Haulin Assets

Get full show notes at haulinassetsllc.com. Watch this episode on YouTube. It is the time of year when all smart business owners start getting ready to file their taxes. In this episode Craig and I cover some important to dos in order to be prepared with your taxes and to make sure you file and pay on time. What To Expect From Episode 95 Filing your taxes can feel like a daunting task, but if you stay on top of things and start early, it isn't too bad. The most important thing you can do is keep good records all year long. Doing so is so important and for more reasons than just being ready for taxes. Here are some of the topics we cover in this episode: When do you have to file your tax return? It depends on the type of entity you are. You can learn more on the IRS website by clicking here. Make sure you don't mail out your 1099s and W-2s late. What do you need to provide your accountant. (This is not an all inclusive list, it will get you started, but get with your accountant.)Income and expenses (A good Profit and Loss Statement is best) Balance Sheet Purchases of any assets Significant changes to the business Extensions and how they work Quarterly tax estimates, how do they work and some generalities for who has to pay them. You can learn more about them, including when they are due from the IRS's Website by clicking here. Impact Tip Start working on your taxes early. You should shoot for having everything to your tax person a month before they are due.

To start off the episode, Craig and I talk about how knowledge is power. As an example, I talk about a conversation I recently had with someone who had a load dropped on him by a broker, we suspect because the broker found another carrier who would haul it for less. The excuses the broker used was he had to cancel because there was something wrong with the carrier's authority on the FMCSA website, that was not the case, but the carrier didn't know how to check himself. If you are an O/O or fleet owner, you need to know everything about the FMCSA, including SMS (Safety Management System), the FMCSA Portal, etc. Here is where you can look at the public information the FMCSA provides: DOT Number Status: Company Snapshot Operating Authority (MC Number) Status: L&I (Licensing and Insurance) What To Expect From Episode 94 December was another great month. We cover the ins and outs of what happened financially to make it great. Total miles ran – 42,280 (Lower than the last few months, normal for December) Deadhead miles – 2,438 (5.8%) Total revenue - $128,720.89 (Record) All-in rate-per-mile - $3.04 (Highest we have ever had) Haulin Assets realized a profit of $39,730.23. Second best net income we have ever had. Impact Tip Set aside 10-20 minutes everyday where all you do is focus on increasing your knowledge. Put the 10-20 minutes on your schedule, set a reminder on your phone, do something so it doesn't get missed. This is the sharpen the ax mentality that Stephen Covey talks about. Learn about a topic that will impact you or your business. It might be something like FMCSA Regulations, fuel economy improvements you can make or accounting principles. There are a million different things.

Get full show notes at haulinassetsllc.com. Watch this episode on YouTube. I listen to and watch a lot of content about business. This episode about being better this year was inspired by a podcast and a YouTube video I recently watched. They have made me be introspective and make some positive changes in my viewpoints and in my life. I hope they do the same for you. What To Expect From Episode 93 I was recently listening to a podcast that is published by the Harvard Business Review called IdeaCast. This particular episode is an interview with Heidi Grant about an article she wrote for the Harvard Business Review. Here is a link to the article, I highly recommend you read it. In it she talks about nine things successful people do differently. In this episode Craig and I talk about a few of the things that stuck out to me the most. Check out the full list, with other links, at haulinassetsllc.com.

Check out full show notes and past episodes here. Grab merch here. Good times keep coming, November 2021 was another good month for the financials. It wasn't as good as the last several months, but still a solid month. In this week's intro, Craig and I talk a little about the ownership mentality. What To Expect From Episode 92 As always, Craig and I dive into the numbers you see below. There are a few things that stick out in this month's P&L so make sure to listen as we talk about them. Total miles ran – 44,905 (Consistent with last several months) Deadhead miles – 2,061 (4.6%, on the low side, best we have had in 6 months) Total revenue - $115,992 (Lowest we have had since adding 4th truck) All-in rate-per-mile - $2.58 (Lowest we have had since July and August, which is unusual, November is usually higher than Sept-Oct, so to see a dip in November is not typical. I will be interested to see what happens with December and then really January and February. It is early to tell, but we might be seeing some of the pressure easing on the freight market.) Haulin Assets realized a profit of $25,499.06. More than $10k lower than last month.

Planning for the coming year is one of the most important things you can do for you company. My brother Chet is going to cringe when he reads this, because he hates over used cliches, but I am going to use it anyway. If you fail to plan, you plan to fail. Or a the very least, you are not going to be as successful as you could have been. Over the years I have become a big fan of planning. It's not my favorite thing to do, but I have seen how much of a positive impact it has had on all of my businesses over the years. I attribute a lot of my success to annual planning. If I break it down by how much time I spend doing it vs the benefit it brings, it is probably the most valuable thing I do. Let me say that again, it is the most valuable thing I do. That's saying a lot. What To Expect From Episode 91 My philosophy with planning is that you should only have 2-3 big goals for the year. These should be very impactful for your business. If you have too many, you'll get spread too thin and either won't do them all or you won't do any of them very well. Each goal will typically have 3ish tasks associated it. We have done some of the main planning for Haulin Assets for 2022 and I want to share with you our main goals and their tasks. Grow by 5 trucks Decide Direction Owner Operators or Hired Drivers Purchase, new/used Brand of trucks and trailers Work on Financing Make sure we are able to attract and retain quality drivers Improve Scalability Start using a TMS (Transportation Management System) Evalute different TMS's Implement the one we choose Use a better method to track and issue driver pay Establish direct shipper relationships (Probably 3rd or 4th Quarter) Create an outline with targets and dates to accomplish this goal (1st quarter) Hire someone to help us build relationships and possibly start a brokerage Improve our financial strength (This one doesn't really take much time, but is incredibly important so I want to make sure we have it as a defined goal) Savings $15,000 in operating capital per truck Build savings to 10% of outstanding debt Accomplish 1 & 2 before we take any distributions Pay down debt In this episode, Craig and I go into more detail about planning and we talk about the Haulin Assets goals for 2022. Impact Tip Just Do It. Annual planning is not the most fun or glamorous thing you will do in your business. I would argue that it is one of the most important things you can do and possibly the most important thing you can do. Make it a priority and do it!

We have MERCH!!! T-Shirts to be exact. I think they look pretty cool and say catchy things. Chet and I have bets placed on which tagline is going to sell better. I hope you pick mine. Buy a shirt to place your vote and spread the Haulin Assets message. You can purchase a shirt by going to the motorcarrierhq.com online store. They are $25 each, shipping is included in the price. The good times keep rolling along, October 2021 was another good month for the financials and the bottom line. By the end of the month we are starting to see some mild rate increases typical of the 4th quarter. Feels like it happened a little later than normal, but this year has been anything but normal. What To Expect From Episode 90 Some very good looking numbers. Total miles ran – 43,903 Deadhead miles – 2,591 (5.9%) Total revenue - $121,014 All-in rate-per-mile - $2.76 Haulin Assets realized a profit of $36,749.68 Impact Tip Create a savings plan. Ours is to have $15,000 in operating cash in our checking account per truck that we are running. Then to maintain a cash reserve in savings equal to 10% of our outstanding debt. We currently have about $750k in debt, because we just got our 5th truck and trailer so $75k in our savings reserve. KISS (Keep It Simple, Stupid) The other plan I came up with early on was just too complicated and hard to scale. I think this one is better.

Good truck drivers are THE key ingredient to a successful trucking company. If you haven't hired a truck driver, or if your process for hiring and onboarding drivers could use some help, this episode is a must listen. In the intro to the episode I speak about Colin Powell's 13 rules that you can learn all about in his book, "It Worked For Me", you should check it out. What To Expect From Episode 89 We have talked about our hiring philosophy and what we look for in a driver. In this episode we take a very deep dive into hiring drivers and cover many of the mechanics of the hiring process. We will go over the steps we take, the paperwork we collect, how we screen drivers, what we do to onboard them and how we try to make them a part of our team. Check out the full show notes here.

September 2021 financials were great giving us another strong month. What To Expect From Episode 88 Before we dive into the financials, Craig and I compare onboarding a new driver to my marriage. It wasn't all peaches and cream. We talk a bit about some of the things that will help make the process run a bit more smoothly. Some very good looking numbers. Total miles ran – 46,541 Deadhead miles – 2,376 (5.1%) Total revenue - $127,527 All-in rate-per-mile - $2.74 Haulin Assets realized a profit of $38,702.03. Impact Tip Fail to plan, plan to fail. We are coming up on the end of a year and the beginning of a new one. Now is the time to start planning for next year. What are your goals for 2022 and to also take a serious look at your 3-5 year plan. The best companies always do annual planning. Even if you are in this by yourself, you need to do this. Don’t just have a plan in your head. Make is a deliberate process and write the plan down.

Back in Episode 36, you can listen to it by clicking here, we talked about the cost of sitting for a day to wait for a better paying load. If you are like me, I can't remember what I ate yesterday, it might not hurt to go back and listen to that episode again. In this episode we are going to analyze a similar question, but instead of looking at if from the front end of a load, we are going to consider the back end of a load. What To Expect From Episode 87 Dealing with shippers and receivers is one of the most frustrating things about running a trucking company. As carriers, we are held to their schedule when it comes to pickup and deliver times and those usually are built to benefit their efficiency, not our efficiency. We talk a bit about why shippers and receivers schedule the way they do and how that affects us as carriers. Receiver's schedules affect our profitability so we have to take into account transit time and sit time with every load we accept. Not all loads are created equally. The wrong load may look good when you look at rate per mile, but it may not be as good as another load with a lower rate per mile when you factor in transit time. It often boils down to how much transit time the shipper and/or receiver has built into the load. Many add some extra time to make sure the carrier arrives on time and that can have bad consequences for trucking companies. We dive into several of the factors regarding transit time you need to consider when accepting loads.

Ahhhh, the ups and downs of trucking. I started the last financial episode show notes with the same phrase. The roller coaster continues, we went from a record profit in June to a loss in July to another record profit in August. last month to a loss this month. Hold on tight as Craig and I explain it all. What To Expect From Episode 86 This episode is a fun one to talk about. It was low on drama and high on results. It's not often we have a month where repairs and maintenance were just over $2,000, and that is with 4 trucks running. That is a very good sign. Here are the numbers for the month. Total miles ran – 46,210 Deadhead miles – 3,260 (7.1%) Total revenue - $116,991 (All 4 trucks running for the first time.) All-in rate-per-mile - $2.53 (Great Rate Per Mile) Haulin Assets realized a profit of $43,017.42. Impact Tip Seize the day. The freight market is very good right now. Take advantage of it. We elaborate on this tip during the episode so be sure to give it a listen or a watch. ——— Website: http://bit.ly/haulinassets Facebook: https://www.facebook.com/haulinassetspodcast/ iTunes: http://bit.ly/ha-itunes Google Podcasts: http://bit.ly/ha-google-podcasts Stitcher: http://bit.ly/ha-stitcher Motor Carrier HQ: http://bit.ly/motor-carrier

Your company's cashflow can either make or break you. It is very important to understand the difference between cashflow and your net income or profit and loss. Some people treat them as the same thing, and that can get you into a lot of trouble. In this episode we'll try to bring some clarity to the subject to help you avoid some of the more common missteps people take when it comes to managing cashflow. What To Expect From Episode 85 Managing your cashflow is one of the more important topics trucking company owners need to understand well. It's an important subject for any business owner, but incredibly important for trucking companies because it's a very cash intensive business and margins are thinner than they are in many other businesses. We start off the episode by explaining the difference between cashflow and net income. We spend most of the rest of the episode talking about the following times in a trucking company's life cycle when cashflow tends to be a challenge: At startup When you are growing When you stop factoring When freight rates decrease When fuel prices increase, but rates don't ——— Website: http://bit.ly/haulinassets Facebook: https://www.facebook.com/haulinassetspodcast/ iTunes: http://bit.ly/ha-itunes Google Podcasts: http://bit.ly/ha-google-podcasts Stitcher: http://bit.ly/ha-stitcher Motor Carrier HQ: http://bit.ly/motor-carrier

Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all. What To Expect From Episode 84 Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons: Respect everyone Life is not fair, keep moving forward I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s Here are the numbers for the month. Total miles ran – 33,293 Deadhead miles – 1,960 (5.9%) Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.) All-in rate-per-mile - $2.46 (Great Rate Per Mile) Haulin Assets realized a loss of $3,933.94. In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1. Impact Tip Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.

Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all. What To Expect From Episode 84 Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons: Respect everyone Life is not fair, keep moving forward I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s Here are the numbers for the month. Total miles ran – 33,293 Deadhead miles – 1,960 (5.9%) Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.) All-in rate-per-mile - $2.46 (Great Rate Per Mile) Haulin Assets realized a loss of $3,933.94. In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1. Impact Tip Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.

Drivers are such an important part of your business. Two of the common descriptions that truck drivers use to describe each other are professional drivers vs steering wheel holders. What we cover in this episodes dives into the difference between the two. What To Expect From Episode 83 Hiring drivers is hard. We talk a lot about the hiring process and what to look for in a driver. Here are our main discussion points: What type of driver do you look for How do you find them How do you keep them A question I get asked about all the time that is related to the driver topic is, "Can I start a trucking company without a CDL?". The short answer is you can, but the first several drivers you hire are going to be the difference between being successful or not. Craig and I dive a bit deeper into this topic too.

It was another great month for Haulin Assets, I'm super excited to share our numbers with you this month. We need to keep this momentum going for as long as we can. There are some great financial nuggets in this episode so make sure you listen all the way to the end. What To Expect From Episode 82 Craig and I start off by answering a super important question. What do you think has a greater impact on your net income, your take home money, a $1 increase in revenue or a $1 decrease in expenses? Or are they the same? Understanding this principle is important for any business. Here are the numbers for the month. Total miles ran – 34,523 (New record) Deadhead miles – 2,534 (7.3%, also a record by total miles, not percentage. It is what it is. One driver has a pretty good deadhead every time he goes home) Total revenue - $94,021.13 (Blew the previous record out of the water. It is nice having 3 trucks running in this market.) All-in rate-per-mile - $2.72 (Great Rate Per Mile) Haulin Assets realized a profit of $29,876.82, we blew the previous record out of the water. Impact Tip Keep your overhead low. I saw an interesting take on a "Distribution Center" while I was in Morocco a couple of weeks ago. It made me think about keeping your overhead expenses low. Listen to the episode for the full details.

I'm out of the country on a military assignment so this episode is short and sweet, it's just an impact tip. What To Expect From Episode 81 Don't be indecisive. I witnessed a train crash into a car last week and the experience was a good reminder about the importance of being decisive. Listen to the episode to hear about all the details of the crash and how I relate it to being decisive in your life and especially in business.

Leasing a semi-truck is very misunderstood. In today's episode Craig and I are bringing some guests onto the show to help answer some of the common questions people have when it comes to leasing a truck. Before we jump into the main topic I talk about a crazy load one of our drivers is currently on and how it has the potential to cause frustration. It is important to find a win win situation under an uncommon set of circumstances that this load has. What To Expect From Episode 80 The word lease in the trucking industry is incredibly confusing, because it means so many different things. Craig and I start off by breaking down some of the most common ways the word lease is used in the industry and which type of lease usually creates the most horror stories. This episode's focus is going to be on the type of lease that is similar to a car lease. Here are some of the questions we answer: Who owns the truck? What happens to the truck after the lease is done? Are you limited to the number of miles you can put on the truck? Does leasing vs buying change anything for your insurance? Is there a per mile maintenance cost? Who is responsible for maintenance and repairs? Is one going to typically have a lower payment? Is the interest rate on a lease different? What are the tax considerations when leasing verses buying? Who can qualify for a lease? Is it easier to qualify for a lease than traditional financing? Is there a down payment?

Back in the saddle again. After a month with two trucks sitting we had all three trucks running for about half the month of May and that was enough to get us back in the black. I am super excited to see what will happen in June. During this episode, I also share what I think is going to be the biggest threat to small trucking companies and could potentially put them out of business. What To Expect From Episode 79 Here are the numbers for the month. Total miles ran – 26,722 (New record) Deadhead miles – 944 (3.5%, really good) Total revenue - $56,740.16 All-in rate-per-mile - $2.12 Haulin Assets realized a profit of $7,582.17. Impact Tip Make your company scalable. This is actually one of my favorite tips, especially if you want to grow your trucking company. What does it mean to be scalable? It basically means you have a business that can adapt to increased workloads. That can only happen if you have good systems in place. Systems for buying equipment, hiring drivers, billing clients, etc. It's important that you have all the necessary systems in place and aren't missing one. Imagine what happens if you can add trucks and drivers, but you don't have a system for billing clients. You will complete more and more jobs, but you won't get paid for them or your payments will lag behind, neither is a good thing. When your company is small you can often manage the little inefficiencies and problems in your business. As you grow, if you don't solve those problems or inefficiencies they grow with you and can quickly get out of hand. If that happens, you'll have serious problems that will lead you to a nervous breakdown or even a shuttered business.

Most people can't start a trucking company without using credit. There are both similarities and differences between personal credit and business credit, we'll cover some of the nuances. If you want to learn more about how business credit works, some of the pitfalls to avoid, and steps you can take to help establish good business credit, this is the episode for you. Craig and I try to shed some light on this confusing and often misunderstood subject. What To Expect From Episode 78 We bring on a couple of business bankers, Jaron and Rob, as guests to explain some of the specifics of business credit. Here are some of the questions we answer: What do lenders look at when making a loan decision?Brand new companiesOwner's personal credit Owner's experience in the industry How beneficial is a business plan Existing companiesYears in business Financial statements (How important is it that they are clean and organized) What has the biggest effect on the interest rate you get? Do businesses have credit scores? Do you need to establish business credit like you do personal credit? How do you establish business credit? What is a personal guarantee and can you get a business loan without one? What is a Dun and Bradstreet Number and is it important? What are the most common types of credit that are helpful to trucking companies?Equipment loans Fuel credit Trade credit Lines of credit Impact Tip Don’t make late payments, EVER! Not even after the due date, but before the grace period. Just like with personal credit, your payment history has a big impact on whether or not a lender will lend you money. Making your payments by the due date every time builds trust with lenders. It helps them see you take making your payments seriously.

Iron Maintenance I just had a PM completed by Iron Maintenance, check out this time-lapse video I shot. They have 12 locations all across the country, you can find out where all of them are by clicking here. Their prices are super competitive and more importantly they are fast. I was in and out in under an hour and that included dropping my trailer and hooking back up. They are going to give Haulin Assets listeners a 15% discount off their already great pricing. To qualify, all you have to do is give Mike a call at 801-678-4749 before the end of June and then have the PM done before the end of 2021. You can get the discount no matter what location you go to. ----------- Numbers never lie, but this month, I don't think they tell the full story either. So, was April a good month or a bad month? On the surface, it looks like a bad month, but I don't feel like that is really the case. Operationally, it was a good month. We did have a loss, but that loss is all attributed to investing in growth. Craig and I break that down and explain in detail what drove the numbers. This is a really good financial episode to listen to, especially if you ever plan on growing your trucking company. What To Expect From Episode 77 Here are the numbers for the month. Total miles ran – 10,437 Deadhead miles – 800 (7.7%) Total revenue - $30,775.14 All-in rate-per-mile - $2.94 (Skewed a little because we had $3,600 in revenue from leasing a trailer for a week and we only had to drive about 100 miles round trip) In the end Haulin Assets realized a loss of $4,828.77. Listen to the episode for the details about the loss and we talk about what the numbers would have looked like if the expenses tied to our growth would have been backed out. Impact Tip After you follow through, follow up. It is always a good idea to maintain regular contact with people you do business with, or want to do business with. You should jump on any chance you have to talk to them. If you committed to do something for them or help them with something, once you have completed that task, follow up with them and let them know it's done. It is a way to casually brag about how well you are taking care of them. Follow up once you have delivered a load, let them know it's done and how everything went.

Click through for the full show notes for this and all past episodes. For me personally, this is one of the coolest episodes Craig and I have done. We interview Bubba Blackwell, a listener who has taken what he has learned from the podcast and started his own trucking business. When I started this podcast, one of the biggest reasons I did it was to help other people improve their lives by taking the big step into owning their own business. It was really cool to hear how we have been able to be a part of Bubba's journey. Don't forget you can watch this episode on YouTube. What To Expect From Episode 76 Talk about a career change, Bubba Blackwell went from an American stunt performer and motorcycle jumping world record holder to an Owner Operator. He is happy with where he is at and excited about where he is headed. Craig and I interview Bubba and talk about his journey and how the Haulin Assets podcast has helped along the way. There is a lot to learn from Bubba's experience and it is nice to hear from someone else that the jump to being an Owner Operator is something within reach for just about anyone with the guts and determination to give it a try. Check out some of Bubba Blackwell motorcycle jumps on YouTube or follow him on twitter, @hdjumper.

Click through for the full show notes for this and all past episodes Check out the YouTube channel March was Haulin Assets' best month ever. Craig and I will go over what made it such a great month. Also, the annual CVSA (Commercial Vehicle Safety Alliance) Roadcheck is coming up May 4-6. We talk about what they are looking for this year and why you might want to not avoid it. You can learn more details by clicking here. What To Expect From Episode 75 Here are the numbers for the month. Total miles ran – 24,488 Deadhead miles – 1,741 (7.1%, higher than it has been) Total revenue - $69,039.09 All-in rate-per-mile - $2.81 In the end Haulin Assets realized a profit of $20,350.74. What really makes this exciting is that we made that large of a profit and we even started paying ourselves some non-driver pay for running the business.

Click through for the full show notes for this and all past episodes Check out the YouTube channel I start off this episode talking about a family road trip we took and some adventures we had along the way. What To Expect From Episode 74 This is another two topic episode. Topic #1-More about truck #3 Craig and I answer some of the following questions: Why a freightliner? Are we going to get accident avoidance equipment on the next truck? The two biggest reasons we decided to go new verse used How our long term plan with the truck is a little different than most fleets Facing Challenges Haulin Assets has had its fair share of challenges over the last two years. We are currently facing another one. I talk about some of the lessons I learned from a book I really like called “The Top 10 Distinctions Between Millionaires and the Middle Class” by Keith Cameron Smith and how they help me get through some of the challenges I face as a business owner.

Click through for the full show notes for this and all past episodes I've been on the road the last couple of weeks. Listen in to hear why I'm back in the truck and how things have been going. What To Expect From Episode 73 During this episode Craig and I talk all about my first couple of days driving my new truck. It's a 2022 Freightliner Cascadia. Listen to hear about what I like and don't like about it. I also talk about what is going on with the freight market and how to make the most of it so you are successful now and even more successful in the future. Impact Tip Make sure your company is financially ready to hire a driver. Drivers are the most important thing in your business. The correct timing for hiring them is critical. I give my 2 cents about doing it smartly.

As always, for this and all past episodes, click through for the full show notes. February was a great month and another month with some big changes. Listen to the podcast to hear all about what it going on. What To Expect From Episode 72 Here are the numbers for the month. Total miles ran – 16,320 Deadhead miles – 663 (4.06%) Total revenue - $31,925.18 All-in rate-per-mile - $1.96 (In line with January, still a pretty good rate for February) In the end Haulin Assets realized a profit of $7,713.76. You might notice that I am no longer including the number of days on the road. That's because with two drivers, and soon to be more, that metric is no longer as meaningful. Impact Tip Do quarterly draws. Once you are ready to take profit from your company, don’t do it every month. Do it once a quarter. Doing so accomplishes two main objectives. Listen to the episode to hear what they are.

Check out the full show notes and drop a comment at HaulinAssetsLLC.com John Steinbeck said: "The purpose of fighting is to win. There is no possible victory in defense...The sword is more important than the shield and skill is more important than either. The final weapon is the brain...All else is supplemental." What To Expect From Episode 71 I recently stepped into a new role in the Utah Army National Guard and the process I take when I start a new role got me thinking about two things, using your brain and going on the offensive. In this episode Craig and I dive deep into how using your brain and having an offensive mentality can have a positive impact on your business. Impact Tip Establish an emergency fund. How much depends on you and your business. I think $10,000 for your first truck is a good start. As you grow you probably don't need as much per truck because the chances of having two trucks needing a major repair at the same time is slim. I explain this concept a little better during the episode, so be sure to listen.

January was another pretty good month. Mike was on the road more days than ever before, and you can see he was able to get in a pretty good number of miles. Listen to the episode to hear all the details. What To Expect From Episode 70 Here are the numbers for the month. Total miles ran – 12,929 Deadhead miles – 451 (3.49%) Total revenue - $25,575.32 All-in rate-per-mile - $1.98 (Not as good as December, but pretty good for a January) Full days on the road - 25 (Busiest month ever) Partial days on the road – 4 In the end Haulin Assets realized a profit of $6,554.69. Impact Tip Be intentional about what you do with your money. Every dollar needs to have a purpose. You have a certain amount of money set aside for fuel, a certain amount for maintenance and repairs, a certain amount you pay your drivers and if you are an O/O, you should pay yourself a certain amount. One of my biggest pet peeves is when business owners use their business as a personal piggy bank. It’s a terrible practice.

There are some exciting changes coming to Haulin Assets. Check out the full show notes and drop a comment at HaulinAssetsLLC.com What To Expect From Episode 69 Haulin Assets has been pretty stagnant for the last year. So what is the problem? It's me. With everything I have going on, I just don't have the time, and if I am being honest with myself, the energy to do what it takes to make it grow. There are two common ways to solve that problem. I could hire someone to run and manage the business or I could bring on a partner. We chose the partner route for a lot of different reasons. Listen to the episode to find out why we decided to go the partner route and what the partner we chose brings to the table. Impact Tip Be careful with merchant cash advances. They can really blow up in your face. They look like a loan, but technically are not a loan so there are not many rules and regulations protecting you. Listen to the end of the episode to learn a little more about them, including how to recognize them. FMCSA On-Duty Not Driving Yard Moves The FMCSA is proposing a change to the yard move HOS rule. I like the changes and give my opinion at the beginning of the podcast. The comment period ends on February 3, 2021. Go to this link and tell the FMCSA what you think https://beta.regulations.gov/document/FMCSA-2020-0118-0001 Here is the comment I submitted: I think yard moves should be any move on private property that is less than 20 MPH. It would also be fair to include public roads adjacent to private property. It is common to be parked on a public road that is used exclusively for access to a private shipper or receiver as you wait for your turn to be loaded/unloaded. It would be nice to be able to use yard move as you drive from your parking spot to the dock where you will be loaded/unloaded, as long as you can safely maintain a speed less than 20 MPH. The private property would also include truck stops so you can move from the fuel island to a parking spot without using drive time.

Check out the full show notes and drop a comment at HaulinAssetsLLC.com December was a great way to end a very challenging year; it was one of our best months of the year. Numbers all looked really good and there wasn't much out of the ordinary happening. Listen to the episode to hear all the details. What To Expect From Episode 68 Here are the numbers for the month. Total miles run – 8,719 Deadhead miles – 481 (5.5%) Total revenue - $21,400 All-in rate-per-mile - $2.45 (Best we have ever had) Full days on the road - 15 Partial days on the road – 3 In the end Haulin Assets realized a profit of $6,040.36. Impact Tip Don't use your checking account balance to decide if you’re making money or have money to spend. This is a huge mistake, listen to the episode to find out why and learn more.

Check out the full show notes and drop a comment at HaulinAssetsLLC.com I'm going to start including what I call an Impact Tip of the Episode with every new podcast episode. I am hoping to share a simple tip that can be summarized in one sentence, but will be something you can implement in your business that will have a positive impact on it. In this episode Craig and I will introduce the concept. What To Expect From Episode 67 For a while, the Impact Tips will focus on finances. Finances are the foundation of a business. If your financial situation is weak, at best, the business will never reach its full potential, at worst, the business will eventually go under. I feel like the first tip is so important, I am going to focus an entire episode on it. Here is the tip: Impact Tip Make sure your personal finances are in good shape before you start a business. I know, this sounds like a no brainer, but listen to the episode and I bet you will learn about ways your personal finances affect your business that you'd never thought of.

I want to go back to an average month, Novembers are not very kind to me. We had some issues in November and experienced our second month with a loss. It was a bit of a perfect storm, a lot of things happened. Listen to the episode to hear all the details. What To Expect From Episode 66 Here are the numbers for the month. Total miles ran – 7,490 Deadhead miles – 295 (3.9%) Total revenue - $14,625.31 All-in rate-per-mile - $1.95 (Skewed low because of a 5 day load that delivered on 12/1) Full days on the road - 13 Partial days on the road – 3 In the end Haulin Assets realized a loss of $2,717.11. Check out the full show notes and drop a comment at HaulinAssetsLLC.com

Check out AAOO here: https://aaofoo.com/MCHQ In today's episode, Chris and Craig interview David and Kyle from AAOO, the American Association of Owner Operators. Together, they talk about what truckers can do on the road to better themselves both professionally and personally. Check out the full show notes and drop a comment at HaulinAssetsLLC.com

Another average month. Revenue was actually higher than normal, but net income was about average. There were some higher expenses than normal. We'll go into some of the details. What To Expect From Episode 64 Here are the numbers for the month. Total miles ran – 11,694 Deadhead miles – 443 (3.7%, I think a record low) Total revenue - $23,550.01 All-in rate-per-mile - $2.01 (About like last month) Full days on the road - 19 Partial days on the road – 6 In the end Haulin Assets realized a profit of $2,631.57. Check out the full show notes and drop a comment at HaulinAssetsLLC.com

Making good money can be a blessing, but it can also be a curse. I have seen too many people in my career who have become blinded by a little early success and then ending up getting themselves into a lot of trouble. Craig and I talk about not falling into temptation when rates are really good and you are making good money so you avoid some pitfalls that commonly mean the end of companies that were once successful. Check out the full show notes and drop a comment at HaulinAssetsLLC.com

Check out the full show notes and drop a comment at HaulinAssetsLLC.com In addition to talking about financials, we talk about adding a truck. I'm about 90% sure I am going to do it, so I have started to look for another truck, trailer and driver. Craig and I talk a bit about that. What To Expect From Episode 60 Here are the numbers for the month. September was an average month and that is perfectly okay with me. Total miles ran – 10,145 Deadhead miles – 687 (Two months in a row that it was low) Total revenue - $20,720.01 (Funny we keep ending on $0.01, listen to the episode lot learn why) All-in rate-per-mile - $2.04 (Hope we can do that every month) Full days on the road - 19 Partial days on the road – 5 In the end Haulin Assets realized a profit of $3,054.35.

Check out the full show notes and drop a comment at HaulinAssetsLLC.com Or find us and reach out on facebook A couple of episodes ago I talked about being deliberate. One of the best ways to ensure you are deliberate in all that you do is to have a clear vision. All great leaders have a good vision. Whether you are an owner operator or the owner of a large fleet, you have to have a clear vision of the future if you want to maximize your success. What To Expect From Episode 61 Craig and I talk about what it means to have a vision and why it is so important for a business owner. Along with vision comes personal responsibility and doing the things that will help you realize your vision. I use an example of the old Briggs and Stratton engines I used when moving irrigation pipe when I was a kid to illustrate the point. At the end of the episode I also give my perspective on some of the new Hours-of-service changes that just went into effect. You can learn more about them here.

Another month gone by and it was a unique month, we get into why. We also answer a couple questions from listeners at the end of the episode. What To Expect From Episode 60 Here are the numbers for the month. Craig and I go over them and talk about why the numbers are lower than normal. Total miles ran – 4,764 Deadhead miles – 199 (4%, I think that is my lowest ever) Total revenue - $12,440.01 All-in rate-per-mile - $2.51 (That number is very skewed because we delivered a load around the 1st, but all the miles were run in July, if you take that load out, the number is $1.98. Still the best we have seen in a while) Full days on the road - 8 Partial days on the road – 3 In the end Haulin Assets realized a profit of $2,136.93. To see the P&L and balance sheet, as well as full notes and past episodes, CLICK HERE.

Check out the full show notes and drop a comment at HaulinAssetsLLC.com Or find us and reach out on facebook It has always been a desire of mine to be financially successful. Since I was in my early 20's, I have had two big financial goals. The first was to have a net worth of $1 million by the time I was 40. The second is to be financially independent by the time I turn 50. I'm a very driven person, my wife both loves and hates that fact, and I have met the first goal and have 8 more years to achieve the second one. I don't tell this to brag, but in this episode I am going to talk about one of my habits that I think has had the biggest impact on my success and I hope it can help you out too. What To Expect From Episode 59 It's been a while since we have had an episode that focuses on the mindset of an owner operator. It's a reoccurring theme on this podcast, but the mindset of an owner operator has to be different than that of a driver. Over the years, I have gotten to know a lot of successful business owners, both in and out of the trucking industry. One thing that just about all of them have in common is that they are very deliberate in all they do. What does that mean? The dictionary defines deliberate as, "Done consciously and intentionally." In this episode, I use a lot of examples in my life that show how I have been deliberate in just about all that I do and how that deliberate mentality has impacted my success. We give some examples related to the trucking industry. I also show why that is an important habit to develop in order to realize your entire potential.

As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes! Things seem to be getting better and better as the months go by, but we are clearly not out of the woods yet. July was better than June, and the freight market seems to continue to move in the right direction. Rates toward the end of the month were better than the beginning of the month. What To Expect From Episode 58 Here are the numbers for the month. Craig and I go over them and talk in detail about what made the monthly profit lower than we like to see. Total miles ran – 11,223 Deadhead miles – 931 Total revenue - $20,160.01 All-in rate-per-mile - $1.66 (Still not very good, but $0.10 better than last month) Full days on the road - 19 Partial days on the road – 5 In the end Haulin Assets realized a profit of $1,537.53.

As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes! Chris and Craig tackle the topic of how (and more importantly, how NOT) to grow your company from one truck to more. The basic principle is this: Chris has seen too many owner-operators try to grow their company too fast, and to step away from a driving role too soon. Chris breaks down the numbers, showing how you can grow your company--and your fleet--in a sustainable, healthy way.

As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes! We're still experiencing the roller coaster ride of a tough economy and a volatile freight market. With that being said, we still made money in June, it just wasn't much. Like my dad always says, "It's better than a swift kick in the butt. The biggest difference this month that really affected our financials were much higher than normal maintenance and repair expenses. What To Expect From Episode 56 Here are the numbers for the month. Craig and I go over them and talk in detail about what made the monthly profit lower than we like to see. Total miles ran – 12,765 Deadhead miles – 1,178 (A bit higher than I like, but a lot of it was one load that was a good paying load, even with the deadhead) Total revenue - $19,889.62 All-in rate-per-mile - $1.56 (Not very good, we had a hard time with rates for freight that was moving from east to west) Full days on the road - 17 Partial days on the road – 4 In the end Haulin Assets realized a profit of $169.63.

As always, head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes! The Bible teaches that if you live by God’s Ten Commandments, He will bless you. Similarly, if you follow my Ten Commandments for Owner Operators, you’re likely to find success. What To Expect From Episode 55 These are great rules for an Owner Operator to live by. You don’t necessarily have to follow them 100%, but the closer you adhere to them, the lower your risk and the greater your chance of success. That doesn’t mean success will be guaranteed, because sometimes things happen that you can’t control. However, these Ten Commandments will help you focus on the most important things that you can control that will have the greatest positive impact on your trucking company. My Ten Commandments for Owner Operators During the episode Craig and I dive deep into each one of the commandments. You’ll notice that the first 4 focus on finances and the last 6 focus on practicing great business principles. Build a cash reserveA savings for unexpected expenses A slush fund for operating expenses Pay yourself no more than what you’ve been earning as a driver Maximize your revenueDirect loads from shippers Follow the good paying freight Develop great relationships with brokers Manage your costsFuel Maintenance & repairs Know your numbersUse a good accounting system and keep it current Generate a monthly profit and loss statement Know your fixed and variable costs-per-mile Maintain your equipmentDon’t defer maintenance Be a problem solver Don’t blow off the FMCSA Safety Regulations Be stingy with your hours of service Constantly improve

As always head to HaulinAssetsLLC.com for full show notes and documents from this and other episodes. Over the past year, I have laid out the blueprint for the first year of operation of a one truck, owner operator trucking company. In this episode we talk about some of the keys to my success, some of the challenges I faced, and what the end result has been. I truly feel like there is no reason anyone can’t follow my plan and be just as successful as I was. In fact, I think most people can do better than I did. Most owner operators won’t experience some of the same challenges I faced, like having to park the truck for 4 weeks because of my Army National Guard Duty or having no driving experience. The first time I drove a truck with more than an empty trailer was the day I picked up my first load. What To Expect From Episode 54 The first year of any business is the hardest. I feel incredibly blessed that I was able to bring in just over $200,000 in total revenue during my first 12 months as an Owner Operator. Although revenue is important, the number that really matters is the bottom line. We cover that and so much more during this episode of the podcast, where Craig and I review the highs and lows from the startup phase through the first year in business of Haulin Assets. Here are some of the topics we talk about: The excitement of the startup phase and my total startup costs My successesMaking a profit (listen in to hear how much) Building something that is mine and will benefit my family and not someone else Saving money My challengesMy truck getting hit by a deer Dealing with shippers and receivers The stress of owning a business What I feel like are my biggest rewards so farFreedom Pride of ownership The understanding that I am setting myself up for financial success Financial Statements There are a couple of things I want to point out on the financial statements you see below. Other Expenses and Tax Benefits If you go all the way to the bottom of the profit and loss statement, you will see there is a net income. Then, there is a section for Other Expenses that you don’t normally see on my monthly P&L. That is because it includes my annual depreciation expense for my truck and trailer. I usually only make that adjustment once a year, so it is only included on my annual financial statement, not my monthly one. The cool thing about a depreciation expense is that it really is not cash out of your pocket but is purely a tax benefit. The simplified version is that because of the depreciation expense, even though I made a little over $32k, the IRS only taxes me on $17,992. This is one of the beauties of owning a business, you get a lot of tax benefits that you just don’t get as a company driver. Retained Earnings The retained earnings on the balance sheet is negative. That is because all my startup costs are included in that. So you can see, at the year mark, I have almost completely recouped all my startup costs.

When I first started working on this series for hiring a truck driver, I was only planning on 3 episodes. As I got further into the process, I realized that the screening process needed its own episode for two reasons. First, it is so important. The screening process is 90% of what sets you up for hiring a good driver vs being stuck with a bad egg. Second, it has a lot of parts to it. In this episode I cover the 7 steps I use when I hire a driver. What To Expect From Episode 53 One of the biggest problems I see within the trucking industry is companies grow faster than their ability to hire GOOD drivers and their performance suffers and they have high driver turnover. You can never completely avoid making wrong hires, but you can greatly limit the likelihood. How? An ounce of prevention is worth a pound of cure. Take your time hiring to make sure you get the right person who is the right fit for your company. Here are the 7 steps I use and a little about each one of them. We Craig and I go over each one in detail during the episode. Develop your minimum hiring requirements Post a relevant ad Conduct a thorough interview Obtain a PSP Report (Pre-employment Screening Program) Search the FMCSA drug and alcohol clearinghouse portal Screen them with your insurance agent Get a copy of their MVR To see the full show notes, including all the details and forms we mention in the episode, check out the full show notes.

May was much better than April, in fact, we were able to turn a healthy profit. The freight market was better than April, but still unstable. It seems hit and miss. One day an area of the country has decent rates and a few days later the same area crashes and rates go bad. With that being said, rates on a whole are definitely improving. What To Expect From Episode 52 Here are the numbers for the month. Craig and I go over them and talk in detail during this episode. Total miles ran – 12,202 Deadhead miles – 1,244 (high, but not as bad as I thought it was going to be, we had to chase a few loads to get out of bad spots and to keep from sitting) Total revenue - $20,489.01 Solid Month All-in rate-per-mile - $1.68 (Still not very good, but at least 10 cents a mile better than last month. I really need to recalculate my cost per mile, with the reduced fuel prices, lower insurance, and a few other things, I think my cost has dropped.) Full days on the road - 21 Partial days on the road – 7 20 full days were Mike’s and 5 partial were his. I had 1 full day and 2 partial days. (Big reason for the success. Only 3 days parked) That is a Haulin Assets Record. In the end Haulin Assets realized a profit of $4,043.84. Almost made up for last month’s loss. Check out show notes and past episodes at HaulinAssetsLLC.com.

Hiring a truck driver is probably one of the trickiest things about owning a trucking company. The right decision will be one of the best things you have ever done, and the wrong decision could make for one of your biggest nightmares. You want to do everything you can to do it right. I'm going to give a bunch of pointers throughout this episode to help make the process run as smoothly as possible. The screening part of the process is very involved and will be covered in detail in episode 53. What To Expect From Episode 51 As the title of this podcast indicates, hiring is a process and one you don't want to skip steps or take shortcuts on. I'm going to cover 6 steps. Where to find drivers Screening driversGood ad Interview PSP (Pre-employment Screening Program) Drug Clearinghouse MVR (Motor Vehicle Record) Negotiating Extending an offer Paperwork First Day Where to Find Drivers The more you know about someone the better because there are fewer surprises. Someone you know personally. (I won’t hire someone I know unless I am very, very confident they'll work out) Someone known by someone you trust A referral from someone you don’t know well or don’t trust is no better than hiring someone off the street. Posting an adLocal listing, i.e. Craig’s List Facebook Indeed Think about where you went to look for your last job Use a recruiter Screening Drivers This is probably the most important step so it warrants its own episode. We're going to cover it in detail during episode 53. Negotiating Always go for a win-win. You are going for a long-term relationship here. What should you negotiate: Pay Benefits Amount of home time. Extending An Offer Always extend your offer in writing. That way there is less chance that there will be a misunderstanding between what each party understood the terms to be. I will include an example of the offer letter I use. Paperwork There is a lot of paperwork that needs to be completed during the hiring process. It is part of building your Driver Qualification File. The audit folder system that we use at Motor Carrier HQ includes all the required DOT forms and makes the paperwork part of hiring as simple as possible. You can learn more about the system or purchase it by clicking here. Application for employment Inquiries of DOT regulated employers for last 3 years Driving record Copy of CDL (If applicable) Medical examiner’s certificate Medical examiner’s national registry verification Pre-employment clearinghouse query Pre-employment Screening Program report (Recommended, but not required) Pre-employment drug test chain of custody form Pre-employment drug test results Driver’s previous 7 days of Hours-of-service records (If applicable) IRS Form W-4, you can find it by clicking here. Form I-9, you can find it by clicking here. Pay documents required by your payroll system/company. i.e. direct deposit form. First Day On The Job There are a lot of things that need to happen before your new driver is ready to head out on the road for the first time. You want to make sure everything is covered before heading out to reduce frustrations. You can download our checklist that will help you make sure you don’t miss anything.

Classifying a truck driver as either an employee or an independent contractor is one of the hottest topics in the trucking industry. If you are considering hiring a driver, this is an important episode. To help us out with this topic, we've brought in the big guns. Ryan Nelson, president of the Utah chapter of Employers Council, has lots of experience and expertise in the trucking industry and joins us to help shed some light on this complicated topic. Employers Council is a nonprofit that provides employment law resources to employers. You can learn more about them at EmployersCouncil.org. What To Expect From Episode 50 You may have heard the saying that words have meaning, well, this is an example where the words have a lot of meaning. If you aren't familiar with that phrase, I use a military example to explain it in the first few minutes of the episode. Too often trucking companies use these two words as nothing more than labels, which has gotten a lot of trucking companies into serious trouble. How drivers are classified is a big decision that has significant consequences. The federal government and each state has their own test to determine if someone who does work for you can be classified as an independent contractor. We focus on the 11 factor test that the federal government uses. The 11 questions are listed below. Ryan uses a great analogy of the old sliding scales, remember them from gym class or the doctor's office? If not, check out a picture of one, and the rest of the show notes including the 11 questions, at haulinassetsllc.com.

Hiring the first driver for your trucking company is a huge step, and you don't want to screw it up. It is one of the most critical steps you will take if you want to grow your company. This is the first episode of a three-part series on hiring a driver. In the next episode, we will talk about how to classify your driver, as an employee or independent contractor. This is always one of the hottest topics in the trucking industry. The third installment will cover the actual process, the nuts and bolts. What To Expect From Episode 49 We talk about several subjects in this episode. Here is an outline of what we cover. Is Hiring a Driver the Right Move For Me and My Business? You have to ask yourself if this is something you want to take on. Like almost everything in life, there are pros and cons. There are several things you need to consider like: Why would I want to? Do I have what it takes to be an employer? As far as having what it takes, some skills can definitely be learned, but being a manager/employer is hard. There are several different skill-sets required, and often, they are a bit conflicting. Most people are good at one or the other, but fewer are truly great people managers who are good at both. My Philosophy on Working With Employees "An ounce of prevention is worth a pound of cure" applies in this situation, like so many others. One of the keys to success is taking your time, don't rush the process or you are likely to end up with buyer's remorse. We talk a lot about establishing a foundation of trust. I talk about one of my favorite business books, "The Speed of Trust" by Stephen M.R. Covey. If you have not read it, you should. It is very eye opening. When you have employees you can trust and they trust you, magic happens. Getting to that point can be a challenge, but it is well worth it. We also talk about putting the trust ball in your driver's court. Let their behavior and actions dictate how they are treated.

April was a tough month, the first time Haulin Assets lost money in a month. Luckily, the freight market seems to have hit bottom in April and things are picking up. The other good news is that we are still up $9,562.14 for the year. What To Expect From Episode 48 There are a lot of reason April was a bad a month. It's all tied to the Corona Virus hitting the US in full force and wreaking havoc on everything. Rates were bad and freight was hard to find. To compound the problem I hired a brand new driver, Mike, who is awesome. The timing really could not have been worse for hiring a person. When I extended the job offer, things were still going really well so he put in his two weeks with the other company. By the time he was ready to start running with me, freight was really bad. I ended up paying Mike for almost two weeks while the truck sat because I wasn't willing run for rates that low. Trucking companies taking ridiculously low rates is one of the reasons rates drop and I won't participate when rates are so low you can't make a living. That's bad for all of us. I stuck to my principles and I didn't want Mike to be the victim of that. Last thing I wanted was to hire the right person and then have him leave because I wasn't taking loads. So he got paid while the truck sat, which wasn't good for the bottom line.In the next few episodes I am going to talk about hiring a driver and will go into my hiring philosophy and the type of person I want working for me. Once you understand that, you will better understand why I was willing to pay him for a few weeks. I think it is a good decision in the long run. Here are the numbers for the month. Craig and I go over them and talk in detail about how Covid-19 affected everything. Total miles ran - 6,644 Deadhead miles - 714 Total revenue - $8,285.50 (Lowest month ever) All-in rate-per-mile - $1.24 (This number is misleading because there were 1,430 miles for a load ran at the end of April that did not deliver until the 1st of May so all the miles show in April, but there revenue didn't count until May. If you take those miles out to make it a truer representation, the number is $1.59 a mile.) Full days on the road - 11 Partial days on the road - 2 In the end Haulin Assets realized a loss of $-6,010.76. That's my first loss, hopefully they are few and far between. Like I said in the beginning, the good news is that we are still up $9,562.14 for the year.

Renewing the insurance on a commercial motor vehicle, especially a semi-truck, is more involved than it is on a personal vehicle. For most small trucking companies, insurance is usually your highest fixed cost and in the top five of all your expenses. It's important to make sure you are getting the best bang for your buck when it comes from insurance. I just went through the renewal process for Haulin Assets and want to share some of what I learned. What To Expect From Episode 47 During this episode we are going to explain how truck insurance works and answer some important questions. How truck insurance works is complicated, and understanding who is involved and their roles will make you a much smarter shopper. Insurance Agents/Brokers - These are the people you talk to when you are looking for insurance. In most situations, they represent several different insurance companies. Insurance Companies - These are the people who actually provide the insurance and pay the bill if there is a claim. Underwriter - These are the people who take a deep look at your company, determine the risk, and price your policy. They sometimes work directly for the insurance company, but sometimes they are independent and represent several different insurance companies. In this case, they are typically what is called a General Agency. Here is a list of most of the questions we answer during this episode. Can I expect my insurance cost to change? What are the main factors that affect cost? Years in business FMCSA SAFER Scores (Hours-of-service violations, vehicle maintenance) Here is the link to the public system. Here is the link to the FMCSA portal where you can log in to your company-specific information. Safe driving habits (Driver Motor Vehicle Records) Accident and cargo claims Should I shop around? The answer is a little more complicated than you think. Yes, you should, but you need to be smart about it. Make sure you get a copy of your loss runs. This is a critical item; you can't skip it, and it usually takes about a week. We give you some tips on how to get them. When should I start shopping? What information should I give to each agent?