Haulin Assets

#148. Finding Loads: Building Relationships

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...

1. Make sure I communicate well throughout the entire load
2. Do everything they ask
3. Follow through with what I commit to them
4. Send a follow up email thanking them for the load.
5. 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

#147. January 2024 Financials & Chris's Dumb Mistake

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 147

The 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.

#146. Finding Loads: The Process

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:

1. Staying ahead of the game
2. Your company information
3. Sending a driver out
4. When to start looking for the next load
5. Relationships
6. 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.

#145. December 2023 Financials

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. 

#144. Finding Loads: The Systems I Use

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 144

Finding 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.

1. 1. 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.
   2. Phone system
      1. 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.
         1. Ring Central seems to be the most popular
         2. Nextiva
      2. A cell phone
   3. Loadboards
      1. DAT
         1. Seems to have more loads
         2. The app is not as good as the computer. You can't do multiple searches at the same time.
         3. Audible alarm
         4. Heat map that shows inbound and outbound volume of loads
      2. ITS, truckstop.com
         1. Cheaper
         2. They say they have brokers who either use them exclusively or post to their site before they post on other load boards
   4. TMS (Transportation Management System) or an Excel Spreadsheet
      1. One of my favorite things about spreadsheets is they are free or very cheap, Google Docs, Excel
      2. 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.
   5. ELD
      1. Motive
   6. A program to digitally sign docs, lots of options
      1. For a Microsoft Windows based computer, Adobe Acrobate DC, it's free
         1. Comes installed on most computers
      2. For Macs, Previewer
         1. Comes with the computer
      3. Android, Adobe Fill and Sign Mobile App
      4. iPhone, you can sign with the native pdf viewer
   7. Credit Checks
      1. DAT
         1. I take this with a grain of salt
      2. Factoring companies
         1. Their systems seem to be the most reliable
   8. Weather
      1. National Weather Service, look at the loop and select weather.
      2. State Road Conditions, every state has something
         1. Look at the cameras
         2. WY, I-80
         3. OR
         4. WA
         5. NE
   9. Cloud based share point for document storage
      1. Accessible from your phone
   10. Evernote
       1. 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
       2. Free and paid versions

#143. November 2023 Financials

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?)

#142. Cost Per Mile

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 142

Your 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 CPM

I dive into the mechanics of how I do it. Here is an overview:

1. I pull a Profit and Loss Statement for the most recent month and one for the previous 6 months and export them into Excel.
2. I delete the revenue info. I like a clean workspace without unnecessary data and the revenue info is not needed.
3. I categorize all my expenses as either fixed or variable and group them together. 
   1. Fixed costs-costs that are based on time rather than the quantity miles driven. (I give some examples in the podcast.) 
   2. Variable costs-costs that change as the number of miles driven changes. (I give some examples in the podcast.) 
4. 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. 
5. 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. 
6. 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 Info

In 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.

#141. October 2023 Financials

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.

#140. September 2023 Financials

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

#139. Dispatching

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.