I desperately need some good thoughts....

[Scottintexas]

I'm sorry to hear about your situation. I'm also a small business owner and I know the burden of carrying the load of everything can be daunting, our health insurance just went up another $500 a month (guess who's going to make $6k less this year).

I would tell you to be realistic about what your business plan is and to do whatever you need to keep as close to breaking even or losing at an acceptable rate until you can turn it around. It has to be realistic though so you don't continue to put yourself through the mental stress of prolonging it. The stress will exact a much bigger toll than any monetary issues.

Good luck and I hope you find an easy solution,

 

[Englewoodcowboy]

@Scottintexas brother I know all too well what you are talking about. I am sitting at my desk awaiting word on plans we have in a cold sweat, haven't slept much since Sunday night and won't be able to till I have some solid answers to go with. What a lot of people never seem to understand is when you have everything, and I mean everything on the line along with families of employees who depend on you, it is a lot of weight to bare. I have very broad shoulders but feel like they are well overloaded at this point. I am just surprised I have not had another heart attack yet... LOL by another I mean I was struck by lightning when I was 23 and had one then, didn't even know about it till years later when I was going in for surgery and they ran the tests and the Dr. asked me when I had one. I was clueless then he actually narrowed it down by approx what year and the ole lightbulb went off, I was amazed and shocked but he said yup, that would do it, literally speaking of coarse... LOL

 

[Volffas]

Sorry to hear this. I have been in the trucking business since 2001, I have ran fleets of over 70 drivers, I know how much work it takes to make a truck company successful. I have never owned my own fleet, mainly because I know the headaches that would be involved and quite frankly, I just didn't want to take such a big risk for little reward. I applaud you for taking the initiative to run a business in the trucking world. The amount of large fleets like Schneider, JB Hunt, Swift etc. make it tough for the ordinary guy to make a living because they can afford to make less than pennies on the mile but still make money because they drive 10.8 million miles per day. Not to mention the DOT breathing down your neck everywhere you turn.

I think you are doing the right thing going to Landstar, they seem to have a good deal of loads and they pay better than a lot of other companies. Building your brokerage company would be an excellent way to bring in additional funds without the huge investment that trucks and trailers require.

Would it be possible to sell your business to your mom and dad and have them name you CEO and let you run day to day operations?

 

[Zarrella]

How about changing it to.....Need help with commercial insurance coverage

 

[justason]

I agree a business attorney or professional would be a fine inquiry to make. With your track record being favorable, what if you were to move the risk or burden more on the company/you for a year: Meaning raise the deductible on the insurance to something that the insurance company finds reduces their risk, puts more on you, but may be favorable over loosing the assets you've gained over your years?.

Is there a way to use the truckers driving records to prove professionalism or risk reduction?

I do not have business knowledge in your arena. this comes from a personal perspective, after 26 years of multiple home ownership and 33 years of driving i have never filed a claim.......I have a increased my deductibles on house and cars considerably to make my rates palatable ....so far so good.......

 

[ccrayjr]

Contact an attorney and look at a DBA or and LLC... even the online companies can help you with that for low cost and can have it set up in less than a week or two. Having a DBA or LLC might give you the lower insurance cost since it could be a separate company and would not be tied to your existing EIN#, thus allowing you to operate your company under another company name or subsidiary while lowering your insurance costs until you current rates come down in the future.

 

[Volffas]

Is there a way to use the truckers driving records to prove professionalism or risk reduction?
.

Carrier411.com will show most of this information. @Englewoodcowboy, if you are not a member of that website and would like to see your report shoot me a pm and I will send the report to you.

 

[Zeus2013]

Sorry to hear about this. Wish I could help in some way. I agree with the others on an attorney and CPA. Anyway to get a small business loan to cover the insurance?

 

[Englewoodcowboy]

To all who have replied, thank you so much for the kind words, believe it or not it helps me keep my focus here.

@Volffas we do have carrier411 and thank you for that idea. The issue is a few OOS we have from the driver I terminated which puts us above progressives requirements. They were willing to write at 2% increase over my previous policy until this info came up. They did tell me that in 8 months the oldest 2 fall off and it puts us back under their limit (my safer score is excellent amongst everything else) and they would write us then. Making this change we will list our trailers for sale, I will sell if I get a good $$ for them but not give them away, if they don't sell in 8 months and I can get a policy with progressive then it is back to normal of sorts. We have spoke with a few fleet owners who run for landstar and they seem to be very happy and have been with them for years and claim I should do well with them. We will see what happens, that is the biggest worry at the moment is changing gears a bit and see how this unfolds. Who knows, it may work out being it will alleviate a lot of the documentation I currently have to do, companies I pay to do my log audits etc as Landstar becomes responsible for that. Ultimately I want to grow my brokerage and who knows, maybe even sell it one day down the road.....

 

[waterboy]

I will drop you a PM shortly. Not an insurance expert but may be other ways to help. The company I work for ships a ton of freight so may be able to help with income side of the business...

 

[Lextacy03]

@Englewoodcowboy , I look forward to seeing what I can do on that rate for you. I have already called some of my brokerage houses and spoke with them.

 

[ScarabMike]

@Englewoodcowboy You will get through this man. Looks like you have a good head on your shoulders, and with some pro help like it has been suggested, you will come out better than you were.

 

[bronze_10]

I was partner in a small trucking company... it's a hard industry to make a living in... do what it takes to keep going. In the end it may work out even better..

 

[scot71]

@Englewoodcowboy, I can't say that I know anything about what you are going through or the stress that you are under. I just want to send you some positive energy. I know we're all hoping for the best for you.

 

[BigN8]

Hang in there. Regarding needing luck..... I have always heard that luck=the point where hard work and perseverance intersect. You control your own luck!!

I owned a small commercial roofing company with my brother. During our peak we had our revenue just North of $6M and I had approx. 60 people on the payroll, maybe a little more. My G/L policy was a $2M liability with a $5M umbrella. If memory serves me right I think my premium was around $150k/year and this premium fluctuated based on workers hours for the previous year. My workers comp was outrageous as well. The problem with this type of business is that we were always one accident away from losing everything. So with the help of our CPA and a tax attorney we protected ourselves. First we created irrevocable trusts for my brother and I and made our father the trustee. Our original company was "company x, inc. So we formed "company x, LTD, and we also formed "company x, LLC. We moved all of the employees over to the LLC, The main company was the LTD if I remember correctly. So the LLC would bill the inc. for payroll purposes, but no funds or equity was ever kept in the LLC. I can't remember how the trust played into this but it was a way to protect the assests of the company since you can't ever sue a trust. And, if an employee was to get hurt or killed there was protection due to the company being an LLC with limited funds and equity.

Anyway, with all that being said, I would think you could do as other have mentioned. Open an LLC and move your operation over to the LLC. You may even be able to have the trailers under the LLC and then lease from your original company through the LLC. Basically leasing the trucks from yourself. All I can say is there are some really freakin smart lawyers out there that can think up some loop holes you could never imagine possible. I knew commercial roofing not tax and insurance laws, that's why we pay these people, I am sure you are a master of trucking and freight, but don't know tax and insurance laws inside and out like the pros.

Another idea would be to reach out to some freight companies that are roughly the same size as you, even in other states. Call and ask to speak to the owner and ask them who they are using for insurance. I think you would be surprised as to the help you would receive from fellows in the same industry that know your pain.

Good luck to you.

 

[Britboater]

Just reading your thread @Englewoodcowboy, I feel for you. I'm not, unfortunately, able to offer you any advise, but I can relate to your predicament on your health. You must put yourself first if as you say, at risk of another heart attack.
All your going through, and taking on everyone's worry is not worth it, I understand some are family, but what good are you to them if your not there?
I've folded two business in the past and will never let anything hinder my health again, it's just not worth it, health is your wealth.

There's some good people on here and I can see why you'd open up on here, but talk to your family and loved ones, they know you the best and can offer the most support. As previously mentioned, all I can offer is my positive thoughts and my sincere wish for good health to you.

 

[Julian]

@Englewoodcowboy I'm not much help here either.... hang in there! My brother runs his own businesses and one think I know helps him a lot is just talking things out with me (not that I'm much help). Just having SOMEONE to talk it over with helps his stress levels. Also, are you sleeping? If not, consider a short term sleep aide...like ZQuil (Nyquil) or something like that -- if you can. Stress like this results in no sleep, which drives up your stress..which means less sleep...and it is a bad cycle to get into. A good nights sleep helps reduce the stress, and also clears your mind to think better. I manage my stress pretty well....get some exercise really helps (a hard workout), but if I have a rough period approaching a BIG meeting/presentation, I will take one Nyquil before bed so I don't lay there tossing and turning "presenting in my sleep".

Good luck...sorry that is all I have to offer...

 

[Englewoodcowboy]

Well I am applying all of the advice I have been given and thankfully accept and appreciate all the good vibes. We are in the process of interviewing lawyers to aid in the situation. Some of you have shared some stories with me and I hate to say it but I look back and think wow was I lucky to make it this far. We have some plans we are rolling out, will decide on an attorney and meet with them to see what can be done etc. It is too easy to get caught up in the negatives to forget the positives and yes one day I will look back at this and think of it as a stepping stone of life as a business owner. Right now my flakes and I own everything together and I take them out often on the boat and they told me this morning that selling the boat is one of the last things they will allow as we all thoroughly enjoy the R&R it brings to us. We have all calmed down a bit and have been reflecting on things and bouncing ideas and I have narrowed them down to our plan of action. We will be out on the lake on Sunday to try and get a breather before next week and hopefully some of the plans I have laid out will start taking shape relatively quick. I would love nothing more than this to be a hiccup but it is also changing rapidly how we are and have been viewing things. Its time once again to tighten the belt where needed and prepare.

 

[rkluck]

I have a friend that runs a large distribution fleet and warehousing company here in ATL. He has been in this business (with his own fleet) his whole life (his dad owned it and he started changing tires on the vehicles). If you would like me to seek his feedback or thoughts send me a PM and the key points where you are now.

 

[MikeyL]

I am terribly sorrowed to read this.
I sincerely wish I could do something more than simply telling you I will keep you in our prayers.
I wish "Best Wishes" meant something tangible here.
Mikey Lulejian - Lake Oconee, GA