Overdrive Magazine

April 2019

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April 2019 | Overdrive | 25 Forbes' annual list of the world's billionaires includes some who earned their fortunes in trucking. A few started single- truck operations that grew into big fleets, while others founded or inherited truck stop chains. According to Forbes, the world's 2,153 billionaires are worth $8.7 trillion. Here are the handful who made their bil- lions in the trucking industry and their estimated worth: Tom and Judy Love, Love's Travel Stops | $7 billion: The Love's truck stop empire started with a single stop in Oklahoma, which the Loves leased in 1964 for $5,000, according to Forbes. Love's stops now bring in an estimated $16 billion a year in revenue. Fred Smith, FedEx | $4.1 billion: Smith founded FedEx in 1971, partially funding the company in its early years with casino winnings from Las Vegas, says Forbes. The company is now one of the world's largest fleets. Johnelle Hunt, J.B. Hunt | $2.8 billion: J.B. Hunt Transport Services was launched in 1969 by Johnelle Hunt and her late husband, J.B., as an eight- truck operation, according to Forbes. Though retired from the operation, Johnelle is the company's largest shareholder, with a 17 percent stake. Jimmy Haslam, Pilot Flying J | $2.7 billion: Haslam began working for his father's truck stop chain, Pilot Corp., when he was in college and the company's annual sales totaled about $50 million. Last year, the company raked in nearly $20 billion. Haslam is transitioning out of majority owner- ship of Pilot Flying J, with Berkshire Hathaway scheduled to own 80 percent of the company by 2023. Brad Jacobs, XPO Logistics | $1.7 billion: Jacobs founded XPO in 2011 as a less-than-truckload and bulk carrier, which propelled most of his worth, according to Forbes. However, prior to XPO, Jacobs grew trash hauler United Waste and sold it to Waste Management for $1.9 billion and also built a giant equipment rental company. Jerry Moyes, Swift Transportation | $1.2 billion: Moyes founded Swift in 1966 as a single-truck business, alongside his father, before growing it into a 20,000-truck behemoth. Though retired, Moyes still retains a 24 percent stake in the recently merged Knight-Swift Transportation Holdings. Trucking puts some on billionaires list @truckbossshow ALL THINGS TRUCKING News • Gear • Reviews Demos • Rig Report How-to's • Trade Shows You should have an operational checking account devoted solely to business, both for your own financial clarity and for satisfying a potential tax audit. Ever y month, pay yourself by transferring money from your operating account to your personal check- ing account to cover all expenses unrelated to your business. Determine the target amount by looking at average monthly expenses and average monthly net income. Partners in Business tip: How to pay yourself The Partners in Business program, produced by Overdrive and financial services provider ATBS, is spon- sored by TBS Factoring Service. Net income could slip in 2019 After a year of record-setting income, owner-operators might see earnings fall a bit as freight demand slows and rates settle to more historically normal levels. That was the view of ATBS President Todd Amen, who presented a benchmarking webinar based on statistics and trends from the firm's 15,000 owner-operator clients. Those owner-operators averaged $65,000 in net income in 2018. "Trucking is a cyclical business," Amen said. "We have good years and we have tough years. 2019 is not going to be a tough year, but it's not going to be as good as 2018." – James Jaillet

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