpected expenses, mistakes, a new revenue source and we'll talk about it all.
What To Expect From Episode 110
We lost money in July. July must be a tough month, out of curiosity I wanted to see when the last time was that Haulin Assets lost money, it was July of last year. There are a lot of factors that contributed to the loss and we'll talk all about them during this episode. There is a lot to cover, so buckle up.
- Total miles ran – 77,238 (The most we have ever run)
- Deadhead miles – 4,419 (5.7%, pretty good)
- Total revenue - $182,752.07 (Another record)
- All-in rate-per-mile - $2.36 (A little better than last month and I am pretty sure we will see it go up in August too.)
Even with all the records, Haulin Assets realized a loss of $17,562.75, this is why we saved money early this year and last year when we were making really good money.
This was another really cool episode for Craig and I. We got to talk with some of our listeners and hear about their experiences.
What To Expect From Episode 109
We asked each guest a version of the 8 questions listed below.
- Tell us about your story.
- What was the tipping point for you? When did you decide to take the plunge into ownership?
- What has been the biggest impact of listening to Haulin Assets?
- What has been your biggest challenge of starting and owning a trucking company?
- What has been the most rewarding?
- What is your favorite episode?
- What would you like to learn more about?
- If you could turn back time, would you do it all over again?
It's another listener questions episode! This is another fun one, where we let listeners ask questions that we answer for them. You probably have some of the same questions, so give the episode a listen. Everyone who had a question that was answered on the air got a free Haulin Assets T-Shirt. If you want one, you can order one here.
What To Expect From Episode 108 Here are the questions we answered:
Barry "Are there avenues to produce the same amount of income in a local delivery situation as opposed to over the road?"
Eldwin "Is it possible to buy or transfer someone's authority if they're retiring or getting out of their business?"
Darron "How does the timing of buying your first truck affect your success in starting your own company. Is the timing important?"
Kevin "The hiring market is extremely tight. Most of us out here are struggling with hiring drivers. What other tips do you have for hiring drivers?"
Tony "I've had my class A CDL since 1992 [been working construction since then], and I wanted to try find another way to feed my family. So I wanted to buy a rig, but the rigs are really expensive nowadays. What kind of advice can you give me?"
June 2022 made for the third tough month in a row for financials. With that being said, I am a bit more optimistic about July than I was about May or June. We also have a pretty exciting development that we are going to talk about. Listen to the episode and Craig and I will talk all about it.
Visit haulinassetsllc.com and motorcarrierhq.com
What To Expect From Episode 107
There is a lot going on in June's numbers that are not really apparent just by looking at the raw data. This is a good episode to listen to so you get a full picture. For starters, we had two new trucks come online in June and that impacted the numbers in several ways.
- Total miles ran – 64,759 (More than the last several months, because we had two new trucks run part of the month, but we also had a couple of drivers take a bit more time off than normal, summer vacations)
- Deadhead miles – 4,102 (6.3%, creeping up a bit)
- Total revenue - $142,631.51 (about the same as last month, but that includes about $22k in revenue from trucks 6 & 7)
- All-in rate-per-mile - $2.20 (Lowest it has been in a long time, so far July is feeling a little bit better, but that is just what my gut is saying, we will see the truth when the numbers come out)
Haulin Assets realized a profit of $7,207.19.
June 2022 made for the third tough month in a row for financials. With that being said, I am a bit more optimistic about July than I was about May or June. We also have a pretty exciting development that we are going to talk about. Listen to the episode and Craig and I will talk all about it.
What To Expect From Episode 107
There is a lot going on in June's numbers that are not really apparent just by looking at the raw data. This is a good episode to listen to so you get a full picture. For starters, we had two new trucks come online in June and that impacted the numbers in several ways.
- Total miles ran – 64,759 (More than the last several months, because we had two new trucks run part of the month, but we also had a couple of drivers take a bit more time off than normal, summer vacations)
- Deadhead miles – 4,102 (6.3%, creeping up a bit)
- Total revenue - $142,631.51 (about the same as last month, but that includes about $22k in revenue from trucks 6 & 7)
- All-in rate-per-mile - $2.20 (Lowest it has been in a long time, so far July is feeling a little bit better, but that is just what my gut is saying, we will see the truth when the numbers come out)
Haulin Assets realized a profit of $7,207.19.
Impact tip: Be careful out there ... or something!
This was a really cool episode for Craig and I. We got to talk with some of our listeners and hear about their experiences.
What To Expect From Episode 106
We asked each guest a version of the 8 questions listed below.
- Tell us about your story.
- What was the tipping point for you? When did you decide to take the plunge into ownership?
- What has been the biggest impact of listening to Haulin Assets?
- What has been your biggest challenge of starting and owning a trucking company?
- What has been the most rewarding?
- What is your favorite episode?
- What would you like to learn more about?
- If you could turn back time, would you do it all over again?
April and May are almost mirror copies of each other. We'll break down the numbers and talk about what went well for the month and what didn't. Trucking is a good business, but like every industry there are ups and downs and this month is a good example of that.
What To Expect From Episode 105
I don't think we have ever had two back to back months that look so similar. I don't think we could have replicated a month so perfectly if we had tried. The fact that things are so similar leaves me optimistic that we are near the bottom of the drop in freight rates. The main numbers are below. Listen to the episode and check out the P&L below for the details.
- Total miles ran – 58,859 (About 400 more than last month)
- Deadhead miles – 3,489 (5.9%, same percentage, 19 more miles than last month)
- Total revenue - $141,998.48 (491.02 less than last month)
- All-in rate-per-mile - $2.41 (.03 drop)
Haulin Assets realized a profit of $12,052.12. About $1,700 less than April.
We talk some more about fuel prices and the percentage of revenue that fuel is an expense. It has been interesting to track that way for the last several months.
Impact Tip
Be kind, it's good business. I have had an experience over the last several weeks that has really made me reflect on life. Listen to the episode to learn more. In honor of Grace G, who was an example of love and kindness towards all she met.
This is a fun episode, we let listeners ask questions that we answer for them. You probably have some of the same questions, so give the episode a listen. Everyone who had a question that was answered on the air got a free Haulin Assets T-Shirt. If you want one, you can order one here.
What To Expect From Episode 104 Here are the questions we answered.
Doug M. "What is your opinion on using a dispatch service for a 1 truck owner operator?"
Vanita J. "During your 1st year as an owner operator, did you update your data or did you have someone do that for you? If you did it yourself, what was your schedule for this task?"
Greg J. "It would be very helpful to breakdown the various owner/manager/administrative tasks and estimated weekly hours spent on each."
Trevor F. "With the price of fuel hovering around $5 in my area, what steps are you doing to try and reduce this expense as much as possible?"
What a difference a month can make. April of 2022 was nothing like March. Craig and I will dive into what happened and a little about what I expect to see in the next couple of months.
What To Expect From Episode 103
The peaks and valleys of trucking are not for the faint of heart. We went from our most profitable month ever in March to one of the least profitable, since we have been running multiple trucks, in April. We will talk about what happened. Fuel is on everyone's minds, as it should be, but I think that was the second most impactful thing on our P&L. Listen to the episode to learn more. Here are the numbers:
- Total miles ran – 58,404 (Record, but the records are going to end there)
- Deadhead miles – 3,470 (5.9%, Pretty Normal)
- Total revenue - $142,489.50 (Over a $30K drop, ouch)
- All-in rate-per-mile - $2.44 (Another big drop)
Haulin Assets realized a profit of $13,750.09. A pretty big drop as well, over $50K.
There is a lot going on in the economy right now so I thought it would be a good idea to provide an economic update that focuses on what small fleets and owner operators might expect and how to be prepared.
What To Expect From Episode 102
I'll give a summary of what we talk about in this episode here in the show notes, but you'll need to listen to hear all the nitty gritty details. The economy is experiencing a lot of uncertainty right now, which makes people nervous. You have probably experienced it yourself. However, I don't think the sky is falling. We talk about what is driving some of the freight rates and what I think is going to happen to them. We also talk about being prepared, speaking of that.....
Impact Tip
Be Prepared. It’s the Scout moto and should be yours too. How do you prepare, save money, control your expenses and don’t grow too fast.
Click here to tell us your story and enter to win prizes (including possibly $1,000)
We break all kinds of financial records this month. We have some fun with this episode and try to trick Craig with some trucking acronyms.
What To Expect From Episode 101
We hade all 5 trucks running strong for the entire month. By the end of the month we basically had completed 3 full years in operation and having our strongest month ever was a great way to celebrate. One thing that has a tendency to surprise people when they hear about how much money we are making is that we haven't taken a dime out of the company, other than a modest salary for Nate and I. We talk a bit about that and some other cool financial topics, including continuing the conversation about comparing expenses, specifically our fuel expense, to total revenue as a percentage. Doing so can be especially helpful at a time like this when fuel is going up super fast, we use this technic to see how much of a problem the surging fuel prices are, or maybe they aren't such a problem.... Tune in to find out.
First full month with all trucks running 100%, hence all the records.
- Total miles ran – 57,475 (Record)
- Deadhead miles – 3,124 (5.4%, Back to Normal)
- Total revenue - $174,594.90 (Record)
- All-in rate-per-mile - $3.04 (Pretty Good)
Haulin Assets realized a profit of $65,714.92. Another record.
We’re making an episode with listener's questions and stories about how listening to the podcast has helped them be successful. Everyone who submits a question and/or story will be entered in a drawing to win a $100 gift card. If your question or story makes it onto the podcast you will get a free Haulin Assets T-Shirt and be entered into a drawing for a $1,000 gift card. Go to Episode 100’s show notes at haulinassetsllc.com to submit a question and/or story.
Holy Cow!! I can't believe we have made it to our 100th episode. It also falls right on the 3 year anniversary of Haulin Assets. Time has flown by and it has been a wild, but extremely fun and satisfying ride. We are going to spend the next several episodes celebrating our success. Speaking of success, that is what this episode is going to cover.
What To Expect From Episode 100
I have been doing a lot of thinking over the last several weeks about all that has happened over the last three years. We have experienced a lot of success and I thought I would share what I think have been the 10 keys to our success. Craig and I will go into some pretty good detail about each of these keys. Hopefully they can help you in your business.
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Financing Was Critical
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We Limited Our Risk And Got A Warranty
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The type Of Trailer We Have Is Critical
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Managed Our Expenses
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We Took Compliance Seriously
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Our Relationships Are Important
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Longer Runs Have Been More Profitable
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We Have Treated Our Drivers Well
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Our Business Is Built On A Sound Financial Foundation
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We Have Been Persistent and Endured
Impact Tip
Think like an owner. Everything we talk about in this episode really boils down to thinking like an owner.
The war in Ukraine has been fascinating to watch. Seeing how the Ukrainians have stepped up and how badly Putin has messed up is one of the most interesting things I have seen in a long time. The war in Ukraine has made me do a lot of thinking and I notice myself trying to take lessons from what I am watching and applying them to business.
A famous saying in the military is, “Tactics win battles, logistics wins wars.” Logisitics isn’t usually the sexy thing in war, but it really is one of the biggest, if not the biggest, difference maker. Just as in war, in business it’s often the not so sexy things that are the difference between winners and losers.
What To Expect From Episode 99
Just like logistics, managing overhead is not sexy, but doing it poorly will sink you and doing it well will put you ahead of your competition. In this episode Craig and I talk about what overhead is and what to watch out for. Low overhead can be a major competitive advantage for small trucking companies. Large trucking companies have an advantage by purchasing in bulk. They save on expenses like fuel, tires and maintenance. Small trucking companies can more than make up for that advantage by running lean and limiting their overhead.
Haulin Assets biggest overhead expenses:
- Owner salaries
- Permanent parking space rent
- Small miscellaneous expenses
Large trucking company overhead:
- Office rent
- Utilities
- Property taxes
- Vehicle for owner/manager/employees
- Salaries
- Sales/marketing
Listen to the episode to hear about the one mistake that is by far the biggest that I see companies make with overhead, especially small trucking companies from Owner Operators to companies with 20 trucks. Don't make this mistake, I see far too many companies go out of business because of this one thing.
Impact Tip
Get out and network! One of the more common questions I get from people is how we are getting trucks. I think there are two big reasons we are getting trucks. First, we developed a relationship with a salesperson. That did not happen overnight. Networking is important and relationships are critical. Because we had a relationship with him, he told us in in the Spring of 2021 that if we wanted trucks in 2022 we would have to place an order for them by the beginning of July 2021. The second big reason is because of that conversation, we made a plan for what we wanted in 2022 a year ahead of when we wanted the trucks. We should get our first 2022 truck around the end of April/early May, but we placed the official order for that truck in July, along with all the other trucks we want in 2022.
The good start to the year continues in February. We cover some really great topics in this episode including what is going on with fuel these days and looking at expenses as a percentage of income. If you have never heard of that last topic, you need to listen to this episode. It's a great bit of knowledge and tool to have.
What To Expect From Episode 98
Had all 5 trucks running starting on about the 10th of the month, so almost a full month with 5 trucks.
- Total miles ran – 48,682 (Warning, this is a very close estimate. I don’t have the exact number, listen to the episode to learn why)
- Deadhead miles – 3,453 (7%, higher than it has been in a while)
- Total revenue - $162,139.10 (Record)
- All-in rate-per-mile - $3.33 (Better than I thought it was going to be)
Haulin Assets realized a profit of $48,286.79. Another record, which surprises me because we had a decent number of anomalies to the P&L. We talk about those during the podcast.
The P&L for this episode looks different than the ones you have seen in the past. I added a column that compares expenses as a percentage of income. There are a lot of great reasons to use this comparison. Craig and I go over the what, how and why of percentage based comparisons. Using this tool will be a great help to your business. It can also help relieve stress when you see the dollars in an expense category shoot up. You might be worrying for no reason. I also included an Excel version of the P&L, you can download it here.
I can't believe we have been doing this for almost 3 years and we have never dedicated an episode to mentors. Shame on me. This is such an important topic. A good mentor can be the difference between spending several years gaining experience to solve a problem or achieve a goal or spending a couple of hours of discussion with someone who has been there and done that. A good mentor(s) can have an enormous positive impact on your business. Your business needs one or maybe 2 or more.
What To Expect From Episode 97
In this episode we are going to dive deep into the 5 W's of finding a good mentor. Here is an outline of what we will cover:
- WHO makes a good mentor
- What do you look for in a mentor
- When should you look for a one
- Where do you find a mentor
- Why do you need a good mentor
Impact Tip
Don’t lose your childhood confidence. If you have ever watched a toddler, you have seen them do things you know they are probably going to fail at, but they have the confidence to do them anyway. That is how they learn. Don’t be afraid to fail. Don’t be afraid to ask a mentor to help you. You may have to ask 10 people before you find the one who is the right fit for you. The price you pay to go through the 9 failures will be worth it to find the 1 who fits.
Episode links:
Motor Carrier HQ
Small Business Administration
Goldman Sachs 10,000 Small Businesses
January was a good start to the year. I couple of episodes ago I left a teaser about $7,000 in preventable damages we had to payout and Craig and I start the episode off diving into exactly what happened. It's a pretty good story with a lot of nuggets of wisdom you can gain from the experience. The other great news, Truck 05 is finally on the road.
What To Expect From Episode 96
As usual, we cover the ins and outs of what happened financially this month. Here are some of the highlights.
- Total miles ran – 47,017 (Pretty high, just 4 trucks, but they all ran hard)
- Deadhead miles – 2,452 (5.2%)
- Total revenue - $114,170 (This was actually lower than I expected)
- All-in rate-per-mile - $2.43 (Pretty big drop from where we were at in December, but that is to be excpected. The encouraging thing is that we were still able to run hard in January, wasn’t hard to find loads and our deadhead was pretty low.) February is probably going to be in the same ballpark.
Haulin Assets realized a profit of $29,339.41. Second best net income we have ever had.
Impact Tip
Focus on scalability. How do you make a trucking company scalable? Don't know what scalability is, listen to the episode, we break it down. One of the common problems I see that cause serious problems in our clients companies that sometimes cause them to go out of business have to do with scalability. When a company is small the owner(s) can usually manage the little problems and little inefficiencies. But when the get bigger those little problems became so numerous they are hard to handle and eventually become unmanageable cause an incredible amount of stress. You want things running smoothly before you take the next step.
Get full show notes at haulinassetsllc.com. Watch this episode on YouTube.
It is the time of year when all smart business owners start getting ready to file their taxes. In this episode Craig and I cover some important to dos in order to be prepared with your taxes and to make sure you file and pay on time.
What To Expect From Episode 95 Filing your taxes can feel like a daunting task, but if you stay on top of things and start early, it isn't too bad. The most important thing you can do is keep good records all year long. Doing so is so important and for more reasons than just being ready for taxes. Here are some of the topics we cover in this episode:
- When do you have to file your tax return? It depends on the type of entity you are. You can learn more on the IRS website by clicking here.
- Make sure you don't mail out your 1099s and W-2s late.
- What do you need to provide your accountant. (This is not an all inclusive list, it will get you started, but get with your accountant.)
- Income and expenses (A good Profit and Loss Statement is best)
- Balance Sheet
- Purchases of any assets
- Significant changes to the business
- Extensions and how they work
- Quarterly tax estimates, how do they work and some generalities for who has to pay them. You can learn more about them, including when they are due from the IRS's Website by clicking here.
Impact Tip Start working on your taxes early. You should shoot for having everything to your tax person a month before they are due.
To start off the episode, Craig and I talk about how knowledge is power. As an example, I talk about a conversation I recently had with someone who had a load dropped on him by a broker, we suspect because the broker found another carrier who would haul it for less. The excuses the broker used was he had to cancel because there was something wrong with the carrier's authority on the FMCSA website, that was not the case, but the carrier didn't know how to check himself. If you are an O/O or fleet owner, you need to know everything about the FMCSA, including SMS (Safety Management System), the FMCSA Portal, etc. Here is where you can look at the public information the FMCSA provides:
- DOT Number Status: Company Snapshot
- Operating Authority (MC Number) Status: L&I (Licensing and Insurance)
What To Expect From Episode 94 December was another great month. We cover the ins and outs of what happened financially to make it great.
- Total miles ran – 42,280 (Lower than the last few months, normal for December)
- Deadhead miles – 2,438 (5.8%)
- Total revenue - $128,720.89 (Record)
- All-in rate-per-mile - $3.04 (Highest we have ever had)
Haulin Assets realized a profit of $39,730.23. Second best net income we have ever had.
Impact Tip Set aside 10-20 minutes everyday where all you do is focus on increasing your knowledge. Put the 10-20 minutes on your schedule, set a reminder on your phone, do something so it doesn't get missed. This is the sharpen the ax mentality that Stephen Covey talks about. Learn about a topic that will impact you or your business. It might be something like FMCSA Regulations, fuel economy improvements you can make or accounting principles. There are a million different things.
Get full show notes at haulinassetsllc.com. Watch this episode on YouTube.
I listen to and watch a lot of content about business. This episode about being better this year was inspired by a podcast and a YouTube video I recently watched. They have made me be introspective and make some positive changes in my viewpoints and in my life. I hope they do the same for you.
What To Expect From Episode 93 I was recently listening to a podcast that is published by the Harvard Business Review called IdeaCast. This particular episode is an interview with Heidi Grant about an article she wrote for the Harvard Business Review. Here is a link to the article, I highly recommend you read it. In it she talks about nine things successful people do differently. In this episode Craig and I talk about a few of the things that stuck out to me the most. Check out the full list, with other links, at haulinassetsllc.com.
Check out full show notes and past episodes here.
Grab merch here.
Good times keep coming, November 2021 was another good month for the financials. It wasn't as good as the last several months, but still a solid month. In this week's intro, Craig and I talk a little about the ownership mentality.
What To Expect From Episode 92
As always, Craig and I dive into the numbers you see below. There are a few things that stick out in this month's P&L so make sure to listen as we talk about them.
- Total miles ran – 44,905 (Consistent with last several months)
- Deadhead miles – 2,061 (4.6%, on the low side, best we have had in 6 months)
- Total revenue - $115,992 (Lowest we have had since adding 4th truck)
- All-in rate-per-mile - $2.58 (Lowest we have had since July and August, which is unusual, November is usually higher than Sept-Oct, so to see a dip in November is not typical. I will be interested to see what happens with December and then really January and February. It is early to tell, but we might be seeing some of the pressure easing on the freight market.)
Haulin Assets realized a profit of $25,499.06. More than $10k lower than last month.
Planning for the coming year is one of the most important things you can do for you company. My brother Chet is going to cringe when he reads this, because he hates over used cliches, but I am going to use it anyway. If you fail to plan, you plan to fail. Or a the very least, you are not going to be as successful as you could have been. Over the years I have become a big fan of planning. It's not my favorite thing to do, but I have seen how much of a positive impact it has had on all of my businesses over the years. I attribute a lot of my success to annual planning. If I break it down by how much time I spend doing it vs the benefit it brings, it is probably the most valuable thing I do. Let me say that again, it is the most valuable thing I do. That's saying a lot.
What To Expect From Episode 91 My philosophy with planning is that you should only have 2-3 big goals for the year. These should be very impactful for your business. If you have too many, you'll get spread too thin and either won't do them all or you won't do any of them very well. Each goal will typically have 3ish tasks associated it. We have done some of the main planning for Haulin Assets for 2022 and I want to share with you our main goals and their tasks.
- Grow by 5 trucks
- Decide Direction
- Owner Operators or Hired Drivers
- Purchase, new/used
- Brand of trucks and trailers
- Work on Financing
- Make sure we are able to attract and retain quality drivers
- Decide Direction
- Improve Scalability
- Start using a TMS (Transportation Management System)
- Evalute different TMS's
- Implement the one we choose
- Use a better method to track and issue driver pay
- Start using a TMS (Transportation Management System)
- Establish direct shipper relationships (Probably 3rd or 4th Quarter)
- Create an outline with targets and dates to accomplish this goal (1st quarter)
- Hire someone to help us build relationships and possibly start a brokerage
- Improve our financial strength (This one doesn't really take much time, but is incredibly important so I want to make sure we have it as a defined goal)
- Savings
- $15,000 in operating capital per truck
- Build savings to 10% of outstanding debt
- Accomplish 1 & 2 before we take any distributions
- Pay down debt
- Savings
In this episode, Craig and I go into more detail about planning and we talk about the Haulin Assets goals for 2022.
Impact Tip Just Do It. Annual planning is not the most fun or glamorous thing you will do in your business. I would argue that it is one of the most important things you can do and possibly the most important thing you can do. Make it a priority and do it!
We have MERCH!!! T-Shirts to be exact. I think they look pretty cool and say catchy things. Chet and I have bets placed on which tagline is going to sell better. I hope you pick mine. Buy a shirt to place your vote and spread the Haulin Assets message. You can purchase a shirt by going to the motorcarrierhq.com online store. They are $25 each, shipping is included in the price.
The good times keep rolling along, October 2021 was another good month for the financials and the bottom line. By the end of the month we are starting to see some mild rate increases typical of the 4th quarter. Feels like it happened a little later than normal, but this year has been anything but normal.
What To Expect From Episode 90
Some very good looking numbers.
- Total miles ran – 43,903
- Deadhead miles – 2,591 (5.9%)
- Total revenue - $121,014
- All-in rate-per-mile - $2.76
Haulin Assets realized a profit of $36,749.68
Impact Tip
Create a savings plan. Ours is to have $15,000 in operating cash in our checking account per truck that we are running. Then to maintain a cash reserve in savings equal to 10% of our outstanding debt. We currently have about $750k in debt, because we just got our 5th truck and trailer so $75k in our savings reserve. KISS (Keep It Simple, Stupid) The other plan I came up with early on was just too complicated and hard to scale. I think this one is better.
Good truck drivers are THE key ingredient to a successful trucking company. If you haven't hired a truck driver, or if your process for hiring and onboarding drivers could use some help, this episode is a must listen. In the intro to the episode I speak about Colin Powell's 13 rules that you can learn all about in his book, "It Worked For Me", you should check it out.
What To Expect From Episode 89 We have talked about our hiring philosophy and what we look for in a driver. In this episode we take a very deep dive into hiring drivers and cover many of the mechanics of the hiring process. We will go over the steps we take, the paperwork we collect, how we screen drivers, what we do to onboard them and how we try to make them a part of our team.
Check out the full show notes here.
September 2021 financials were great giving us another strong month.
What To Expect From Episode 88
Before we dive into the financials, Craig and I compare onboarding a new driver to my marriage. It wasn't all peaches and cream. We talk a bit about some of the things that will help make the process run a bit more smoothly.
Some very good looking numbers.
- Total miles ran – 46,541
- Deadhead miles – 2,376 (5.1%)
- Total revenue - $127,527
- All-in rate-per-mile - $2.74
Haulin Assets realized a profit of $38,702.03.
Impact Tip
Fail to plan, plan to fail. We are coming up on the end of a year and the beginning of a new one. Now is the time to start planning for next year. What are your goals for 2022 and to also take a serious look at your 3-5 year plan. The best companies always do annual planning. Even if you are in this by yourself, you need to do this. Don’t just have a plan in your head. Make is a deliberate process and write the plan down.
Back in Episode 36, you can listen to it by clicking here, we talked about the cost of sitting for a day to wait for a better paying load. If you are like me, I can't remember what I ate yesterday, it might not hurt to go back and listen to that episode again. In this episode we are going to analyze a similar question, but instead of looking at if from the front end of a load, we are going to consider the back end of a load.
What To Expect From Episode 87 Dealing with shippers and receivers is one of the most frustrating things about running a trucking company. As carriers, we are held to their schedule when it comes to pickup and deliver times and those usually are built to benefit their efficiency, not our efficiency. We talk a bit about why shippers and receivers schedule the way they do and how that affects us as carriers.
Receiver's schedules affect our profitability so we have to take into account transit time and sit time with every load we accept. Not all loads are created equally. The wrong load may look good when you look at rate per mile, but it may not be as good as another load with a lower rate per mile when you factor in transit time. It often boils down to how much transit time the shipper and/or receiver has built into the load. Many add some extra time to make sure the carrier arrives on time and that can have bad consequences for trucking companies.
We dive into several of the factors regarding transit time you need to consider when accepting loads.
Ahhhh, the ups and downs of trucking. I started the last financial episode show notes with the same phrase. The roller coaster continues, we went from a record profit in June to a loss in July to another record profit in August. last month to a loss this month. Hold on tight as Craig and I explain it all.
What To Expect From Episode 86
This episode is a fun one to talk about. It was low on drama and high on results. It's not often we have a month where repairs and maintenance were just over $2,000, and that is with 4 trucks running. That is a very good sign.
Here are the numbers for the month.
- Total miles ran – 46,210
- Deadhead miles – 3,260 (7.1%)
- Total revenue - $116,991 (All 4 trucks running for the first time.)
- All-in rate-per-mile - $2.53 (Great Rate Per Mile)
Haulin Assets realized a profit of $43,017.42.
Impact Tip
Seize the day. The freight market is very good right now. Take advantage of it. We elaborate on this tip during the episode so be sure to give it a listen or a watch.
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Website: http://bit.ly/haulinassets
Facebook: https://www.facebook.com/haulinassetspodcast/
iTunes: http://bit.ly/ha-itunes
Google Podcasts: http://bit.ly/ha-google-podcasts
Stitcher: http://bit.ly/ha-stitcher
Motor Carrier HQ: http://bit.ly/motor-carrier
Your company's cashflow can either make or break you. It is very important to understand the difference between cashflow and your net income or profit and loss. Some people treat them as the same thing, and that can get you into a lot of trouble. In this episode we'll try to bring some clarity to the subject to help you avoid some of the more common missteps people take when it comes to managing cashflow.
What To Expect From Episode 85
Managing your cashflow is one of the more important topics trucking company owners need to understand well. It's an important subject for any business owner, but incredibly important for trucking companies because it's a very cash intensive business and margins are thinner than they are in many other businesses. We start off the episode by explaining the difference between cashflow and net income. We spend most of the rest of the episode talking about the following times in a trucking company's life cycle when cashflow tends to be a challenge:
At startup
When you are growing
When you stop factoring
When freight rates decrease
When fuel prices increase, but rates don't
———
Website: http://bit.ly/haulinassets
Facebook: https://www.facebook.com/haulinassetspodcast/
iTunes: http://bit.ly/ha-itunes
Google Podcasts: http://bit.ly/ha-google-podcasts
Stitcher: http://bit.ly/ha-stitcher
Motor Carrier HQ: http://bit.ly/motor-carrier
Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all.
What To Expect From Episode 84 Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons:
- Respect everyone
- Life is not fair, keep moving forward
I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s
Here are the numbers for the month.
- Total miles ran – 33,293
- Deadhead miles – 1,960 (5.9%)
- Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.)
- All-in rate-per-mile - $2.46 (Great Rate Per Mile)
Haulin Assets realized a loss of $3,933.94.
In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1.
Impact Tip Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.
Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all.
What To Expect From Episode 84 Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons:
- Respect everyone
- Life is not fair, keep moving forward
I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s
Here are the numbers for the month.
- Total miles ran – 33,293
- Deadhead miles – 1,960 (5.9%)
- Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.)
- All-in rate-per-mile - $2.46 (Great Rate Per Mile)
Haulin Assets realized a loss of $3,933.94.
In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1.
Impact Tip Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.
Drivers are such an important part of your business. Two of the common descriptions that truck drivers use to describe each other are professional drivers vs steering wheel holders. What we cover in this episodes dives into the difference between the two.
What To Expect From Episode 83
Hiring drivers is hard. We talk a lot about the hiring process and what to look for in a driver. Here are our main discussion points:
- What type of driver do you look for
- How do you find them
- How do you keep them
A question I get asked about all the time that is related to the driver topic is, "Can I start a trucking company without a CDL?". The short answer is you can, but the first several drivers you hire are going to be the difference between being successful or not. Craig and I dive a bit deeper into this topic too.
It was another great month for Haulin Assets, I'm super excited to share our numbers with you this month. We need to keep this momentum going for as long as we can. There are some great financial nuggets in this episode so make sure you listen all the way to the end.
What To Expect From Episode 82
Craig and I start off by answering a super important question. What do you think has a greater impact on your net income, your take home money, a $1 increase in revenue or a $1 decrease in expenses? Or are they the same? Understanding this principle is important for any business.
Here are the numbers for the month.
- Total miles ran – 34,523 (New record)
- Deadhead miles – 2,534 (7.3%, also a record by total miles, not percentage. It is what it is. One driver has a pretty good deadhead every time he goes home)
- Total revenue - $94,021.13 (Blew the previous record out of the water. It is nice having 3 trucks running in this market.)
- All-in rate-per-mile - $2.72 (Great Rate Per Mile)
Haulin Assets realized a profit of $29,876.82, we blew the previous record out of the water.
Impact Tip
Keep your overhead low. I saw an interesting take on a "Distribution Center" while I was in Morocco a couple of weeks ago. It made me think about keeping your overhead expenses low. Listen to the episode for the full details.
I'm out of the country on a military assignment so this episode is short and sweet, it's just an impact tip.
What To Expect From Episode 81
Don't be indecisive. I witnessed a train crash into a car last week and the experience was a good reminder about the importance of being decisive. Listen to the episode to hear about all the details of the crash and how I relate it to being decisive in your life and especially in business.
Leasing a semi-truck is very misunderstood. In today's episode Craig and I are bringing some guests onto the show to help answer some of the common questions people have when it comes to leasing a truck. Before we jump into the main topic I talk about a crazy load one of our drivers is currently on and how it has the potential to cause frustration. It is important to find a win win situation under an uncommon set of circumstances that this load has.
What To Expect From Episode 80
The word lease in the trucking industry is incredibly confusing, because it means so many different things. Craig and I start off by breaking down some of the most common ways the word lease is used in the industry and which type of lease usually creates the most horror stories. This episode's focus is going to be on the type of lease that is similar to a car lease. Here are some of the questions we answer:
- Who owns the truck?
- What happens to the truck after the lease is done?
- Are you limited to the number of miles you can put on the truck?
- Does leasing vs buying change anything for your insurance?
- Is there a per mile maintenance cost?
- Who is responsible for maintenance and repairs?
- Is one going to typically have a lower payment?
- Is the interest rate on a lease different?
- What are the tax considerations when leasing verses buying?
- Who can qualify for a lease?
- Is it easier to qualify for a lease than traditional financing?
- Is there a down payment?
Back in the saddle again. After a month with two trucks sitting we had all three trucks running for about half the month of May and that was enough to get us back in the black. I am super excited to see what will happen in June. During this episode, I also share what I think is going to be the biggest threat to small trucking companies and could potentially put them out of business.
What To Expect From Episode 79
Here are the numbers for the month.
- Total miles ran – 26,722 (New record)
- Deadhead miles – 944 (3.5%, really good)
- Total revenue - $56,740.16
- All-in rate-per-mile - $2.12
Haulin Assets realized a profit of $7,582.17.
Impact Tip
Make your company scalable. This is actually one of my favorite tips, especially if you want to grow your trucking company. What does it mean to be scalable? It basically means you have a business that can adapt to increased workloads. That can only happen if you have good systems in place. Systems for buying equipment, hiring drivers, billing clients, etc. It's important that you have all the necessary systems in place and aren't missing one. Imagine what happens if you can add trucks and drivers, but you don't have a system for billing clients. You will complete more and more jobs, but you won't get paid for them or your payments will lag behind, neither is a good thing.
When your company is small you can often manage the little inefficiencies and problems in your business. As you grow, if you don't solve those problems or inefficiencies they grow with you and can quickly get out of hand. If that happens, you'll have serious problems that will lead you to a nervous breakdown or even a shuttered business.
Most people can't start a trucking company without using credit. There are both similarities and differences between personal credit and business credit, we'll cover some of the nuances. If you want to learn more about how business credit works, some of the pitfalls to avoid, and steps you can take to help establish good business credit, this is the episode for you.
Craig and I try to shed some light on this confusing and often misunderstood subject.
What To Expect From Episode 78
We bring on a couple of business bankers, Jaron and Rob, as guests to explain some of the specifics of business credit. Here are some of the questions we answer:
- What do lenders look at when making a loan decision?
- Brand new companies
- Owner's personal credit
- Owner's experience in the industry
- How beneficial is a business plan
- Existing companies
- Years in business
- Financial statements (How important is it that they are clean and organized)
- Brand new companies
- What has the biggest effect on the interest rate you get?
- Do businesses have credit scores?
- Do you need to establish business credit like you do personal credit?
- How do you establish business credit?
- What is a personal guarantee and can you get a business loan without one?
- What is a Dun and Bradstreet Number and is it important?
- What are the most common types of credit that are helpful to trucking companies?
- Equipment loans
- Fuel credit
- Trade credit
- Lines of credit
Impact Tip
Don’t make late payments, EVER! Not even after the due date, but before the grace period. Just like with personal credit, your payment history has a big impact on whether or not a lender will lend you money. Making your payments by the due date every time builds trust with lenders. It helps them see you take making your payments seriously.
Iron Maintenance
I just had a PM completed by Iron Maintenance, check out this time-lapse video I shot. They have 12 locations all across the country, you can find out where all of them are by clicking here.
Their prices are super competitive and more importantly they are fast. I was in and out in under an hour and that included dropping my trailer and hooking back up. They are going to give Haulin Assets listeners a 15% discount off their already great pricing. To qualify, all you have to do is give Mike a call at 801-678-4749 before the end of June and then have the PM done before the end of 2021. You can get the discount no matter what location you go to.
Numbers never lie, but this month, I don't think they tell the full story either. So, was April a good month or a bad month? On the surface, it looks like a bad month, but I don't feel like that is really the case. Operationally, it was a good month. We did have a loss, but that loss is all attributed to investing in growth. Craig and I break that down and explain in detail what drove the numbers. This is a really good financial episode to listen to, especially if you ever plan on growing your trucking company.
What To Expect From Episode 77 Here are the numbers for the month.
- Total miles ran – 10,437
- Deadhead miles – 800 (7.7%)
- Total revenue - $30,775.14
- All-in rate-per-mile - $2.94 (Skewed a little because we had $3,600 in revenue from leasing a trailer for a week and we only had to drive about 100 miles round trip)
In the end Haulin Assets realized a loss of $4,828.77.
Listen to the episode for the details about the loss and we talk about what the numbers would have looked like if the expenses tied to our growth would have been backed out.
Impact Tip After you follow through, follow up. It is always a good idea to maintain regular contact with people you do business with, or want to do business with. You should jump on any chance you have to talk to them. If you committed to do something for them or help them with something, once you have completed that task, follow up with them and let them know it's done. It is a way to casually brag about how well you are taking care of them. Follow up once you have delivered a load, let them know it's done and how everything went.
Click through for the full show notes for this and all past episodes.
For me personally, this is one of the coolest episodes Craig and I have done. We interview Bubba Blackwell, a listener who has taken what he has learned from the podcast and started his own trucking business. When I started this podcast, one of the biggest reasons I did it was to help other people improve their lives by taking the big step into owning their own business. It was really cool to hear how we have been able to be a part of Bubba's journey.
Don't forget you can watch this episode on YouTube.
What To Expect From Episode 76
Talk about a career change, Bubba Blackwell went from an American stunt performer and motorcycle jumping world record holder to an Owner Operator. He is happy with where he is at and excited about where he is headed. Craig and I interview Bubba and talk about his journey and how the Haulin Assets podcast has helped along the way.
There is a lot to learn from Bubba's experience and it is nice to hear from someone else that the jump to being an Owner Operator is something within reach for just about anyone with the guts and determination to give it a try.
Check out some of Bubba Blackwell motorcycle jumps on YouTube or follow him on twitter, @hdjumper.
Click through for the full show notes for this and all past episodes
Check out the YouTube channel
March was Haulin Assets' best month ever. Craig and I will go over what made it such a great month. Also, the annual CVSA (Commercial Vehicle Safety Alliance) Roadcheck is coming up May 4-6. We talk about what they are looking for this year and why you might want to not avoid it. You can learn more details by clicking here.
What To Expect From Episode 75 Here are the numbers for the month.
- Total miles ran – 24,488
- Deadhead miles – 1,741 (7.1%, higher than it has been)
- Total revenue - $69,039.09
- All-in rate-per-mile - $2.81
In the end Haulin Assets realized a profit of $20,350.74.
What really makes this exciting is that we made that large of a profit and we even started paying ourselves some non-driver pay for running the business.
Click through for the full show notes for this and all past episodes
Check out the YouTube channel
I start off this episode talking about a family road trip we took and some adventures we had along the way.
What To Expect From Episode 74
This is another two topic episode.
Topic #1-More about truck #3
Craig and I answer some of the following questions:
- Why a freightliner?
- Are we going to get accident avoidance equipment on the next truck?
- The two biggest reasons we decided to go new verse used
- How our long term plan with the truck is a little different than most fleets
Facing Challenges
Haulin Assets has had its fair share of challenges over the last two years. We are currently facing another one. I talk about some of the lessons I learned from a book I really like called “The Top 10 Distinctions Between Millionaires and the Middle Class” by Keith Cameron Smith and how they help me get through some of the challenges I face as a business owner.
Click through for the full show notes for this and all past episodes
I've been on the road the last couple of weeks. Listen in to hear why I'm back in the truck and how things have been going.
What To Expect From Episode 73
During this episode Craig and I talk all about my first couple of days driving my new truck. It's a 2022 Freightliner Cascadia. Listen to hear about what I like and don't like about it.
I also talk about what is going on with the freight market and how to make the most of it so you are successful now and even more successful in the future.
Impact Tip
Make sure your company is financially ready to hire a driver. Drivers are the most important thing in your business. The correct timing for hiring them is critical. I give my 2 cents about doing it smartly.
As always, for this and all past episodes, click through for the full show notes.
February was a great month and another month with some big changes. Listen to the podcast to hear all about what it going on.
What To Expect From Episode 72
Here are the numbers for the month.
- Total miles ran – 16,320
- Deadhead miles – 663 (4.06%)
- Total revenue - $31,925.18
- All-in rate-per-mile - $1.96 (In line with January, still a pretty good rate for February)
In the end Haulin Assets realized a profit of $7,713.76.
You might notice that I am no longer including the number of days on the road. That's because with two drivers, and soon to be more, that metric is no longer as meaningful.
Impact Tip Do quarterly draws. Once you are ready to take profit from your company, don’t do it every month. Do it once a quarter. Doing so accomplishes two main objectives. Listen to the episode to hear what they are.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
John Steinbeck said: "The purpose of fighting is to win. There is no possible victory in defense...The sword is more important than the shield and skill is more important than either. The final weapon is the brain...All else is supplemental."
What To Expect From Episode 71
I recently stepped into a new role in the Utah Army National Guard and the process I take when I start a new role got me thinking about two things, using your brain and going on the offensive. In this episode Craig and I dive deep into how using your brain and having an offensive mentality can have a positive impact on your business.
Impact Tip
Establish an emergency fund. How much depends on you and your business. I think $10,000 for your first truck is a good start. As you grow you probably don't need as much per truck because the chances of having two trucks needing a major repair at the same time is slim. I explain this concept a little better during the episode, so be sure to listen.
January was another pretty good month. Mike was on the road more days than ever before, and you can see he was able to get in a pretty good number of miles. Listen to the episode to hear all the details.
What To Expect From Episode 70
Here are the numbers for the month.
- Total miles ran – 12,929
- Deadhead miles – 451 (3.49%)
- Total revenue - $25,575.32
- All-in rate-per-mile - $1.98 (Not as good as December, but pretty good for a January)
- Full days on the road - 25 (Busiest month ever)
- Partial days on the road – 4
In the end Haulin Assets realized a profit of $6,554.69.
Impact Tip
Be intentional about what you do with your money. Every dollar needs to have a purpose. You have a certain amount of money set aside for fuel, a certain amount for maintenance and repairs, a certain amount you pay your drivers and if you are an O/O, you should pay yourself a certain amount. One of my biggest pet peeves is when business owners use their business as a personal piggy bank. It’s a terrible practice.
There are some exciting changes coming to Haulin Assets.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
What To Expect From Episode 69 Haulin Assets has been pretty stagnant for the last year. So what is the problem? It's me. With everything I have going on, I just don't have the time, and if I am being honest with myself, the energy to do what it takes to make it grow. There are two common ways to solve that problem. I could hire someone to run and manage the business or I could bring on a partner. We chose the partner route for a lot of different reasons. Listen to the episode to find out why we decided to go the partner route and what the partner we chose brings to the table.
Impact Tip Be careful with merchant cash advances. They can really blow up in your face. They look like a loan, but technically are not a loan so there are not many rules and regulations protecting you. Listen to the end of the episode to learn a little more about them, including how to recognize them.
FMCSA On-Duty Not Driving Yard Moves The FMCSA is proposing a change to the yard move HOS rule. I like the changes and give my opinion at the beginning of the podcast. The comment period ends on February 3, 2021. Go to this link and tell the FMCSA what you think https://beta.regulations.gov/document/FMCSA-2020-0118-0001
Here is the comment I submitted: I think yard moves should be any move on private property that is less than 20 MPH. It would also be fair to include public roads adjacent to private property. It is common to be parked on a public road that is used exclusively for access to a private shipper or receiver as you wait for your turn to be loaded/unloaded. It would be nice to be able to use yard move as you drive from your parking spot to the dock where you will be loaded/unloaded, as long as you can safely maintain a speed less than 20 MPH. The private property would also include truck stops so you can move from the fuel island to a parking spot without using drive time.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
December was a great way to end a very challenging year; it was one of our best months of the year. Numbers all looked really good and there wasn't much out of the ordinary happening. Listen to the episode to hear all the details.
What To Expect From Episode 68
Here are the numbers for the month.
- Total miles run – 8,719
- Deadhead miles – 481 (5.5%)
- Total revenue - $21,400
- All-in rate-per-mile - $2.45 (Best we have ever had)
- Full days on the road - 15
- Partial days on the road – 3
In the end Haulin Assets realized a profit of $6,040.36.
Impact Tip
Don't use your checking account balance to decide if you’re making money or have money to spend. This is a huge mistake, listen to the episode to find out why and learn more.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
I'm going to start including what I call an Impact Tip of the Episode with every new podcast episode. I am hoping to share a simple tip that can be summarized in one sentence, but will be something you can implement in your business that will have a positive impact on it. In this episode Craig and I will introduce the concept.
What To Expect From Episode 67 For a while, the Impact Tips will focus on finances. Finances are the foundation of a business. If your financial situation is weak, at best, the business will never reach its full potential, at worst, the business will eventually go under.
I feel like the first tip is so important, I am going to focus an entire episode on it. Here is the tip:
Impact Tip Make sure your personal finances are in good shape before you start a business. I know, this sounds like a no brainer, but listen to the episode and I bet you will learn about ways your personal finances affect your business that you'd never thought of.
I want to go back to an average month, Novembers are not very kind to me. We had some issues in November and experienced our second month with a loss. It was a bit of a perfect storm, a lot of things happened. Listen to the episode to hear all the details.
What To Expect From Episode 66
Here are the numbers for the month.
- Total miles ran – 7,490
- Deadhead miles – 295 (3.9%)
- Total revenue - $14,625.31
- All-in rate-per-mile - $1.95 (Skewed low because of a 5 day load that delivered on 12/1)
- Full days on the road - 13
- Partial days on the road – 3
In the end Haulin Assets realized a loss of $2,717.11.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Check out AAOO here: https://aaofoo.com/MCHQ
In today's episode, Chris and Craig interview David and Kyle from AAOO, the American Association of Owner Operators. Together, they talk about what truckers can do on the road to better themselves both professionally and personally.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Another average month. Revenue was actually higher than normal, but net income was about average. There were some higher expenses than normal. We'll go into some of the details.
What To Expect From Episode 64
Here are the numbers for the month.
- Total miles ran – 11,694
- Deadhead miles – 443 (3.7%, I think a record low)
- Total revenue - $23,550.01
- All-in rate-per-mile - $2.01 (About like last month)
- Full days on the road - 19
- Partial days on the road – 6
In the end Haulin Assets realized a profit of $2,631.57.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Making good money can be a blessing, but it can also be a curse. I have seen too many people in my career who have become blinded by a little early success and then ending up getting themselves into a lot of trouble. Craig and I talk about not falling into temptation when rates are really good and you are making good money so you avoid some pitfalls that commonly mean the end of companies that were once successful.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
In addition to talking about financials, we talk about adding a truck. I'm about 90% sure I am going to do it, so I have started to look for another truck, trailer and driver. Craig and I talk a bit about that.
What To Expect From Episode 60
Here are the numbers for the month. September was an average month and that is perfectly okay with me.
- Total miles ran – 10,145
- Deadhead miles – 687 (Two months in a row that it was low)
- Total revenue - $20,720.01 (Funny we keep ending on $0.01, listen to the episode lot learn why)
- All-in rate-per-mile - $2.04 (Hope we can do that every month)
- Full days on the road - 19
- Partial days on the road – 5
In the end Haulin Assets realized a profit of $3,054.35.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Or find us and reach out on facebook
A couple of episodes ago I talked about being deliberate. One of the best ways to ensure you are deliberate in all that you do is to have a clear vision. All great leaders have a good vision. Whether you are an owner operator or the owner of a large fleet, you have to have a clear vision of the future if you want to maximize your success.
What To Expect From Episode 61 Craig and I talk about what it means to have a vision and why it is so important for a business owner. Along with vision comes personal responsibility and doing the things that will help you realize your vision. I use an example of the old Briggs and Stratton engines I used when moving irrigation pipe when I was a kid to illustrate the point.
At the end of the episode I also give my perspective on some of the new Hours-of-service changes that just went into effect. You can learn more about them here.
Another month gone by and it was a unique month, we get into why. We also answer a couple questions from listeners at the end of the episode.
What To Expect From Episode 60
Here are the numbers for the month. Craig and I go over them and talk about why the numbers are lower than normal.
- Total miles ran – 4,764
- Deadhead miles – 199 (4%, I think that is my lowest ever)
- Total revenue - $12,440.01
- All-in rate-per-mile - $2.51 (That number is very skewed because we delivered a load around the 1st, but all the miles were run in July, if you take that load out, the number is $1.98. Still the best we have seen in a while)
- Full days on the road - 8
- Partial days on the road – 3
In the end Haulin Assets realized a profit of $2,136.93.
To see the P&L and balance sheet, as well as full notes and past episodes, CLICK HERE.
Check out the full show notes and drop a comment at HaulinAssetsLLC.com
Or find us and reach out on facebook
It has always been a desire of mine to be financially successful. Since I was in my early 20's, I have had two big financial goals. The first was to have a net worth of $1 million by the time I was 40. The second is to be financially independent by the time I turn 50. I'm a very driven person, my wife both loves and hates that fact, and I have met the first goal and have 8 more years to achieve the second one. I don't tell this to brag, but in this episode I am going to talk about one of my habits that I think has had the biggest impact on my success and I hope it can help you out too.
What To Expect From Episode 59
It's been a while since we have had an episode that focuses on the mindset of an owner operator. It's a reoccurring theme on this podcast, but the mindset of an owner operator has to be different than that of a driver. Over the years, I have gotten to know a lot of successful business owners, both in and out of the trucking industry. One thing that just about all of them have in common is that they are very deliberate in all they do. What does that mean? The dictionary defines deliberate as, "Done consciously and intentionally."
In this episode, I use a lot of examples in my life that show how I have been deliberate in just about all that I do and how that deliberate mentality has impacted my success. We give some examples related to the trucking industry. I also show why that is an important habit to develop in order to realize your entire potential.
As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes!
Things seem to be getting better and better as the months go by, but we are clearly not out of the woods yet. July was better than June, and the freight market seems to continue to move in the right direction. Rates toward the end of the month were better than the beginning of the month.
What To Expect From Episode 58
Here are the numbers for the month. Craig and I go over them and talk in detail about what made the monthly profit lower than we like to see.
- Total miles ran – 11,223
- Deadhead miles – 931
- Total revenue - $20,160.01
- All-in rate-per-mile - $1.66 (Still not very good, but $0.10 better than last month)
- Full days on the road - 19
- Partial days on the road – 5
In the end Haulin Assets realized a profit of $1,537.53.
As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes!
Chris and Craig tackle the topic of how (and more importantly, how NOT) to grow your company from one truck to more. The basic principle is this: Chris has seen too many owner-operators try to grow their company too fast, and to step away from a driving role too soon. Chris breaks down the numbers, showing how you can grow your company--and your fleet--in a sustainable, healthy way.
As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes!
We're still experiencing the roller coaster ride of a tough economy and a volatile freight market. With that being said, we still made money in June, it just wasn't much. Like my dad always says, "It's better than a swift kick in the butt. The biggest difference this month that really affected our financials were much higher than normal maintenance and repair expenses.
What To Expect From Episode 56
Here are the numbers for the month. Craig and I go over them and talk in detail about what made the monthly profit lower than we like to see.
- Total miles ran – 12,765
- Deadhead miles – 1,178 (A bit higher than I like, but a lot of it was one load that was a good paying load, even with the deadhead)
- Total revenue - $19,889.62
- All-in rate-per-mile - $1.56 (Not very good, we had a hard time with rates for freight that was moving from east to west)
- Full days on the road - 17
- Partial days on the road – 4
In the end Haulin Assets realized a profit of $169.63.
As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes!
The Bible teaches that if you live by God’s Ten Commandments, He will bless you. Similarly, if you follow my Ten Commandments for Owner Operators, you’re likely to find success.
What To Expect From Episode 55 These are great rules for an Owner Operator to live by. You don’t necessarily have to follow them 100%, but the closer you adhere to them, the lower your risk and the greater your chance of success. That doesn’t mean success will be guaranteed, because sometimes things happen that you can’t control.
However, these Ten Commandments will help you focus on the most important things that you can control that will have the greatest positive impact on your trucking company.
My Ten Commandments for Owner Operators During the episode Craig and I dive deep into each one of the commandments. You’ll notice that the first 4 focus on finances and the last 6 focus on practicing great business principles.
- Build a cash reserve
- A savings for unexpected expenses
- A slush fund for operating expenses
- Pay yourself no more than what you’ve been earning as a driver
- Maximize your revenue
- Direct loads from shippers
- Follow the good paying freight
- Develop great relationships with brokers
- Manage your costs
- Fuel
- Maintenance & repairs
- Know your numbers
- Use a good accounting system and keep it current
- Generate a monthly profit and loss statement
- Know your fixed and variable costs-per-mile
- Maintain your equipment
- Don’t defer maintenance
- Be a problem solver
- Don’t blow off the FMCSA Safety Regulations
- Be stingy with your hours of service
- Constantly improve
As always head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes.
Over the past year, I have laid out the blueprint for the first year of operation of a one truck, owner operator trucking company. In this episode we talk about some of the keys to my success, some of the challenges I faced, and what the end result has been. I truly feel like there is no reason anyone can’t follow my plan and be just as successful as I was. In fact, I think most people can do better than I did.
Most owner operators won’t experience some of the same challenges I faced, like having to park the truck for 4 weeks because of my Army National Guard Duty or having no driving experience. The first time I drove a truck with more than an empty trailer was the day I picked up my first load.
What To Expect From Episode 54 The first year of any business is the hardest. I feel incredibly blessed that I was able to bring in just over $200,000 in total revenue during my first 12 months as an Owner Operator. Although revenue is important, the number that really matters is the bottom line.
We cover that and so much more during this episode of the podcast, where Craig and I review the highs and lows from the startup phase through the first year in business of Haulin Assets.
Here are some of the topics we talk about:
- The excitement of the startup phase and my total startup costs
- My successes
- Making a profit (listen in to hear how much)
- Building something that is mine and will benefit my family and not someone else
- Saving money
- My challenges
- My truck getting hit by a deer
- Dealing with shippers and receivers
- The stress of owning a business
- What I feel like are my biggest rewards so far
- Freedom
- Pride of ownership
- The understanding that I am setting myself up for financial success
Financial Statements There are a couple of things I want to point out on the financial statements you see below.
Other Expenses and Tax Benefits If you go all the way to the bottom of the profit and loss statement, you will see there is a net income. Then, there is a section for Other Expenses that you don’t normally see on my monthly P&L. That is because it includes my annual depreciation expense for my truck and trailer. I usually only make that adjustment once a year, so it is only included on my annual financial statement, not my monthly one.
The cool thing about a depreciation expense is that it really is not cash out of your pocket but is purely a tax benefit. The simplified version is that because of the depreciation expense, even though I made a little over $32k, the IRS only taxes me on $17,992. This is one of the beauties of owning a business, you get a lot of tax benefits that you just don’t get as a company driver.
Retained Earnings The retained earnings on the balance sheet is negative. That is because all my startup costs are included in that. So you can see, at the year mark, I have almost completely recouped all my startup costs.
When I first started working on this series for hiring a truck driver, I was only planning on 3 episodes. As I got further into the process, I realized that the screening process needed its own episode for two reasons. First, it is so important. The screening process is 90% of what sets you up for hiring a good driver vs being stuck with a bad egg. Second, it has a lot of parts to it. In this episode I cover the 7 steps I use when I hire a driver.
What To Expect From Episode 53 One of the biggest problems I see within the trucking industry is companies grow faster than their ability to hire GOOD drivers and their performance suffers and they have high driver turnover. You can never completely avoid making wrong hires, but you can greatly limit the likelihood. How? An ounce of prevention is worth a pound of cure. Take your time hiring to make sure you get the right person who is the right fit for your company.
Here are the 7 steps I use and a little about each one of them. We Craig and I go over each one in detail during the episode.
- Develop your minimum hiring requirements
- Post a relevant ad
- Conduct a thorough interview
- Obtain a PSP Report (Pre-employment Screening Program)
- Search the FMCSA drug and alcohol clearinghouse portal
- Screen them with your insurance agent
- Get a copy of their MVR
To see the full show notes, including all the details and forms we mention in the episode, check out the full show notes.
May was much better than April, in fact, we were able to turn a healthy profit. The freight market was better than April, but still unstable. It seems hit and miss. One day an area of the country has decent rates and a few days later the same area crashes and rates go bad. With that being said, rates on a whole are definitely improving.
What To Expect From Episode 52
Here are the numbers for the month. Craig and I go over them and talk in detail during this episode.
-
- Total miles ran – 12,202
- Deadhead miles – 1,244 (high, but not as bad as I thought it was going to be, we had to chase a few loads to get out of bad spots and to keep from sitting)
- Total revenue - $20,489.01 Solid Month
- All-in rate-per-mile - $1.68 (Still not very good, but at least 10 cents a mile better than last month. I really need to recalculate my cost per mile, with the reduced fuel prices, lower insurance, and a few other things, I think my cost has dropped.)
- Full days on the road - 21
- Partial days on the road – 7
20 full days were Mike’s and 5 partial were his. I had 1 full day and 2 partial days. (Big reason for the success. Only 3 days parked) That is a Haulin Assets Record.
In the end Haulin Assets realized a profit of $4,043.84. Almost made up for last month’s loss.
Check out show notes and past episodes at HaulinAssetsLLC.com.
Hiring a truck driver is probably one of the trickiest things about owning a trucking company. The right decision will be one of the best things you have ever done, and the wrong decision could make for one of your biggest nightmares. You want to do everything you can to do it right. I'm going to give a bunch of pointers throughout this episode to help make the process run as smoothly as possible. The screening part of the process is very involved and will be covered in detail in episode 53.
What To Expect From Episode 51 As the title of this podcast indicates, hiring is a process and one you don't want to skip steps or take shortcuts on. I'm going to cover 6 steps.
- Where to find drivers
- Screening drivers
- Good ad
- Interview
- PSP (Pre-employment Screening Program)
- Drug Clearinghouse
- MVR (Motor Vehicle Record)
- Negotiating
- Extending an offer
- Paperwork
- First Day
Where to Find Drivers The more you know about someone the better because there are fewer surprises.
- Someone you know personally. (I won’t hire someone I know unless I am very, very confident they'll work out)
- Someone known by someone you trust
- A referral from someone you don’t know well or don’t trust is no better than hiring someone off the street.
- Posting an ad
- Local listing, i.e. Craig’s List
- Indeed
- Think about where you went to look for your last job
- Use a recruiter
Screening Drivers This is probably the most important step so it warrants its own episode. We're going to cover it in detail during episode 53.
Negotiating Always go for a win-win. You are going for a long-term relationship here.
What should you negotiate:
- Pay
- Benefits
- Amount of home time.
Extending An Offer Always extend your offer in writing. That way there is less chance that there will be a misunderstanding between what each party understood the terms to be. I will include an example of the offer letter I use.
Paperwork There is a lot of paperwork that needs to be completed during the hiring process. It is part of building your Driver Qualification File. The audit folder system that we use at Motor Carrier HQ includes all the required DOT forms and makes the paperwork part of hiring as simple as possible. You can learn more about the system or purchase it by clicking here.
- Application for employment
- Inquiries of DOT regulated employers for last 3 years
- Driving record
- Copy of CDL (If applicable)
- Medical examiner’s certificate
- Medical examiner’s national registry verification
- Pre-employment clearinghouse query
- Pre-employment Screening Program report (Recommended, but not required)
- Pre-employment drug test chain of custody form
- Pre-employment drug test results
- Driver’s previous 7 days of Hours-of-service records (If applicable)
- IRS Form W-4, you can find it by clicking here.
- Form I-9, you can find it by clicking here.
- Pay documents required by your payroll system/company. i.e. direct deposit form.
First Day On The Job There are a lot of things that need to happen before your new driver is ready to head out on the road for the first time. You want to make sure everything is covered before heading out to reduce frustrations. You can download our checklist that will help you make sure you don’t miss anything.
Classifying a truck driver as either an employee or an independent contractor is one of the hottest topics in the trucking industry. If you are considering hiring a driver, this is an important episode. To help us out with this topic, we've brought in the big guns. Ryan Nelson, president of the Utah chapter of Employers Council, has lots of experience and expertise in the trucking industry and joins us to help shed some light on this complicated topic. Employers Council is a nonprofit that provides employment law resources to employers. You can learn more about them at EmployersCouncil.org.
What To Expect From Episode 50 You may have heard the saying that words have meaning, well, this is an example where the words have a lot of meaning. If you aren't familiar with that phrase, I use a military example to explain it in the first few minutes of the episode. Too often trucking companies use these two words as nothing more than labels, which has gotten a lot of trucking companies into serious trouble. How drivers are classified is a big decision that has significant consequences.
The federal government and each state has their own test to determine if someone who does work for you can be classified as an independent contractor. We focus on the 11 factor test that the federal government uses. The 11 questions are listed below. Ryan uses a great analogy of the old sliding scales, remember them from gym class or the doctor's office? If not, check out a picture of one, and the rest of the show notes including the 11 questions, at haulinassetsllc.com.
Hiring the first driver for your trucking company is a huge step, and you don't want to screw it up. It is one of the most critical steps you will take if you want to grow your company. This is the first episode of a three-part series on hiring a driver.
In the next episode, we will talk about how to classify your driver, as an employee or independent contractor. This is always one of the hottest topics in the trucking industry. The third installment will cover the actual process, the nuts and bolts.
What To Expect From Episode 49 We talk about several subjects in this episode. Here is an outline of what we cover.
Is Hiring a Driver the Right Move For Me and My Business? You have to ask yourself if this is something you want to take on. Like almost everything in life, there are pros and cons. There are several things you need to consider like:
- Why would I want to?
- Do I have what it takes to be an employer?
As far as having what it takes, some skills can definitely be learned, but being a manager/employer is hard. There are several different skill-sets required, and often, they are a bit conflicting. Most people are good at one or the other, but fewer are truly great people managers who are good at both.
My Philosophy on Working With Employees "An ounce of prevention is worth a pound of cure" applies in this situation, like so many others. One of the keys to success is taking your time, don't rush the process or you are likely to end up with buyer's remorse.
We talk a lot about establishing a foundation of trust. I talk about one of my favorite business books, "The Speed of Trust" by Stephen M.R. Covey. If you have not read it, you should. It is very eye opening. When you have employees you can trust and they trust you, magic happens. Getting to that point can be a challenge, but it is well worth it.
We also talk about putting the trust ball in your driver's court. Let their behavior and actions dictate how they are treated.
April was a tough month, the first time Haulin Assets lost money in a month. Luckily, the freight market seems to have hit bottom in April and things are picking up. The other good news is that we are still up $9,562.14 for the year.
What To Expect From Episode 48
There are a lot of reason April was a bad a month. It's all tied to the Corona Virus hitting the US in full force and wreaking havoc on everything. Rates were bad and freight was hard to find. To compound the problem I hired a brand new driver, Mike, who is awesome. The timing really could not have been worse for hiring a person. When I extended the job offer, things were still going really well so he put in his two weeks with the other company. By the time he was ready to start running with me, freight was really bad. I ended up paying Mike for almost two weeks while the truck sat because I wasn't willing run for rates that low.
Trucking companies taking ridiculously low rates is one of the reasons rates drop and I won't participate when rates are so low you can't make a living. That's bad for all of us. I stuck to my principles and I didn't want Mike to be the victim of that. Last thing I wanted was to hire the right person and then have him leave because I wasn't taking loads. So he got paid while the truck sat, which wasn't good for the bottom line.In the next few episodes I am going to talk about hiring a driver and will go into my hiring philosophy and the type of person I want working for me. Once you understand that, you will better understand why I was willing to pay him for a few weeks. I think it is a good decision in the long run.
Here are the numbers for the month. Craig and I go over them and talk in detail about how Covid-19 affected everything.
- Total miles ran - 6,644
- Deadhead miles - 714
- Total revenue - $8,285.50 (Lowest month ever)
- All-in rate-per-mile - $1.24 (This number is misleading because there were 1,430 miles for a load ran at the end of April that did not deliver until the 1st of May so all the miles show in April, but there revenue didn't count until May. If you take those miles out to make it a truer representation, the number is $1.59 a mile.)
- Full days on the road - 11
- Partial days on the road - 2
In the end Haulin Assets realized a loss of $-6,010.76. That's my first loss, hopefully they are few and far between. Like I said in the beginning, the good news is that we are still up $9,562.14 for the year.
Renewing the insurance on a commercial motor vehicle, especially a semi-truck, is more involved than it is on a personal vehicle. For most small trucking companies, insurance is usually your highest fixed cost and in the top five of all your expenses. It's important to make sure you are getting the best bang for your buck when it comes from insurance. I just went through the renewal process for Haulin Assets and want to share some of what I learned.
What To Expect From Episode 47 During this episode we are going to explain how truck insurance works and answer some important questions. How truck insurance works is complicated, and understanding who is involved and their roles will make you a much smarter shopper.
- Insurance Agents/Brokers - These are the people you talk to when you are looking for insurance. In most situations, they represent several different insurance companies.
- Insurance Companies - These are the people who actually provide the insurance and pay the bill if there is a claim.
- Underwriter - These are the people who take a deep look at your company, determine the risk, and price your policy. They sometimes work directly for the insurance company, but sometimes they are independent and represent several different insurance companies. In this case, they are typically what is called a General Agency.
Here is a list of most of the questions we answer during this episode.
- Can I expect my insurance cost to change?
- What are the main factors that affect cost?
- Years in business
- FMCSA SAFER Scores (Hours-of-service violations, vehicle maintenance) Here is the link to the public system. Here is the link to the FMCSA portal where you can log in to your company-specific information.
- Safe driving habits (Driver Motor Vehicle Records)
- Accident and cargo claims
- What are the main factors that affect cost?
- Should I shop around? The answer is a little more complicated than you think. Yes, you should, but you need to be smart about it. Make sure you get a copy of your loss runs. This is a critical item; you can't skip it, and it usually takes about a week. We give you some tips on how to get them.
- When should I start shopping?
- What information should I give to each agent?
The answer to the question the title of this episode bears is not as simple as you might think. Would I want to be finding loads for a brand new trucking company today? No, but timing is important and things change quickly and everyone’s situation is different.
This episode is being released as the United States is in the thick of the coronavirus pandemic. The topics we touch on during this episode will apply to this situation and many others. In this episode I want to give listeners some things to think about and consider if they are thinking about starting a trucking company anytime soon.
What To Expect From Episode 46 The freight situation right now is tough and not ideal for starting a trucking company. Even though you don’t want to actually be hitting the road under these circumstances, it might be a good time to set the process in motion so the ground work is done and you’re ready to hit the ground running when the market turns and the timing is right.
How Long Does It Take To Start a Trucking Company? It takes time to start a business and trucking is no exception. On top of the time it takes to actually set up an LLC (Limited Liability Company) or a corporation, trucking companies also have to get federal licensing to haul property for hire. That process takes at least 21 days.
In my experience, most people take around 2 months from the time they decide to pull the trigger until they are ready to haul their first load. Those two things can be completed without too much risk or a huge expense. As long as you are able to hit the road within a year, you won’t waste your money on those items.
One important thing Craig and I dive deep into is what steps you want to take immediately versus what ones you want to put off until you’re actually ready to hit the road. In this kind of a situation, it is more important than ever to limit your costs to only what is necessary and hold off on making expenses that can wait until you are closer to being ready to run.
The majority of your big expenses don’t need to be made until you are very close to hitting the road. Here is a list of additional things you will need to do, but don’t need to actually spend money on until you are closer to being ready to run. You can do your research and homework on them now so when you are ready you can complete the tasks quickly and start running when the timing is right.
- Shop for a truck and/or trailer
- Shop for insurance
- Find the right ELD
- Decide if you want to use Prepass
- Decide between Worker’s Compensation Insurance and Occupational Accident Insurance
- Plates for truck and trailer
- Graphics and lettering for your truck
One of the major keys to being successful in this is to have a good plan with a timeline you understand. If developing the plan and timeline seems overwhelming, feel free to give one of the coaches at Motor Carrier HQ a call. They can help you customize a game plan for free over the phone. Learn how to get started with your motor carrier authority.
This is a bitter sweet episode. Bitter, because the US Economy and Trucking Industry are going through an incredibly difficult time. Sweet because March was the best month Haulin Assets has ever had. Before we get into the episode, Craig and I talk about the state of the economy and the challenges we are facing because of the Coronavirus pandemic we are all going through.
First, I don't want to downplay how difficult a time this is. But.... I am an eternal optimist, which I think is very helpful if you are an entrepreneur/business owner. I think there are several reasons to be optimistic about the future. I list some of them below and we talk about them during this episode, specifically some of the resources I have found to help me.
- We are all in this together.
- This economic situation occurred and the difficult business circumstance is no fault of your own and most of the businesses that provide you services understand that and are very willing to work with you.
- There are lots of ways you can get help from the government to the companies that provide you services.
- Government loans and grants
- Payment deferments from lenders
- Help with insurance
What To Expect From Episode 45
March was really good, in fact, it was the most profitable month we have had. Freight was moving well and I stayed busy the entire month. Here is a quick overview. Craig and I talk about all the details during the episode.
To see copies of the Profit and Loss statement and Balance Sheet referenced in the episode, and to see the highlights in the full show notes, CLICK HERE.
I know, it's a weird title, but Tardigrades aka water bears are considered by most, to be the most adaptable living organism on the earth. When the economy hits a speed bump, like it is now because of the coronavirus, those who can adapt are the ones who survive and ultimately thrive.
What To Expect From Episode 44 This episode covers some important topics to help Owner Operators and smaller fleets survive a bumpy economy. Here is how the episode is laid out:
- Background
- What makes Owner Operators and small fleets adaptable
- Keys to being successful in a down economy
- Resources available for small businesses to help with the economic downturn related to the coronavirus
CARES Act (Coronavirus Aid, Relief, and Economic Security) There are two main programs to help small businesses:
- Paycheck Protection Program Loans - Loans mainly focused on providing companies with loans to help continue to pay employees and cover some of the basic business expenses
- Economic Injury Disaster Loans and Emergency Economic Injury Grants - Loans and grants to cover other business expenses, like loan payments and other fixed costs
The SBA (Small Business Administration) is the best resource for information about these programs. You can find your local office by clicking here. Your local bank is also a good resource.
A lot of good information can be found right on the SBA website by clicking here. You can apply for the Economic Injury Disaster Loan right from the SBA's website. I applied for that loan for Haulin Assets, it took me about 20 minutes.
Make sure you know your total revenue and cost of good sold for the 12 months prior to January 31, 2020. Your cost of goods sold, in trucking, is basically your variable expenses.
As always, for this and all past episodes, click through for the full show notes.
This is the final episode of a 3 part series where I go over some of the most important aspects of compliance with the DOT and FMCSA regulations for motor carriers. This specific episode covers the DOT New Entrant Safety Audit.
What to Expect From Episode 43 I just went through my DOT New Entrant Safety Audit and I want to share my experience with all of you so you know what to expect and have the best experience possible. During this episode Craig and I start with some background for context and then we go into what my experience was like.
What is a New Entrant Safety Audit? When you first apply for a DOT Number or Motor Carrier Operating Authority, you are considered by the FMCSA as a New Entrant for 18 months. During that time, the DOT does two things:
- The actively monitors you
- They conduct a New Entrant Safety Audit within the first 12 months.
A New Entrant Safety Audit is typically a simple version of a full blown DOT Safety Audit which is a review of a carrier's records designed to verify that you have basic safety management controls in place to ensure compliance with the regs.
If you want more details, including my own experience with the New Entrant Safety Audit, click here for the full show notes.
This is the second episode of a 3 part series where I go over some of the most important aspects of compliance with the DOT and FMCSA regulations for motor carriers. This specific episode covers preparing for a DOT Safety Audit.
What to Expect From Episode 42 Even if you don't have a DOT Safety Audit on the horizon, you should always be prepared for one. Going through the process of preparing for an audit is a good way to make sure you are following all the regulations and won't get caught with your pants down if you are audited. If you have all your records organized and are maintaining them as required, you are doing 90% of what is required by the DOT, the other 10% is really just following the rules like obeying traffic laws and following the hours of service regulations.
A DOT Safety Audit is a review of a carrier's records designed to verify that you have basic safety management controls in place to ensure compliance with the regs. Motor Carrier HQ has an audit assurance package that we spent years developing that is designed to help you make sure you are maintaining your records in compliance with the FMCSA Regulations. You can learn more about the Audit Assistance Package by clicking this link.
Audit Overview Because I feel like the package that we developed, with the help of some DOT auditors, does such a great job, Craig and I spend a lot of the episode going over each part of the package and break down what records motor carriers are required to keep. To see the complete overview, including 16 items that will cause an automatic failure of a DOT Safety Audit, click through to the full show notes.
Over the next three episodes, I am going to take a deep dive into the FMCSA's safety program. For most people, compliance with all the FMCSA's rules and regulations is a daunting task that many are too intimidated to handle.
I think there would be a lot of really good people who would make the jump to being an independent owner operator if this one thing did not seem so overwhelming. I hope these next few episodes can show people that it's not too hard, and they can do it if they are willing to learn and pay a little bit of attention to detail.
What To Expect From Episode 41 CSA (Compliance, Safety, Accountability) is the program the FMCSA uses to monitor the safety of trucking companies. During this episode I am going to explain how it works, the most important details and things to avoid that will get you in trouble.
The CSA Program is designed to do four things:
- Identify motor carriers that pose a safety hazard.
- Intervene with identified motor carriers so they can correct safety problems.
- Assign motor carriers safety ratings.
- Prohibit motor carriers that receive an “Unsatisfactory” safety rating from operating CMVs.
Craig and I will cover them all in detail during this episode, but if you want more of the nitty-gritty, click through for the full show notes.
I'm getting February's financials out a week earlier than I normally would, because I'm going to do a three-part series on safety and compliance, and I want to be able to do them all in a row, without interruption. Here is a sneak peek for what the episodes will be about.
- Episode 41 - What Is the FMCSA CSA Program?
- Episode 42 - How To Prepare for a DOT Audit
- Episode 43 - How To Pass a DOT New Entrant Audit
What To Expect From Episode 40 February could have been worse. I had to take more than half the month off because of my military service, so I didn't start my first load until the 18th. With that being said, I still made a profit. Here is a quick overview. Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet.
- Total miles ran - 4,668
- Deadhead miles - 247 (5%, Much better than last month)
- Total revenue - $10,087.00
- All-in rate-per-mile - $2.16
- Full days on the road - 5
- Partial days on the road - 4
In the end Haulin Assets realized a profit of $2,427.52, which is pretty good for having to have the truck sit for over half the month.
To see full show notes and hear past episodes, check out the Haulin Assets website.
No one likes to pay taxes and submitting your tax returns is not the funnest thing in the world. In this episode, I’ll share some tips to make the process as painless as possible.
What to Expect From Episode 39 Don’t wait until the last minute to get started. Unless you file your taxes as a sole proprietor, your return is due March 15th of every year. You should typically have all your info to your accountant by the end of February to give them time to get it all done and filed on time. If you can’t do that, you can file an extension, but that is an extension to file, not an extension to pay.
Use an accountant who does business taxes, ideally, someone who knows the trucking industry. Here are some of the main things you will need to provide your accountant.
- Your EIN Number, ideally the document from the IRS that has your EIN on it
- A copy of your P&L for the entire year
- A copy of your Balance Sheet as of the end of the year, include a comparison for the end of the previous year too, if you have been in business for more than one year
- Copies of the bill of sale for any major purchases you made during the year, like your truck and trailer
- Copies of any 1099’s you have received
- Interest amounts paid on your loans
- Number of nights you were on the road away from home
- If you are using a new accountant, a copy of your tax return from the previous year
Here are some good questions to ask your accountant.
- What method of depreciation do they recommend using?
- Should part of your driver pay be paid using per diem?
- When will they have the taxes prepared by? Make sure you hold them to it.
Listen to the episode and where we go over all of this in more detail.
Another month has passed by and financials are out.
What to Expect From Episode 38 January was a much better month than I was expecting. In fact, it was the best month I have ever had. Listen to the episode to learn what contributed to the success. Here is a quick overview, and Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet.
- Total miles ran - 9,629
- Deadhead miles - 1,188 (Out of Control)
- Total revenue - $21,470.03
- All-in rate-per-mile - $2.23 (Best Ever)
- Full days on the road - 11
- Partial days on the road - 11
In the end Haulin Assets realized a profit of $4,516.85, which is the best month I've had yet.
To see full show notes and hear past episodes, check out the Haulin Assets website.
Since I started this podcast, I've talked a lot about having the mindset of an owner operator. I going to dive deeper into that topic during this episode.
What To Expect From Episode 37 I created a list of 10 questions you can ask yourself to help you know if you have the mindset of a successful owner operator. Craig and I will talk about each one of them in depth. They are listed them from what I feel like is the least to the most important characteristic. You might not feel like you've developed all these characteristics, but as long as you are strong in most of them and willing and able to strengthen the others, you have a great chance of becoming a successful trucking company owner.
- Do you constantly seek to improve?
- Do you accept change?
- Do you have a failure is not an option attitude?
- Do you recover quickly from your failures?
- Do you love a challenge?
- Do you take charge?
- Are you resourceful?
- Do you understand your numbers?
- Do you manage your cash well?
- Do you take action?
One of the most common questions Owner Operators ask themselves is whether they should take a lower paying load now, or sit and wait for a better paying load. We try to answer that question during this episode.
What To Expect From Episode 36 Math class is in session. Here is a story problem we are going to use to answer the question whether we should take a load or sit.
You know you can get a load today at $1.80 per-mile that will keep you running 650 miles a day for three days. What rate per mile do you need to earn the same gross income if you sit today and wait for a better paying load tomorrow that runs two days at 650 miles per day? Your variable costs are $1.33 per mile.
Download this worksheet to help with the problem.
If you have not listened to episode 33, Bad News, Good News, listen to that first. There is a backstory to this episode, and understanding it will give you better context to this episode as we go over the December financials.
What to Expect From Episode 35 December was a tough month. I had to do an engine rebuild, so I was out of commission and did not pick up my first load until the 17th. I ran until the 23rd and then was back at it on the 26th. I was hoping to take a little more time off around the holidays, but fate wanted me taking my time off earlier in the month.
Obviously, December was not going to be a great month, but it could have been a lot worse. Because the repairs were all covered under warranty I didn't have any repair costs. The bad news is revenue and my pay as a driver was way down. The good news is that I actually turned a profit for the month, just a small one.
Some of the highlights are below. Listen to the episode where Craig and I talk about these numbers and the profit and loss statement and balance sheet in more detail. You can look at the financials yourself by clicking on the links at the bottom of the page.
- Total miles ran - 4,657
- Deadhead miles - 226
- Total revenue - $9,600
- All-in rate-per-mile - $2.06
- Full days on the road - 8
- Partial days on the road - 4
In the end Haulin Assets realized a profit of $1,839.68.
Do you want to know what one thing will have one of the biggest impact on your business? It's giving your business a sold direction with specific goals to meet. Annual planning is one of the things Chris does that has a significant benefit to his businesses. It doesn't have to be complicated or long and drawn out. In fact, simple is better.
The Bad News I like to rip the bandaid off quick and get the bad news over with first. The head on my truck cracked and had to be replaced along with the cylinder sleeves. I was off the road for three weeks.
The Good News It was all covered under the extended warranty I purchased. Boy am I glad I bought that warranty.
What to Expect From Episode 33 A major engine repair on a truck with as few miles as mine has is rare, but it does happen. If you don't plan and prepare for something like this to happen, it will probably be the end of your business. The biggest thing I did right was buying the extended warranty from the manufacturer of the truck. I learned a bunch of other lessons from this experience, I have listed some of them below. Listen to the episode for full details.
Lessons Learned * Prepare a head of time + Buy an extended warranty, it's like insurance. I am usually not a fan of warranties on vehicles, but a truck is your business's lifeblood, it makes sense because a major repair in your first year will likely kill your business. + Roadside assistance. There are companies that provide a subscription type of service that includes some towing and roadside assistance. I am not as big a fan of this, I don't currently use it personally, but you might want to consider it. * Have a plan for when it happens + Cover your personal budget. You either need to have personal savings to last you several weeks or you need to have a temporary employment plan. (There are trucking companies out there who will keep a driver on their books and use you when you are available.) + Consider renting a truck. Time of year will play a big factor in whether this is worth it or not. + Talk to your insurance agent. You might be able to reduce coverages while your truck is down. + Talk to your lender. They might be willing to let you skip a payment.
Take a deep breath, this is just a bump in the road and you will be able to get through it. Don't let yourself get focused on what is happening right now, look at the big picture.
One of the most common questions I get from people starting a new trucking company is how to find loads when so many brokers won't work with you. Even though we have had other episodes that talk about finding loads, I still get a lot of questions specific to getting through that first 90 days when your options with brokers is limited. So.... I decided to do a full episode dedicated to just that.
What to Expect From Episode 32 Craig and I dive into the specifics of working with brokers who will accept a brand new trucking company with a brand new trucking authority. We also talk about a list I created of brokers who will work with new authorities. Service and professionalism is the key. The list of brokers and some more pointers are available for free at motorcarrierhq.com. If you have found some other larger brokers who work with new trucking companies, let us know in the comments at the the Haulin Assets website.
Here's another episode where we cover the financials for Haulin Assets. November was an average month. The main reason was I was not on the road for as many days as I would have liked, and there is a reason for that that I'll get into in a future episode. Here is a quick overview, and Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet.
- Total miles ran - 10,251
- Deadhead miles - 510
- Total revenue - $17,589.03
- All-in rate-per-mile - $1.74
- Full days on the road - 12
- Partial days on the road - 6
In the end Haulin Assets realized a profit of $2,065.39. Revenue was about the same as last month, but expenses were down, no repairs! Listen to the entire episode to learn more about the details.
To see full show notes and hear past episodes, check out the Haulin Assets website.
I have had a lot of people talk about the economy and the current state of the trucking industry. Things are different now than they were last year. Last year’s rates were better than we had seen in a really long time. You couldn’t help but make money but that might not have been an entirely good thing. I think this year we are seeing some negative consequences from last year’s boom. So what does that mean?
What to Expect From Episode 30 During this episode, Craig and I talk a lot about the state of the owner-operator world. Things were really good for most people last year and a lot of companies and owner-operators made decisions that are now having a negative impact on the freight market this year. We break it all down and talk about what I think it means.
Wondering When to Start Your Trucking Company? There are pros and cons to starting and running a business when the economy or an industry is struggling and we will talk about that. I use my experience of doing just that and some of the lessons I have learned over the years.
I know there are a lot of people out there asking themselves the question, “Is now the right time for me?”. That is a very personal question and I can’t answer it for you. I hope the info we share in this episode will arm you with some important information and thinking points to help you decide what is right for you in your situation.
To see full show notes and hear past episodes, check out the Haulin Assets website.
Ben Franklin made the phrase, “a penny saved is a penny earned” popular, and there is no industry where that saying holds more true than the trucking industry. A savings of 6 cents a gallon of fuel is like saving 1 cent per mile. When you are driving over 500 miles a day, 1 cent a mile adds up to thousands of dollars a year.
Purchasing fuel smartly is one of the easiest ways to save money. In the past I have talked about how fuel planning and a good fuel card can save you lots of money. I want to take it one step further and show you how understanding fuel taxes can help you save even more.
Most people don’t understand how the International Fuel Tax Agreement (IFTA) and fuel taxes work. Those who do will save money on their fuel. I had an experience recently that illustrates this point. Listen to this episode for a full explanation.
See the full show notes here, and check out the Haulin Assets website, where you can also hear previous episodes.
Things are looking better for the month of October than they were for the few months previous. That's not to say that nothing unexpected or difficult came up, but thanks to Chris's preparedness and the relationships he's cultivated, he was still able to turn a decent profit even while driving slightly less than his monthly average.
In today's episode, Chris shares with Craig the numbers for October and also shares some stories that illustrate why it's so important to cultivate relationships--you never know when the right one will be there to help your business thrive. Another story illustrates Chris's point from last week to be wary of a few things that brokers might do to make your life harder than it needs to be.
See all show notes at the Haulin Assets website, where you can also hear previous episodes.
There are good brokers and bad brokers; you need to know how to deal with the guys who don't care about you or your business and just want to get everything out of you that they can. Listen to this episode to learn what to watch out for when dealing with brokers.
Why I'm Doing Haulin Assets
In this episode I also talked a bit more about my background and why I am doing this podcast. I mentioned a couple of my businesses that provide different services to the trucking industry. If you ever had a need for any of the services we provide, we would love to have yo consider working with us.
Motor Carrier HQ helps drivers who want to start their own trucking company go through the startup process and it helps them with other administrative requirements like DOT compliance, IFTA, etc. you can check it out at motorcarrierhq.com.
I also mentioned iThrive Funding that helps trucking companies manage their cashflow and billing paperwork through factoring, you can check them out at ithrivefunding.com.
What to Expect From Episode 27
Craig and I discuss the difference between transactional relationships and lasting relationships. Most brokers work with owner operators like it's a transactional relationship. Basically, they don't care if they ever do business with you again, and that's how they treat you, and some will try to take advantage of you. Because of that, you need to be careful with how you deal with them so you are protected.
Here are the main things you need to watch out for, we cover them in detail during this episode, including what you can do to prevent them from happening to you:
- Not getting paid for a load
- Not getting paid for detention
- Not getting reimbursed for lumper fees
Other Things to Be Careful Of:
- Watch out for brokers who promise the world.
- Read the rate sheet, look for hidden fees, fines, and weird conditions.
- Be wary of brokers who have been in business for less than 12 months.
See all show notes at the Haulin Assets website, where you can also hear previous episodes.
What does it mean to control your circumstances, when so much seems to be out of our control? In this episode, Chris argues that there's more within your control than you might think, if you're willing to put in the work to see it. It takes discipline and foresight, but controlling your circumstances -- to an extent! -- is not only possible, it's actually not too complicated either.
Chris gives a couple of recent examples from the road to illustrate how he's taken control of his own circumstances... and how he failed to, in one case.
See the full show notes at the Haulin Assets website, where you can also hear previous episodes.
It's a dangerous world out there for truck drivers and not all dangers are on the road. If you want to see me get fire up, start talking to me about ways truck drivers and trucking company owners get taken advantage of. In this episode I cover some of the more common ways I have seen drivers and owners being taken advantage of.
There are a lot of ways I see people being tricked and taken advantage of. Just like wild animals warn you by making some kind of noise or physical display before they attack, most predators in the trucking industry give warnings too. Below are some of the things that are warning signs you should watch out for. During the episode Craig and I go into more detail and give some examples. Hopefully listening to this episode will help you avoid these traps.
They Try To Make Themselves Look Like The FMCSA or DOT They Use Scare Tactics How Do You Protect Yourself? Do some research. There are plenty of websites that you can use to help you be safe. My favorite is to use Google reviews. You have heard me talk about this with shippers. I use it for companies I am going to do business with too. Don't just look at the star rating, read some of the reviews. No company out there will have a perfect rating, but ratings should be high and the reviews people write are what really tell the story. Try to look at reviews for several companies that provide the same service and factor their rating along with the price they charge to determine who you will use.
Facebook has ratings and reviews too. Other rating services like the Better Business Bureau (BBB) or Trust Pilot are rating companies businesses subscribe too. There ratings can be helpful, but I always take them with a grain of salt because the company they are rating has paid them and I have had too many bad experiences with companies that they rate highly to take them at face value.
I'd love to hear what you do to keep from getting scammed, let us know in the comments at the Haulin Assets website, where you can also see the full show notes and hear previous episodes.
It’s another episode where we go over the financials for Haulin Assets.
Over all, it was a pretty good month. Here is a quick overview, we talk about all the details. There are a lot of things that happened this month and we talk about all of them in this episode, so give it a listen. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet.
- Total Miles Ran-10,520
- Deadhead Miles-1,157
- Total Revenue-$20,939.04
- All In Rate Per Mile-$1.99
- Full Days on the road-13
- Partial Days on the road-6
In the end Haulin Assets realized a profit of $1,099.86. The synopsis is that revenue was good for the month, but expenses were a lot higher than normal. Listen to the entire episode to learn more about the details, specifically which expenses were so high and why.
The company that replaced my trailer tire I discussed was Kent's Tire out of Wichita Falls, TX. They were super fast, didn't even have time to burn a 30 minute rest break.
See the full show notes at the Haulin Assets website, where you can also hear previous episodes.
In this episode Craig and I cover two topics. First, we talk about the UCR (Unified Carrier Registration) fee and how it brings out the dark side of the trucking industry and then we talk about a life principle that is super important for anyone who runs their own business.
It’s kind of strange because these two topics are really not related, but I wanted to cover the UCR because this is the time of year the predators start to come out and take advantage of owner operators, so it got plugged into the beginning of this episode.
Unified Carrier Registration aka UCR and Shady Business Practices You can learn more about exactly what the UCR is by checking out this blog post about it. In the podcast I talk about how a lot of companies use scare tactics to try to get you to pay way too much for them to take care of it for you. I have seen companies charge over $300 to file the UCR for a one-truck company. It should cost less than half that for a third-party company to provide that service.
Be careful out there. If you ever have a question about a fee someone is trying to charge you for that you are not confident you owe, give one of our coaches at Motor Carrier HQ a call and they will let you know if it is legitimate or not, those calls are always free.
Get Out of Your Comfort Zone On the surface, this may seem like a lame, unimportant topic, but let me assure you it is critical. It is human nature to want to focus on things that we are good at or that we enjoy doing, while we avoid doing tasks we dislike or are not good at. In this episode we discuss why it is important to do some of those tasks and how that will make you more successful.
Here are some of the things I see a lot of trucking company owners avoiding or not doing that they need to do:
- Understanding the numbers in your business
- Talking to shippers
- Negotiating rates
- Being nice to everyone
- Saving money
We go into each one of these items in detail during the episode. See the full show notes at the Haulin Assets website, where you can also hear previous episodes.
I thought it would be fun to see how much of a cost difference it would to eat out for a week verses eating store bought food for a week. I was shocked at the difference. Listen to the episode for the full details, but some of the highlights are below. Leave a comment let me know what you do to save money on the road.
In this episode Craig and I talk about my little experiment to determine the cost difference between eating at truck stops and restaurants for a week compared to eating food I bought at Walmart and was prepared at home or on the road. The difference was shocking.
See the full show notes at the Haulin Assets website, where you can also hear previous episodes.
I'm pleasantly surprised I made money in August. If you have been listening to the podcast, you will know I am in the Army National Guard and I did my two-week training period during August. I was only on the road for 10 full days and two partial days in August. My total mileage for the month was only 6,645.
Even with half the month off I was able to make all the important payments and the company made $595.65. The down side was, as a driver I earned half of what I normally would. Luckily, I get paid from the National Guard to make up for it.
In this episode Craig and I review the Haulin Assets financial statements for August. We also talk about the effects of only running half a month and how that affected the profit and loss statement and balance sheet. You can see both in the full show notes at HaulinAssetsLLC.com.
This is another topic that's important enough that we'll revisit it a few times over our first year or so. Cost per mile is a vital number to know for your business, and if you know it, you've already got a leg up on about 80% of the other owner-operators out there.
So why do you need to know your cost per mile?
- It helps you make important business decisions
- It ensures you take the right loads
- It helps you know if you're spending too much in certain categories, like fuel or repairs
What goes into cost per mile?
- Number of miles you drive
- Your fixed costs and variable costs
Knowing the difference between fixed and variable costs will really up your game as a business owner, and that's what we'll discuss on today's episode.
Check out our Cost Per Mile Calculator at MotorCarrierHQ.com. And visit the Haulin Assets website to hear previous episodes and view full show notes.
This is a fun episode for me because I get to use my military experience in the business world. It never ceases to amaze me how often my military experience helps me in the business world and how my business experience helps me in my military life. The military does a lot of good things that the private sector can learn from and vice versa.
(Don't forget you can visit the Haulin Assets website to hear previous episodes and view full show notes.)
In this episode I talk about a very common topic in the Army, priorities of work. I use the example of setting up a patrol base. When you are out in enemy territory on a foot patrol and are going to stop for a significant period of time, you set up what is called a patrol base. The Army preaches the importance of prioritizing your tasks so you do the most important things first that are going to have the biggest impact on your ability to survive and complete the mission. Here is a simplified version of what the priorities of work are.
- Establish security. You create a 360 degree perimeter and place your weapon systems in the best place and make sure everyone has an area they are responsible for.
- Continually improve your fighting position.
- Weapons maintenance.
- Personal hygiene.
- Eat.
- Drink water.
- Rest/sleep. (Not everyone at once)
When you set up a patrol base after a long hard march, typically the last thing you want to do is clean your weapon and what you really want to do is eat and sleep. The priorities of work make sure you do the important things first, if you don't create a strong security posture and clean your weapon and are attacked, things will get ugly real fast and you'll wish you had skipped dinner.
The same is true in business. It is really tempting to eat and sleep or maybe watch TV as soon as you finish your driving for the day. You probably have more important things to do like figuring out where to fuel so you buy the cheapest diesel and getting that next load so you don't get caught sitting once you drop off your current load. Being disciplined in the little things and doing the most important things first is what makes you successful with the big things.
I broke the priorities of work into two categories and we talk about them in more detail in this episode.
Priorities of Work During a 10 Hour Break 1. Take care of any urgent equipment issues. 2. Find your next load. 3. Personal time. (Eat, exercise, relax) 4. Sleep. (You have to make sure you get an adequate amount of sleep before you drive again, this is critical. If you haven't finished the items listed above and it is time to sleep, stop doing those items and go to sleep.) 5. Prepare for the day. 1. Plan your route and where you will fuel. 2. Handle issue with truck/trailer. 3. Sweep the trailer. 6. Pre-trip.
Priorities of Work While At A Shipper/Receiver 1. Get backed into the door asap. 2. Take care of issues with the truck. 3. Find loads 4. Work on the business, for example, enter expenses into your accounting system. 5. Eat, sleep, relax.
This is probably one of the most important episodes you can listen to. Listening to the episode is just step one, but what you really need to do is adopt the habits we talk about in this episode. Owner operators who live by the principles we discuss in this episode are the ones who are significantly more likely to succeed and ultimately THRIVE.
Last week we talked about how much money I made during the first three full months operating my trucking company. In this episode, we talk about what to do with that money. Much to the disappointment of my wife, it's not give it to her. Like I have been preaching, you need to have an owner's mindset and that money needs to stay in the company for future expenses and unforeseen challenges.
Below you can see the Balance Sheet for Haulin Assets that covers the months of May, June, and July. (If you have a slow internet connection, it might take a bit of time for it to show up). We cover it in detail during this episode. It is best to look at the balance sheet as you listen to the episode, so you can follow along.
The main thing I want to point out here is watch the savings account grow. In May I added $1,519.70 to the savings account, in June I only added $863.98 because it was such a rough month, and in July I added $1,802.08. By the end of July, the savings balance was $4,185.76.
You can see on the balance sheet I have broken the savings down into several categories. We cover what each one of those are during the episode. I also talk about how I determine how much to put into each category. I use a spreadsheet to help me figure that out. You can download the spreadsheet and learn more about how to use it on this page on Motor Carrier HQ's website.
Visit the Haulin Assets website to hear previous episodes and view full show notes.
This episode will work best if you follow along with the P&L sheet that we've included in the show notes, HERE.
Drum roll please! This is the moment of reckoning. Did I make money or lose money the first three months out on the road? I answer that question during this episode. Okay, spoiler, I made $8,149.17 over that three months and that is on top of what I paid myself as a driver. Not too bad considering a lot of businesses lose money during the first year.
In this episode Craig and I go over the Profit and Loss Statement, often called the P&L, for the first three full months I was out on the road and I have to say I was pleasantly surprised. If you have never seen a P&L, it might be kind of confusing. Best way to learn and digest the info is to look at the P&L below and follow along as we talk about it during this episode.
Be sure to visit the Haulin Assets website to hear previous episodes and view full show notes.
It's time to hit the road, but before you do, you have to have some kind of ELD, electronic logging device. An ELD can frustrate you and there are a lot of them out there, so you want to make sure you make a good decision when you purchase one. In this episode we are going to cover some of the things you need to think about purchase your ELD.
We cover 5 factors you should consider when purchasing an ELD. Here they are:
- Is it compliant with the FMCSA ELD regulation? (You can go to this FMCSA websiteto see which ones are good to go.)
- Is it easy to use?
- What other features does it have or should it have?
- How much does it cost?
- Do I need to buy a tablet to make it work?
What ELD device do you use, let us know in the comments at HaulinAssetsLLC.com, and whether or not you like it.
The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.
In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.
Here are some of the bullet points we covered during this episode:
- What is a drug and alcohol consortium?
- Do I have to have a drug and alcohol policy?
- What do I have to give my drivers?
- If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
- Pre-employment drug tests
- Random drug testing pool
- Driver qualification files
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.
In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.
Here are some of the bullet points we covered during this episode:
- What is a drug and alcohol consortium?
- Do I have to have a drug and alcohol policy?
- What do I have to give my drivers?
- If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
- Pre-employment drug tests
- Random drug testing pool
- Driver qualification files
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
License plates in the trucking industry have many different names: IRP, apportioned registration, etc. Navigating the registration process is not simple, so we’ll try to shed some light onto it.
In this episode I interview Ariel, Motor Carrier HQ’s resident expert on the International Registration Plan, often referred to as IRP or apportioned registration. We talk about what IRP is, who has to get apportioned plates, and some of the process to make it happen.
To learn more about the process, check out What Is IRP or Apportioned Plates on Motor Carrier HQ’s site. It also has a link you can follow to get the contact info for the department in your state where you go to set it all up.
Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!
So far in this journey of starting a trucking company we have spent a lot of money, now it's time to switch gears and talk about saving money. In this episode we talk strategies for saving money on fuel, maintenance, repairs and some personal expenses.
The top five expense for a trucking company, in order are:
- Driver wages and benefits
- Fuel
- Truck and Trailer
- Maintenance and Repairs
- Insurance
As always, check out the full show notes at https://haulinassetsllc.com/episodes/
In the last episode we showed how much it cost us to start Haulin Assets, and we discussed how your situation might be similar or different. Now it’s time to roll up our sleeves and get to work by figuring out how to gather all the money you’ll need in order to get that truck moving down the road and making money!
For most people, coming up with the money to start their trucking company is the most challenging part of getting going. As the saying goes:
“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.”
Below is the list of ways to get money we talked about, and there are even more we didn’t talk about. Let’s start with the first one. Maybe you only have $500 in savings, well, that is a start.
Move to the next option and maybe you can sell $1,000 worth of stuff. You’re not there yet but getting closer, so keep moving down the list.
Maybe you can get a $3,000 loan from a bank. Now you’re up to $4,500. Just keep moving on down the list and you’ll eventually get there.
Once you have gone through the list and you still don’t have enough, start at the top and go through it again. It may take time, but one thing all successful business owners have in common is that they don’t give up easily.
Here is the list.
- Savings
- Sell some things you don’t need
- Non-profit micro-lenders
- SBA Microloan Program
- Bank loans
- Loans from friends and family
- Bring on a partner
- Credit cards
- Factoring (more to fund ongoing expenses, not startup costs.)
More Resources We have a page on Motor Carrier HQ's website that provides some more insight and has some additional resources on how to finance your trucking company. I go into more detail about each one of the options I listed above. You can check it out here.
And be sure to check out other episodes and full show notes, as well as comment sections, at https://www.haulinassetsllc.com
"How much does it cost to start a trucking company?" is probably the most common question we get asked. In this episode we are going to answer this question with a real life example. When I started my trucking company a few months before writing this post, I took meticulous notes documenting each and every expense I made.
In this episode, I talk about each and every startup expense I made and tell you exactly how much it cost. Since every person’s situation is going to be different I also give a best case scenario and explain why I think your situation might be different than mine. I hope this discussion will help you start to get a clearer picture for how much your startup expenses will be. Additionally, my team and I have created some tools to help you figure out about what your costs will be.
Be sure to check out the Motor Carrier HQ Startup Cost Calculator here. You can use this helpful tool to calculate your own startup costs.
And get the full shownotes at haulinassetsllc.com
What’s the difference between driving as an owner operator or working for a company? We got a lot of questions about this topic, so we did an entire episode about it. Check it out!
A couple of episodes ago, we started doing a question and answer piece at the end of each episode. Thanks to all of your questions, we decided to do an entire episode about a topic a lot of people were asking us about. Episode 10 is all about the pros and cons of being an owner operator vs. an employee driver.
For a lot of people, it boils down to something like this:
“I make $70K+ a year, why should I start my own company?”
That’s definitely true for some truck drivers, but I don’t think trucking is really all about the money for everyone. In this episode I talk a lot about what being a business owner is all about. I think it really boils down to:
- Do you have the desire?
- Do you have the drive?
- Do you have the skills necessary?
There's lots of material associated with this episode, so check out the full show notes at https://haulinassetsllc.com/episodes/
And find the tools you need to get started as an Owner Operator at https://www.motorcarrierhq.com/
Getting commercial insurance for your truck is an intimidating process. We hope listening to this episode will help you so you don't go into the process blind and can make the best, informed decision for you. To learn even more, check out our page on the same subject at Motor Carrier HQ.
What to Expect From Episode 9 In this episode we talk about how to purchase insurance for your truck. This will be one of the biggest purchases you make, so it's important to be smart about it. You'll learn a lot listening to this episode and reading the page on Motor Carrier HQ's website. Here is the order you should typically do things in.
- Apply for your motor carrier authority so you have an MC number and USDOT number before you call.
- Gather the information your insurance agent will need for a quote. (We go into detail about that on Motor Carrier HQ's page.)
- Call at least two different insurance agents and get quotes for at least two to five insurance companies.
- Evaluate the quotes. Keep in mind, price is important, but it is not always the most important.
- Be prepared for the down payment. You are usually going to have to put at least 10% down, usually more like 15-25%. We're talking $3,000 or more.
Check out the full, detailed show notes at HaulinAssetsLLC.com.
Once you know where you are going to find your loads (see ep.7), you should be able to determine the type of trailer you are going to need to buy.
In this episode we talk about how to decide what type of trailer to buy and I give some tips for when you are actually shopping around.
Step one is to determine how you are going to find your loads, once you know that, it should point you in the direction for the type of trailer that is going to be best for you. We'll go over the pros and cons for each trailer type:
- Flatbeds
- Dry Vans
- Reefers
We'll also go over a few important buying tips, for when you're ready to go out and kick the tires.
Lastly, for our new Q&A segment, we had a couple of people ask about leasing on to a carrier as a method to purchase a truck. I talk about the pros and cons of that route. Thanks to everyone who submitted questions!!
As always, check out the full show notes at HaulinAssetsLLC.com.
Finding loads is probably one of the most important topics we are going to cover in our podcast. If you aren't finding enough loads or the right loads, your business is going to struggle.
In this episode on finding loads, we are going to cover the basics and not get into too much detail. We'll hit this topic several times as the year goes on and get into more and more detail each time we do.
What to Expect From Episode 7
We talk about the four main ways companies get loads:
- Directly from shippers
- Through brokers
- Searching on load boards
- Using a dispatcher
To read more about why we suggest that most new owner operators use a good dispatcher, and what makes a good dispatcher, check out the full show notes at HaulinAssetsLLC.com.
In this episode we talk about the different types of lenders and some of the things they look for. We also give you some tips to help give you the greatest chance of success. It all really boils down to finding the right lender who best matches up with your particular situation. You may be a square peg, and some lenders might be a round hole. You won’t get anywhere trying to get your square peg into their round hole. Look for that lender that loves square pegs, and you will have found your match.
Once you have found your lender, be prepared for the following:
- You will have to fill out an application with each lender you get serious with.
- You will probably have to put down a 10-20% down payment.
- You are going to have to provide the lender a bunch of info. (See the list below.)
- After you think you have given them everything but the kitchen sink, they are going to come back and ask for the kitchen sink. Then, they might even come back again and ask for the bathroom sink.
Good luck!! If you have any questions about the process or if you have found a trick we didn’t talk about, let us know in the comments under the full show notes, at http://haulinassetsllc.com/.
This is a fun episode. Who doesn’t get excited about buying the truck that they are going to use to make them money. Heck, you are probably going to live in this thing 24/7 for days, if not weeks at a time. If there is a decision you want to get right, this is it. Here are some of the things we are going to talk about:
- Buying new vs used
- If you buy used, how many miles it should have
- If you should buy a warranty
- What you should look for in a truck
- The cost of the truck
Head to http://haulinassetsllc.com/ for the full show notes.
In this episode I really focus on the importance of thinking like an owner. This journey really starts with YOU and a desire for something different. For me, that was deciding I wanted my hard work to make more money for myself and not for someone else. I also wanted to be in control of my destiny, not have someone else in control of it.
Here are some of the changes in mindset we talk about.
- Have a good attitude
- Think like an owner
- Be prepared
I hope this episode helps you think of ways to think more like an owner. What other ways do you think like an owner? Let us know in the comments section at our website.
Head to http://haulinassetsllc.com/ for the full show notes.
Big step #2 of starting a trucking company, after setting up your business, is applying for your DOT Number and MC Number, aka Operating Authority. You can't do much in trucking without one or both of these numbers. How do you know which one you need or if you need them at all? My buddy Tyler from Motorcarrier HQ and I cover all the basics in this episode. Here are some of subjects we discuss in detail:
- DOT Number
- MC Number
- Operating Authority
- BOC-3
- Insurance (We just kind of scratch the surface. This will be its own future episode)
- Vehicle weights
- UCR
- FMCSA Compliance
- Drug and Alcohol
- New Entrant Audit
- Additional Permits
- New York
- New Mexico
- Kentucky
- Oregon
Most for hire trucking companies will need to apply for an MC Number in order to get their operating authority. For your planning purposes, keep in mind it takes at least 21 days from the day you apply and are issued your numbers, until you will legally be able to cross state lines as a for hire trucking company. Once you do apply, the contact info you provide becomes public and you'll start to receive a ton of solicitations for everything from compliance companies to factoring and insurance. Watch out for snakes in the grass that try to take advantage of you. There are a lot of shady companies, especially ones who try to make you think they are the FMCSA (Federal Motor Carrier Safety Administration).
Every situation is different, what licenses and hoops you have to jump through might be different than what your friend had to do. If you have any questions you can always talk to one of the experts at motorcarrierhq.com, heck you might even get to talk to Tyler. They will talk to you about your specific situation, absolutely no obligation. You can learn more by clicking here.
Head to http://haulinassetsllc.com/ for the full show notes.
This episode is a deep dive (and I mean deep into the “exciting” world of lawyers and accountants) into the foundation of starting a business. I cover how to set up your business from a legal and tax perspective. As part of this episode you'll hear straight from two experts. Preston Koerner and Chris will go over the legal piece and Jason Grant with Trackin Assets will talk about different tax considerations.
In the intro, Craig and I talk about partnerships and trying to determine if a partnership is right for your situation. You can find the partnership questionnaire we refer to at motorcarrierhq.com.
In the interview with Preston, we cover the differences between an LLC and a Corporation, and the pros and cons of each.
Visit http://haulinassetsllc.com/ for the full show notes and links.
Welcome to the first episode of the Haulin Assets podcast. In this episode Craig and Chris will cover the 5 things you need to consider when starting a trucking company:
- Go it alone or with a partner?
- Where is the money going to come from?
- Can you get insurance and make the down payment?
- Do you have the right truck?
- Are you willing to do what it takes?
We hope this episode gives you some good things to think about and gets you excited about living the American Dream of owning your own business.
Visit http://haulinassetsllc.com/ for full shownotes.
Chris and Craig give you a quick rundown of what to expect on the Haulin Assets podcast. Subscribe and listen in, and we'll help you go from truck driver to savvy business owner.
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