Prescription Question/Owner Op Question

I would like to first say that this site is AWESOME,but I have some questions. Sadly my father passed away recently and I am a only child. He left me a very large sum of money and I bought a 2013 PETERBILT 579. Beautiful truck and I do know how to drive due to my father. Going to practice with it and get my cdl. I was in a car accident on July 30 this year and am under going treatment for a few herniated discs in my neck and back and am prescribed oxycodone from my pain management while doing shots to hopefully cure my problems. Is using when not driving prohibited? Obviously don't take when driving. Also, How does it work with being a owner op with my own authority? Do I get ahold of carriers for information or... I also bought 2 non sleeper volvos from knight trans. for 15k a piece that 2 very good friends of mine that have driven for knight for over 10 years will hopefully drive once I figure out what to do when they are licensed,insured etc. I know this will not be cheap with repairs,tires and fuel and obviously unseen problems. I am not trying to gloat,but I have enough money from saving all my life and this tragic loss. My father always wanted his own truck company and I will succeed,For him and I am hoping that you all can hopefully give me some direction on how freight will work whilst owning my own company etc. I want to do this the right way. I am business oriented and have done book keeping in the past. I just want to know how to get "Steady freight" without another company tapping into the profit. If possible. Thank you for future replies and I hope all of you are having a blessed day/night,Thank you.

What you are about to embark on is something that probably very few have ever done... starting your own 3-truck company when you've never even been a full time truck driver before is going to be very challenging, and RISKY to say the least. That being said, I understand you wanting to honor your father's memory and fulfill his dream of owning a successful trucking company. I would say you need to consult some major industry professionals and business lawyers who have helped people start trucking companies before. You will also want to do a lot of research on owner/operator forums and sites like OODIA to gather as much information as you can on what you'll need to do. This is quite the undertaking you've decided on, and really all I can say is I wish you the best of luck in your journey.

Thank you for the kind words. I have not been a full-time driver,but I was always with my father to learn the ropes and I know that doesn't count unless I am out doing it on my own. I hope you saying very few have ever done it is a good thing,lol. I am being very careful about this and I know the risks,but I have/need to try. I have a lawyer and my father's brother is my mentor/consultant,but I just need to hear "Second opinions" From people that are currently living what I am trying to achieve or just basic knowledge. Appreciate your time brother.

Russell, I admire your optimism but the only thing you're going to accomplish by starting with a big pile of money and learning how to run a trucking business from scratch is alleviating yourself of the burden of having a large sum of money. There's an old joke in business which I keep hearing about restaurants but it certainly applies here also:

"Do you know how you can own a restaurant and end up with a million dollars? Start with two million." That's the path you're on I'm afraid.

And as much money as you have right now let me run something by you. In an article called Pro Athletes Often Fumble The Financial Ball it states:

Sports Illustrated estimated in 2009 that 78 percent of NFL players are bankrupt or facing serious financial stress within two years of ending their playing careers and that 60 percent of NBA players are broke within five years of retiring from the game. A starting lineup of financial-distress examples could include Terrell Owens, Lawrence Taylor, Michael Vick, Deuce McAllister and Bernie Kosar in football, and Allen Iverson, Scottie Pippen, Latrell Sprewell and Antoine Walker in basketball.

The factors contributing to financial ruin are numerous. Most people receiving a sudden windfall would be tempted to spend a good chunk of it quickly.

Now these are athletes that made tens of millions of dollars and some I believe even cracked the $100 million mark in career earnings. Now they're stone cold broke.

You need way, way more help than we can give you here at TruckingTruth I'm afraid. Trucking is one of the most complex and cutthroat businesses going. Even with experienced mentors it's going to take you many years to learn the ropes. I've done a lot of risky things over the years and the advice I would often get is "low and slow", meaning take your time moving ahead and don't get too high off the ground for a while.

I'll give you one last thing I've said myself over the years about being in business. With most businesses if you can't start small with a small sum of money and build it up successfully then you're never going to start big with a big sum of money and learn how to succeed. People will get started in a business and find the first year tough going. So they figure, "I have to get bigger, that's the problem!" So they throw more money at it and hire more people. The second and third year they're learning and experimenting but still not making much in the way of profits so they think, "I have to go bigger, that's the problem!" And so they keep doubling down until they're broke.

The problem they face is that they don't have what it takes to run a competitive business. They might be lacking knowledge, skilled workers, solid intellectual property, people skills, industry experience, marketing skills, or a whole assortment of things. But they always think the problem is that they're not spending enough money to get big enough.

Why don't you learn how to handle one truck successfully for a year or two and then put a second truck into the mix? Do that for a year or so and then add a third truck. In fact, that reminds me of one last quote I heard from Gordon Ramsay who is one of the most famous and successful restaurant owners of our time. He said that before you should ever consider owning a second restaurant your first restaurant should be fully booked for 5 straight years. Only then do you have enough knowledge and expertise to handle a second restaurant. He also gives some tips in an interview including:

"A lot of people open restaurants out of vanity, people who can't even boil an egg. That's like me buying a rugby club because I like the game. One of my biggest bugbears is that you don't need any qualifications to do it. People fall in love with an idea and don't want to learn their craft, which takes years - time and commitment."

Obviously that same thing applies to trucking, and unfortunately to your situation.

So I hope you'll stop thinking you have so much money that you can figure out this trucking thing without having to worry about going broke. If you want to do this right then start by getting your CDL and driving for a while. Learn the industry from a company driver's perspective. Then buy one truck and do it as an owner operator for a year or two. Then if you're having success get a second and third truck. But take it "low and slow" or you're going to go broke in short order.

Russell W- read topic 9987. Steve Marshall started his own business.

Rightly so, the leaders of this forum greatly discourage new people from leasing or becoming an owner operator. Profit margin of trucking is 3%.

You bought 2 $15000 trucks. What is DOT fine for 1 light going out? One man on this forum had 8 lights go out. I understand that's 8 violations. He would not drive the truck until they were fixed. Probably hundreds of dollars, if not a thousand dollars fine.

You might say I'm a jerk for pointing out negatives. I am saying this is a tough business. Especially for someone like you who does not have a Class A. There's a lot of wisdom on this forum.

Brett, what you said went where it needed to go. I have already had offers on the Volvo's and it's a profit on both. I really sat and pondered about everything you guys have said and I do think it would be best to start with one truck to learn the ropes,So me and my uncle came to a decision of team driving until I come to terms with the business. Any advice on a stinky old man? I want to succeed. I understand the method of falling to improve,but I didn't think there would be more than managing,driving etc. And sadly I underestimated the business. I really do appreciate all of you for taking time out to give me advice. Now I have to go deal with disappointed friends.

Hey, you're a smart man. It sounds like you're in a great financial position right now so you don't want to screw that up. If you can take it "low and slow" and learn how to make money in the trucking industry then that's fantastic! If it turns out to be more difficult than you thought it might be, which it almost certainly will be, then the mistakes you'll make will be smaller and less costly. You may wind up a big success, you may decide to scrap the idea, but hopefully you'll be able to make that choice without losing the strong financial position you're in now.

Brett's wisdom and advice on things like this never ceases to amaze me. I agree with everything he said. And when I said it would be "challenging and RISKY to say the least", that was my way of putting it nicely and suggesting you need to reconsider this decision very carefully. Now I'm not saying its impossible, but the odds are really not in your favor with what you were saying and I think Brett's advice of taking it "low and slow" is the most sound advice you could recieve here. Get your class A CDL , and you and your uncle go team drive for a company for a couple years. Talk to as many other drivers as you can while you're out there living it yourself. Then re-evaluate what you want to do and how to proceed as far as starting a trucking company. Good luck and I wish you success.