Haulin Assets

#81. Don't Be Indecisive

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.

#80. Leasing a Semi-Truck vs Buying One

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?

#79. May 2021 Financials

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.

#78. Business Credit For Trucking Companies

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)
• 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.

#77. April 2021 Financials

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.

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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.

#76. A Listener Who Started His Trucking Company - Bubba Blackwell Interview

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.

#75. March 2021 Financials

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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.

#74. Truck #3 and Facing Challenges

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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.

#73. A New Truck and Strong Freight Market

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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.

#72. February Financials

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.