Hi all
ive been a silent member for a while now, ive been driving class one for nearly 17 years now and ever since I first got in to a truck I wanted to have my own wagon, I spent years keeping my ears to the ground and listening and watching. However in the last 3-4 years I got more serious about it and started asking questions about o licences etc,
A opportunity has come up where I can buy a one man band with work. I have spoken to the seller and we both want to do it correctly i.e. lawyers and vosa involvement, im currently doing a CPC home study from RHA, but we have discussed him acting as a TM on my O licence until I pass and can take over the roll.
I plan to employ a driver to drive the vehicle so I can concentrate on the operational side of things while keeping my current employment, I am also going in this with my cousion who has experience running his fathers company.
Is there any advice about making this a smooth transaction for both parties and also keeping VOSA and the TC happy??
Is it limited company?
Yes its a limited company
So your going to buy a one man band and have 3 people running/working it ?
The profit is coming from where ?
Do the sums then add on top of an owner drivers costs
- Employers N.I (An OD wouldn’t usually pay this)
- Employers liability Insurance (a one man band wouldn’t pay this)
- Insurance, its cheaper to insure yourself rather than a driver so additional costs
Plus your considering paying for external TM
Wow he must have seriously lucrative work
Why is he selling up if it’s so lucrative ? why doesn’t he just employee a driver and take the profit your thinking of taking ?
Muckspreader:
So your going to buy a one man band and have 3 people running/working it ?The profit is coming from where ?
Do the sums then add on top of an owner drivers costs
- Employers N.I (An OD wouldn’t usually pay this)
- Employers liability Insurance (a one man band wouldn’t pay this)
- Insurance, its cheaper to insure yourself rather than a driver so additional costs
Plus your considering paying for external TMWow he must have seriously lucrative work
Why is he selling up if it’s so lucrative ? why doesn’t he just employee a driver and take the profit your thinking of taking ?
I can see your point and it will be part of our consideration when buying the company. Thank you for your advice
What are you buying though? Does he have a bullet proof contract? Could you not buy a truck & get a similar contract? People are the weak link or the strong link. There’s more weaker links than stronger links.
Silver_Surfer:
What are you buying though? Does he have a bullet proof contract? Could you not buy a truck & get a similar contract? People are the weak link or the strong link. There’s more weaker links than stronger links.
Very good point
Example company run by father for 28 years doing well 12-15 trucks (Dad went to prison for 2 years), son took over now the son is just an owner driver the Dad took earlier retirement and the 28 years has gone. One by one the work went, the drivers went, the trucks went.
Think I wanna come and work for you…
cliffystephens:
Think I wanna come and work for you…
What makes you say that?