Hello Everyone! I'm looking for advice...

[greenberet]

I hope everyone is well. I am excited to dive into this forum and make some contacts that will help guide me on some business decisions that I need to make very soon.

My father in law, Rich, wants to retire and has offered to give my wife and I his heavy haul trucking company. My wife, Allison, and I jumped at the opportunity because it will allow the two of us to work together and not have to spend more time each week with our co-workers than we spend with each other.

It is a small company consisting of five trucks. Three trucks that we own and two that we broker for.

Allison is currently a financial business manager for performing musician and has been doing that for four years. I have been a soldier in the Army for the past 13 years.

Our plan is to spend the next 6 months learning the day to day operations of the company and then begin to run the company ourselves. Our goal is to grow the company from a "mom and pop" operation into a successful business.

We aren't formally trained business people though and we don't know what we don't know and I have many questions.


I hope I will find some answers in these forums.

Look forward to some interesting discussions!

Michael

[turboguy]

It sounds like a nice opportunity for you and we look forward to your questions.

[vangogh]

Welcome to the forum Michael. I agree, it sounds a good opportunity and it sounds like you're approaching this the right way by spending a few months learning before running it yourselves. I'm sure you're feeling a little overwhelmed with all there is to know and all you aren't sure you need to know yet, but we all went through that and I promise the confusion clears up pretty fast. No formal training for me either. I read a few general business books when I started and have learned on the go ever since. I think most people here would agree when I say we're still all learning day by day. The learning will never end.

And thanks for your service. I'm hope you get thanked as often as you deserve. Looking forward to getting to know you and thanks for joining the community.

[Harold Mansfield]

Michael I agree that it sounds like a great opportunity. You're already thinking in the right direction knowing that you want to/ need to spend time learning about the business and how to run it and you have the benefit of learning from the CEO. That's a rare opportunity. Most people just buy a business and get thrown to the wolves to figure it out on their own.

Not many of us were "formal business trained" people either. As a matter of fact most entrepreneurs aren't, and most of the people with "business" degrees are working for other people.

Ultimately running a business comes down to a few things...keeping an eye on the money, knowing your craft well, keeping existing customers happy, knowing how to get new customers, and management of daily operations and staff. Not sure what your MOS was, but your military experience will come in handy tremendously with everything from logistics to running a team. And your wife has experience in managing business affairs.

Sounds like a good opportunity that you both have the chops to make work.

[David Hunter]

Welcome, Michael!

Are you a veteran Green Beret?

Regards to spending more time with your wife... be careful. You don't want to get on each other's nervous, which could cause a marriage strain.