Haulin Assets

#175. February 2025 Financials

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

#174. How Truckers Make Money: A Guide to Driver Compensation

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.

#173. January 2025 Financials

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

#172. You've Been In an Accident, Now What?

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.

#171. December 2024 Financials

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

#170. Building a Culture of Safety

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 170

I 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:

1. Why does safety matter
2. How do you build a safety culture
3. Where can I find resources to help

Why Does Safety Matter

There 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 Culture

It starts at the top. Here are some of the topics we cover:

1. Make safety a priority and ensure your drivers know it
2. Show your drivers safety is more important that on-time deliveries
3. Have regular safety meetings/talks

Resources

• Your insurance company
• YouTube
• Haulin Assets Academy (Coming Soon)
• The FMCSA
  • Resources for Drivers
  • Resources for Carriers

#169. November 2024 Financials

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

#168. October 2024 Financials

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

#167. Getting Ready for 2024 Taxes

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
• 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

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.

#166. September 2024 Financials

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