LITMIR.BIZ

      In addition to operating his own freight brokerage business and Brooke Transportation Training Solutions (a training program for freight brokers), Jeff Roach, his wife and business partner, and other leaders within his company also do consulting work with other freight brokers. For more information, visit www.brooketraining.com.

      To shop for a professional service provider, ask friends and associates for recommendations. You might also check with your local chamber of commerce or trade association for referrals. Find someone who understands transportation in general and the brokerage side of it specifically, and appears eager to work with you. Check them out with the Better Business Bureau and the appropriate state licensing agency before committing yourself.

      The professional service providers you are likely to need include:

       • Attorney. You need a lawyer who understands and practices in the area of business and transportation law, who is honest, and who appreciates your patronage. In most parts of the United States, there are many lawyers willing to compete fiercely for the privilege of serving you. Interview several, and choose one you feel comfortable with. Be sure to clarify the fee schedule ahead of time and get your agreement in writing. Keep in mind that good commercial lawyers don’t come cheap; if you want good advice, you must be willing to pay for it. Your attorney should review all contracts, leases, letters of intent, and other legal documents before you sign them. They can also help you with collecting bad debts, and establishing personnel policies and procedures. Of course, if you are unsure of the legal ramifications of any situation, call your attorney immediately.

       • Accountant. Among your outside advisors, your accountant is likely to have the greatest impact on the success or failure of your business. If you are forming a corporation, your accountant should counsel you on tax issues during startup. On an ongoing basis, your accountant can help you organize the statistical data concerning your business, assist in charting future actions based on past performance, and advise you on your overall financial strategy regarding purchasing, capital investment, and other matters related to your business goals. A good accountant also serves as a tax advisor, not only making sure you are in compliance with all applicable regulations, but also that you don’t overpay any taxes. During the startup phase of your business, an accountant will help you set up your internal bookkeeping operation to ensure everything is set up correctly, whether you’re using general accounting/bookkeeping software, such as Intuit’s QuickBooks, or specialized software for freight brokers from a company like DAT Solutions, LLC.

       • Insurance Agent. A good independent insurance agent can assist you with all aspects of your business insurance, from general liability to employee benefits, and probably even handle your personal lines as well. Look for an agent who works with a wide range of insurers and understands your particular business. This agent should be willing to explain the details of various types of coverage, to consult with you to determine the most appropriate coverage, to help you understand the degree of risk you are taking, to work with you to develop risk-reduction programs, and to assist in expediting any claims.

       • Banker(s). You need a business bank account and a relationship with at least one banker. Don’t just choose the bank you’ve always done your personal banking with; it may not be the best bank for your business. Interview several bankers before deciding where to place your business. Once your account is open, maintain a relationship with the banker. Periodically sit down and review your accounts and the services you use to make sure you have the most appropriate package for your situation.

       • Consultants. The consulting industry is booming—and for good reason. Consultants can provide valuable, objective input on all aspects of your business. (Keep in mind that, as a broker, you will occasionally put on a consultant’s hat as you work with your customers.) Consider hiring a business consultant to evaluate your business plan, or a marketing consultant to assist you in that area. When you’re ready to hire employees, a human resources consultant may help you avoid some costly mistakes. Many freight brokerages are family businesses, so it might help to consult with an expert in the areas of both family dynamics in business and succession planning. For example, after the death of her mother, Cathy Davis, Donna J. Wood took over as president (she had served as vice president), and her sister, Dionne R. Kegley, became vice president of the Smyrna, Tennessee, company. Davis had worked diligently to create a succession plan that provided a smooth transition when it became necessary. Consulting fees vary widely, depending on the individual’s experience, location, and field of expertise. If you can’t afford to hire a consultant, consider contacting the business school at the nearest college or university and hiring an MBA student to help you.

      stat fact

      Trucks account for less than 7 percent of all vehicle miles on U.S. roads and highways, yet they pay 35 percent of the total federal highway user taxes.

       • Computer Expert. Your computer is your most valuable physical asset, so if you don’t know much about computers, find someone to help you select a system and the appropriate software—someone who will be available to help you maintain, troubleshoot, and expand your system as you need it. Keep in mind that many of the specialized computer applications designed for freight brokers, such as those from DAT Solutions, LLC, are based online, and include interactive training and tutorials to help you learn how to use the applications. While little or no software gets installed on your computer(s), continuous and high-speed internet access is required to utilize the applications from your Windows PC or Mac computer(s).

      In addition to your “live” professional advisors, you’ll need a collection of resource and reference materials. The freight broker business is full of details so numerous that you can’t possibly expect to remember them all. You will need broker and carrier directories, a mileage guide, and business directories. A listing of publications appears in the Appendix.

Create Your Own Advisory Board

      Not even the President of the United States is expected to know everything. That’s why the President surrounds himself with advisors—experts in particular areas who provide knowledge and information to help him make decisions. Savvy small-business owners in all industries use a similar strategy.

      You can assemble a team of volunteer advisors to meet with you periodically to offer advice and direction. Because this isn’t an official or legal entity, you have a great deal of latitude in how you set it up. Advisory boards can be structured to help with the direct operation of your company and to keep you informed on various business, legal, and financial trends that may affect you. Use these tips to set up your advisory board:

       • Structure a board that meets your needs. Generally, you’ll want a legal advisor, an accountant, a marketing expert, a human resources person, and perhaps a financial advisor. You may also want successful entrepreneurs from other industries who understand the basics of business and will view your operation with a fresh eye.

       • Ask the most successful people you can find, even if you don’t know them well. You’ll be surprised at how willing people are to help another business succeed.

       • Be clear about what you are trying to do. Let your prospective advisors know what your goals are and that you don’t expect them to take on an active management role or to assume any liability for your company or for the advice they offer.

       • Don’t worry about compensation. Advisory board members are rarely compensated with more than lunch or dinner. Of course, if a member of your board

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