Swallow Your Pride or Lose

LCT Magazine
Posted on June 25, 2009
“Rage against the dying of the light.” — Dylan Thomas
 
NO GIVING UP: What do you do when the end is near? I have heard about many companies that have shut their doors and have moved on. I think though that this should be the last course of action. There are those operators out there that will still entertain conversations of consolidations and mergers. I believe that the problem is that many people do not want to admit failure. The problem is that if you put your pride before good business sense, you hurt more than yourself. Many of the companies that have closed employed chauffeurs, dispatchers, and car- washers. 
 
The first step should be to let your competitors know that you are open to selling or merging. Companies have some value beyond just shutting down. You invested in your toll free numbers, yellow pages ads, websites, etc. These all could be sold to a competitor. 
 
I have heard of deals where the owner stays on and maintains his accounts while bringing in new business on a commission basis. There are many ways to structure deals. But walking away isn’t the answer. 
 
Be open-minded when negotiating. I have heard of lots of folks who stopped negotiating viable deals and have just walked away only to close their doors a few months later. 
 
I spoke to an operator this week who said he would love to have a Chicago location. A South Florida company is looking to consolidate companies. There are many out there. Send me an email if you are in a buying or selling mode, or post on this blog and we will try to hook you up with people who are receptive. We as an industry need to work together to remain strong. Don’t give up.
 
— Linda Moore, East Coast Editor 
Comments ( 0 )
More Stories
Mike Pinckard, CEO of Total Transit and TLPA president (photo from TLPA)
News

Arizona CEO Named TLPA President

The Total Transit executive takes the reins of the world’s largest for-hire fleet association and outlines the agenda for the coming year.