Yeah. And there wasn't like, there wasn't that much competition for it either. Cause people were getting burned less than right and a lot of failure. And so it became easier to get these.
Acquiring Minds
Building a $25m FedEx Route Empire from $100k Equity
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And so. At that point, it was just a function of the truck, which is a function of debt, really, because you only have so much cash. So at the same time, I was reaching out to as many lenders as I could, filling out applications, trying to get as many trucks as I could because the more trucks, the more revenue. And so it was just a constant cycle of more routes, more trucks. As soon as I got a…
delivering so your bottleneck was trucks and by the way not people because that this was also at a time when the labor shortage was still most acute yeah that yeah labor there was a labor shortage and there still is i think at least for this kind of work it's hard i have three recruiters and i'm using a recruiting agency as well so but you can find the people you can hire them it uh you know…
come up with a million dollars to buy a group of trucks. So I had to go and essentially sell myself to lenders, sell my background, show them the revenue growth, explain the business concept. And then there was one point where...
There was a big leasing company that was pulling out of FedEx because they got burned really bad during COVID too. Everyone just thought the package count was just going to keep going up. And so they bought a couple thousand trucks thinking there was some niche with FedEx contractors and they would do short-term, long-term leases.
And so they went in in a very big way. And a lot of people got burned and package volume went down. And so they had...
these underutilized assets just trucks sitting with little to no miles some of them that i bought from them literally had 200 miles which is just the miles from you know the factory to you know the fedex yard never even went on a route and so they they basically liquidated their fedex fleet at a time when i had tapped you know all my lenders And they were all ready to lend me a couple hundred…
So, you know, I just went in every week was buying trucks. Some weeks, you know, I just buy a whole million dollars worth of trucks.
So this leasing company is liquidating. You're talking to every lender to scare up credit to finance these trucks. And you got FedEx, other FedEx route owner operators going out of business everywhere.
So are you the only one in the FedEx network that sees this opportunity or are other established savvy operators similarly kind of trying to grab land here, grab market share, land share?
Yeah. Well, I mean, every area there's a contractor there was. So like other people are, they were taking these areas.
i don't talk to a whole lot of contractors so i don't know what the consensus was but it was very obvious there's a lot of failure with contractors in the network so i don't feel like there was a ton of haste and urgency with some of them and i but i do think a lot of contractors they saw oh you know just like me i paid a million bucks and that's like you know you can go and get this one for free
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