It is time to sell your small trucking company in Florida
It is well documented that the last people to get paid in the transportation of goods is the small trucking company.
Before that happens, the business has to pay for the equipment, insurances, permits, wages, fuel, tires, and employee benefits. Then hope that when and if the checks come in a timely manner, there is a little left for the owner’s pocket.
The transportation industry is among the highest regulated and taxed forms of business operating today. There are layers upon layers of economic burden passed on in fuel pricing and government, state and local permit requirements to just be able to run a few states.
You have several tractors with refrigerated trailers that go to the Midwest steadily from Hillsborough County, Florida. This is an independent business with no expensive ties to national carriers or long term freight agreements of questionable profits.
Your business has been operating continuously and profitably for many years and is well known. Lots of good aspects here and in the transportation business, that is very valuable.
However, after so many years of being on call constantly, solving problems on the road ranging from truck breakdowns to drivers quitting in the middle of the night 2 states away, you have had enough. It is time to cash it in and leave the cell phone at home when you take your wife to dinner. Take a vacation. Not have that pit in your stomach that burns when you think of what might happen next…
What to do next?
You own, manage and maintain a small trucking company in Florida. You are not up to date in what is required in the arena of business sales- or even how to start.
Firstly, you need to prepare an honest profit and loss statement that covers the last three years. This includes income (tax return verifiable) liabilities such as equipment leased or financed, real property and shop space costs and arrangements, tools and equipment used to maintain your fleet and every other item causing you to write a check. And there are plenty of them.
In this economy, there are large carriers that are constantly purchasing smaller trucking companies and absorbing them into their system. The advantage of this is that you need not worry about getting your negotiated purchase price in full. The bad part is that they may not be willing to pay what you think it is worth.
Dealing with prospects on your own can be daunting. There is no 100% sure thing in selling a business. If you finance it yourself, you can sometimes end up with it back in your lap in a short period of time with angry customers, c.o.d. arrangements with suppliers, and run down equipment.
Another option is to contact Florida Business Brokers. These sales pros know the territory and can pre-qualify your prospects to keep financial headaches to a minimum. They will prepare all the documentation necessary including the insurances, permits, and titles necessary for the clean transfer of your business. Also, you have a say in who your small trucking company in Florida is sold to. After all these years you may feel an obligation to your employees and want to leave their futures in good hands as well as get paid.
Do your due diligence all the way around- spend the time and get the best information from the best sources. Then, carry on with your sale.