by FreightPrint
Imagine this:
You’re in your prime.
Your business is growing every day and you’re having a blast.
And sooner or later you find that you haven’t just grown, you've grown a lot. Your company is at a level where your dreams for it have come true.
Maybe it’s time to cash in on your enterprise.
There are some potential offers on the table. It's time to sell your business, take the long vacation that you deserve, and maybe retire.
All of this sounds good!
But there is one problem.
After you sell your company, the new owners keep calling you for advice or have questions about how you did certain things or pulled a particular report.
Your vacations are ruined and you end up spending a lot of time explaining things.
One way to avoid a post-sale nightmare is to implement processes and systems in your company long before you sell. Not only are you simplifying your business, but you are also making your business more sellable. That may increase the number of potential buyers and help you get a better sale price, too.
Here are some tips to increase your company’s valuation.
It shouldn’t surprise you that when you are trying to sell your business, you want to list the key performance metrics of your business. You need to have the right buyers so you sell your company for what it’s worth.
It’s like when you sell a house. You want to list all the bedrooms, bathrooms and extra perks that come with the property. They impact its value. It’s the same for your trucking company. Whatever you think your business is worth, you need to be able to quantify it. Key Performance Indicators, or KPIs, are a great way to give your potential buyer a specific reading on your business.
Setting up and keeping track of your KPIs can be a hassle if you are doing it manually using pen and paper. Implementing a simple logistics software would help you track all your key metrics and pull reports easily.
This goes without saying. If you own a trucking company, then you know that keeping track of paperwork is the bane of your existence. There are purchase orders, bills of lading, proofs of delivery, and on and on. Keeping a digital copy of your loads and transactions is going to help a lot, especially if the buyer wants to look up historical data or paperwork for any reason.
50% of trucking companies go out of business within the first 5 years. The main cause is shippers deciding to not extend their contracts with a carrier. When there is no constant supply of loads, there’s no other option but to close the doors.
For this reason, it’s vitally important to build diverse channels of business with multiple shippers. Remember the old saying, don’t put all your eggs in one basket.
It’s also important to keep your shippers happy, and knowing why they tend not to extend contracts can help you learn and adjust without going to the school of hard knocks. One of the main reasons for shippers to switch trucking companies is to get better visibility and accountability.
Implementing a technology where there is easy communication between you and your shippers will help maintain long-term relationships with shippers.
Your drivers play a big role in your trucking business. Make sure your drivers have a good track record. It’s also important that your drivers love working for you and your shippers. Your drivers could be the only company representatives your shippers meet in person! So make sure you take time to listen to your drivers and keep them happy.
FMCSA scores are often checked before a shipper does business with you. It is important to keep your FMCSA scores high and be compliant with all federal safety regulations. Higher FMCSA scores also help you get preferred loads and lower insurance rates - which means more profit per load.
When a buyer is considering buying your business, they often will check your legal history. It’s important to make sure there are no outstanding legal disputes. If there are any outstanding disputes, make every effort to take care of them. There should be disclosure regarding any legal matters that the buyer needs to know.
There are an estimated 500,000 plus trucking companies in the United States alone. That number is going up as logistics is expanding and growing at a faster rate than it did during the previous decade.
Having a clear mission statement and branding is vital in today’s market. You must know how you are different from any other trucking company out there.
Having a website is not enough. Implementing a simple freight management technology will differentiate you and your services among your competitors. Make sure you are visible and memorable. No one should confuse your brand and message with someone else.
Last but not least, implement automation.
Automate everything that is repeatable. Automate everything that’s costly. Automate everything that’s predictable.
Ideally, when you sell you want to hand over the keys to a self-driving business. The last thing you want to do is to spend the next several months teaching the buyer how to run your business. Imagine your buyer easily scaling your operations without reinventing the wheel. Now that’s a business worth buying!
FreightPrint is a logistics business automation tool. Its goal is to make your logistics simple, efficient and enjoyable.
Interested in finding out whether FreightPrint is a good solution for your business?
Schedule a discovery call today!
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Are you still wrestling with manual logistics operations or relying on outdated software that leaves you confused? Look no further!
FreightPrint is here to revolutionize your logistics process!
FreightPrint™ is a cutting-edge, AI-driven logistics software designed to enhance your transportation and delivery services.
We understand that managing logistics is both daunting and time-consuming. Picture this: delivering orders with unmatched consistency, precision, and ease.
If you want to streamline your shipping and logistics operations, FreightPrint™ is your perfect partner!
Read on to discover the key features and unparalleled benefits of using FreightPrint™.
Imagine effortlessly processing customer orders, creating optimized routes automatically, and maintaining seamless communication with drivers and clients—all without wasting precious time.
▸ Efficient Load Dispatching
Dispatch loads on the move or pre-schedule them for future dates. Collaborate with carriers, brokers, and dispatchers from a single interface.
▸ Automated Routing
Select multiple shipments and generate routes instantly. Assign drop numbers and modify stops with a simple click, all without needing to contact your drivers.
▸ Smart Driver Assignment
Assign tasks or routes to specific drivers with ease. Unsure who is available? Let drivers select their loads or broadcast them to your network of carriers.
Free up phone lines and alleviate staff workloads while you consistently meet and exceed customer expectations. Spend your valuable time closing sales and enjoying well-deserved vacations.
▸ Real-Time Shipment Tracking
FreightPrint™ ensures clients receive timely status updates along with direct shipment tracking features.
▸ Collect Electronic Proof of Delivery
Generate an audit trail with detailed timestamps and locations. Instantly receive signatures and photographs as proof of delivery, enhancing customer trust.
Create and customize shipping documents tailored to your clients' specifications.
▸ Label Printing
Design and print QR code labels effortlessly. Pair QR codes with your shipping documents to enhance tracking—just scan with your smartphone to update shipments effortlessly.
▸ Custom Document Creation
Whether it’s BOL, POD, or any other custom format, our document creation tool empowers you to design documents that fit your business needs.
No single software solution fits every business perfectly, which is why FreightPrint allows extensive customization per your specific requirements.
▸ Utilize API and Automation
Set custom fields to track project progress seamlessly. Connect with platforms like SalesForce or OrderTime through native integrations, or customize your experience with our API and automation tools via Zapier.
Download the FreightPrint mobile app now and enjoy a free 2-week trial—no credit card required!
Request a Free Demo
Our team is ready to assist you with any transportation software inquiries. Whether you’re a small shipper or a large transportation firm, we’d be thrilled to provide a free demo of FreightPrint and address all your questions.
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