Say What?

Question: During tough economic times, what's the key to survival?

Gary Fairchild, 51, Chesterfield, IN
Professional driving experience: 35 years   
“You have to keep track of all your expenses. If you put $2,000 in the bank this week, you can’t spend it next week. Save it for a rainy day. As an owner-operator, maintaining your equipment is real important.”

Harold Marsh, 48, Merrill, WI 
Professional driving experience: 14 years  
“You have to watch the bottom line. If you don’t know where your money is going, you can’t save it. People fail in this business primarily because they don’t control their costs. The first time they run into trouble – they blow a tire or two, mechanical problems, freight slows down, whatever – they start losing money and they’ve got nothing to fall back on.”

Jake Watts, 31, Carrollton, OH
Professional driving experience: 13 years     
“I drive trucks, but I’m also a dairy farmer. I own my own trucks. Four of them. We’re hanging in there. The key to survival? Management. Just get by, any way you can.”

Dean Maxwell, 56, Oklahoma City, OK  
Professional driving experience: 3 years   
“Have a small debt load. Just about all the trucking companies that have gone out of business since this recession began had high debt loads. I used to be involved in marketing. Now I own my own tractor and drive over the road, and I have a very small debt load. If your debt load is too high, you’re going to be in trouble. This is true for any business, and I don’t care if you’re selling hamburgers or running a truck down the road. There’s a lot of freight out there. There’s a lot of company drivers making 32 to 35 cents a mile. A guy can make $750 a week right now, plus benefits. Nothing wrong with that, particularly in this economy.”