[SBF]

Hi All.. I just got this call from a trucking co in Oregon.. they need a little help today.. a messy deal, but with your help, would save many jobs and be a true hero!

To summarize, this co has been in biz for 5 years and was just purchased by new owner. Average monthly revenue through end of Oct is $100K. They have 7 trucks and 7 drivers.
The previous owner has many other co’s and treated this one like a an ugly step child (that’s a terrible analogy but that’s what he said)..
In Oct, one of the drivers received a violation on a flatbed trailer.. the notice was mailed to the previous owners home and never dealt with.. (all mail now goes to main office to be dealt with properly).. so this violation escalated to a 5 day driving suspension for the entire trucking co.. (lost $5K/day in revenue). Another problem came about in that a $9K state tax liability was due and went delinquent. Now, if a driver gets pulled over or goes through a weigh station, they are fined nearly $500 each time. Since many of the loads earn $500, doesn’t make sense to take that chance.. plus it’s not an ethical way to conduct business. So the trucks have been parked since about Nov 8th.
New owner needs $4000K paid to the state so they can start moving trucks again. Their invoice factor co is sending $5K
He said they are paid up on fuel, business lease and truck payments.. so the only thing standing in the way is the tax payment. (Owner wants the lender to pay the tax authority direct. This will be paid back in 2 weeks.


Owner is willing to put his personal bank account up to pull payments from, should there be a problem pulling the payment from the business account. (he would keep funds in it to cover payments, should there be a deficiency in the business account).

Owner also has contracts with other trucking co’s, to buy them, but must first get this one going before he can move ahead with the others.. he says we would get first dibs on any financing needs for all co’s he owns and operates.

November banking only shows about $6K in deposits.. and that’s because the trucks have been parked, so no more revenue.
Also there are numerous NSF’s, which moving forward under new ownership will be cleaned up.

If you can’t help, do you know someone that might help? This is a legitimate deal.. the new owner is desperate for help to get the drivers back to work, as they are family men.

[AndyYSCISOdept]

Walk away....

[KTK]

If Yellow says walk, you RUN! LOL

[SBF]

LOL.. Agreed it would be much easier to run/walk away.. and I have learned many lessons on spinning my wheels on dead end deals... thanks for feed back.

[WhoisKingsley]

Hi All.. I just got this call from a trucking co in Oregon.. they need a little help today.. a messy deal, but with your help, would save many jobs and be a true hero!

To summarize, this co has been in biz for 5 years and was just purchased by new owner. Average monthly revenue through end of Oct is $100K. They have 7 trucks and 7 drivers.
The previous owner has many other co’s and treated this one like a an ugly step child (that’s a terrible analogy but that’s what he said)..
In Oct, one of the drivers received a violation on a flatbed trailer.. the notice was mailed to the previous owners home and never dealt with.. (all mail now goes to main office to be dealt with properly).. so this violation escalated to a 5 day driving suspension for the entire trucking co.. (lost $5K/day in revenue). Another problem came about in that a $9K state tax liability was due and went delinquent. Now, if a driver gets pulled over or goes through a weigh station, they are fined nearly $500 each time. Since many of the loads earn $500, doesn’t make sense to take that chance.. plus it’s not an ethical way to conduct business. So the trucks have been parked since about Nov 8th.
New owner needs $4000K paid to the state so they can start moving trucks again. Their invoice factor co is sending $5K
He said they are paid up on fuel, business lease and truck payments.. so the only thing standing in the way is the tax payment. (Owner wants the lender to pay the tax authority direct. This will be paid back in 2 weeks.


Owner is willing to put his personal bank account up to pull payments from, should there be a problem pulling the payment from the business account. (he would keep funds in it to cover payments, should there be a deficiency in the business account).

Owner also has contracts with other trucking co’s, to buy them, but must first get this one going before he can move ahead with the others.. he says we would get first dibs on any financing needs for all co’s he owns and operates.

November banking only shows about $6K in deposits.. and that’s because the trucks have been parked, so no more revenue.
Also there are numerous NSF’s, which moving forward under new ownership will be cleaned up.

If you can’t help, do you know someone that might help? This is a legitimate deal.. the new owner is desperate for help to get the drivers back to work, as they are family men.

In MCA Terms- yes, walk away.

Other Options: Collateralize the trucks - Maybe
Personal Credit good?
Owns real estate?
Contracts in place? New contracts in limbo?

He needs an investor that is willing to take a risk with the issues that are already in place and getting worse. This type of situation happens all of the time when businesses are sold/transfer of ownership. Think outside of the box with this- there has to be security in this or there will be no interest.

[BuyTanningSalons]

I am looking for additional funding options for my clients, we are wanting to service all clients including those wanting leases and lines of credit, I am already an ISO with a few firms but I am looking for more ISO agreements with other firms and for the ability to offer my clients with better credit or real estate assets other lending options such as leases ,lines of credit and maybe even SBA type funding. I am wanting to make a commission on everything I provided clients though. Anyone wanting to do business with me, please email me the opportunity/business proposal to sales@buytanningsalons.com

[SBF]

Trucks are leased.
Credit is bad.
No R/E.
Yes, there are contracts in place. You are right.. investor is only option.
Thanks for bringing more clarity to this.. my vision tends to get clouded when I become emotionally involved..