sdelliott31
Expert Expediter
I am writing this more of a promise to myself and to reflect on the last 6 years of our business. We started off in 2003 with 1 cargo van with Panther, grew to a total of 17 and had some money left over to invest in a couple rental properties and even give our drivers bonuses at Christmas time. Things seemed to be good. We learned along the way on mistakes we made, how to better calculate our expenses working with fuel cards and repair shops. We were able to pay our drivers and bills and keep our families with a little extra every week, not much but at least something for our efforts. Long about 2007 that started to slowly change. Over that summer fuel started to creep up in the mid $3.00 range and loads were a little more tight over the beginning and middle of the year. However, a strong 3rd and 4th quarter and we still had a good year. We decided to compensate this with taking 3 vans off that were not as profitable and ran with 14 in 2008. No major changes other than upgrading a couple of old vans but keeping the number the same. We never bought new and would comb through local dealers and ebay and other online places to make sure we could get a decent van at $10,000 or under and thus keep our debt service where we wanted it to be.
A couple things that trigger big problems for us in 2008 was first the huge spike after memorial day in fuel. No matter what we ran, it seemed as if weekly we were just braking even if not losing money. Loads trickled down some more like the year before and we were spending more to get the same miles. We tried a lot of the tricks, 60/40 splits, performance bonuses, us paying for fuel and doing the reverse 60/40. Between my Dad and I we kept weekly fuel on spreadsheets plus years of weekly payroll broken down by truck so we new all the ins and outs. When the fuel went down in November the problem was so did the loads. By this time we were at a net loss for the year in actual cash. The other major thing that happened in 2008 was when Panther eased requirements on drivers. We went through a lot of riff raff. Sending drivers through orientation costs money, something that never really seemed to be a problem before. Plus Panthers policy change of screening drivers and putting them on the list but would not do any back ground work until you made a verbal agreement with the driver. For us we were keeping about 10 to 12 vans full, and keeping guys on the hook for an extra week or two while safety did their background was pretty tough. We did downsize to 10 mid to late summer, but the snowball was starting.
In the fall and winter the fuel was down but the loads were way down. I will give Panther a lot of credit here. Though we had our issues, we never left them and they made serious efforts to keep us going, even going through our numbers and giving us some of our escrow back to help offset fuel. I moved some payments around like I had in the past consolidated here and there and got our payments as low as we could. However, when the snowball starts to roll downhill its very hard to stop it.
By the end of the year we had actual losses and it was amazing how big of a hit we took over the summer. The fuel costs and excessive dh, really ate our savings and took what we had in our repair account. We were hands on owners. We checked our boards every day and talked to drivers. This didn't happen overnight, but I don't really blame anyone either. In January and early February we finally were at the point of having vans in for repair without money to pay for them. That was sad for me, and then having to struggle paying drivers. That really went against my character as for years we always sent out pay sheets and felt when we lost a driver there was a valid reason, but never because they didn't get what they earned. That even changed.
In February, we finally decided enough was enough after a couple runs to the hospital, with high bp and a diabetes diagnosis, and an almost heartattack. I had really let myself go. I was stressed just sat on the computer all the time, sucking down pepsi like it was water and could never sleep. I informed Panther and by the first of March all equipment returned, they actually settled with me before the 45 days that was required and I got a little money back....................to pay my bankruptcy attorney.
I was going to post on here at the time, but I was upset, felt like a failure, and couldn't decide who I was angry with, myself, Panther, drivers, or the economy. I promised myself to give it sometime and not flame on here.
Now it is the middle of May. I just checked the website today for the first time since March and read a lot of posts. The bankruptcy is proceeding and I'm on 8 pills a day. However, I am feeling a little better. I have enjoyed my family more than I have in a couple years. I know my health has changed but I feel pretty good. I know there will be some that will say that I didn't manage it right or we would not fail. I would say no we didn't but to each his/her own, and the fact is we are shut down, so draw your own conclusions there. I had a strong finance background, and my Dad was on the road for years.
I would say now that I have really thought about things, that Panther stepped up for us when we really needed it. I am greatful to them. There were a lot of things in dealing with their people that sure didn't make a lot of sense and you didn't feel like a "team" i.e. one company working with another company, but I have not regrets and would recommend Panther again. Would get back into expediting? NO. Am I prould of what we did? YES. I learned a lot about life and people, some good and some bad. I learned I had more guts than I thought I did, as I couldn't imagine starting a business again now. The thing that bothered me the most, was not the good and bad drivers, because to some we were a good owner and to some a bad owner, it was when near the end I started to hear that our company was starting to get some negative talk in the truck stops. A lot of that at the end was probably deserved and it sucked. For years, I was over sensitive to our reputation and even couldn't understand how some people were never happy. I let things get to personal. I held on to drivers longer than I should have even when they were not performing, but not to the degree that it hurt the business. We watched the numbers and made decisions. We helped a lot of people, and I don't think we hurt very many if at all, though I know someone would disagree.
I love the show "Deadliest Catch" though they are different industries, the work that we and now you all do is a lot a like. There are a lot of variables in each business unlike most that can affect how we do as owners and drivers. I have learned a lot from drivers, from companies and from owners. There are good and bad of each, but I really don't think I would change much. If anything I really respect even more today being out of the business the crap that you all put up with. I hold no hard feelings and really wish you all the best. Just becareful for those that are struggling. I didn't realize what I was doing to myself until one day my health just jumped up and bit me. Take care of yourselves. This business isn't worth dying over. I'm getting long winded here so I'll sign off, but will probably post on here from time to time.
Best Wishes to All and Drive Safe!
A couple things that trigger big problems for us in 2008 was first the huge spike after memorial day in fuel. No matter what we ran, it seemed as if weekly we were just braking even if not losing money. Loads trickled down some more like the year before and we were spending more to get the same miles. We tried a lot of the tricks, 60/40 splits, performance bonuses, us paying for fuel and doing the reverse 60/40. Between my Dad and I we kept weekly fuel on spreadsheets plus years of weekly payroll broken down by truck so we new all the ins and outs. When the fuel went down in November the problem was so did the loads. By this time we were at a net loss for the year in actual cash. The other major thing that happened in 2008 was when Panther eased requirements on drivers. We went through a lot of riff raff. Sending drivers through orientation costs money, something that never really seemed to be a problem before. Plus Panthers policy change of screening drivers and putting them on the list but would not do any back ground work until you made a verbal agreement with the driver. For us we were keeping about 10 to 12 vans full, and keeping guys on the hook for an extra week or two while safety did their background was pretty tough. We did downsize to 10 mid to late summer, but the snowball was starting.
In the fall and winter the fuel was down but the loads were way down. I will give Panther a lot of credit here. Though we had our issues, we never left them and they made serious efforts to keep us going, even going through our numbers and giving us some of our escrow back to help offset fuel. I moved some payments around like I had in the past consolidated here and there and got our payments as low as we could. However, when the snowball starts to roll downhill its very hard to stop it.
By the end of the year we had actual losses and it was amazing how big of a hit we took over the summer. The fuel costs and excessive dh, really ate our savings and took what we had in our repair account. We were hands on owners. We checked our boards every day and talked to drivers. This didn't happen overnight, but I don't really blame anyone either. In January and early February we finally were at the point of having vans in for repair without money to pay for them. That was sad for me, and then having to struggle paying drivers. That really went against my character as for years we always sent out pay sheets and felt when we lost a driver there was a valid reason, but never because they didn't get what they earned. That even changed.
In February, we finally decided enough was enough after a couple runs to the hospital, with high bp and a diabetes diagnosis, and an almost heartattack. I had really let myself go. I was stressed just sat on the computer all the time, sucking down pepsi like it was water and could never sleep. I informed Panther and by the first of March all equipment returned, they actually settled with me before the 45 days that was required and I got a little money back....................to pay my bankruptcy attorney.
I was going to post on here at the time, but I was upset, felt like a failure, and couldn't decide who I was angry with, myself, Panther, drivers, or the economy. I promised myself to give it sometime and not flame on here.
Now it is the middle of May. I just checked the website today for the first time since March and read a lot of posts. The bankruptcy is proceeding and I'm on 8 pills a day. However, I am feeling a little better. I have enjoyed my family more than I have in a couple years. I know my health has changed but I feel pretty good. I know there will be some that will say that I didn't manage it right or we would not fail. I would say no we didn't but to each his/her own, and the fact is we are shut down, so draw your own conclusions there. I had a strong finance background, and my Dad was on the road for years.
I would say now that I have really thought about things, that Panther stepped up for us when we really needed it. I am greatful to them. There were a lot of things in dealing with their people that sure didn't make a lot of sense and you didn't feel like a "team" i.e. one company working with another company, but I have not regrets and would recommend Panther again. Would get back into expediting? NO. Am I prould of what we did? YES. I learned a lot about life and people, some good and some bad. I learned I had more guts than I thought I did, as I couldn't imagine starting a business again now. The thing that bothered me the most, was not the good and bad drivers, because to some we were a good owner and to some a bad owner, it was when near the end I started to hear that our company was starting to get some negative talk in the truck stops. A lot of that at the end was probably deserved and it sucked. For years, I was over sensitive to our reputation and even couldn't understand how some people were never happy. I let things get to personal. I held on to drivers longer than I should have even when they were not performing, but not to the degree that it hurt the business. We watched the numbers and made decisions. We helped a lot of people, and I don't think we hurt very many if at all, though I know someone would disagree.
I love the show "Deadliest Catch" though they are different industries, the work that we and now you all do is a lot a like. There are a lot of variables in each business unlike most that can affect how we do as owners and drivers. I have learned a lot from drivers, from companies and from owners. There are good and bad of each, but I really don't think I would change much. If anything I really respect even more today being out of the business the crap that you all put up with. I hold no hard feelings and really wish you all the best. Just becareful for those that are struggling. I didn't realize what I was doing to myself until one day my health just jumped up and bit me. Take care of yourselves. This business isn't worth dying over. I'm getting long winded here so I'll sign off, but will probably post on here from time to time.
Best Wishes to All and Drive Safe!
