The Off-Ramps of Your Trucking Business

Murray Pratt Blog, Business Insights Leave a Comment

As a professional truck driver, you always have your route mapped out. You utilized your voice enabled GPS to help you find the right way to your destination. Heading down the Interstate, you are able to find the right exit so you can drop your load at the right place on time, safely.

Finding the right exit is always key when you are driving, because if you miss it, you waste time and money and can also frustrate your customer – not to mention that demanding Dispatcher back at the office.

But what about the ‘off- ramps’ for your business? Once a truck driver, you went on to grow your trucking business; perhaps you partnered up with your brother-in-law and bought some additional trucks, even hired some other truck drivers. Years later, you find that you have built a solid trucking business with a good reputation, and you are now running 50-60 trucks across North America for a group of loyal well paying customers.

But it’s time…time to hand over the reins to somebody else so you can enjoy some of the less demanding things in life – fishing, golfing, travelling, or spend time with your grandchildren.

Just like before, you want to find the right ‘off ramp’ – that off-ramp from the business.

Perhaps someone offers to buy the business, or you decide you want engage a group of employees to purchase it through a progressive buy-out, or pass it along to your children.

Unfortunately, you now realize that most of the information sits in your head. Or it’s located on paper and post-it notes, information located in a few disconnected applications – Excel files and paper.

As you try to leave your trucking business, you realize that you can’t make a clean break that it can’t run without you. Frustrated, you feel like Al Pacino’s character, Michael Corleone, – in Godfather III.

“They keep dragging me back in!”

Perhaps the most profound benefit offered by Trucking Software is its ability to provide a legacy of data and process that gives the business continuity beyond your active participation. Trucking software gives you, the owner, the ability to codify all the best practices in your business, marry that with a data asset that includes details on  your customers, equipment, staff, transactions, shipping locations, invoicing and payments – so it can be monetized and transferred to others.

It can be difficult to be in a circumstance where, you as the owner, simply want to move on from the business, but you can’t because in the terms of the deal, the new purchaser is requiring your active participation for 2 years…primarily because you hold all the information and relationships yourself, locked up in your head over the accumulated 35 years of tenure.

Trucking software is a tangible asset of information that distributes capability in the organization beyond just yourself. And that asset is worth something to a purchaser who realizes that he can buy that asset and continue with a ‘going concern’.

This trucking software allows you not only to take pride in the legacy you have left to others, but also gives you the money to enjoy an unfettered and fulfilling retirement.

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