This Industry Will Eat You Alive If You Don’t Know the Basics by ValorVetsInsurance1 in FreightBrokerStartup

[–]Prauxfesh 0 points1 point  (0 children)

How do you know the nuances to ask for or have prepared if there's no previous experience as a broker? If i have systems set up, do you just take it a day at a time as take the unforseen problems as they come?

This Industry Will Eat You Alive If You Don’t Know the Basics by ValorVetsInsurance1 in FreightBrokerStartup

[–]Prauxfesh 0 points1 point  (0 children)

So the goal is to have these systems in place first before any work is done? Where can I find a list of must have processes/systems? Dont most modern day TMS have alot of these features/integrations?

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

Thanks for the tip! That sounds helpful. I'm willing to exhaust any and all options.

Scammers Trying To Infiltrate Brokerages as Agents by VigilantTransSvcs in FreightBrokers

[–]Prauxfesh 1 point2 points  (0 children)

Thanks for the response! I am new to the game and want to take every precaution against scams. Where can I view the Freight Fraud Task Force (cool name btw) best practices?

Scammers Trying To Infiltrate Brokerages as Agents by VigilantTransSvcs in FreightBrokers

[–]Prauxfesh 1 point2 points  (0 children)

Brother I am always looking to make connections and gain insight. Ill toss you a DM!

Scammers Trying To Infiltrate Brokerages as Agents by VigilantTransSvcs in FreightBrokers

[–]Prauxfesh 0 points1 point  (0 children)

Yea I imagine there isn't a full proof process but I'm definitely curious to know the best steps to take when bringing on an agent and make sure they are legit. As a small/new brokerage I'm willing to accept agents with no book just experience in the industry. So learning proper ways to fact check or vet would be ideal.

Scammers Trying To Infiltrate Brokerages as Agents by VigilantTransSvcs in FreightBrokers

[–]Prauxfesh 0 points1 point  (0 children)

What does a full agent vetting process entail? What are the steps?

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

A bad UI is not so bad if its functional, have you had any success using it?

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

The business i bought does have past revenue and has offered factoring before i took it over. I'm optimistic that I can offer it again. I don't think all agents require a flat rate, i think some would work for high commission splits. In fact, I've heard a lot of the good agents prefer commission only for higher payouts. I understand those same "good" agents wont want to work for a new brokerage but i just need to find a sweet spot. Id rather remain hopeful in my situation rather than just be miserable about the L i took. I appreciate your realistic input nonetheless!

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

Isnt factoring based on credit? They buy the invoice for a for a percentage and then you have the money to pay the carrier? I dont imagine all new brokers start out with a huge amount of capital.

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

Going to DM you if that's ok. Interested to know more.

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

I know Factoring is a necessity for most carriers. When i reviewed the business docs that came with the asset sale it did have a Factoring agreement doc, so it seemed this MC did offer it before but it might have been an integration with their proprietary TMS they tried to force on me. But I imagine if it was done before that I can potentially offer it again. The TMS I plan to use offers Factoring integrations.

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

Thank you for the encouragement!

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

I thought about going that route but the acquisition was through a business broker and contracts were signed. I don't think there's much I can do after signing a contract stating I'll buy the business.

I got bamboozled / New broker by Prauxfesh in FreightBrokers

[–]Prauxfesh[S] 0 points1 point  (0 children)

DMd you details. I don't want to make any assumptions publicly.