Unfortunately I agree with this statement. It is extremely unfortunate and feel for you but even though the information is not abundant it is out there to find. I looked into the company for two years before I bought in and knew after the first month of looking into it there is no way I would buy in if I didn't get at least 3 routes. Hopefully you can partner up or sell for close to what you paid, that is rough.
To the ISPs
- Thread starter FedGT
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Unfortunately I agree with this statement. It is extremely unfortunate and feel for you but even though the information is not abundant it is out there to find. I looked into the company for two years before I bought in and knew after the first month of looking into it there is no way I would buy in if I didn't get at least 3 routes. Hopefully you can partner up or sell for close to what you paid, that is rough.
It will be fine
Well-Known Member
The guy didn't die, sounds like he got screwed though. Hopefully he can get his money back when he sells.
It changes people's financial lives. It is kind of a big deal.
UpstateNYUPSer(Ret)
Well-Known Member
...which is why you keep your personal and business funds separate... LLC...
STFXG
Well-Known Member
We can't have LLCs, only Corporations. And how do you think most guys fund a route purchase? They leverage personal assets. That's the risk for most. Hopefully the guys house isn't on the line.
Yeah but to most of us starting out, it is personal funds to buy the route. He hasn't been in long enough to recoop and segregate funds
They won't contract to LLCs but that is not necessarily what he means (at least I don't think). I am getting to the point of starting to separate some of my other assets into LLCs just for further protection, even debating on doing it with my truck titles to then lease back to my business if it is not hindered by the contract (shouldn't be). All about CYA. Company will stay S-Corp
Bottom line is the scam keeps changing, like trying to catch a big smelly rat, eventually they will get em
It will be fine
Well-Known Member
Cali started multiple owner mandates around 2007. New Hampshire and another state out east were ISP in 2008, we were the second round when we flipped in 2010. There's really no way to be ignorant of the changes that have been in the works for 8 years. I wasn't surprised at all when we flipped.
It's called due diligence. Sounds raw, but you are responsible for your own investments.
Your right, he thought he was buying his own business, boy he was wrong.
sadmanhere
Well-Known Member
this is the reason people dont make more points cause they know it would go to the bottom feeder
You guys can call it what you will, but it's hard being a bottom feeder when you are floating on top. Was also one of the reasons that lead me to another PSA. So I will reiterate, good business sense for the people wanting to grow and build their business. Honestly could care less about contractors not wanting to grow and make "points" that would fall on deaf ears anyways.
gixxer squid
Well-Known Member
You sound like the one contractor that seems to speak the truth. That was kind of my point, "unless we are united" it goes nowhere, and it will happen again even to guys like bbsam, soon as there done with you they will kick you to the curb. I have a few offers to join with other contractors to get to scale but seems like it could get ugly. Besides I don't trust x with my future
Yes, I'm, bitter and anything else you want throw in there.
I speak it how I see it, right or wrong, what may apply to me may not apply to another. Thank you. Its a tough business and has gotten much tougher since we started. I want to get out, but on other hand, what am I going to invest in that creates positive cash flow with no debt. We have seen substantial growth year to year which is also positive. it is NOT all bad. There is always an upside depending on how you look at it. The investment is a risk, but life is a risk as well. At any point Fedex could come in and say they are taking over and your left holding only the pink slips to trucks wondering what happened. Will it happen? Probably not anytime soon. Therefore, business continues as usual. I truly do hope things work out for you.
gixxer squid
Well-Known Member
2007 on. 2 Truck minimum. LLCs
2011 Corporations
2014. Contracts are voided and 5k carrot bonus for voiding contracts
2015. ISP. Currently in negotiations
500 stop minimum which includes pickups. Nothing to do with PSAs. You could have 1 psa and 3 supps as long as the 500 minimum stop threshold is met for I believe a 6onth average
I personally believe fedex wants to deal with a few contractors rather than many, hence requiring minimums.
If it's not in your state it's coming. I think some states back east are minimum 3 psa, unsure of stop quota. If you are one of these states. I highly recommend or forwarn you that you had better get the min 500 stop cause it's coming. Or get out. I am darn certain they already have forecasted the next 3-5 years what's coming down the pipeline
Those who fail to plan, plan to fail.
2011 Corporations
2014. Contracts are voided and 5k carrot bonus for voiding contracts
2015. ISP. Currently in negotiations
500 stop minimum which includes pickups. Nothing to do with PSAs. You could have 1 psa and 3 supps as long as the 500 minimum stop threshold is met for I believe a 6onth average
I personally believe fedex wants to deal with a few contractors rather than many, hence requiring minimums.
If it's not in your state it's coming. I think some states back east are minimum 3 psa, unsure of stop quota. If you are one of these states. I highly recommend or forwarn you that you had better get the min 500 stop cause it's coming. Or get out. I am darn certain they already have forecasted the next 3-5 years what's coming down the pipeline
Those who fail to plan, plan to fail.
Thank you, I have an offer that I may be able to live with. It's very unsettled here. Buyer has to make sure it's ok with x before we finalize anything. When I tell people on the outside what we are going through they think I'm making it up. It really is unbelievable, Nonsense.
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